Today's Health Winners and Losers

Shares of Illumina(ILMN Quote) were among the best-performing health-related stocks Friday, jumping 18% after the genetics diagnostics company said its first-quarter results will top its previous guidance.

In February, the company projected earnings ranging from break-even to 2 cents a share and revenue of $22 million to $24 million. Analysts polled by Thomson First Call project earnings of 1 cent a share on revenue of $23.6 million. Last year, the company recorded a first-quarter loss of $1.2 million, or 3 cents a share, on revenue of $15.1 million. The company plans to issue its first-quarter results on April 18. Shares were trading up $4.05 to $26.13.

Medarex(MEDX Quote) fell 4% after the biopharmaceutical company priced 10 million shares of stock at $11.75 apiece, resulting in net proceeds of about $111.6 million. The price represents a 4% discount to Thursday's closing price of $12.28. In addition to funding general needs, the company plans to use proceeds from the offering for the development of its product candidates and research programs. Goldman Sachs led the underwriting syndicate. Shares were trading down 51 cents to $11.77.

Despite posting weaker-than-expected second-quarter results, Horizon Health(HORC Quote) moved higher Friday. For the quarter ended Feb. 28, the health care facilities owner reported earnings from continuing operations of $1.6 million, or 11 cents a share, on revenue of $64.1 million. Analysts expected earnings of 21 cents a share on revenue of $65.2 million. During the year-earlier period, the company posted earnings of $2.9 million, or 25 cents a share, on revenue of $49.7 million.

Looking ahead, Horizon Health now sees 2006 earnings of 92 cents to 97 cents a share, down from an earlier view of $1.13 to $1.17 a share. For 2007, the company expects earnings of $1.26 to $1.30 a share. The guidance for both periods includes nine facilities that were acquired during the second quarter and the acquisition of a Delaware facility that closed on April 1. Analysts project 2006 earnings of $1.06 a share and 2007 earnings of $1.39 a share. Shares were trading up $1.30, or 7%, to $20.80.