Sector Snap: Dental Supply Shares Fall

The stock fell $8.72, or 23.2 percent, to $28.90 in midday trading. Shares hit a 52-week low of $28.75 earlier in the trading session, after ranging from $31.71 to $40.08 over the past year.

The company reduced its fiscal 2008 guidance to a range of $1.68 to $1.72 per share from $1.73 to $1.77 per share. The company cited economic and industry conditions which could cause customers to temporarily delay new capital investments in their practices.

Patterson also said its second-quarter profit rose more than 11 percent, but missed Wall Street expectations.

"Patterson's latest guidance gaffe will come at the expense of the shares today," said Banc of America Securities analyst Robert M. Willoughby, in a note to investors. "Our patience with management's inability to hit modest growth targets is wearing thin, and excuses tying to macroeconomic issues that have not affected the dental business in the past seem less plausible."

Meanwhile, shares of New York-based Sirona Dental Systems Inc. fell $5.43, or 17.8 percent, to $25.04. The stock hit a 52-week low of $24.71 earlier in the session.

York, Pa.-based Dentsply International Inc. fell 98 cents, or 2.3 percent, to $41.19.

Earth City, Mo.-based Young Innovations Inc. fell 67 cents, or 2.7 percent, to $24.20. The stock has traded between $21.86 and $36.85 over the last 52 weeks.