CardioNet Board of Directors Appoints Randy Thurman Chairman, President and Chief Executive Officer
February 25 2009 - 6:32PM
Business Wire
CardioNet, Inc. (NASDAQ:BEAT), a leading wireless medical
technology company with an initial focus on the diagnosis and
monitoring of cardiac arrhythmias, announced today the Board of
Directors has appointed Randy Thurman Chairman, President and Chief
Executive Officer, effective immediately. Mr. Thurman has been
serving as Chairman of the Board since June 2008 and Interim
President and Chief Executive Officer since January 2009.
Mr. Thurman said, �I am very excited to accept this appointment
as President and Chief Executive Officer. After having the
opportunity to work on a day-to-day basis with the CardioNet team,
I have an even stronger conviction that the Company represents one
of the most exciting opportunities in the medical technology arena
today. I am thrilled to lead the Company during this pivotal period
as we execute on our 2009 plan. As highlighted in our earnings call
last week, we intend to make strategic investments that will lay
the foundation for accelerated growth and leverage the
opportunities available in the wireless healthcare market. In 2009,
we expect to increase our sales force by approximately 70% and
invest in a number of strategic initiatives designed to ensure the
highest quality of sales and marketing professionals, customer
service and monitoring operations. We believe these initiatives
will dramatically increase our share of the wireless cardiac
monitoring market over the next several years.�
Mr. Thurman continued, �Last week we announced our 2008
financial results which reflected year over year revenue growth of
65% and marked our first full year of profitability. Our 2009
guidance clearly illustrates our growth opportunity with revenue
expected to increase more than 40% and EPS expected to increase
over 75% versus prior year.
�Today CardioNet is leading what we believe to be a revolution
in healthcare � wireless medicine. Looking forward we will keep our
focus on becoming the unquestioned leader in our industry and
continue to work to build near term and long term value for all of
our stakeholders.�
Mr. Thurman most recently served as Chairman and CEO of VIASYS
Healthcare Inc., a global medical technology company that was
acquired by Cardinal Health in June 2007 for $1.5 billion. From
VIASYS� successful IPO in 2001 to 2007, Mr. Thurman spearheaded an
aggressive growth strategy that increased the Company�s revenues
from $320 million to $700 million and positioned the Company to
consummate twelve strategic acquisitions over a six-year period.
His leadership also enabled VIASYS to expand its enterprise value
more than fourfold during that time. In 2007, VIASYS was named by
Smart Money as one of the �Ten Stocks for the Next Ten Years�.
Prior to VIASYS, Mr. Thurman was Chairman of the Board and CEO
of Corning Life Sciences, a diversified medical technology company
with a focus in contract pharmaceutical research, contract biologic
manufacturing and clinical diagnostic testing. Earlier in his
career, Mr. Thurman was President of Rhone-Poulenc Rorer
Pharmaceuticals Inc., a global, research-based pharmaceutical
company. Mr. Thurman was named by Ernst and Young as Entrepreneur
of the Year in healthcare technology in 2007.
About CardioNet,
Inc.
CardioNet is the leading provider of ambulatory, continuous,
real-time outpatient management solutions for monitoring relevant
and timely clinical information regarding an individual's health.
CardioNet's initial efforts are focused on the diagnosis and
monitoring of cardiac arrhythmias, or heart rhythm disorders, with
a solution that it markets as the CardioNet System. More
information can be found at http://www.cardionet.com.
Forward Looking
Statements
This press release includes certain forward-looking statements
within the meaning of the "Safe Harbor" provisions of the Private
Securities Litigation Reform Act of 1995 regarding, among other
things, our growth prospects, the prospects for our products and
our confidence in the Company's future. These statements may be
identified by words such as "expect", "anticipate", "estimate",
"project", "intend", "plan", "believe", and other words and terms
of similar meaning. Such forward-looking statements are based on
current expectations and involve inherent risks and uncertainties,
including important factors that could delay, divert, or change any
of them, and could cause actual outcomes and results to differ
materially from current expectations. These factors include, among
other things, the success of our sales and marketing initiatives,
our ability to attract and retain talented sales personnel, the
commercialization of new products, market factors, internal
research and development initiatives, partnered research and
development initiatives, competitive product development, changes
in governmental regulations and legislation, changes to
reimbursement levels for our products, the continued consolidation
of payors, acceptance of our new products and services and patent
protection and litigation. For further details and a discussion of
these and other risks and uncertainties, please see our public
filings with the Securities and Exchange Commission, including our
latest periodic report on Form 10-K or 10-Q. We undertake no
obligation to publicly update any forward-looking statement,
whether as a result of new information, future events, or
otherwise.
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