Given Imaging lowers profit forecast as CFO resigns
Given Imaging Ltd., maker of a small pill that contains a camera for gastrointestinal imaging has recently dropped its profit forecast. Additionally, the company's Chief Financial Officer Zvi Ben-David who has been with the company from the beginning has now voluntarily resigned. His departure is not said to be linked to any accounting problems.
Current Senior VP and CFO of Koor Industries Yuval Yanai will soon take the post as Given's new chief financial officer.
In light of these changes, Given's shares have fallen by 15 percent.
Gavriel Meron, President, Chief Executive, said in comments that Given has not performed up to expectations due to weak sales in the company's U.S. subsidiary and thus the forecast had to be lowered.
Given has had trouble with its sales force as well as some issues regarding unpaid U.S. sales tax which have contributed to the lower-than-expected performance of its U.S. business, Meron has said.
It is expected that Given will now report Q2 results between a loss of 1 cent per share to a profit of 1 cent per share. Additionally, the company will likely forecast a profit of between 3 cents per share to 5 cents per share for the period.
Current Senior VP and CFO of Koor Industries Yuval Yanai will soon take the post as Given's new chief financial officer.
In light of these changes, Given's shares have fallen by 15 percent.
Gavriel Meron, President, Chief Executive, said in comments that Given has not performed up to expectations due to weak sales in the company's U.S. subsidiary and thus the forecast had to be lowered.
Given has had trouble with its sales force as well as some issues regarding unpaid U.S. sales tax which have contributed to the lower-than-expected performance of its U.S. business, Meron has said.
It is expected that Given will now report Q2 results between a loss of 1 cent per share to a profit of 1 cent per share. Additionally, the company will likely forecast a profit of between 3 cents per share to 5 cents per share for the period.