Shares of Laserscope (LSCP) were among the worst-performing health-related stocks Monday, slumping 13% after the medical device company's first-quarter results missed Wall Street's expectation.
The company earned $2.8 million, or 12 cents a share, on revenue of $32 million. The results included stock-based compensation costs of 2 cents a share. Analysts polled by Thomson First Call expected earnings of 17 cents a share and revenue of $34.9 million. During the year-earlier quarter, the company earned $5 million, or 22 cents a share, on revenue of $28.2 million.
Laserscope continues to project full-year earnings of 72 cents to 75 cents a share, excluding stock-based compensation costs. Analysts project earnings of 79 cents a share. Shares were trading down $3.05 to $20.71.
NeoPharm (NEOL) fell 6% after the biotechnology company said it slashed its workforce by 23%. The move, which was announced Friday evening, is designed to cut annual expenses by about $7 million. "The goal of this program is to balance and achieve efficiencies which adequately support the company's business strategy," the company said. About half of the savings will be realized during 2006, NeoPharm said. Shares were down 44 cents to $7.55.Shares of Natural Alternatives (NAII - Get Report) jumped 17% after the nutritional supplements company posted a big jump in third-quarter earnings. The company earned $621,000, or 9 cents a share, up from $277,000, or 4 cents a share, a year earlier. Revenue rose to $23.3 million from $22.5 million. The results were helped by the company's recent acquisition of Real Health Laboratories, which added $2.7 million in sales. Looking ahead, Natural Alternatives sees fourth-quarter revenue of $33 million. During the year-earlier period, the company recorded revenue of $24.7 million. Shares recently advanced $1.41 to $9.86. Par Pharmaceutical (PRX) shares rose modestly after the company posted in-line first-quarter earnings on better-than-expected revenue. The company earned $8.4 million, or 24 cents a share, on revenue of $173.8 million. Analysts expected earnings of 24 cents a share and a top line of $145.7 million. During the year-earlier period, the company recorded earnings from continuing operations of $2.7 million, or 8 cents a share, on revenue of $97.5 million. "Par significantly improved its financial performance despite the continued investment necessary to build its branded pharmaceutical organization and its first brand," the company said. Shares were trading up 16 cents to $25.91.