Genetic testing company Myriad Genetics (NASDAQ:MYGN) will be announcing earnings results this Wednesday afternoon. Here’s what to expect.
Myriad Genetics missed analysts’ revenue expectations last quarter, reporting revenues of $190.7 million, down 10.5% year on year. It was a disappointing quarter for the company, with full-year revenue guidance missing analysts’ expectations significantly and a significant miss of analysts’ EPS estimates.
Is Myriad Genetics a buy or sell going into earnings? Read our full analysis here, it’s free for active Edge members.
This quarter, the market is expecting Myriad Genetics’s revenue to decline 7.1% year on year, a further deceleration from the 3.6% decrease it recorded in the same quarter last year.
Analysts covering the company have generally reconfirmed their estimates over the last 30 days, suggesting they anticipate the business will stay the course heading into earnings. Myriad Genetics has missed Wall Street’s revenue estimates multiple times over the last two years.
Looking at Myriad Genetics’s peers in the therapeutics segment, some have already reported their Q3 results, giving us a hint as to what we can expect. Biogen delivered year-on-year revenue growth of 10.6%, beating analysts’ expectations by 6.4%, and Gilead Sciences reported revenues up 6.8%, topping estimates by 6.3%. Biogen traded down 1.2% following the results while Gilead Sciences was up 4.1%.
Read our full analysis of Biogen’s results here and Gilead Sciences’s results here.
There has been positive sentiment among investors in the therapeutics segment, with share prices up 2.4% on average over the last month. Myriad Genetics is up 29.5% during the same time and is heading into earnings with an average analyst price target of $4.49 (compared to the current share price of $5.93).
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