Shares of Orthofix (NSDQ:OFIX) stock shed some 4% of their value today after the medical device company said its 3rd-quarter profits fell and lowered its guidance for the rest of the year.
Lewisville, Texas-based Orthofix reported profits of $7.6 million, or 39¢ per share, on sales of $114.8 million during the 3 months ended Sept. 30, for a 38.7% profit slide and a 2.1% decrease in sales.
The news sent OFIX shares down 3.6% today to $38.11 as of about 3:40 p.m.
Sign up to get our free newsletters delivered right to your inbox
"We again demonstrated our ability to achieve operating margin leverage while navigating through a challenging environment," president & CEO Robert Vaters said in prepared remarks. "Finishing the quarter with a net cash balance and continued strong adjusted earnings, we are well positioned to make product portfolio and distribution investments that will drive long-term growth."
Orthofix said in now expects sales of $472 million to $475 million for 2012, down from prior guidance of $481 million to $491 million. Earnings per share from continuing operations are pegged at $2.84-$2.89, down from $2.79-$2.89 previously.
