Iradimed Sinks 30% On Sharply Cut Guidance

Iradimed Corp IRMD shares are trading lower by $5.76 (33 percent) at $11.25 in Tuesday's session. The catalyst for the decline is sharply lower guidance announced after Monday's close.

Q3 EPS guidance was slashed from $0.91-$0.93 to $0.60-$0.63 and FY sales guidance from $9.90-$10 million to $7.50-$7.60 million.

After drifting lower in after-hours and pre-market trading, the issue opened sharply lower ($12.24 vs. Monday's close of $17.01) and could only manage a $0.30 bounce to $12.54. Instantly, panic-sellers flooded the issue, taking it all the way to $9.76 in just two minutes.

The current low coincides with its December 15, 2014 low of $9.79.

Since rebounding from that depressed level, the issue has consolidated at the $11.20 area over the past hour.