Shares in Sirtex Medical fell hard after the biotech warned of lower sales growth for its cancer treatment.
A short time ago, they were down 40% to $15.13.
Sirtex says first half sales growth are now expected to grow between 4% and 6% compared to 15.7% in the same period last year.
And EBITDA is expected to be in the range of $30 million to $32 million, a decline of up to 16%.
“We anticipated achieving double digit growth in the first half, however trading conditions have been volatile,” says CEO Gilman Wong.
He says it’s important to recognise that the company’s liver cancer treatment is a long term growth opportunity, with a large market and low penetration to date.
“Our product has industry-leading evidence of benefit for liver cancer patients, which we will continue to leverage,” he says.
In August the company reported a 69% rise in full year profit to $40.3 million. Sales increased 36.1% to $176.1 million.