Updated from 2:01 p.m. EDT

Shares of I-Flow ( IFLO) were among the best-performing health and pharmaceutical stocks Tuesday after the company reported mixed second-quarter financial results and announced a 1-million-share repurchase plan.

The infusion systems maker reported a second-quarter loss of 7 cents a share on sales of $17.2 million. Analysts polled by Thomson First Call had expected it to lose 6 cents a share on sales of $15.7 million. Shares of I-Flow traded up $2.98, or 30.4%, to $12.77.

Sepracor ( SEPR) traded actively after it reported weaker-than-expected second-quarter earnings and sales. The pharmaceuticals company posted a loss of 93 cents a share on sales of $69.9 million. Analysts had expected it to report a loss of 81 cents a share on sales of $81.1 million. Shares of Sepracor traded up 87 cents, or 2%, to $44.42, on volume of nearly 10.6 million shares, or almost six times its normal daily volume.

Shares of Cardinal Health ( CAH) fell after the beleaguered company's CFO resigned. Richard J. Miller will be replaced by J. Michael Losh, formerly a finance chief at General Motors ( GM). Outgoing CFO Miller said that his abrupt departure was prompted by "certain financial reporting practices and judgments" that occurred during his tenure, which have led to intense scrutiny. As previously disclosed, Cardinal is being investigated by the Securities and Exchange Commission and the United States Attorney's Office for the Southern District of New York for certain financial reporting and accounting matters. Shares of Cardinal Health traded down $6.47, or 12.8%, to $44.

Osteotech ( OSTE) fell after it reported weaker-than-expected second-quarter earnings and sales and warned that full-year results would fall short of previous guidance. The marketer and developer of biomaterial and implant products reported a loss of 2 cents a share during the second quarter on sales of $22.2 million. Analysts had expected it to earn 6 cents a share on sales of $24 million. Looking ahead, it now expects to post a full-year loss of 8 cents to 12 cents a share on sales of $90 million to $94 million. Previously, it said that full-year earnings would be 12 cents to 16 cents a share on sales of $96 million to $100 million. Shares of Osteotech traded down $1.59, or 29%, to $3.89.

Shares of ICON ( ICLR) fell after the company reported mixed fourth-quarter financial results and warned that fiscal 2005 earnings and sales would fall short of expectations. The clinical research organization reported fourth-quarter earnings of 51 cents a share on sales of $77.9 million. Analysts had expected it to earn 49 cents a share on sales of $81.1 million.

Looking ahead, it expects fiscal 2005 earnings of $2 to $2.10 a share on sales of about $326.6 million. Analysts were looking for it to earn $2.26 a share on sales of $360.9 million. The company attributed the shortfall to project delays in the U.S. that will lead to a revenue growth slowdown during the first half of the year. Shares of ICON traded down $8.61, or 19.4%, to $35.73.

Other health care volume movers included Elan ( ELN), up 4 cents to $19.87; Anthem ( ATH), down $6.38 to $81.78; Pfizer ( PFE), up 36 cents to $32.10; Mylan Labs ( MYL), down 76 cents to $14.75; Schering-Plough ( SGP), up 42 cents to $19.98; and Boston Scientific ( BSX), up $1.89 to $37.60.

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