Why Establishment Labs Stock Is Crashing Today
Shares of Establishment Labs Holdings (NASDAQ: ESTA) were crashing 43.8% lower as of 11:15 a.m. ET on Wednesday. The steep decline came after the medical technology company announced its third-quarter results following the market close on Tuesday.
Establishment Labs reported Q3 revenue of $38.5 million, up slightly from the $38.2 million generated in the prior-year period. The company posted a net loss of $29.3 million, or $1.12 per share. This result reflected deterioration from the net loss of $18.6 million, or $0.76 per share, reported in the same period of 2022.
Both the top- and bottom-line results for Establishment Labs in Q3 fell short of consensus estimates. However, the main reason for the huge sell-off on Wednesday was that the company lowered its 2023 full-year revenue guidance to $165 million from a range of between $200 million and $210 million.
Source Fool.com
