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What: Shares of ExamWorks Group (NYSE:EXAM), a provider of independent medical exams, were down more than 19% in early morning trading today after investors gave the company's third quarter earnings report a failing grade.

So what: Revenue in third quarter of 2015 came in at $206.0 million, which increased only 1% over the same quarter's results from a year ago, though on a constant currency basis revenues actually grew around 6.5%. Net income for the quarter came in at $7.2 million, or $0.17 per share. While the company managed to only meet expectations on the top-line, it blew out of the water the $0.09 in earnings per share that analysts were expecting.

During the release, the company announced that its Board of Directors increased its share repurchase authorization, giving the company the green light to buyback up to $75 million of its common stock.

While all of that sounded like good news, shares appear to be reacting negatively to this news release because of management's future guidance. The company expects revenue in the fourth-quarter to be in the range of $198 million to $202 million, which is quite a bit short of the $208 million that Wall Street is looking for. In addition, the company lowered its revenue growth for the full-year to be between 4.5% and 5%, which is at the low end of its previous outlook of growth between 4.5% and 6.5%.

Now what: It should be noted that currency appears to the primary cause of the reduced expectations -- the company estimates that foreign exchange will lop off $9.0 million in revenue from its forth quarter results. On a constant currency basis the company estimates that revenue will grown between 5.5% and 6%, which would be at the high end of its previous guidance.  

The company also disclosed that it currently has several other companies under letter of intent, and if all of those potential acquisitions go through it could add revenues of $70 million and adjusted EBITDA of approximately $15 million to the company's financials. The company also noted that these acquisitions could close by the end of the year, but, like all potential acquisitions, there are no guarantees.

It's been a rough year for ExamWorks investors, as shares are currently down more than 43% since the start of the year. However, if the company can deliver on analysts' expectations of 20% annualized profit growth over the next 5 years, this company may once again get its stock moving in the right direction.

Brian Feroldi has no position in any stocks mentioned. The Motley Fool has no position in any of the stocks mentioned. Try any of our Foolish newsletter services free for 30 days. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.