Question-and-Answer Session
Operator
(Operator Instructions). We'll go first to Brendan Strong with Barclays Capital.
Brendan Strong – Barclays Capital
My first question will just be on the revenue guidance for the year. Is it pretty much safe to assume that you might get the revenue you did in 2008 and at the low end of your guidance for 2009. That seems like almost all of that could come from the acquisitions you did at the end of the fourth quarter. Is it the right way to think about it?
Claire Gulmi
That is essentially what is happening because we’re budgeting flat same-center revenue growth.
Brendan Strong – Barclays Capital
Then the high end of the range, it kind of depends on when you close on those other 13 to 16 acquisitions?
Claire Gulmi
Exactly.
Brendan Strong – Barclays Capital
In light of the fact that you’re anticipating the flat same store growth, how do you think about margin expansion? Are we in a situation where the best outcome is flat margins because of cost controls? There is probably going to be some cost pressure as well, so how are you thinking about that for the year?
Claire Gulmi
I think we did a really good job in 2008 controlling the margins when we were dealing with just the Medicare reimbursement cuts, but as we look into 2009, when we have flat same center which would lead to negative profit growth for those same center groups, plus the Medicare cuts, I don’t think we’ll be able to fully offset the expenses, so I think you’ll see about a 100 basis point decline in EBITDA margins this year.
Brendan Strong – Barclays Capital
Just thinking about the first quarter guidance, one of the questions I would have is other providers have been talking about making a bigger deal out of copay or particularly deductible resets, and people may be pushing back procedures till later in the year when they’ve gone through their deductible. Do you have any concerns around that?
Claire Gulmi
Well, we’ve got some decent visibility since we’re two weeks into February. January was a little slow, but January is always slow, and the timing of holidays and so on, but February seems to be in the range of where we expect it to be and right on target, so at this point, I think we feel comfortable with that.
Operator
Your next question comes from the line of Kevin Ellich with RBC Capital Markets.
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