Teligent Inc. shares dropped 38.1% in premarket trade Tuesday after the company reported third-quarter profit and revenue misses late Monday and lowered its 2017 revenue guidance. The company reported a loss of $6.33 million, or a loss of 12 cents per share, wider than a loss of $2.70 million, or a loss of 5 cents per share in the year-earlier period. Adjusted loss-per-share was 8 cents, below the FactSet consensus of a loss of 1 cent. Revenue declined to $13.66 million from $16.15 million, below the FactSet consensus of $19.1 million. The latest results were affected by generic approval delays — the company had four products approved in the latest quarter and now has 32 applications on file with the Food and Drug Administration, it said — and more competition for one of Teligent’s largest products. Teligent now expects 2017 revenue of $65 million to $67 million, below previous guidance of $75 million to $85 million. Teligent shares have plummeted 26.7% over the last three months to $5.25, compared with a 4.4% rise in the S&P 500 .
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