Sector Update: Healthcare; Merus Labs Reports Narrower Q3 Loss, IMRIS Granted Patents in Japan
Healthcare stocks were mixed in afternoon trading, with the S&P/TSX Healthcare index up 1.2%.
Merus Labs (MSL.TO): -8.8%
IMRIS (IM.TO): -2.0%
Valeant Pharmaceuticals (VRX.TO): +1.1%
Concordia Healthcare (CXR.TO): -5.4%
Novadaq Technologies (NDQ.TO): -5.9%
In company news, Merus Labs late Tuesday reported a much narrower net loss for Q3 ended June 30, primarily due to higher revenues. The pharmaceutical company said net loss was $171,666 versus a net loss of $1 million in the same period last year. The decrease in loss was driven by the increase in revenues to $7.2 million from $6.6 million despite a drop in Vancocin sales to $753,704 from last year's $1.6 million. Analyst estimates weren't available for comparison.
Meanwhile, IMRIS has been granted three patents in Japan related to key technology currently integrated into its intraoperative MRI (iMRI) solution within the VISIUS Surgical Theatre. The covered technology is utilized in VISIUS Surgical Theatres which are hybrid operating room suites with iMRI where a diagnostic quality scanner moves to the patient using ceiling-mounted rails.
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