CardioNet (BEAT) Lowers Guidance
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CardioNet (Nasdaq: BEAT) is revising its revenue guidance for full year 2009 to reflect growth of 30%-33% compared to the full year 2008 and now expects revenue for 2009 to be in the range of $156 million to $160 million, versus the consensus of $171.9 million. The revenue guidance is based on lower than anticipated commercial reimbursement rates. Volume growth continues to be significant, but is expected to be somewhat lower than the Company had anticipated.
The Company is now expecting adjusted earnings per diluted share for full year 2009 to be in the range of $0.30 to $0.35 excluding any impact of NOLs, other tax related items and any nonrecurring charges, with the majority of the impact affecting results in the second half of 2009. The Wall Street consensus is $0.66.
At this time, the Company is not in a position to provide revenue or earnings guidance for 2010 and 2011.
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