athenahealth Shares Plummet on Poor 2014 Outlook

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Update: At close of trading on Dec. 17, 2013, athenahealth shares were $130.04. 

Shares of IT vendor athenahealth dropped more than 14 percent Wednesday after the company's projected 2014 adjusted earnings missed analysts' expectations.

Shares dropped from $130.85 to $111.46 after company officials reported estimating earnings between $0.98 and $1.10 per share in 2014, significantly lower than analysts' expectations of an average of $1.38, according to a MarketWatch report.

Projected total 2014 sales are also lower than expectations. The company said it estimates between $725 million and $755 million in sales next year, lower than analysts' prediction of $764 million, according to the report.

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