Myriad Genetics Trims FY22 Profit Outlook, But Q2 Results Top Estimates

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(RTTNews) - While reporting financial results for the second quarter on Thursday, genetic testing firm Myriad Genetics, Inc. (MYGN) slashed its earnings and adjusted earnings guidance for the full year 2022, while maintaining annual revenue outlook.

The company said the guidance reflected additional $20 million investment in research and development, technology, and sales and marketing programs.

For fiscal 2022, the company now projects a loss in a range of $1.10 to $1.00 per share and adjusted loss in a range of $0.10 to $0.00 per share on revenues between $670 million and $700 million.

Previously, the company expected a loss in the range of $0.90 to $0.70 per share and adjusted earnings in the range of $0.00 to $0.20 per share on revenues between $670 million and $700 million.

On average, eight analysts polled by Thomson Reuters expect the company to report earnings of 0.03 per share on revenues of $686.67 million for the year. Analysts' estimates typically exclude one-time items.

For the second quarter, the company reported a net loss attributable to Myriad of $14.1 million or $0.18 per share, wider than $4.7 million or $0.06 per share in the prior-year quarter.

Excluding items, adjusted earnings for the quarter were $0.04 per share, compared to $0.12 per share in the year-ago quarter.

Revenue for the quarter declined 7 percent to $179.3 million from $189.4 million in the same quarter last year. Excluding divested businesses, revenue increased 7 percent. The Street was looking earnings of $0.01 per share on revenues of $171.0 million for the quarter.

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