Healthcare Stocks: Zalicus Jumps On Earnings (ZLCS, THC, DCTH, MNKD, AKRX)
Zalicus Inc (NASDAQ:ZLCS) surged up 6.26% to $1.19 after the Company released second quarter results. Revenue was $2.9 million compared to $1.8 million in the prior year period. The increase in revenue was primarily due to increased Exalgo royalties from Covidien and increased collaboration revenue from Novartis. Net loss was $10.3 million or $0.09 per share compared to net loss of $11.3 million or $0.11 per share in the second quarter of 2011.
Tenet Healthcare Corporation (NYSE:THC) soared 5.15% to $4.90 on a traded volume of 2.68 million shares subsequent to the Company released second quarter results. Net operating revenues were $2.265 billion compared to net operating revenues of $2.132 billion in the second quarter of 2011. Net patient revenue per adjusted patient day was $2,543, an increase of 5.3%. This increase in pricing was due to improved terms in contracts with commercial managed care payers, partially offset by an adverse shift in payer mix. Net income attributable to common shareholders was a loss of $6 million or loss of $0.01 per diluted share compared to net income of $55 million or $0.11 per diluted share in the second quarter of 2011.
Delcath Systems Inc (NASDAQ:DCTH) went up 1.72% to $1.77 after the Company announced second quarter results. Operating loss was $15.4 million compared to operating loss of $10.5 million in the prior year period. Selling, general and administrative expenses were $7.2 million in the second quarter of 2012. The increase was primarily due to an increase in sales, marketing and operational support staff in the EU. Cash, cash equivalents and certificates of deposit were $29.3 million as on June 30, 2012.
MannKind Corporation (NASDAQ:MNKD) plunged 4.11% to $2.10 after the Company released second quarter results. Total operating expenses were $44.1 million compared to $39.2 million in the second quarter of 2011, an increase of $4.9 million. Net loss was $36.6 million or $0.23 per share compared to net loss applicable of $44.5 million or $0.37 per share in the second quarter of 2011.
Akorn Inc (NASDAQ:AKRX) went up 6.59% to $14.25 following the Company released second quarter results. Consolidated revenue for the second quarter of 2012 increased 97% to $63.3 million. Consolidated gross margin for the second quarter of 2012 was 56.5% compared to 55.6% in the comparable prior year period. Net income was $10.6 million or $0.10 per diluted share compared to net income of $17.9 million or $0.17 per diluted share in the comparable prior year quarter.