Three companies that manufacture hip and knee replacement devices --
Johnson & Johnson's
( BMET) and
-- were subpoenaed by the Justice Department regarding consulting arrangements with orthopedic surgeons. All three said they were cooperating with the investigation.
said it earned $14 million, or 80 cents a share, for the third quarter ended Feb. 25, up from $9.5 million, or 58 cents a share, a year ago. Revenue for the quarter was $349 million. Analysts were expecting earnings of 69 cents a share on revenue of $357 million. Looking forward, the company expects to earn $1 to $1.10 a share on revenue of $350 million to $365 million for the fourth quarter. The stock was unchanged at $49.33.
said the Food and Drug Administration granted tentative approval of the company's abbreviated new drug application for Levofloxacin Ophthalmic Solution, which is used for the treatment of bacterial infections and is the generic equivalent of Santen Pharmaceutical's Quixin Ophthalmic Solution. The stock was up 16 cents, or 0.7%, to $22.56.
( RI) said earnings fell to $27.6 million, or 42 cents a share, for the third quarter ended March 1, compared to $32.4 million, or 48 cents a share, from a year ago. Revenue for the quarter was $289 million. Analysts were expecting 39 cents a share on revenue of $296 million. The company cited inclement weather and coupon redemptions as factors leading to the earnings decline. The stock was down 33 cents, or 1.69%, to $24.95 in aftermarket trading.
announced that it will acquire all of the outstanding shares of Esoterix Inc. from private equity firm Behrman Capital for approximately $150 million in cash. Shares of Lab Corp were unchanged at $47.81.