Martek Slammed on Guidance

The biotech's second-quarter outlook falls short of analysts' expectations.
By TSC Staff ,

Martek Biosciences

(MATK)

shares were roughed up early Thursday after the biotech offered disappointing guidance.

The Maryland-based company said it expects earnings of 10 cents to 11 cents a share on revenue of $54 million to $55 million in the second quarter. Martek cited a production shortage at one of its suppliers.

In the premarket, shares traded at $57.09, down $8.09, or 12.4%. The stock had gained about 27% so far this year.

Analysts are expecting EPS of 27 cents on revenue of $72.6 million, according to Thomson First Call.

The company late Wednesday also reported that first-quarter earnings more than doubled to $7.1 million, or 23 cents a share, from $3.4 million, or 11 cents a share, a year ago. Revenue surged to $66.5 million.

The consensus estimates are 23 cents and $64.8 million.

Loading ...