Myriad Genetics Weak Guidance Drives Shares Down 20%

Myriad Genetics, Inc. MYGN released its Q4 results after market close on Tuesday. Earnings per share came in below Wall Street consensus expectations, sending shares down 22 percent.

Myriad Genetics reported EPS of $0.36 and revenues of $186.5 million. Analyst consensus had an EPS estimate of $0.38 and revenues of $187.9 million.

Myriad Genetics saw Q1 adjusted EPS at $0.25-$0.27 vs. estimates of $0.4 and Q1 Revenues of $168-$170 million vs. estimates of $192 million. Additionally, the company reported FY17 adjusted EPS of $1-$1.10 vs. estimates of $1.78 and revenues of $740-$760 million vs. $790.6 million estiamtes.

"We continue to be the worldwide leader in hereditary cancer testing, and our portfolio diversification efforts are accelerating with substantive volume growth and reimbursement for new commercial products, pivotal validations for our pipeline products, the acquisitions of Assurex Health and Sividon, and significant international expansion," said Mark Capone, CEO.

"Given the multibillion dollar market opportunity for our portfolio, we remain confident that we can deliver better health outcomes for patients and significant long-term value for shareholders," stated Capone.

At time of writing, Myriad Genetics traded at $22.85 in Tuesday's after-hours session, down 22.44 percent.