Shares of Beckman Coulter Inc., a Brea-based medical testing company, fell sharply in Thursday afterhours trading after it lowered its 2010 forecast and reported second-quarter results that missed analysts’ targets.
Beckman’s shares were down about 10% after closing flat with a market value of $4.2 billion.
Beckman said it was lowering its full-year profit forecast from $278.3 million to $285.4 million, compared to a previous forecast of $307 million to $321 million.
Analysts expect Beckman to post a profit of $311.1 million in 2010.
The company said it saw revenue coming at $3.65 billion to $3.7 billion, down from a previous forecast of $3.75 billion to $3.85 billion.
Beckman said it was lowering its forecast for several reasons, including weak demand in its dominant life science market and what it called “quality challenges in the U.S. market.”
Earlier this year, Beckman had to recall a profitable heart disease test after the Food and Drug Administration said changes were made to it without prior clearance from regulators.
Wall Street expects Beckman’s 2010 revenue to come in at $3.76 billion.
For the second quarter, Beckman posted an adjusted profit of $60.1 million, down 15% from 2009’s second quarter.
Analysts expected Beckman’s second-quarter earnings to be $76.3 million. Analysts’ estimates generally exclude charges and adjustments.
Second-quarter revenue rose 17% to $902 million, including $116.6 million from the diagnostic business that Beckman bought last year from Japan’s Olympus Corp., but fell short of Wall Street’s average expectation of $929.7 million.
