Given the ongoing distressed market environment as well as the consensus view that a recovery may not occur for several years, we have engaged financial and legal advisors to assess the viability of our capital structure and alternatives that may be available to pursue. In the recent period, we have been approached by several of our debt holders who have in certain cases also retained legal counsel and financial advisors.
Unusual 11 Mid-Day Movers 8/12: (ACIA) (SGI) (NBY) Higher; (ORIG) (CXRX) (XCOM) Lower
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Acacia Communications (Nasdaq: ACIA) 32.6% HIGHER; reported Q2 EPS of $0.43, versus $0.09 reported last year. Revenue for the quarter came in at $116.2 million, versus $57.9 million reported last year. Acacia Communications sees Q3 2016 EPS of $0.64-$0.76. Acacia Communications sees Q3 2016 revenue of $120-128 million.
Concordia Healthcare (Nasdaq: CXRX) 28.5% LOWER; reported Q2 EPS of $1.38, $0.04 worse than the analyst estimate of $1.42. Revenue for the quarter came in at $231.7 million versus the consensus estimate of $229.76 million. Subsequent to quarter end, on August 11, 2016, Concordia's Board unanimously agreed to suspend the $0.075 dividend per common share, payable quarterly. The Company believes the dividend payments can be better deployed towards long-term value-creating initiatives or debt repayment.
SGI (Nasdaq: SGI) 28.7% HIGHER; announced that it has signed a definitive agreement to be acquired by Hewlett Packard Enterprise (NYSE: HPE) for $7.75 per share in cash, a transaction valued at approximately $275 million, net of cash and debt.
NovaBay Pharma (NYSE: NBY) 28.4% HIGHER; reported Q2 EPS of ($0.36), $0.06 worse than the analyst estimate of ($0.30). Revenue for the quarter came in at $2.7 million versus the consensus estimate of $1.76 million.
Xtera Communications (Nasdaq: XCOM) 19.6% LOWER; reported Q3 EPS of ($1.35), versus ($4.24) reported last year. Revenue for the quarter came in at $15.35 million, versus $16.17 million reported last year.
Anavex Life Sciences (Nasdaq: AVXL) 19.5% HIGHER; reported Q3 EPS of ($0.06), versus ($0.22) reported last year. The SEC staff recently advised Company’s legal counsel that the staff did not intend to recommend enforcement action by the Commission against the Company in connection with the investigation previously described in the Company’s 2015 Report on Form 10-K.
Delta Technology Holdings Limited (Nasdaq: DELT) 19.5% HIGHER; issued a letter to its shareholders. In part, the company said,
We project revenues of $66.5 million from July 2016 to the end of June 2017 and positive net income while we make the progress needed on our new product and shift to become a biotech leader. For more color, click here.
AveXis (Nasdaq: AVXS) 19.2% HIGHER; reported Q2 EPS of ($0.68), $0.14 better than the analyst estimate of ($0.82).
Aethlon Medical (Nasdaq: AEMD) 15.5% LOWER; reported Q1 EPS of ($0.28), versus ($0.18) reported last year. Revenue for the quarter came in at $4.64 million, versus $192.5 million reported last year.
Superior Drilling Products, Inc. (NYSE: SDPI) 14.9% LOWER; reported Q2 results. Tool revenue from the sale, rental and repair of the Company’s drilling tools was $891 thousand, down $887 thousand compared with the 2015 second quarter, and down from $954 thousand in the trailing first quarter of 2016. Non-GAAP adjusted net loss was $2.12 million, or $0.12 per diluted share, in the 2016 quarter, compared with a $1.59 million loss, or $0.09 per share, in the prior-year period.
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