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ARTICLE | Company News

Foundation Medicine lowers guidance

July 30, 2015 1:08 AM UTC

Foundation Medicine Inc. (NASDAQ:FMI) shed $3.80 (13%) to $25.50 in early after-hours trading on Wednesday after the precision medicine company lowered its 2015 revenue guidance to $85-$95 million from $105-$115 million.

On a conference call, CEO Michael Pellini said Foundation had "slower-than-expected progress with Medicare and certain national commercial payers" and that the company is "no longer assuming any Medicare payments for the rest of 2015." ...