Myriad Comes Up Way Short (MYGN)

Posted in pre-market 
May 5th, 2010

Myriad Genetics Inc. (NASDAQ: MYGN) is getting clipped rather hard this morning despite profits rising about 30%.

Earnings were $0.33 EPS and revenue was up 5% at $90.8 million; Thomson Reuters had estimates at $0.39 EPS on revenue of $97.8 million.  2010 Guidance was $1.30 to $1.35 EPS on revenue of $360 million to $365 million; Thomson Reuters has estimates of $1.50 EPS on revenues of $381.5 million.

The company noted, “…macroeconomic conditions continued to impact the frequency of physician visits, which remain well below historic levels…”

Shares were down about 23% on last look in the after-hours session, while the stock at 8:28 AM EST this morning is trading down by 24% at $18.32 on only about 140,000 shares.

Go ahead and mark this as a 52-week low… The prior 52-week range was $20.62 to $38.43.


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