Updated from 2:12 p.m. EDT
Shares of Chindex International
were among the worst-performing health care and pharmaceutical stocks Tuesday, after the company swung to a fourth-quarter loss.
The company lost 13 cents a share on sales of $25 million. A year ago, it reported a profit of 2 cents a share on sales of $21.8 million. Chindex attributed its weak results to the SARS epidemic, a delayed opening of its hospital in Shanghai, and delays in government approval of financing programs.
Shares of Chindex traded down $1.62, or 14.6%, to $9.50.
fell after the company said it plans to sell $75 million worth of convertible debt in a private placement. Allscripts also plans to offer initial purchasers the option to buy an additional $7.5 million in debentures. In addition to using the proceeds for general corporate purposes, the company plans to repurchase about $11.25 million in common stock. The private placement is expected to close on or about July 6. Shares of Allscripts Healthcare traded down $1.04, or 11.5%, to $8.04.
rose after the company raised its 2004 sales outlook. Citing strong sterol sales, the company lifted its revenue target to $16.5 million from $15.6 million. Shares of Forbes Medi-Tech traded up 11 cents, or 4.4%, to $2.64.
rose after the company announced a restructuring plan and raised third- and fourth-quarter 2004 earnings estimates. It now expects to earn 3 cents to 4 cents a share during the third quarter on sales of $8.7 million to $9 million. During the fourth quarter Natus expects to earn 7 cents to 9 cents a share on sales of $9.9 million to $10.2 million. Natus Medical's restructuring plan will result in a 24% work-force reduction. Shares of Natus Medical traded up 40 cents, or 6.7%, to $6.40.
Health care volume movers included
, up 28 cents to $34.34;
, up 53 cents to $54.09;
Johnson & Johnson
, up 77 cents to $55.74;
, up 1 cent to $18.27; and
, down 8 cents to $54.07.