Shares of Regeneration Technologies ( RTIX - Get Report) were crushed Tuesday, one day after the company said third-quarter revenue would fall below previous estimates. Shares of the Alachua, Fla.-based company dropped 33.4%, or $4.52, to $9 -- after falling as low as $8.77 -- in sharp reaction to Regeneration Technologies' remarks after markets had closed Monday. Regeneration said Monday that third-quarter revenue would be approximately $20 million rather than the previous guidance of $22 million to $24 million. The decline in sales has been caused primarily by lower-than-expected orders for the company's spinal implants from its principal customer, Sofamor Danek. Brian K. Hutchinson, chairman, president and chief executive, said the spinal sales setback means the company is withdrawing its full-year guidance for revenue, which had been in the range of $88 million to $92 million, and for earnings per share, which had been 25 cents to 27 cents. The company won't be able to provide revised guidance for 2003 until Oct. 20, he said. Hutchinson told analysts and investors Tuesday that he believed the slowdown in spinal implant revenue "is temporary." Hutchinson said he has had "numerous dialogues" with people in the orthopedics industry and with orthopedic surgeons who said "this has been a slow summer." Meanwhile, his company is looking for ways to expand distribution of the products, Hutchinson said in a telephone conference call Tuesday after stock markets had closed. The company's announcement prompted HealthPoint Analysts, a New York-based research firm that doesn't make stock recommendations or set stock price targets, to cut its third-quarter earnings per share estimate to 6 cents from 9 cents and its full-year EPS prediction to 26 cents from 29 cents. HealthPoint reported in a Tuesday research note that orthopedic surgeries are down perhaps 10% to 15% over the year and that the mood "was decidedly cautious, even grim" at an orthopedic product distributors conference last week. Regeneration Technologies specializes in processing allografts -- tissues taken from one person to transplant into another. The tissues include bone, skin, ligaments and heart valves.