Updated from 3:13 p.m. EDT
Orthodontic Centers of America
were among the worst-performing health and pharmaceutical stocks Tuesday, after the company posted weaker-than-expected-second-quarter earnings and sales.
The business services and systems provider to orthodontic and dental practices posted a second-quarter profit of 5 cents a share on sales of $104.3 million. Analysts surveyed by Thomson First Call had expected it to earn 12 cents a share on sales of $112 million. The company said that operating losses from its De Novo Centers increased 87.5% year over year and that patient revenue from inactive practices decreased 96% vs. a year ago. Shares of Orthodontic Centers of America traded down $1.05, or 16.5%, to $5.30.
rose after it and
decided to proceed with plans to continue their joint development of a diabetes drug. A recently completed phase II trial for inhaled insulin showed that patients with type 1 diabetes achieved glycemic control levels that are similar to injected insulin, Alkermes said. The clinical data provided the information that Lilly used to determine whether it wanted to move forward with the further development for the inhaled insulin. The two companies will now proceed with a phase III clinical trial. Shares of Alkermes traded up $1.82, or 21.4%, to $10.33.
rose after the company posted better-than-expected-second-quarter earnings and sales. Excluding items, the drug maker posted a second-quarter profit of 56 cents a share on sales of $667.4 million. Analysts were expecting earnings of 33 cents a share on sales of $626 million. Shares of Hospira traded up $2.40, or 9.7%, to $27.15.
rose after it posted solid fourth-quarter financial results. The medical device maker posted a fourth-quarter profit of 6 cents a share on sales of $7 million. Analysts had expected it to earn 4 cents a share on sales of $7 million. Looking ahead, the company forecast 2005 earnings of 20 cents a share to 26 cents a share on sales of $30 million to $32 million. Analysts had expected earnings of 18 cents a share on sales of $31.7 million. Shares of Urologix traded up $2.07, or 26.3%, to $9.95.
Other health care volume movers included
, up 28 cents to $31.48;
, up $1.36 to $18.50;
, up $1.22 to $33.34;
, up 23 cents to $18.01, and
, up 67 cents to $53.90.