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Concordia Posts Q2 Miss, Cuts Outlook, Suspends Dividend

Concordia International Corp. CXRX announced second quarter earnings that missed the estimates. Aside from that, the company slashed its forecast for the full year and suspended dividend.

The company suffered a net loss of $570.5 million, or a loss per share of $11.18. Its adjusted EBITDA was $142.3 million while adjusted EPS was $1.38, which missed by a penny from the analysts' estimate of $1.39 a share.

Concordia generated revenue of $231.7 million representing 208 percent jump from the previous year period, and came slightly ahead of the Street expectations of $231.29 million.

Chairman and CEO, Mark Thompson, commented, "We have revised our 2016 guidance to reflect the impact of unexpected competition on several products in our North America segment, and current foreign currency exchange rates."

Going forward, Concordia slashed its revenue forecast for the full year from $1.02-$1.06 billion to $859-$888 million. Similarly, the company reduced its adjusted EBITDA guidance from $610 - $640 million to $510 - $540 million. Street is looking for $936.99 million revenue.

Aside from that, Concordia's Board decided to suspend the $0.075dividend per share that paid in the last quarter.

Shares of the company traded down by $3.36, or 20.54 percent, to $13.00 in the pre-market on Friday.

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