(RTTNews) - Monday, provider of implants and related surgical instruments and cases Symmetry Medical Inc. (SMA: News ), slashed its forecast for fiscal year 2009, citing diminished order flow due to lower-than- anticipated customer demand in both its orthopaedic and non-orthopaedic markets. Following the announcement, shares of Symmetry are currently trading down by more than 21% on the New York Stock Exchange.

For the fiscal year 2009, Warsaw, Indiana-based Symmetry now expects earnings in the range of $0.63 - $0.68 per share, compared to earlier issued forecast of $0.77 - $0.85 per share.

On average, six analysts polled by Thomson Reuters currently expect the company to report earnings of $0.80 per share for the full year, with a low estimate of $0.70 per share and a high estimate of $0.83 per share. Analysts' estimates typically exclude special items.

The company now expects 2009 revenues within a range of $355 million - $385 million, down from the prior range of $385 million - $405 million. Analysts currently expect the company to report revenues of $391.28 million for the year.
Symmetry indicated that since its previous guidance announcement, and particularly in recent weeks, it has experienced greater than anticipated order reductions. The company believes the change in order flow to result in a substantial shortage to revenue and earnings per share, primarily in the fourth quarter.

SMA is currently trading at $7.50, down $2.06 or 21.55%, on a volume of 2.80 million shares on the NYSE.

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by RTT Staff Writer

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