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Integration Problems for EV3, FoxHollow
When EV3 Inc. merged with FoxHollow Technologies, Wall Street was abuzz about the potential of the combination of two rising companies in the peripheral vascular disease sector. But now the bloom is off the rose. EV3's shares dropped 17% yesterday after it cut its sales and profit estimates for 2008, thanks to difficulties with integrating FoxHollow, particularly its sales force.
January 8, 2008
1 Min Read
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EV3 had originally forecast a profit of 60-70 cents per share in 2008, then cut it to 55 cents, then yesterday cut it further to 50 cents, reports the Star Tribune of Minneapolis.EV3 stock has dropped 31% since the merger was announced in July. While some analysts remain optimistic, a company warning that customers have higher-than-expected inventory levels means the problems aren't going away any time soon.
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