Micrus Endovascular downgrades revenue guidance
Shares of Micrus Endovascular Corp. (Nasdaq: MEND) are tumbling in pre-market trading this morning after the medical device manufacturer for the treatment of neurovascular diseases downgraded its revenue guidance Monday night.
For fiscal 2008, the San Jose, Calif.-based firm expects revenues to be between $65 million and $75 million, compared with previous expectations of between $80 million and $85 million. Six analysts polled by Thomson Financial were expecting revenues of $80.32 million.
Micrus said it is revising guidance based primarily on expectations of product approval delays in China, as well as uncertainty regarding possible approval delays in Japan. The revised guidance also reflects slower-than-anticipated sales in North America.
Shares of Micrus (MEND) slumped 22.57%, or $5.24, to $18.33 in pre-market trading.
About the Author
Reporter Jennifer Schonberger is based in SmallCapInvestor.com's Washington, D.C. bureau.
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