Shares in Obagi Medical Products Inc. plunged 22 percent in trading Tuesday after the company reported disappointing first quarter earnings late Monday.
The Long Beach maker of skin care treatments reported net income of $3 million (13 cents per share) nearly identical to the previous year's results. Sales rose 10 percent to $25.4 million as all segments of the company's business saw increases.
The company's makes prescription and over-the-counter treatments that only are available at doctors' offices.
Shares in Obagi closed down 2.3 percent but plunged 22 percent to $6.90 in early trading Tuesday. The stock has declined 52 percent so far this year.
For reprint and licensing requests for this article, CLICK HERE.