Micrus Endovascular skids on wider-than-expected fiscal Q1 loss
Shares of Micrus Endovascular Corp. (Nasdaq:MEND) are toppling on pre-market trading after the medical device company reported a net loss for its fiscal first quarter that widened from the year-ago quarter and fell short of the consensus on the Street. Revenues, though up 9%, were also shy of analysts’ mean estimates. Adding insult to injury, Micrus said its gross margin declined to 75% from 78% last year, as higher sales to distributors at lower margins in Japan and Latin America pulled margins down.
Shares lost 15%, or $2.22, to $13 in pre-market trading. For detailed price information and recent news stories about Micrus Endovascular, click MEND.
