Now what Anticipating those lower-than-expected numbers, the company said it plans to detail its cost-cutting plan when it announces its official second-quarter results on Aug. 8. The company, which booked revenues of $2.04 billion in 2022, said it also expects to lower its 2023 revenue guidance to between $1.3 billion and $1.45 billion. The company also said it is lowering its revenue guidance range for its non-healthcare business to $800 million to $850 million, down from its earlier range of $965 million to $995 million. All this bad news led several analysts to lower their ratings on the stock. Stifel analyst Rick Wise downgraded the stock from buy to hold and cut his share price target on it from $205 to $120. Needham analyst Mike Matson kept his buy rating on the stock but cut his price target from $207 to $136. Vik Chopra, an analyst for Wells Fargo, kept his hold rating on the stock but cut his price target from $173 to $126.
