Shares of Envista Corp. (NYSE NVST), a Brea-based maker of dental equipment, and Staar Surgical Co. (Nasdaq: STAA), a Lake Forest-based maker of implantable eye lenses, both dropped in after-hours trading after issuing third-quarter results and updating their forecasts.
Envista reported an adjusted profit of 43 cents a share on $631.3 million in sales. Analysts expected 46 cents on $649.5 million in sales.
The company reduced its annual forecast to “be down slightly” from last year’s $2.57 billion, citing “continued uncertainties in the macro environment, volatility in the North American distribution channel and our continued investment in our long-term growth initiatives.”
Analysts had forecast 2.6% growth to $2.63 billion.
Shares in after-hours trading fell 7.4% to $21.29. The company had a $3.8 billion market cap at the close. Earlier today, the company’s shares touched a 52-week low.
Shares of Staar dropped 11% to $38.50 in after-hours trading. At the close, it had a $2.1 billion market cap.
While the company reported a third-quarter profit of 30 cents topped analysts’ consensus estimate of 18 cents, it reduced its annual revenue forecast to the low end of $320 million to $325 million citing “the potential impact the uncertain economic environment globally and world events may have on our surgeon customers and patients.” The consensus analyst estimate was $323 million.
