Biotech Values

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MYGN - ouch

Myriad Genetics posts weak Q3, sees FY10 below Street

http://www.reuters.com/article/idCNSGE6430KE20100504?rpc=44

May 4 (Reuters) - Myriad Genetics Inc (MYGN.O) posted lower-than-expected quarterly results hurt by restrained sales and forecast full-year results below analysts' estimates, driving down its shares as much as 26 percent in after-market trade.

Chief Executive Peter Meldrum said: "While revenues for the quarter followed seasonal growth patterns, macroeconomic conditions continued to impact the frequency of physician visits, which remain well below historic levels."

For the third quarter ended March 31, net income was $33.3 million, or 33 cents a share, compared with $25.3 million, or 25 cents a share a year ago.

Molecular diagnostic revenue, which accounts for all its revenue, rose 5 percent to $90.8 million.

Analysts on average were expecting a profit of 39 cents a share, before items, on revenue of $97.8 million, according to Thomson Reuters I/B/E/S.

For full-year 2010, the company expects to earn between $1.30 and $1.35 a share, on revenue between $360 million and $365 million.

Analysts on average expect earnings of $1.50 per share, excluding items, on revenue of $381.5 million.

Shares of the company fell 25 percent to $17.99 in after market trade. They closed at $24.08 Tuesday on Nasdaq.