Specialist healthcare company BTG (LON:BTG) upset investors, indicating that full-year revenue will be in the bottom half of the group’s guidance range.
Shares tumbled 75.5p to 587.5p in the first hour of trading, as the company tried to accentuate the positive by stressing it still expects to deliver double-digit percentage revenue growth over the full year.
The first half saw strong performances from the Interventional Oncology and EKOS products, while the company also enjoyed a full six months of revenues from PneumRx, which was not the case last year.
“We anticipate continued strong commercial execution from Interventional Oncology and EKOS,” said Louise Makin, BTG’s chief executive.
The company said interest from physicians in Varithena, its treatment for varicose veins, remains healthy but has not translated into increased orders; the company remains focused on accelerating market adoption of the product by continuing to expand reimbursement coverage.
Speciality Pharmaceuticals revenue was flat year-on-year, while Licensing revenues were higher.
“Overall, we are successfully implementing our growth strategy, using the strong financial underpin from Specialty Pharmaceuticals and Licensing to invest in commercial expansion, innovation and development activities to generate further enhanced growth," Makin said.
Shares in BTG have lost a quarter of their value this year.