Myriad Genetics Slashes FY22 Outlook As Q3 Results Miss Estimates; Stock Down 8%

(RTTNews) - While reporting financial results for the third quarter on Tuesday, genetic testing firm Myriad Genetics, Inc. (MYGN) slashed its earnings and adjusted earnings and revenue guidance for the full year 2022 to reflect third quarter business updates.

For fiscal 2022, the company now projects a loss in a range of $1.35 to $1.30 per share and adjusted loss in a range of $0.35 to $0.30 per share on revenues between $668 million and $672 million.

Previously, the company expected a loss in the range of $1.10 to $1.00 per share and adjusted earnings in the range of $0.10 to $0.00 per share on revenues between $670 million and $700 million.

On average, analysts polled by Thomson Reuters expect the company to report a loss of 0.06 per share on revenues of $692.18 million for the year. Analysts' estimates typically exclude one-time items.

For the third quarter, the company reported a net loss attributable to Myriad of $35.1 million or $0.43 per share, compared to net income of $24.6 million or $0.30 per share in the prior-year quarter.

Excluding items, adjusted loss for the quarter were $0.19 per share, compared to $0.02 per share in the year-ago quarter.

Total revenue for the quarter declined 6 percent to $156.4 million from $167.3 million in the same quarter last year. Excluding divested businesses, revenue decreased 2 percent. The Street was looking a loss of $0.06 per share on revenues of $170.1 million for the quarter.

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