Assure (NASDAQ:IONM) stock is falling on Friday after the medical company released preliminary earnings for the first quarter of 2023.
That earnings report starts off badly with the company announcing preliminary diluted earnings per share of -$4.09. That fails to reach Wall Street’s estimate of -$2.49 per share. It’s also a wider loss than the -$3.81 per share reported in the same period of the year prior.
Adding to this is the company’s revenue of $3.55 million reported in Q1 2023. Yet again, that’s well below Wall Street’s estimate of $4.13 million for the quarter. It’s also a drop from the $4.7 million reported during the first quarter of 2022.
John Farlinger, executive chairman and CEO of Assure, said the following in the earnings report:
“During 2023, we have continued to experience weakness in reimbursement rates in certain markets that began in the second half of 2022. Although managed cases improved slightly year-over-year, gross revenue declined.”
IONM Stock Movement on Friday
Investors aren’t happy with these preliminary results, and it makes sense considering they missed estimates. This has led to some 1 million shares of IONM stock changing hands as of this writing. That’s already above its daily average trading volume of about 400,000 shares.
IONM stock is down 36.3% as of Friday morning after rallying 18.4% on Thursday.
Investors looking for more of the most recent stock market news will want to keep reading!
We’ve got all of the latest happenings investors need to know about on Friday! A few examples include why shares of Getaround (NYSE:GETR), Biofrontera (NASDAQ:BFRI), and China Automotive Systems (NASDAQ:CAAS) stock are moving today. All of that news is available at the following links!
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On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.
