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Profit Warning Hammers Stock of Medical-Device Maker Guidant Corp.
Apr. 25--Stung by two ongoing product recalls, Guidant Corp. saw its stock price drop 10.24 percent Tuesday after it warned investors to expect slower sales and earnings in the second quarter.
The Indianapolis maker of medical devices this week forecast sales of $630 million to $665 million in the second quarter, compared with first-quarter sales of $671 million. It put earnings in the second quarter at 35 to 39 cents a share, compared with the 41-cents-a-share unadjusted figure in the first quarter.
Adjusted for the $15.7 million cost of recalling some earlier-model implantable defibrillators and its aortic patch product, Guidant's first-quarter profit was …
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