Premier Inc drops on cutting FY23 forecast
02/05/2023 13:38
** Shares of healthcare services provider Premier Inc
PINC.O down 14.61% at $28.53 in light premarket trading
** Stock on track to open at its lowest in over three years,
if losses hold
** Co cuts FY23 revenue forecast to the range of $1.34-$1.39
bln from prior forecast of $1.38-$1.45 bln
** Also cuts annual adj. EPS forecast to $2.43-$2.55 from
range of $2.53-$2.65
** Reports Q3 net revenue of $322.2 mln, down 7% YoY,
missing analysts' expectations of $353.3 mln - Refinitiv
** Reports Q3 adj. EPS of 58 cents, in-line with ests
** Six of 13 brokerages rate the stock "buy" or higher, five
"hold" and two "sell"; their median PT is $40
** Up to last close, stock had fallen 4.5% YTD
(Reporting by Shashwat Chauhan in Bengaluru)
((Shashwat.Chauhan@thomsonreuters.com;))