Shares of Kendle (KNDL) Slammed on Q1 Warning
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Shares of Kendle International (Nasdaq: KNDL) are absolutely plummeting this morning following an announcement that the company's Q1 results will not meet analyst estimates. Kendle's management held a conference call this morning to discuss the revised outlook.
Kendle's stock most recently traded at $10.66, down more than 50% from yesterday's close.
On the conference call, executives indicated that the financial shortfall "is due to the impact of unprecedented biopharmaceutical industry conditions, which are resulting in longer delays in the signing of contracts on existing awards, fewer new requests for proposals and an increase in contract cancellations and delays." Kendle said its service sales for Q1 will now be well below the analyst consensus of about $121 million.
Kendle also said that its cancellation rate for the quarter was more than 45%, much worse than the 18% the company had previously forecasted.
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