Chief Executive Michael McGarrity acknowledged that the departure of key personnel disrupted the disciplined forecasting process that had anchored the firm’s performance for three years. This unexpected vacuum in the sales division left the company unable to meet its original expectations for the period ending September 30.
Investors responded swiftly to the announcement, sending shares down 8.9% to 55 cents during after-hours trading. With the previous full-year revenue guidance of $110 million to $115 million now officially suspended, the company intends to offer a clearer outlook when it releases finalized third-quarter earnings next month.
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