Losing money on the share market is never nice – particularly when a share loses half of its value in one fell swoop.
Unfortunately, that's what happened to Sirtex Medical Limited (ASX: SRX) today. Shares are fetching $16.30 at the time of writing, down a whopping 36.1%, although they did slip as much as 52% earlier in the session to just $12.20.
If you own shares, you may want to look away now…
Sirtex Medical's agonising fall came after a trading update, released by the company this morning.
While you can read our update here, in summary, it expects dose sales to grow just 4% to 6% in the first half of this year, down from 15.7% in the same period last year. For the full year it expects dose sales to grow 5% to 11%.
Meanwhile, earnings before interest, tax, depreciation and amortisation (EBITDA) is expected to fall 9% to 16% for the first half and in a best case scenario it expects no earnings growth for the full year.
Needless to say, this is a very disappointing day for shareholders.
