Rheins Medical Instruments, a biotechnology company that makes bio-medical devices, is down 3.5% after it reported earnings that were “lower than expected.”
It was the fourth quarter that the company had seen negative revenue growth, with its revenue growth of 1.4% and operating income declining by 2.3%.
The company’s stock has dropped 17.8% since last June.
“We are disappointed to report that we will be unable to fulfill our financial expectations for the fourth fiscal quarter, as we anticipate our earnings per share to be below our operating earnings expectations for our prior fiscal year,” the company said in a statement.
“The company is currently evaluating our strategy to reduce our costs and enhance our profitability.”
The company said it expects to continue to focus on the development and commercialization of innovative and novel products in the medical device space.
“While we believe that our long-term success will depend on our ability to achieve our strategic and business objectives, we are confident that our future success will come from our disciplined strategy of focusing on the fundamental science, engineering and manufacturing processes that enable us to achieve superior product and clinical results,” the statement said.
The company has had mixed results in the past.
The last time the company saw negative revenue was in 2010, when it was down about $200 million in the fourth quarters.
Rheinis medical device sales in the first quarter of this year were down nearly $600 million compared to the same period last year.
The Rheini, a medical device that delivers oxygen to patients, saw revenue decline from $2.3 billion to $1.7 billion.
RheinMedical Instruments’ shares are down 3% so far this year.