SOUTH JORDAN — Merit Medical Systems Inc.'s stock fell 15 percent Wednesday after the company said its third-quarter revenues and earnings would be below market expectations.
The maker of disposable cardiology and radiology products said revenues for the quarter ended Sept. 30 will be in the $35 million to $36 million range, and earnings would be about 14 cents to 15 cents per share.
The consensus expectation of Wall Street analysts was for revenues of $39.1 million and earnings of 19 cents.
The company said reduced demand for products attributed to the shortfall. "Although its information is preliminary, management believes the decline in demand was due primarily to fewer procedures being conducted, an increase in competitive pressures, and, to a lesser extent, weather-related disturbances in the southeastern United States," Merit said.
The company will report actual results Oct. 26.
Merit stock fell $2.14 Wednesday to close at $12.05 per share on Nasdaq. During the past year, the price has ranged from $13.25 to $25.40.