Quality Systems Stock Dives After Gloomy Profit Report
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Quality Systems Inc.’s stock tumbled 29% Tuesday, one of the largest losses in U.S. markets, a day after the Santa Ana developer of health-care information systems said it expects to report disappointing financial results for the fiscal first quarter ended June 30.
Quality’s shares fell $2.56 to $6.38 on the Nasdaq market. The percentage drop was the seventh-largest in U.S. markets. Nearly 315,000 shares were traded, up from an average daily volume of 39,146 shares over the last three months.
The company said its Clinitec and MicroMed units failed to meet profit and revenue targets, with each reporting significant losses.
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