Stevanato Group (NYSE:STVN) shares hit a snag today despite third-quarter results that beat the consensus forecast.
The Piombino Dese, Italy-based drug delivery technology developer posted profits of $21.6 million, or 8¢ per share, on sales of $248.6 million for the three months ended Sept. 30, 2021, for a 12.5% bottom-line gain on sales growth of 36.5%.
Adjusted to exclude one-time items, earnings per share were 12¢, 1¢ ahead of Wall Street, where analysts were looking for sales of $237.6 million.
“We maintained strong momentum in the third quarter, driven by robust sales, a solid order pipeline and continued progress on our investments, innovation, and capacity expansion plans,” Stevanato Group CEO Franco Moro said in a news release.
Stevanato Group said it now expects to log adjusted EPS of between 52¢ and 54¢ and updated its sales guidance for between $956.2 million and $967.8 million.
STVN shares were down -4.4% at $23.88 per share in midday trading. MassDevice’s MedTech 100 Index — which includes stocks of the world’s largest medical device companies — was down 0.4%.