* Says Highmark cuts reimbursement rate for MCOT to $754

* Withdraws 2009 outlook

* CardioNet shares down as much as 36 percent (Recasts; adds analysts' comments, updates share movement)

By Shailesh Kuber

BANGALORE, July 13 (Reuters) - Shares of CardioNet Inc (BEAT.O: Quote, Profile, Research) fell 36 percent Monday, a day after the company withdrew its 2009 outlook as Pennsylvania Medicare carrier Highmark cut the reimbursement rate for mobile cardiac outpatient telemetry (MCOT) services by a third.

The revised rate was a worse-than-expected reduction, Cowen & Co analyst Sara Michelmore said, maintaining a "neutral" rating on CardioNet.

On Sunday, CardioNet -- a maker of technology to diagnose and monitor heart rhythm disorders -- said Highmark Medicare Services was adjusting its reimbursement rate for MCOT services to $754 per service, effective Sept. 1.

Highmark had posted a reimbursement rate of $1,123.07 in May.

"This cut will not only affect CardioNet's Medicare revenues, but will also allow commercial payers more room to renegotiate their reimbursement rates," Boenning & Scattergood analyst Greg Chodaczek said in a research note. He lowered the stock to "neutral" from "outperform".