FRAMINGHAM, Mass. (AP) — HeartWare International Inc. shares sank in after-hours trading Tuesday after the medical device company said that its revenue may fall short of market forecasts.
The Framingham, Mass., company said that it expects revenue of $53 million for the period, bringing its full-year revenue forecast to $208 million. Analysts polled by FactSet were anticipating revenue of $58 million for the fourth quarter and $213 million for the year.
HeartWare, which makes devices to treat advanced heart failure, credited its gains to a new product and increased market penetration. The company said that its future expansion will be focused on growth in its existing U.S. business and gains overseas, citing its recent approval to begin clinical trials in Japan.
HeartWare made the announcement in conjunction with its presentation at the J.P. Morgan Healthcare Conference. It plans to report its results in late February.
Shares fell more than 9 percent to $93.80 in after-hours trading following the announcement. The stock had gained $1.03 to close regular trading at $103.25.