These Nasdaq-listed healthcare stocks beat Monday’s market gains

Summary

• The Nasdaq Composite Index rose by 0.67% on Monday, while the Nasdaq Healthcare Index fell by 0.67%.
• Spok Holdings Inc., a healthcare communications provider, gained 1.75% intraday at Monday’s close.
• LeMaitre Vascular Inc., a medical equipment manufacturer, closed 1.25% higher on Monday.

On Monday, October 2, 2023, the broader market index, the S&P 500, displayed an ordinary performance through the day, rising by only 0.01% intraday. Alternatively, the Nasdaq Composite Index was 0.67% higher by the end of trade on Monday.

However, the Nasdaq Healthcare Index ended 1.18% lower through the day on Monday. Some of the biggest Nasdaq-listed gainers through the day were healthcare stocks.

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With that, let us look at two Nasdaq-listed healthcare stocks that surpassed the benchmark Nasdaq Composite Index’s intraday gains on Monday:

Spok Holdings Inc. (NASDAQ: SPOK)

Spok Healthcare provides healthcare communications through its paging services and software solutions. Spok has a market cap of over US$289 million.

For Q2 2023, Spok’s net income was US$4.7 million, as compared to a net income of US$1.9 million in Q2 2022. The net income reflected diluted per share earnings of US$0.23 in Q2 2023.

The adjusted EBITDA was US$8.5 million in Q2 2023, an increase of 81.3% over the previous corresponding period.

Image Source: ©2023 Kalkine®; Data Source: Company Reports

Meanwhile, for the full year 2023, Spok expects its revenue to range from US$134.5 million to US$137.5 million and an adjusted EBITDA between US$25 million and US$28 million. SPOK also declared a dividend of US$0.3125 per share for the quarter. 

Based on Monday’s closing price of US$14.52, SPOK has a dividend yield of 8.61% and a P/E ratio of 8.17x. As per Monday’s close, SPOK gained 1.75% intraday and 76% YTD.

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LeMaitre Vascular Inc. (NASDAQ: LMAT)

LeMaitre is a medical equipment manufacturer in the peripheral vascular disease industry. The company primarily produces products used in open vascular surgery.

The company’s sales for Q2 2023 were US$50.1 million, an increase of 19% over Q2 2022. The quarter’s operating income was US$9.5 million, an 8% adjusted y-o-y increase.

LMAT declared a dividend of US$0.14 per share of common stock for the quarter. The earnings per diluted share amounted to US$0.36, an increase of a massive 127% over the previous corresponding period.

Image Source: ©2023 Kalkine®; Data Source: Company Reports

LeMaitre expects to bring in sales worth US$46.5 million to US$48.9 million for Q3 2023. The operating income guidance for the period stands in the range of US$7.4 million to US$8.9 million. 

Based on Monday’s closing price of US$55.16, LMAT has a dividend yield of 1.02% and a P/E ratio of 48.19x. As at the close of trade on Monday, LMAT closed 1.25% higher on an intraday basis and 19.16% higher on a YTD basis.