( ZOLL) were among the worst-performing health-related stocks Wednesday, falling 11% after the company cut its third-quarter outlook below Wall Street expectations.
The medical-device maker now expects to post break-even earnings on sales of $50 million to $51 million, down about $3 million from its previous forecast. Analysts polled by Thomson First Call had been expecting earnings of 10 cents a share on sales of $53.7 million. Zoll previously expected earnings of 10 cents a share.
"We are clearly disappointed in our ability to improve our profitability relative to the second quarter as previously anticipated," the company said. In particular, the company said that it "struggled to get all shippable orders out due to end of quarter time constraints. Hopefully the existence of a larger backlog will help our efforts to improve our end of quarter execution." The company's backlog ended the quarter at about $6 million, up substantially from the $2 million backlog it had at the beginning of the quarter. Shares were recently trading down $2.93 to $24.45.
rose Wednesday after the company cut its sales outlook for its Orapred asthma drug and said that it would ax 58 jobs, 52 of which were held by sales personnel responsible for the sale of the asthma drug. The company now expects Orapred sales of $8 million to $10 million, down from previous guidance of $15 million to $20 million. "In the last several weeks generic competition to Orapred has intensified and the Orapred market share has continued to erode," the company said. The job cuts are expected to reduce operating expenses by $3 million in 2005 and about $9 million a year after that. Shares were trading up 28 cents to $7.47.
fell 5% after the company's chief financial officer announced his resignation, effective immediately. Peyton Marshall is leaving the company to pursue other interests, the company said. Epix promoted Robert Pelletier to the position of principal accounting officer and executive director of finance. Shares were trading down 53 cents to $10.14.
( PRX) rose 1% after the company said its Megace ES -- a treatment for anorexia, cachexia, or an unexplained, significant weight loss in AIDS patients -- received Food and Drug Administration approval. Megace ES is the first branded pharmaceutical product developed by Par to receive FDA marketing approval. Shares were trading up 32 cents to $32.48.
fell 16% the wheelchair maker slashed its second-quarter earnings and sales outlook. The company now expects earnings of 38 cents to 41 cents a share, down from previous guidance of 53 cents to 58 cents a share. Sales growth is now expected to be about 16%, down from earlier guidance of 18% to 20%. Excluding foreign currency and acquisitions, sales growth is now expected to be between 2% and 3%, below previous guidance of 5% to 7%. Analysts had been expecting earnings of 55 cents a share on sales of $395.8 million. The company blamed the shortfall on sales that were lower than expected and higher freight costs. Shares were trading down $6.96 to $37.91.
Other health care volume movers included
, down 27 cents to $26.78;
, up 38 cents to $7.20;
, down $3.99 to $48.91;
, up $1.69 to $64.20;
Teva Pharmaceutical Industries
, down 74 cents to $30.08;
, up 3 cents to $3.43;
, down 51 cents to $28.09;
Johnson & Johnson
, down 43 cents to $64.42;
, down 36 cents to $30.74; and
( SGP), down 9 cents to $18.91.