October 26, 2009 / 2:11 PM / 10 years ago

UPDATE 1-Symmetry Medical cuts '09 view, shares drop

* Cites weak demand

* Shares down 26 pct

Oct 26 (Reuters) - Orthopaedic-implants maker Symmetry Medical Inc SMA.N cut its 2009 outlook, citing reduced order flow due to lower-than-expected demand in both its orthopaedic and non-orthopaedic markets, sending its shares down 26 percent.

The company now expects 2009 earnings of 63 cents to 68 cents a share, down significantly from its prior view of 77 cents to 85 cents a share.

Revenue for the year is expected to be $355 million to $365 million, down from previous outlook of $385 million to $405 million.

“Since our previous guidance announcement, and particularly in recent weeks, we have experienced greater than anticipated order reductions,” Chief Executive Brian Moore said in a statement.

The company said it would continue to engage in significant cost reduction measures in response to the reduced demand.

Shares of the company fell 26 percent to $7.10 in early morning trade on the New York Stock Exchange. (Reporting by Esha Dey in Bangalore; Editing by Aradhana Aravindan)

0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below