A few biotech stocks took a tumble Tuesday amid earnings, regulatory setbacks and a management shakeup.
In earnings, medical technology company Biolase Technology (BLTI) reported a net loss of $3.1 million, or 15 cents a share, vs. a loss of $1 million, or 4 cents a share, in the 2006 quarter. The company reported net revenue of $12.8 million, compared to $17.1 million in the year-ago period. Analysts surveyed by Thomson Financial had expected a loss of 2 cents a share on revenue of $18.3 million.
Additionally, the company said that CEO Jeffrey Jones is leaving the company immediately, and Federico Pignatelli, an independent director, will serve as interim CEO while a replacement is sought. Keith Bateman, executive vice president of global sales and marketing, also is leaving immediately and the company is searching for his replacement. Shares gave up $2.45, or 45%, to $2.97.
Also, Albany Molecular Research (AMRI - Get Report) missed on earnings Tuesday and fell $5.59, or 32%, to $11.82. The company reported adjusted earnings of $2 million, or 6 cents a share, vs. $1.4 million, or 4 cents a share in the year-earlier period. Revenue came in at $47.56 million, vs. $44.2 in the 2006 quarter. But analysts surveyed by Thomson Financial expected 9 cents a share on revenue of $48.3 million.