ArthroCare Shares Flat on DoJ Overhang Despite Swings to Q4, 2012 Black
Shares of ArthroCare were flat last week after the medical device company said it returned to profits for the 4th quarter and 2012, as investors waited for more clarity about ongoing U.S. Justice Dept. investigations.
Investors stayed on the sidelines last week on shares of ArthroCare (NSDQ:ARTC), despite its return to black ink for both the 4th quarter and full year, as they awaited more information on pending U.S. Justice Dept. investigations.
The Austin, Texas based medical device company last month agreed to extend the statute of limitations on a DoJ probe into its spinal business that dates back to 2008. The surgical instruments maker is also facing a federal look at possible False Care Act violations.
ArthroCare reported profits of $11.3 million, or 30¢ per share, on a sales increase of 4.9% of $96.9 million for the 3 months ended Dec. 31, 2012, compared with losses of $29.8 million, or 36¢ per share, during Q4 2011.