Myriad Genetics Earnings: Here’s Why Investors are Not Happy Now
Myriad Genetics Inc. (NASDAQ:MYGN) delivered a profit and beat Wall Street’s expectations, AND beat the revenue expectation. The revenue beat is a positive sign to shareholders seeking high growth out of the company. Shares are down 2.81%.
Myriad Genetics Inc. Earnings Cheat Sheet
Results: Adjusted Earnings Per Share increased 55.88% to $0.53 in the quarter versus EPS of $0.34 in the year-earlier quarter.
Revenue: Rose 30.93% to $174.1 million from the year-earlier quarter.
Actual vs. Wall St. Expectations: Myriad Genetics Inc. reported adjusted EPS income of $0.53 per share. By that measure, the company beat the mean analyst estimate of $0.44. It beat the average revenue estimate of $159.87 million.
Quoting Management: “Myriad had an exceptional fourth quarter and delivered strong financial results in fiscal 2013 by successfully growing our existing businesses, and I am proud of the entire Myriad team,” said Peter D. Meldrum, President and Chief Executive Officer of Myriad. “We are investing for future growth and expect to launch three exciting new tests in fiscal 2014, including myRisk Hereditary Cancer, myPath Melanoma, and myPlan Lung Cancer, all of which address significant unmet clinical needs. Additionally, we are engaging in several external collaborations, particularly in the area of companion diagnostics and personalized medicine that have the potential to deliver long-term value to our shareholders.”
Key Stats (on next page)…