(Updates with closing share price in second paragraph.)
Oct. 10 (Bloomberg) -- Natus Medical Inc., the maker of diagnostic products for hospitals, fell to its lowest price in two years after saying fourth-quarter profit will be less than forecast as orders in the neurology unit are delayed or reduced.
Natus declined 9 percent to $7.85 at 4 p.m. New York time, the lowest value since March 2009. The stock of the San Carlos, California-based company has dropped about 45 percent this year.
Profit may be 15 cents a share, missing July’s outlook of 19 to 20 cents a share, Natus said in a statement today. The delays in orders for products to test for epilepsy and other neurological conditions led to third-quarter revenue that was less than expected, the company said. Sales from products for hearing screening, brain monitoring and phototherapy were in line with expectations.
“Hospital spending across the globe appears to be weakening,” Joshua Zable, an analyst of WJB Capital in New York, wrote in a note today. He reiterated a “buy” rating on the stock.
Fourth-quarter revenue is forecast to be $65 million after sales in the third quarter were about $51.5 million, Natus said.
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