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Over the past couple weeks, the shares of CardioNet (NASDAQ: BEAT) have plunged from $17 to $5.84. The problems started with a grim earnings report.
Unfortunately, today we got some more bad news: Highmark Medicare Services has lowered the reimbursement rate for CardioNet's services. On the news, the stock price is down by a third.
CardioNet develops sophisticated technologies to monitor heart rhythms using mobile devices. The upshot is that physicians can better diagnose and treat patients.
While CardioNet's devices are tremendously helpful, they come at a premium cost. However, in light of the recession and impending health care reforms, the outlook does look cloudy for the company. In fact, based on the recent change in reimbursements, CardioNet has withdrawn its 2009 earnings outlook.
Tom Taulli is the author of various books, including The Complete M&A Handbook
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