Lunar warns of lower Q2 earnings
Bone densitometry manufacturer Lunar issued a profit warning on Jan. 14, notifying investors that its financial results for the second fiscal quarter (end-December) will be below analysts’ expectations. The Madison, WI, firm said that U.S. sales
Bone densitometry manufacturer Lunar issued a profit warning on Jan. 14, notifying investors that its financial results for the second fiscal quarter (end-December) will be below analysts expectations. The Madison, WI, firm said that U.S. sales have been below the companys targets, and that the firms new Prodigy fan-beam densitometer has not had a chance to impact the companys results. Lunar introduced Prodigy at the RSNA conference last month (see story, page 3).
Lunar expects to report revenues of $23.4 million, an increase of 8% compared with $21.6 million in the same period a year ago. Net income swooned, however: Lunar expects to post a profit of $730,000, compared with net income of $2.7 million in the second quarter of 1998. The news prompted investors to sell Lunars stock, and shares of the company were trading at $9.13 on Jan. 15, a drop of 12%.