ICU Medical (Nasdaq:ICUI) shares took a hit on second-quarter results that came up shy of the consensus forecast.
Shares of ICUI were down 6.4% at $176 per share before the market opened today. They had closed yesterday up 4.7% at $188.10 per share.
The San Clemente, California-based company posted losses of $7.5 million, or 31¢ per share, on sales of $561 million for the three months ended June 30, 2022, for a sizeable bottom-line slide into the red despite sales growth of 74.4%.
Adjusted to exclude one-time items, earnings per share were $1.37, 49¢ behind Wall Street, where analysts were looking for sales of $565.1 million.
“Legacy ICU Medical revenues were in line with expectations and results from the acquired Smiths Medical business reflect improvement over the course of the second quarter,” ICU Medical CEO Vivek Jain said in a news release.
ICU Medical made large cuts on in its 2022 full-year guidance, reducing adjusted EBITDA projections from between $450 million and $500 million to between $350 million and $370 million.
Additionally, the company slashed its adjusted EPS outlook from a range of $9 to $10.50 to a range of $6.20 to $6.80.