Tuesday, ZOLL Medical Corp. (ZOLL), announced preliminary second quarter financial results, expecting earnings and revenues below expectations.
The Chelmsford, Massachusetts-based non-invasive resuscitation device maker and related software solutions provider, currently anticipates second quarter earnings to be in the range of $0.05 to $0.10 per share.
On average, 4 analysts polled by Thomson Reuters currently expect the company to earn $0.24 per share for the second quarter. Analysts' estimates typically exclude special items.
ZOLL estimates revenues for the quarter to be in the range of $90 million to $92 million, down 8% from the same period last year.
Analysts currently expect the company to report revenues of $101.43 million for the quarter.
The company said revenues fell short of expectations primarily due to lower than expected sales in the North American hospital market including less than expected military revenues. Additionally, revenues from the sale of AEDs were also reported to be lower than anticipated.
Commenting on the results, Richard Packer, Chief Executive Officer of ZOLL observed, "We were disappointed with our lower than expected revenue during the quarter. Excluding U.S. Military revenues, North American hospital revenues decreased by more than 30% compared to the second quarter of fiscal 2008."
For the second half of the fiscal year, the company said it expects core defibrillation business to continue to be soft for the rest of the year, while other product areas, particularly the LifeVest are expected to show a significant growth.
ZOLL ended Tuesday's regular trading at $14.36, up 1.20% or $0.17, on a volume of 0.16 million shares on the Nasdaq.
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