SOUTH JORDAN, Utah (AP) _ Merit Medical Systems Inc. (MMSI) on Wednesday reported a third-quarter loss of $3.4 million, after reporting a profit in the same period a year earlier.
On a per-share basis, the South Jordan, Utah-based company said it had a loss of 6 cents. Earnings, adjusted for non-recurring costs, were 28 cents per share.
The results missed Wall Street expectations. The average estimate of five analysts surveyed by Zacks Investment Research was for earnings of 45 cents per share.
The maker of disposable medical devices posted revenue of $243 million in the period, also missing Street forecasts. Four analysts surveyed by Zacks expected $247.1 million.
Merit Medical expects full-year earnings in the range of $1.40 to $1.46 per share, with revenue in the range of $986 million to $995 million.
Merit Medical shares have decreased 48% since the beginning of the year. In the final minutes of trading on Wednesday, shares hit $29.11, a drop of 49% in the last 12 months.