Lake Forest-based Cooper Cos. took another hammering on Wall Street on Tuesday after the company lowered its profit and sales expectations for the most recent quarter.
Cooper said late Monday it expected profit for the quarter ended Oct. 31 to be $36.7 million to $38 million, down from a previous range of $42.2 million to $43.7 million.
The medical device maker also said that it now expects its quarterly revenue to be $219 million to $222 million, compared with a previous target of $238 million to $242 million.
Cooper cited soft sales of its two-week contact lenses, foreign exchange issues and hurricane-related disruptions for dropping its outlook.
“Our new product pipeline is robust, but new competitive silicone hydrogel entries have hurt our two-week spherical lens business in the U.S. this year,” Chief Executive A. Thomas Bender said in a release.
Shares of the company fell about 21% on Tuesday.
The decline follows an stock 11% drop on Monday, when the company outlined plans to buy two surgical device companies. The acquisitions of Houston-based NeoSurg Technologies Inc. and Eden Prairie, Minn.-based Inlet Medical Inc. are expected to negatively impact earnings during the next two years.
