Stock Alert: Cantel Medical Tumbles 18%

(RTTNews) - Shares of Cantel Medical Corp (CMD), a provider of infection prevention and control products, are losing more than 18 percent in the morning trade on Thursday at $51.79, near to its 52-week low. The company's financial results for the second quarter missed analysts' expectations and it also forecast fiscal 2020 earnings below estimates.

The stock has traded in a range of $51.35 to $93.87 in the past 52 weeks.

Owing to softer Medical performance and assumed procedure impact in China due to COVID-19, the company has revised its full-year adjusted earnings guidance to $2.58 to $2.61 per share.

Thursday, Cantel Medical reported second-quarter net loss of $2.26 million or $0.05 per share, compared to net income of $18.80 million or $0.45 per share in the year-ago quarter. Adjusted earnings per share were $0.61.

Net sales for the quarter grew 28.5 percent to $288.50 million from $224.54 million in the prior-year quarter.

On average, analysts polled by Thomson Reuters expected the company to report earnings of $0.67 per share for the quarter on revenues of $290.45 million. Analysts' estimates typically exclude special items. The Street expects earnings of $2.76 per share for the year.