(Bloomberg) -- Celsius Holdings Inc. shares fell the most in four months after the energy-drink maker’s quarterly sales reached a record, yet still missed Wall Street expectations.

The shares, which had more than doubled over the past year, dropped as much as 10% at the New York market open Tuesday, their biggest intraday loss since Jan. 19. 

Celsius is in the midst of a global expansion with drinks touted to speed up the body’s use of energy while burning fat. Some concerns have emerged about ingredients such as caffeine, and the company has recommended that users drink no more than two cans of the product daily. 

“Despite the sales (shipments) below our forecast, this was due to distributor inventory adjustments as in-market demand remained strong,” William Blair analysts said in a note.

First-quarter revenue rose 37% to $356 million, Boca Raton, Florida-based Celsius said in a statement. Analysts surveyed by Bloomberg had expected $391 million on average. Adjusted earnings per share beat analysts’ estimates. 

(Updates with opening shares in second paragraph.)

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