Myriad Genetics Posts Adj. Loss In Q3 - Quick Facts

(RTTNews) - Myriad Genetics, Inc. (MYGN) reported a third quarter adjusted loss per share of $0.08 compared to profit of $0.46 per share, prior year. On average, nine analysts polled by Thomson Reuters expected the company to report profit per share of $0.02, for the quarter. Analysts' estimates typically exclude special items.

Third quarter total revenue was $164.0 million, a decline of 24% from prior year. Analysts expected revenue of $167.19 million for the quarter. In April 2020, Myriad has seen volumes for the company's tests such as hereditary cancer, GeneSight, and Vectra down approximately 70 to 75 percent, volumes for cancer tests such as Prolaris, EndoPredict, and myChoice CDx down 40 to 45 percent, and volumes for prenatal testing down 20 to 25 percent.

"We saw several signs of improved business progress in the fiscal third-quarter and test volumes were trending above expectations prior to the initiation of social distancing policies in mid-March. These policies have led to unprecedented delays in elective testing for the lab industry and negatively impacted all aspects of our business," said Bryan Riggsbee, interim president and CEO and CFO, Myriad Genetics.

Myriad noted that it has worked with the company's creditors to amend its credit facility. The amended credit facility provides relief from certain financial covenants through March 31, 2021.

Shares of Myriad Genetics were down more than 8% after hours.