Here's Why Myriad Genetics Is Getting Crushed Today
Shares of Myriad Genetics (NASDAQ: MYGN) fell over 42% today after the company reported disappointing fiscal full-year 2019 operating results. Total revenue grew 14% and adjusted earnings per share (EPS) jumped 18% compared to fiscal 2018, although sluggish fourth-quarter results weighed on the performance. The business also generated just $7.6 million in operating income in all of fiscal 2019, marking an operating margin of just 0.9% and a 94% decline compared to fiscal 2018.
The genetic testing leader also quietly disclosed through a regulatory filing that the U.S. Food and Drug Administration (FDA) requested changes to the GeneSight Psychotropic test offering, which is the company's most important growth product. A decision by UnitedHealthcare earlier this month to cover the test -- the first major insurer to do so -- sent shares soaring nearly 60%.
As of 12:49 p.m. EDT, the stock had settled to a 41.8% loss.
Source Fool.com
