Myriad Genetics (MYGN) Tops Q4 EPS by 16c

Myriad Genetics (NASDAQ: MYGN) reported Q4 EPS of ($0.31), $0.16 better than the analyst estimate of ($0.47). Revenue for the quarter came in at $93.2 million versus the consensus estimate of $93.85 million.

"Following the substantial decline in test volumes at the end of Q3 and beginning of Q4 due to COVID-19 social distancing policies we saw a significant recovery in test volume trends throughout the quarter, with volumes in late June increasing to approximately 75% of the pre-pandemic level,” said R. Bryan Riggsbee, interim president and CEO and CFO, Myriad Genetics. “As we look forward to fiscal year 2021, we are prepared to manage the business within whatever constraints that the COVID-19 pandemic imposes, and as such we will be investing in new capabilities such as telemedicine and direct-to-patient sample collection initiatives that will support the increase in test volumes above the Q4 levels towards pre-pandemic levels as quickly as possible. While we cannot predict the course of the pandemic or its full effect on our business we plan execute on several key business during fiscal year 2021 which should allow us to exit the year with growing momentum.”

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

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