warned Tuesday that fourth-quarter earnings will not meet Wall Street's expectations due to weak economic conditions.
The Santa Clara, Calif.-based company, which makes laser eyesight products, said it expects to earn between 15 cents and 17 cents a share, down significantly from the 38 cents a share it earned in the year-ago period. Thirteen analysts polled by
First Call/Thomson Financial
are calling for the company to earn 20 cents a share.
VISX said fourth-quarter earnings exclude the effects of an increase in reserves against customer receivables, but it anticipates increasing those reserves $18 million, or 18 cents per share, after taxes.
Laser eye surgery is a "relatively expensive elective procedure" easily postponed in times of economic uncertainty, the company said. VISX also said its results were impacted by customer confusion over an "extremely wide range of procedure prices being advertised."
Shares of VISX closed Friday at $12.50 in
New York Stock Exchange