Smith & Nephew
were among the worst-performing health-related stocks Tuesday, falling 6% after the medical technology company cut its full-year guidance.
The company now expects orthopedics sales growth of 17%, down from previous guidance of 18%. Wound management sales growth is now expected to be 5%, down from earlier guidance of 6%. "Sales growth over the summer has been below expectations, partly influenced by Hurricane Katrina during August," the company said. Trading margin is expected to be about 20.6%, while earnings growth is expected to be between 12% and 13%.
Previously, the company said that margins would approach 21% and that earnings growth would be in the midteens. Analysts polled by Thomson First Call are expecting full-year earnings of $2.20 a share on sales of $2.62 billion. Shares were trading down $3.16 to $46.54.
( CHTT) rose 2% after the seller of health products raised its third-quarter earnings outlook. The company now expects earnings of 55 cents a share on sales of $68 million. Previously, the company said that it would earn 52 cents to 54 cents a share on sales of $68 million to $70 million. Analysts had been expecting earnings of 52 cents a share on sales of $70 million. For the full year, the company expects adjusted earnings of $2.08 to $2.10 a share on sales of $278 million to $280 million. Previously, the company forecast earnings of $2.06 to $2.10 a share on sales of $278 million to $282 million. Shares were trading up 64 cents to $38.18.
rose 11% after the company said that it would collaborate with New Jersey-based Wave Biotech on the development of a commercial scale production process of Novavax's pandemic flu virus vaccine and other biological products. "We are very pleased to be able to work with Wave Biotech as we proceed to expand the production of our pandemic and seasonal flu vaccine candidates," Novavax said in a statement. "The process is reliable and can be readily scaled up to meet the needs of large populations." Financial terms of the collaboration were not disclosed. Shares of Novavax were trading up 16 cents to $1.67.
( ANPI) fell 2% after the company said it would acquire privately held Afmedica for an undisclosed amount. "This acquisition will extend our research and product development platform in a variety of applications," Angiotech said. The deal is expected to close during the fourth quarter. Shares were trading down 25 cents to $13.32.
PSS World Medical
( PSSI) fell 2% after the company said that its Elder Care Business subsidiary would not renew its long-term contract with
( BEV), which recently agreed to be acquired by North American Senior Care. PSS World Medical said it was concerned over whether the acquirers of Beverly would honor and abide by past practices in regard to trade and credit terms. PSS said its concerns were based on several lawsuits pending in Georgia.
Meanwhile, the company's current contract with Beverly has expired, marking the end of a 20-year relationship. Beverly Enterprises accounted for roughly $34.5 million in sales during the latest 12 months. Shares of PSS World Medical were recently trading down 29 cents to $13.07.
Other health care volume movers included
, down 28 cents to $26.06;
, down 31 cents to $28.85;
, up 24 cents to $83.61;
Johnson & Johnson
, down 50 cents to $64.18;
, down $2.17 to $53.51;
, up 8 cents to $24.81;
, down 13 cents to $8.74; and
( SGP), down 42 cents to $21.61.