Market turmoil forces Visx profit warning:
This article was originally published in Clinica
Ophthalmic laser company Visx warned that its fourth-quarter results will be below estimates, causing the share price to plummet 26% to $9.3. The company says earnings per share will be between $0.15 and $0.17, compared with an analyst consensus of $0.20. Visx attributes the poor results to customer confusion over the range of procedure prices offered, as well as weak economic conditions. The company is also raising its reserves against customer receivables, as it believes that some of its customers may be unable to meet payments because of turmoil in the laser vision correction industry.