LipoScience (LPDX -22.8%) tanks after CEO Richard Brajer expresses his dissatisfaction with the...

|About: LipoScience (LPDX)|By:, SA News Editor

LipoScience (LPDX -22.8%) tanks after CEO Richard Brajer expresses his dissatisfaction with the company's revenue performance in Q1 (-1.2% Y/Y). LipoProfile test order growth fell to 8.7% Y/Y versus Y/Y growth of 14.8% in Q4, although orders did rise Q/Q. The main problems — which include difficulties ramping up new sales reps, faster direct business-to-lab partner conversion, and managed care headwinds — "cannot be fixed overnight," Brajer laments. In light of this, LPDX lowers its FY13 revenue guidance to $54-56M (consensus is $61.43M). (PR)