Pediatrix profit rises but stock falls
Posted on Fri, May. 09, 2008
Pediatrix (PDX), the Sunrise company offering neonatal and other healthcare services, reported increases in revenue and profit, but its stock fell because the company said it might not meet a previous profit forecasts.
Revenue was $245.6 million for the first quarter, up from $211 million for the same period last year. Net income more than doubled to $55.8 million, partly due to a $23.2 million gain from the sale of its metabolic screening laboratory.
Still, sagging revenue expectations caused the stock to fall 14 percent to $58.81.
• Kendall drugmaker Noven Pharmaceuticals' (NOVN) first-quarter revenue increased to $21.5 million from $19.3 million for the same period in 2007. Net income fell nearly in half to $2.6 million. ''Production and quality issues'' hurt profitability at Noven's Transdermals business, the company said.
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