Shares of medical diagnostics developer Myriad Genetics (MYGN) are down $5.43, or 23%, at $18.65, after the company yesterday reported fiscal Q3 revenue up 5%, but below analysts’ estimates at $91 million, versus $98 million expected. EPS of 33 cents missed by 6 cents.
Myriad predicted $360 million to $365 million per year, and earnings per share of $1.30 to $1.35, below the $380 million and $1.47 analysts were expecting.
The company said high unemployment and “other economic challenges” restrained revenue.
Selling, general and administrative costs rose three times as fast as revenue, up 15%.
No comments:
Post a Comment