It was another positive week for the S&P/ASX 200 Index (ASX: XJO). Over the five days, the benchmark index rose 34.6 points or 0.5% to end the period at 7,522.9 points.
Unfortunately, not all shares were able to push higher with the market. Here's why these were the worst performing ASX 200 shares last week:
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Mesoblast limited (ASX: MSB)
The Mesoblast share price was the worst performer on the ASX 200 last week with a decline of 13.4%. Investors were selling the biotech company's shares after the release of its full year results. During the 12 months, Mesoblast burned through more cash in FY 2021, ending the period with a loss after tax of US$99 million. In addition, it revealed that it will have to run another COVID ARDS trial in the US before its remestemcel-L product is considered for emergency use. Given the cost of the trial and the delay to potential monetisation, this has sparked that another capital raising will be required.
Altium Limited (ASX: ALU)
The Altium share price was a little way behind as the next worst performer with a 7.8% decline. This was driven by the release of the electronic design software company's full year results. Although Altium achieve its full year revenue guidance with a 1% lift to US$191.1 million, its earnings fell short of expectations. Looking ahead, the company has upgraded its outlook for FY 2022 and now expects revenue growth of 16% to 20%. However, it has pushed back its US$500 million aspirational revenue target by a year to FY 2026 due to COVID-19.
Wesfarmers Ltd (ASX: WES)
The Wesfarmers share price was out of form last week and dropped 7.1%. Some of this decline is attributable to the conglomerate's shares trading ex-dividend during the week for its final dividend. Last month Wesfarmers declared a fully franked final dividend of 90 cents per share. Eligible shareholders will be receiving this dividend on 7 October. The same month they will be invited to vote on a proposed $2.00 per share capital return to be paid in December.
Nuix Ltd (ASX: NXL)
The Nuix share price wasn't far behind with a 7% decline. This followed the release of the investigative analytics and intelligence software provider's full year results for FY 2021. Nuix reported flat revenue of $176 million and a loss after tax of $1.6 million. The latter was down from a profit of $23.5 million a year earlier. Potentially weighing on the Nuix share price next week is after market news that it will be dumped from the ASX 200 at the next quarterly rebalance.
