Intricon (NSDQ:IIN) saw shares fall over 9% after releasing preliminary 2nd quarter earnings that are off the mark, well under Street analysts expectations.
The Arden Hills, Minn.-based company said it expects losses of approximately $1.4 million, or 19-22¢ per share, on sales of $16.8 million for the 3 months ended June 30.
That amounts to a significant 3-fold slide from profits of $506,000 last year, with sales shrinking 1.8%. Earnings per share were well below expectations, with the Street looking for earnings of 4¢. Revenue also fell below expectations of $17.8 million.
Shares have dipped in mid-day trading, down 9.2% to trade at $4.85 as of 12:23 p.m. EDT.
“While we are disappointed in our results, we believe that this is purely a timing issue beyond our control. Sales were primarily impacted by lower revenue from our largest customer as they manage the transition of their pending product approval and launch. We continue to make progress building the infrastructure required to secure high-potential growth opportunities in value hearing health, and the long-term outlook for our business remains healthy,” CEO Mark Gorder said in a press release.
Last November, IntriCon said it bought the assets of hearing healthcare product manufacturer PC Werth, a leading hearing aid supplier to the U.K.’s National Health Service.
Intricon said it inked an exclusive agreement with PC Werth last December to distribute its hearing aid products in the U.K., but the full acquisition will allow Intricon extra access to the U.K’s NHS.
The post IntriCon slips on missed Q2 prelims appeared first on MassDevice.
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