Outset Medical Shares Plunge 36% After Lowering Revenue Guidance
Shares of Outset Medical sank after the company reported lower-than-expected preliminary third-quarter revenue and warned of lower capital spending in the fourth quarter.The stock was down 35.8% to $4.35 in premarket trading Friday, after falling 11% at Thursday's close. Shares are down 74% this year.The San Jose, Calif.-based medical technology company said its revenue rose 9% to $30.4 million in the third quarter, according to preliminary results, missing the $36 million forecast by analysts,