Shares of I-Flow Corp. fell sharply Tuesday after the Lake Forest device maker said it swung to a second-quarter loss after charges.
I-Flow’s shares were down about 15% at close of trading with a market value of about $220 million.
I-Flow, which makes drug delivery systems, said it lost $11.4 million in the second quarter, compared with profit of $599,000 in last year’s second quarter.
Excluding $12.2 million in legal and insurance charges, I-Flow said it made about $630,000 in the quarter.
Analysts expected I-Flow to post a profit of $504,200 in the quarter.
Sales were up 21% to $35.3 million, largely on a 21% hike in regional anesthesia sales to $27.9 million.
For the full year, I-Flow also reaffirmed a 20% sales growth estimate, which implies revenue of $139.8 million. Wall Street expects the company to have $137.5 million in sales this year.
