Orthofix (NSDQ:OFIX) shares fell in pre-market trading today on third-quarter results that came up short of the consensus forecast, a cut to its bottom-line outlook and the naming of a new chief executive.

The Lewisville, Texas-based company posted losses of -$40.5 million, or -$2.14 per share, on sales of $113.5 million for the three months ended Sept. 30, widening its losses by a whopping 3,244% on sales growth of 1.6% compared with Q3 2018.

Adjusted to exclude one-time items, earnings per share were 41¢, 10¢ behind Wall Street, where analysts were looking for sales of $117.8 million.

In August, Orthofix tapped Jon Serbousek as president of its spine business. Today the company said Serbousek is slated to replace president & CEO Brad Mason after his Oct. 31 retirement.

“While we are very pleased with the sales trajectory of the M6 cervical disc in the U.S. and the continued strong performance of biologics tissue sales, spine leadership vacancies, the delay of several large stocking orders in extremities and the uncertainty around the CEO transition timing negatively impacted other parts of our business in the third quarter,” Mason said in prepared remarks. “The good news is that these issues are temporary and not reflective of the core value proposition at Orthofix and the opportunity for growth and shareholder value creation. Jon Serbousek hit the ground running and is fully engaged and focused on recruiting candidates for the vacant leadership positions. We expect the momentum of the M6-C disc and the experience and value that the new spine leadership team brings will have a positive impact on future performance.”

Orthofix said it now expects to log adjusted EPS of $1.55 to $1.60, compared with $1.75 to $1.82 previously, on sales of $460 million to $463 million.

Shares of OFIX, which closed down -2% at $49.02 per share yesterday, plunged -12.3% to $43.00 per share in after-hours trading.