Myriad Genetics (MYGN) Misses Q1 EPS by 7c; Maintains Outlook

Myriad Genetics (NASDAQ: MYGN) reported Q1 EPS of $0.25, $0.07 worse than the analyst estimate of $0.32. Revenue for the quarter came in at $168.8 million versus the consensus estimate of $175 million.

Myriad Genetics sees FY2014 EPS of $1.90-$2.00, versus the consensus of $1.89. Myriad Genetics sees FY2014 revenue of $800-820 million, versus the consensus of $803.1 million.

"I believe the exceptional physician demand for myRisk validates our strategy to transition to cancer panel testing. Unfortunately this high demand caused laboratory capacity constraints in the first quarter, which resulted in a short-term negative impact to both our revenues and profitability," said Peter D. Meldrum, president and chief executive officer of Myriad. "We were pleased with the draft reimbursement coverage decision for Prolaris from Medicare as well as the positive recommendation from the European Medicines Agency's Committee for Medicinal Products for Human Use (CHMP) for olaparib. We believe products such as Prolaris and Tumor BRACAnalysis CDx™ will further diversify our business and position us for strong revenue growth in the future."

For earnings history and earnings-related data on Myriad Genetics (MYGN) click here.

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