Myriad Genetics (MYGN) Misses Q3 EPS by 10c
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Cost of molecular diagnostic testing: 34.3M
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Myriad Genetics (NASDAQ: MYGN) reported Q3 EPS of ($0.08), $0.10 worse than the analyst estimate of $0.02. Revenue for the quarter came in at $164 million versus the consensus estimate of $167.19 million.
"We saw several signs of improved business progress in the fiscal third-quarter and test volumes were trending above expectations prior to the initiation of social distancing policies in mid-March. These policies have led to unprecedented delays in elective testing for the lab industry and negatively impacted all aspects of our business,” said R. Bryan Riggsbee, interim president and CEO and CFO, Myriad Genetics. “I am very proud of how the company has pulled together to respond to the current crisis. Looking forward, a number of pending catalysts, such as the potential for a final Medicare Local Coverage Determination (LCD) for GeneSight covering primary care, position us exceptionally well when global testing demand returns to more normalized levels.”
GUIDANCE:
On April 8, 2020 Myriad withdrew its annual financial guidance and is not issuing new financial guidance due to the business uncertainty created by the recent global COVID-19 pandemic.
For earnings history and earnings-related data on Myriad Genetics (MYGN) click here.
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