The following ratings changes were generated on Monday, Feb. 9.
We've initiated coverage of medical aesthetics company BioForm Medical(BFRM Quote) at sell, driven by generally deteriorating net income.
Net income fell from -$1.6 million in the year-ago quarter to -$7.9 million in the most recent quarter, significantly underperforming both the S&P 500 and the pharmaceuticals industry. Revenue fell by 10.4%, underperforming the industry average, and earnings per share experienced a steep decline. This year, however, the market expects an improvement in earnings. BioForm's gross profit margin is very high at 83.1%, though it has decreased from the same period last year. The company's net profit margin of -47.2% significantly underperformed the industry average. BioForm's ROE significantly trails the industry average and that of the S&P 500. ...
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