NEW YORK (TheStreet) -- Medical technology developer Tornier N.V. (TRNX) flatlined after reporting third-quarter results which disappointed on the top and bottom line. Shares have plummeted 24.1% to $16.07.
The Dutch company recorded a loss of 18 cents a share on revenue of $66.7 million. Though revenue was up 15.1% on the year-ago quarter, it failed to meet Wall Street's expectations. Analysts surveyed by Thomson Reuters were looking for a loss of 14 cents a share on $70.35 million in revenue.
Revenue in the U.S., which accounts 61% of global revenue, dropped 1.8% compared to the prior year.
For the fourth quarter, the company projects revenue between $73 million to $77 million, significantly lower than the $86.49 million analysts had hoped for. Full-year revenue is expected in the range of $299.2 million to $303.2 million, compared to Wall Street's forecast of $317.38 million.
TheStreet Ratings team rates Tornier N.V. as a Sell with a ratings score of D+. TheStreet Ratings Team has this to say about their recommendation:
"We rate Tornier N.V. (TRNX) a SELL. This is driven by a few notable weaknesses, which we believe should have a greater impact than any strengths, and could make it more difficult for investors to achieve positive results compared to most of the stocks we cover. The company's weaknesses can be seen in multiple areas, such as its deteriorating net income, disappointing return on equity and weak operating cash flow."
- You can view the full analysis from the report here: TRNX Ratings Report