Health Care Industry
Industry: Email Alert RSS FeedCardioNet Inc
MondayMorning, July 6, 2009
In another disappointing week for equities, CardioNet Inc. (Nasdaq) plunged $7.59, or 45% over the four-day session, to $9.40. The heart monitor maker lowered its expectations for 2009, and pulled back from a forecast for continued growth over the next two years. The company said reimbursements from commercial health plans have not been as strong as expected, and while demand for its wireless monitoring devices is growing, it isn't growing at the levels CardioNet anticipated.
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CardioNet halved its 2009 profit guidance, cut its revenue estimate, and withdrew its guidance for 2010 and 2011.
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