Shares of San Clemente-based medical device maker ICU Medical Inc. fell Friday, a day after the company reported lower than expected first-quarter results.
ICU Medical’s stock was off 12% in afternoon New York trading with a market value of $330 million.
On Thursday, ICU reported net income of $2.9 million, down 70% from a year earlier when results were boosted by a legal settlement.
Wall Street had expected a profit of $4.4 million.
Revenue fell 9% to $44.7 million. Analysts had expected sales of $48.7 million in sales.
ICU, which makes intravenous connectors and other devices, blamed the shortfall on fewer sales to key customer Lake Forest, Ill.-based Hospira Inc.
The company maintained its outlook for the rest of the year.
