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Respironics

This article was originally published in The Gray Sheet

Executive Summary

Fourth quarter (ended June 30) results will be "lower than current analysts' expectations," the Pittsburgh firm announces July 6. Sales and earnings are projected at $90 mil. and $0.18-per-share, respectively, versus $85 mil. and $0.17 for last year's fourth quarter. Factors slowing sales growth include the Health Care Financing Administration's "challenge to coverage for our non-invasive ventilation product line," which has been "a major distraction," and "significantly slowed our customers' acceptance of this truly innovative therapy," Respironics explains (1"The Gray Sheet" July 5, p. 13). The firm plans to consolidate manufacturing, cut its workforce by 10%, divest or discontinue certain product lines and streamline operations. Specific details will be worked out by August, Respironics says. The firm plans a related, one-time, pre-tax charge of $30 mil
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