Myriad Genetics Shares Drop More Than 20% On Outlook, Earnings

By Markets MarketWatch Pulse

Myriad Genetics Inc. shares plummeted in the extended session Tuesday after the molecular diagnostics company's earnings and outlook fell below Wall Street estimates. Myriad shares dropped 22% to $23.09 after hours. The company forecast adjusted fiscal 2017 earnings of $1 to $1.10 a share on revenue of $740 million to $760 million, and adjusted earnings of 25 cents to 27 cents a share on revenue of $168 million to $170 million for the first quarter. Analysts surveyed by FactSet had estimated $1.77 a share on revenue of $790.4 million for the year, and 42 cents a share on revenue of $191.6 million for the quarter. For the fourth quarter, Myriad reported earnings of 36 cents a share on revenue of $186.5 million, while analysts had forecast 37 cents a share on revenue of $187.7 million.

Continue Reading Below

Copyright © 2016 MarketWatch, Inc.