Genetic testing company Myriad Genetics (NASDAQ: MYGN) will be reporting earnings this Thursday after market hours. Here’s what you need to know.
Myriad Genetics missed analysts’ revenue expectations last quarter, reporting revenues of $200.4 million, up 2.3% year on year. It was a slower quarter for the company, with a significant miss of analysts’ EPS estimates.
Is Myriad Genetics a buy or sell going into earnings? Read our full analysis here, it’s free for active Edge members.
This quarter, the market is expecting Myriad Genetics’s revenue to decline 2.5% year on year, a deceleration from its flat revenue in the same quarter last year.
Analysts covering the company have generally reconfirmed their estimates over the last 30 days, suggesting they anticipate the business will stay the course heading into earnings. Myriad Genetics has missed Wall Street’s revenue estimates multiple times over the last two years.
Looking at Myriad Genetics’s peers in the biotechnology segment, only Incyte has reported results so far. It exceeded analysts’ revenue estimates, delivering year-on-year sales growth of 37.7%.
Read our full analysis of Incyte’s earnings results here.There has been positive sentiment among investors in the biotechnology segment, with share prices up 4.4% on average over the last month. Myriad Genetics is down 9.5% during the same time and is heading into earnings with an average analyst price target of $6.25 (compared to the current share price of $5.30).
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