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CardioNet, Inc. Updates Full Year 2009 Guidance, Industry Dynamics and Future Strategies.

Publication: Business Wire
Publication Date: 01-JUL-09 		Format: Online
Delivery: Immediate Online Access

Article Excerpt
Conference Call Scheduled for Wednesday, July 1, 2009 at 8:30 am

CONSHOHOCKEN, Pa. -- CardioNet (Nasdaq:BEAT), a leading wireless medical technology company with an initial focus on the diagnosis and monitoring of cardiac arrhythmias, announced today an adjustment to its previously stated full year 2009 financial guidance.

The Company 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. 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 believes that the long-term outlook for its business and the wireless healthcare industry remains highly attractive, and CardioNet intends to continue its previously announced investments in its sales and marketing organization, product development and clinical research programs. Other areas of spending will be curtailed and restructured to partially offset the negative price and volume dynamics. Accordingly, the Company is...

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