Dextera Surgical (NSDQ:DXTR) today has seen shares fall more than 10% after releasing its preliminary earnings for the 3rd quarter, expecting to see revenue of approximately $568,000.
Analysts on Wall Street were expecting to see sales of around $1.1 million for the company, significantly higher than the preliminary numbers released.
The Redwood City, Calif.-based company said that in addition to its revenue, the company also has a backorder of approximately $178,000 for MicroCutter staplers and reloads.
“As we have scaled up production of the MicroCutter 5/80, we have had difficulty qualifying some of the raw material for our reloads and as a result we experienced limited ability to ship product to our customers. We are working diligently to resolve these issues. While we continue to have active discussions with B. Braun regarding a strategic collaboration, these discussions are taking longer than expected and with support from our investment banker, the board has decided to explore all strategic options available to us at this time,” prez & CEO Julian Nikolchev said, according to an SEC filing.
Shares in Dextera Surgical have dropped 12% so far today, at 23¢ as of 11:43 a.m. EDT.
In late August, Dextera said it won expanded FDA 510(k) clearance for its MicroCutter 5/80 stapler and associated reloads, now cleared for open solid organ parenchymal dissection techniques.