In September, Volcano Corp. got publicly burned upon finding itself at the receiving end of an explosive open letter from shareholder Engaged Capital, which claims to own approximately 5.1% of the intravascular imaging specialist.

In the scathing reprimand, Engaged Capital castigated management for its “penchant for overly optimistic expectations and its repeated inability to adjust corporate strategy to changing market conditions,” which the company says has resulted in “material destruction of shareholder value.”

The damaging diatribe went on to state that: “the numerous downward adjustments to guidance have proven highly embarrassing and damaging to management’s credibility with investors; however, the true cost to VOLC’s shareholders of these forecasting failures is much greater than a mere string of earnings misses. Management’s persistently mistaken growth expectations have negatively impacted nearly every aspect of the company…save one: their own compensation.”

And its shareholders don’t appear to be the only ones losing faith in the company. Analysts also recently raised eyebrows in response to subsequent lowered guidances provided by Volcano, partly as a result of increased competition from St. Jude Medical and Boston Scientific.