ICU Medical Shares Tank 19% On FY EPS Guidance Cut

(RTTNews) - Shares of ICU Medical Inc. (ICUI) tanked 19% on Wednesday after the medical technology products maker lowered its full-year earnings outlook.

For the full year, ICU now expects adjusted earnings of $7.55 to $8.15 per share, down from previous estimate of $9.00 to $9.90 per share. Analysts polled by Thomson Reuters currently estimate earnings of $9.30 per share for the full year.

CEO Vivek Jain said, "Second quarter revenue, adjusted EBITDA and adjusted EPS were below our expectations. Infusion Consumables and Infusion Systems were generally in line with our expectations but the current market environment in IV Solutions has forced us to lower our expectations for fiscal year 2019."

San Clemente, California-based ICU's second-quarter profit dropped to $22.8 million or $1.06 per share from $31.1 million or $1.44 per share last year. Adjusted earnings for the second quarter were $1.99 per share, down from $2.69 per share last year.

Second-quarter revenues dropped to $312.3 million from $360.5 million in the same period last year.

Analysts expected earnings of $2.06 per share and revenues of $309.13 million for the second quarter.

ICUI closed Wednesday's trading at $245.67, down $0.32 or 0.13%, on the Nasdaq. The stock further dropped $47.34 or 19.27% in the after-hours trade.