Myriad Genetics (MYGN) Comments on Q4 Revenues; Lowers FY Molecular Diagnostic Revenues
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Myriad Genetics, Inc. (NASDAQ: MYGN) announced that, based on preliminary estimates, it anticipates reporting total molecular diagnostic revenue, which represents the bulk of the Company's revenue, of approximately $86 million for the fiscal 2009 fourth quarter ending June 30, 2009. (Consensus is $91.63M)
The Company continues to believe that revenue for the fiscal 2009 fourth quarter is being impacted by the current economic recession, which is driving increasing unemployment levels resulting in the loss of insurance coverage and patients delaying or cancelling doctor visits.
Previously, the Company stated it expected total molecular diagnostic revenue for the full 2009 fiscal year to grow more than 48% over fiscal 2008 to approximately $330 million. The Company now is projecting that molecular diagnostic revenue for the fiscal year ending June 30, 2009 will be approximately $326 million, or a 46% increase over the prior fiscal year. [SM]
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