Conformis Inc. shares plummeted in the extended session Thursday after the medical maker of custom-fit joint replacements cut its outlook and said its board is looking for a new chief executive. Conformis shares dropped 36% to $6.47 after hours. The company now sees full-year revenue of $76 million to $81 million, down from its previous forecast of $84 million to $87 million. Analysts surveyed by FactSet had estimated revenue of $85.7 million. For the fiscal second-quarter, Conformis reported a loss of 37 cents a share on revenue of $20.3 million. Analysts had expected a loss of 36 cents a share on revenue of $20.2 million. The company said that Philipp Lang will remain on as CEO until the board has chosen a successor through an executive search.
Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.
From:: Stock Market News