Shares in

CardioDynamics

(CDIC)

were hammered Thursday in the wake of the medical equipment company's second-quarter earnings.

The San Diego-based company late Wednesday said it earned $958,000, or 2 cents a share, on revenue of $10.3 million, versus $518,000, or a penny a share, on revenue of $7.3 million, in the year-ago period.

The consensus estimate was for 2 cents a share, according to Thomson First Call.

Gross margin fell to 72% in the quarter ended May 31, compared with 77% a year ago, while operating cash flow was $898,000, up 114% from $420,000 last year.

CardioDynamics said it had recorded its 24th consecutive quarter of year-over-year sales growth.

The company's focus is on noninvasive cardiac function monitoring systems.

Shares fell 77 cents, or 11.3%, to $6.03, off their 52-week high of $7.05. Trading volume was more than two times its daily average of 163,090 shares.