Myriad Genetics Profit Misses Estimates, Outlook Weak; Stock Down 4%

(RTTNews) - Myriad Genetics Inc (MYGN) on Tuesday reported fourth-quarter net earnings of $18.7 million or $0.26 per share compared with $33.7 million or $0.43 per share last year.

Excluding items, adjusted earnings for the quarter were $0.41 per share compared with $0.48 per share a year ago.

Revenues for the quarter were $189.9 million compared with $188.8 million in the prior year.

Analysts polled by Thomson Reuters estimated earnings of $0.42 per share on revenues of $187.8 million for the quarter. Analysts' estimates typically exclude special items.

Gross margin fell to 80.3% from 83.6% a year ago, and operating margin plunged to 19.1% from 28.2%.

For the first quarter, the company expects net earnings of $0.30 to $0.32 per share, adjusted earnings of $0.34 to $0.36 per share and revenues of $176 million to $178 million. Analysts expect earnings of $0.40 per share on revenues of $185.1 million.

For the full year 2016, the company expects net earnings of $1.45 to $1.50 per share, adjusted earnings of $1.60 to $1.65 per share and revenues of $750 million to $770 million. Analysts expect earnings of $1.75 per share on revenues of $760.1 million.