Despite the revenue miss, the company reported a profit of $6 million, or 8 cents a share, showing growth from the $3.2 million profit recorded during the same period last year. Adjusted earnings per share reached 17 cents, surpassing the 15-cent consensus from FactSet projections. However, investors reacted sharply to the lowered financial targets for the remainder of the year.

Bioventus now expects full-year net sales to land between $590 million and $595 million, a retreat from its prior guidance of $600 million to $610 million. This revised forecast sits below the $604.8 million mark currently expected by market analysts. While the company reaffirmed its adjusted earnings guidance of 75 to 79 cents per share, the reduction in top-line expectations weighed heavily on the stock, which had climbed 77% year-to-date prior to Monday’s close.