ICU Medical (NSDQ:ICUI) shares are down this morning after the medical device company missed expectations for its 2nd-quarter earnings and lowered its outlook for the rest of the year.
San Clemente, Calif.-based ICU Medical posted profits of $7.4 million, or 48¢ per share, on sales of $78.7 million for the 3 months ended June 30. That represents sales growth of just 1.8% and a bottom-line slide of 19.5%; analysts on Wall Street were looking for earnings per share of 66¢.
ICU said that, due to "current business trends in certain market segments," it’s lowering its outlook for both sales and earnings for the rest of 2013.
The company said it now expects to post EPS of $2.50-$2.60, down from $2.70-$2.85, on sales of $320 million to $325 million, in turn down from $330 million to $337 million.
"Our top-line performance during the quarter was highlighted by continued growth in oncology which was offset by a decrease in critical care. International sales were up 4.4%, while domestic sales increased 0.8% year over year," CFO Scott Lamb said in prepared remarks.
ICUI shares were trading at $69.47 apiece as of about 11 a.m. today, down 6.9%.