- AirBoss of America ( OTCQX:ABSSF ) on Monday provided Q3 guidance to reflect a $57M non-cash charge with respect to nitrile patient examination gloves held in inventory by AirBoss Defense.
- The company decided to take the non-cash charge based on significant downward shifts in pricing in the nitrile glove market during 2022.
- Also, a portion of the gloves no longer meet AirBoss Defense's safety standards and arrangements have been made to dispose the affected glove supply.
- As a result, a non-cash, non-covenant-impacting write-down of inventory totaling $57M will be taken.
- AirBoss ( OTCQX:ABSSF ) expects Q3 revenue of $102M-$105M and adj. loss per share of $0.44-$0.47.
- The firm will report its Q3 results after market close on Nov. 8.
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AirBoss of America provides Q3 outlook to reflect $57M charge related to nitrile gloves