Vascular Solutions‘ (NSDQ:VASC) Q2 earnings landed exactly within analyst expectations, ending the company’s long streak of beating the Street.
Despite driving profits up almost 20% and boosting guidance estimates to reflect healthy revenue, Wall Street responded by sending share prices down 0.7% by the end of the day.
The Minneapolis, Minn.-based company posted and 18% bump in profits and a 10% bump in sales over the same period last year. Earnings per diluted share came in exactly at the Street’s predicted 17¢.
Vascular Solutions posted profits of $2.8 million on sales of $27.3 million for the 3 months ended June 30. That compared to last year’s Q2 profits of $2.4 million, or 15¢ per share, on sales of $24.7 million.
Vascular Solutions also raised its full-year guidance, now expecting $107-$110 million in sales in 2013, with $26-28 million of that during Q3. During a company conference call CFO James Hennen said the new guidance represents 10% growth over revenue in 2012.
"Turning to the 3rd quarter, we are providing revenue guidance of between $26.5 million and $27.5 million at the midpoint that represents growth of approximately 10% from the $24.6 million in revenues in the third quarter of 2012," Hennen said.
The company beat Wall Street expectations 4 times in the last 4 quarters, and analysis had a "neutral" outlook on the eve of the earnings report, according to this report.
VASC shares closed at $16.25 today, down less than 1% on the day.