Shares of medical diagnostic company Semler Scientific (NASDAQ: SMLR) were plunging today, down 36.4% as of 10:39 a.m. ET.

Semler Scientific reported third-quarter earnings last night, showing just flat revenue growth and slightly lower earnings per share than the year-ago quarter. However, the company also lowered its fourth-quarter and full-year guidance, as some major customers lowered their spend unexpectedly.

Semler's main product is QuantaFlo, a sensor and software solution that detects peripheral arterial disease, or PAD. Semler actually sells QuantaFlo not as a one-off machine sale but as a recurring subscription, either in the form of a fixed fee subscription or a variable payment model on a per-test basis.

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Source Fool.com