Merit Medical Systems Cuts Outlook; Stock Plunges

(RTTNews) - Merit Medical Systems, Inc. (MMSI) has lowered its fiscal year adjusted earnings per share guidance to $1.40 - $1.46 from $1.74 - $1.97. Revenue is now anticipated to be $986 - $995 million, revised from prior guidance range of $1.007 - $1.029 billion. Analysts polled by Thomson Reuters expect the company to report profit per share of $1.75 on revenue of $1.01 billion. Analysts' estimates typically exclude special items.

Third-quarter non-GAAP earnings per share was $0.28, compared to $0.47, a year ago. On average, eight analysts polled by Thomson Reuters expected the company to report profit per share of $0.45, for the quarter.

Third-quarter worldwide revenue was $243.0 million, up 9.6 percent from prior year. Analysts expected revenue of $249.34 million, for the quarter. Core revenue on a comparable, constant currency basis was up 4.3 percent.

"Our third quarter results this year were hampered by our decline in gross margin growth as a result of product sales mix, increased cost, foreign exchange, trade concerns, tariffs and Brexit," said Fred Lampropoulos, Merit's CEO.

Shares of Merit Medical Systems were down 34% after hours.