Orlando, FL 7/10/12 (StreetBeat) -- Mako Surgical Corp. (Nasdaq:MAKO) fell 40 percent in New York trading after saying it expects to sell fewer RIO robotic arm orthopedic systems this year, less than forecast.
Mako dropped $9.92 to $14.69 at 9:10 a.m. The shares had declined 2.4 percent this year through yesterday.
Based on results from the first six months, 42 to 48 of the systems may be sold this year, theFort Lauderdale, Florida- based company said in a statement yesterday. The prior outlook called for sales of 52 to 58 systems, Mako said.
“I think it’s an issue of management credibility and of growth,” said Michael Matson, a New York-based analyst with Mizuho Securities USA, in a telephone interview. “The growth is not as strong as people had thought.”
Matson has a neutral rating on Mako.
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