Valeant Pharmaceuticals International Inc. (VRX, Financial) jumped more than 16% in premarket trading on the back of the company reporting its financial results for the third quarter. The company posted EPS of $1.04, which beat estimates by 14 cents. Revenue for the quarter was $$2.22 billion, which was lower than the $2.48 billion reported in the year-ago quarter, but it managed to beat expectations by $50 million.
"Our strong third-quarter performance demonstrates our continued progress in the turnaround of Valeant," Chairman and CEO Joseph C. Papa said. "Driven by solid execution in our Bausch + Lomb/International segment and our Salix business, we delivered strong organic revenue growth across approximately 77% of our business in the quarter".
Looking forward, Valeant expects full-year revenue to be between $8.65 billion and $8.8 billion.
Shares of Xoma Corp. (XOMA, Financial)Â gained almost 14% in premarket trading on the back of the company reporting its financial results for the third quarter. The company posted EPS of $1.98. Revenue of $36.2 million beat expectations by $35.51 million and increased more than 5,550% year over year compared to $0.6 million in the prior-year quarter.Â
Myomo Inc. (MYO, Financial) skyrocketed more than 65% after the company reported a third-quarter loss of 21 cents, which beat estimates by nine cents. Revenues of $489,000 grew 172.2% year over year and beat expectations by $0.17 million due to selling products to distributor Ottobock.
Chairman and CEO Paul R. Gudonis said the revenue growth was due to sales and marketing programs, including MyoPro Centers of Excellence, the Ottobock distribution agreement and the next-generation MyoPro 2 product line.
“We are pleased to report positive clinical and patient feedback, facilitating efforts to serve the large, unmet market need to restore function in paralyzed or weakened upper limbs,” he said.
Disclosure: The author holds no positions in any stocks mentioned.
