UPDATE 2-Kinetic Concepts Q2 profit misses Street, cuts '10 view

* Q2 adj EPS $1.01 misses Street by 3 cents

* Revenue rises 1 pct to $497.8 mln

* Cuts 2010 adj to EPS $4.19-$4.29 vs est $4.26

* Cuts 2010 revenue to $2.00-$2.03 bln vs est $2.06 bln

* Shares fall as much as 9 pct (Adds conference call details, updates share movement)

July 27 (Reuters) - Kinetic Concepts Inc KCI.N posted a lower-than-expected quarterly profit, hurt by higher expenses and a fall in revenue from Europe, and the maker of advanced wound-care products cut its full-year outlook, sending its shares down 9 percent.

The company cut its 2010 adjusted earnings view to between $4.19 a share and $4.29 a share, from its prior forecast of adjusted earnings of $4.32 a share to $4.46 a share.

It also reduced its revenue outlook to between $2 billion and $2.03 billion from an earlier range of $2.05 billion to $2.09 billion, partly due to unfavorable foreign currency exchange rates.

Analysts on average were expecting 2010 earnings of $4.26 a share, on revenue of $2.06 billion, according to Thomson Reuters I/B/E/S.

"We expect continued pricing pressure in Europe to affect revenues as wound care remains highly competitive in key markets and a target area for austerity-related price cuts," said Piper Jaffray analyst Matt Miksic.

WEAK Q2 RESULTS

For the second quarter, the company reported a net income of $53.6 million, or 75 cents a share, compared with $58.1 million, or 82 cents a share, a year ago.

Excluding items, the company earned $1.01 a share. Revenue rose 1 percent to $497.8 million.

Analysts on average expected earnings of 1.04 cents a share, excluding special items, on revenue of $505.6 million.

"Increased rental and sales volumes in EMEA (Europe, Middle East and Africa) were offset by lower realized pricing associated with an increasingly competitive environment in Europe and our offering of longer-term, lower-priced rental arrangements," the company said in a statement.

For the second quarter, selling, general and administrative expenses rose 17 percent to $147.2 million, while research and development expenses increased 2 percent to $21.7 million.

"We also faced some challenges in the quarter, including the sharp decline in the value of the euro, and other currencies in relation to the U.S. dollar," Chief Executive Catherine Burzik said on a conference call.

Shares of the company were down 7 percent at $33.98 Tuesday morning on the New York Stock Exchange. They earlier touched a low of $33.47. (Reporting by Anand Basu in Bangalore; Editing by Jarshad Kakkrakandy, Aradhana Aravindan)