EXAS Ups Outlook, NEOS Rejects PDLI Offer, Not Much To Smile About For CRY

(RTTNews) - Today's Daily Dose brings you news about CryoLife's Q3 results and downwardly revised revenue outlook; improved Q3 financial results of Exact Sciences; patent infringement litigation between Celgene and Lannett; rejection of PDL BioPharma's proposal by Neos and Sanofi Genzyme's decision of not to exercise the option for ex-U.S. development and commercial rights to Voyager's VY-AADC program for advanced Parkinson's disease.

Read on...

CryoLife Inc. (CRY), a medical device and tissue processing company focused on cardiac and vascular surgery, has reported financial results for the third quarter and has revised downward its revenue outlook for full year 2017.

On a non-GAAP basis, net income for the third quarter of 2017 was $2.6 million or $0.08 per share on revenue of $44.0 million. This compared with a non-GAAP net income of $4.4 million or $0.13 per share and revenue of $45.3 million for the third quarter of 2016.

For full year 2017, the Company now expects revenue in the range of $184 million to $185 million, down from its prior forecast range of $188 million to $192 million.

CRY closed Monday's trading at $20.10, up 0.50%.

Shares of Exact Sciences Corp. (EXAS) were up more than 6% in extended trading on Monday, following improved financial results for the third quarter ended Sept. 30, 2017.

Net loss narrowed to $26.9 million or $0.23 per share in the recent third quarter from $37.8 million or $0.36 per share in the comparable year-ago quarter. Cologuard revenue increased 158 percent to $73 million during third quarter of 2017, thanks to growing demand.

Looking ahead to full-year 2017, the Company now expects revenue of $254 million to $257 million, up from its prior outlook range of $230 million to $240 million.

EXAS closed Monday's trading at $50.10, down 2.07%. In after-hours, the stock was up 6.59% to $53.40.

Lannett Co. Inc. (LCI) has been permitted to market in the U.S. its generic thalidomide product as of August 1, 2019 or earlier under certain circumstances, following the resolution of patent infringement litigation related to Celgene's Thalomid.

Lannett is seeking to market generic version of thalidomide capsules 50 mg, 100 mg, 150 mg and 200 mg, the therapeutic equivalent to the reference listed drug, Thalomid Capsules, 50 mg, 100 mg, 150 mg and 200 mg, of Celgene Corp. (CELG).

Thalomid generated global sales of $104 million in the first nine months of 2017, down 11.1% from the year-ago period.

LCI closed Monday's trading at $23.05, up 2.44%.

Luminex Corp. (LMNX) has reported improved financial results for the third quarter of 2017, and has reaffirmed its guidance for the full year.

On a non-GAAP basis, net income for the recent third quarter rose to $10.7 million or $0.25 per share on a consolidated revenue of $74.1 million. This compared with a non-GAAP net income of $9.06 million or $0.21 per share and revenue of $71.2 million in the third quarter of 2016.

For the fourth quarter 2017, revenue is expected to be between $76 million and $78 million, and for full year 2017, the Company has reiterated its revenue guidance range to be between $300 million and $310 million.

LMNX closed Monday's trading at $20.34, up 0.15%. In after-hours, the stock was up 1.67% to $20.68.

Neos Therapeutics Inc.'s (NEOS) Board of Directors has unanimously rejected the October 26th unsolicited proposal from PDL BioPharma Inc. (PDLI) to acquire all of the outstanding shares of Neos for $10.25 per share in cash.

Recent events:

-- On June 19, 2017, Neos was granted FDA approval for Cotempla XR-ODT, the first and only methylphenidate extended-release orally disintegrating tablet for the treatment of attention-deficit/hyperactivity disorder (ADHD) in patients 6 to 17 years old. -- On September 15, 2017, the FDA approved Neos' Adzenys ER Extended-Release Oral Suspension for the treatment of ADHD in patients 6 years and older.

NEOS closed Monday's trading at $10.25, up 1.99%.

Shares of Voyager Therapeutics Inc. (VYGR) were down more than 9% in extended trading on Monday, after Sanofi Genzyme decided not to exercise the option for ex-U.S. development and commercial rights to VY-AADC program for advanced Parkinson's disease.

Voyager now gains worldwide rights to VY-AADC program. The Company plans to start the global, pivotal Phase 2-3 program of VY-AADC later this year.

VYGR closed Monday's trading at $22.73, up 0.71%. In after-hours, the stock was down 9.81% to $20.50.