Valeant Pharma's Management Says During 1Q Call "We Don't Feel We Can Accurately Predict" GAAP Earnings

Shares of

hit a new 52-week low of $22.52 on Tuesday after the company released an

in conjunction with its first quarter results and conference call. Valeant reported that it earned $1.27 per share in the first quarter on revenue of $2.4 billion. Wall Street analysts were expecting the company to earn $1.37 per share on revenue of $2.38 billion.

Valeant also revised its fiscal 2016 sales outlook from a range of $11 to $11.2 billion to a new range of $9.9 to $10.1 billion. The company also slashed its earnings per share expectations from a prior range of $8.50 to $9.50 to $6.60 to $7.00 per share. In addition, management also revised its full year 2016 adjusted EBITDA estimates from $5.6 to $5.8 billion to a new range of $4.8 to $4.95 billion. Valeant's stock opened for trading at $22.52 and traded as high as $24.19. After 40 minutes of trading the stock was lower by more than 19 percent at $23.28.