Shares of Varex Imaging Corp. (VREX) are losing more than 23 percent or $3.78 in Thursday’s morning trade at $12.22, after earlier falling to a new 52-week low of $11.28 following weak third-quarter results.
Wednesday, the X-ray imaging components maker reported third-quarter attributable net loss that widened to $28.3 million or $0.73 per share from $1.4 million or $0.04 per share in the year-ago period. Adjusted loss was $0.20 per share, compared to adjusted earnings of $0.24 per share last year. Revenue declined to $171.2 million from $196.7 million in the prior-year period.
For the fourth quarter, Varex expects revenues in a range of $155 million to $170 million. On average, analysts polled by Thomson Reuters expect the company to report revenues of $177.16 million for the quarter. Analysts’ estimates typically exclude special items.
Varex Imaging has traded in a range of $11.28 to $33.00 in the past 52 weeks.
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