Foundation Medicine sinks after earnings miss

Cancer diagnostics company Foundation Medicine Inc. (NASDAQ:FMI) shed $6.62 (28%) to $17.31 on Wednesday after it reported earnings post-market Tuesday. The company posted a net loss per share of $0.60, 7% wider than the Street's consensus estimate of a loss of $0.56.

CEO Michael Pellini said on a conference call that quarterly revenues of $25.4 million "certainly fell short of expectations," and said the reorder rate for its tests had slowed during the quarter. ...