Tokos Medical Stock Hits New Low After Gloomy Forecast
After Tokos Medical Corp. said it would report lower revenues and an operating loss for the third quarter, its stock hit a new low Wednesday before closing at $5, off 37.5 cents.
Tokos of Santa Ana provides home health care to women expecting premature babies. The company said Tuesday that referrals from doctors in August were lower than expected. As result, third-quarter revenues, it said, are likely to fall below the $31 million the company received in the second quarter, when it lost $6.6 million.
Tokos said it no longer expects to return to profitability in the third quarter, which ends Sept. 30.
The stock hit a new low of $4.50 at one point during NASDAQ system trading Wednesday.
Tokos’ stock has been hit in the past 18 months as some in the medical and insurance business questioned the value of the company’s services.
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