Stock Alert: Myriad Genetics Stock Down 30%

(RTTNews) - Shares of Myriad Genetics Inc. (MYGN) are losing 30% to a 52-week low on Friday morning. The molecular diagnostic company on Thursday reported second-quarter results that fell short of analysts estimates and also issued a weak outlook. The company's CEO Mark Capone also resigned following the poor results.

Myriad appointed CFO Bryan Riggsbee as Interim President and CEO effective immediately.

Adjusted earnings for the quarter dropped to $0.23 per share from $0.38 per share last year. Second-quarter revenues declined to $195.1 million from $216.8 million last year. Analysts polled by Thomson Reuters estimated earnings of $0.31 per share on revenues of $209.8 million for the quarter.

"Revenue in the fiscal second quarter fell short of expectations largely due to the prenatal business. Prenatal cash collections were negatively impacted by issues in billing operations that occurred during the transition of the homegrown Counsyl billing system to an industry-standard system used by Myriad," said CEO Bryan Riggsbee.

For the full year 2020, the company expects revenues of $735 million and adjusted earnings of $0.45 per share. Analysts currently estimate earnings of $1.06 per share and revenues of $807.31 million.

For the third quarter, Myriad expects revenues of $172 million and adjusted earnings of $0.02 per share. Analysts currently estimate earnings of $0.30 per share and revenues of $201.22 million.

MYGN is currently trading at $20.24, down $9.05 or 30.90%, on the Nasdaq.