Brea-based Beckman Coulter Inc.’s shares continued to fall Friday, a day after lowering its full-year financial outlook and reporting second-quarter results that missed Wall Street expectations.
The medical testing company’s shares closed down 21% to a market value of $3.3 billion.
Beckman’s shares fell about 10% in Thursday afterhours trading after it lowered its full-year profit forecast from $278.3 million to $285.4 million from a previous outlook of $307 million to $321 million.
The company cut its 2010 revenue forecast to $3.65 billion to $3.7 billion, down from a previous projection of $3.75 billion to $3.85 billion.
Analysts expect Beckman to make $311.1 million on revenue of $3.76 billion this year.
Beckman said it was lowering its full-year forecast for several reasons, including weak demand in its life science business and quality challenges in the U.S. market.
The company had to recall a profitable heart disease test earlier this year after the Food and Drug Administration said changes were made to it without proper regulatory clearance.
As for the second quarter, Beckman’s adjusted profit of $60.1 million was down 15% from 2009’s second quarter and missed analysts’ expectation of $76.3 million.
Beckman’s quarterly revenue rose 17% to $902 million but fell short of Wall Street’s average projection of $929.7 million.
