ICU Medical (ICUI) shares plummeted 6.85% in Friday's pre-market trading, despite reporting better-than-expected second-quarter earnings. The medical device company's stock faced pressure as investors reacted to a narrowed full-year guidance range and a target price cut by Raymond James.
ICU Medical reported adjusted earnings of $2.10 per share for the quarter ended June 30, significantly surpassing the analysts' expectations of $1.50 per share. Revenue for the quarter came in at $543.6 million, slightly above the consensus estimate of $540.1 million. However, this represents a 6.4% decrease from the same period last year.
Despite the earnings beat, the company revised its full-year adjusted EPS guidance to a range of $6.85 to $7.15, compared to the previous outlook of $6.55 to $7.25. This narrowed range, coupled with Raymond James cutting its target price for ICU Medical from $187 to $180, appears to have overshadowed the positive quarterly results, leading to the sharp decline in stock price during pre-market trading.
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