If an investor pulled out of the space because of this, they don't understand what they are invested in.
If we were talking constant dollar, which is all we should be talking about, they came in at the high end of their raised guidance.
While executive management transitions bring new risks, and timing of the announcement is a bit surprising, we view the injection of new management blood favorably and believe the moves will be beneficial to Cardinal longer term.
This was good profitability on very good revenue growth.
Everything was in line or a little better than we thought.
Our sense is that Cardinal is really focused on getting back to the basics,
They may not have been specific on the numbers, but it looks like the investment community is happy with it,
They need to focus on getting their clinical CRO operations to a higher level as they have increasingly relied on lab-based business. The key going forward is managing their growth and their infrastructure.