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Molecular Devices' Shares Tank 17 Percent After Firm Slashes Q3 Revenue Outlook

Sep 27, 2006
NEW YORK (GenomeWeb News) – Shares in Molecular Devices were down more than 17 percent, or $3.75, at $18.09 in mid-afternoon trading after the company today slashed its revenue outlook for the third quarter by between 8 percent and 12 percent.
 
As GenomeWeb News reported this morning, Molecular Devices blamed soft sales during the quarter. Molecular Devices said it now expects revenue for the three months ended Sept. 30 to be between $44 million and $46 million.
 
In July the company said it expected to generate between $48 million and $52 million in the period. Third-quarter 2005 revenues were $45.2 million.
 
Molecular Devices in July also cut its full-year 2006 guidance to between $190 million and $198 million from between $198 million and $206 million.
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