(Reuters) — Halyard Health (NYSE:HYH) reported a 6% fall in 2nd-quarter revenue and cut its full-year profit forecast, hurt by lower sales volume in its surgical and infection prevention business and a stronger dollar.
The company also cut its full-year adjusted earnings forecast to $1.90-$2.10 per share, from $2.30-$2.50.
The company reported net income of $8 million, or 17¢ per share, for the quarter ended June 30, compared with a net loss of $4.5 million, or 10¢ per share, a year earlier.
On an adjusted basis, the company earned 52¢ per share.
Halyard makes eye shields, face masks, disposable gowns, gloves and shoe covers.
Net sales in Halyard’s surgical and infection prevention business, which accounts for nearly two-thirds of its total sales, fell 10.6% to $255.3 million.
Total net sales slid 6% to $389.3 million.
The dollar rose about 6% in the 1st half of this year against a basket of major currencies.
Although the greenback steadied recently, it is expected to rise 5% in the 2nd half of the year, according to a Reuters poll of analysts.
Halyard received almost a fourth of its 1st-quarter revenue from outside the U.S.
Up to Monday’s close of $39.76, the stock had fallen 13% this year. HYH shares closed down -11.8% at $35.09 yesterday.