Bioventus (BVS) shares fell more than 36% in early trading Tuesday even as the company reported higher Q3 financial results.
The company reported Q3 non-GAAP earnings of $0.06 per share, up from $0.05 a year earlier.
Three analysts polled by Capital IQ expected $0.02.
Net sales for the quarter ended Sept. 28 were $139 million, up from $120.8 million a year earlier.
Three analysts surveyed by Capital IQ expected $133.2 million.
The company said it now expects 2024 non-GAAP EPS of $0.40 to $0.42, compared with its prior guidance of $0.36 to $0.42. Three analysts polled by Capital IQ expect $0.39.
Bioventus said it now expects net sales for the year of $562 million to $567 million, compared with its earlier estimate of $557 million to $567 million. Three analysts surveyed by Capital IQ expect $561.7 million.
Price: 8.77, Change: -4.94, Percent Change: -36.03
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