Myriad Genetics Limps Into Fiscal 2020
Genetic testing company Myriad Genetics (NASDAQ: MYGN) has been tirelessly working on a short-term strategy to boost profitability called Elevate 2020, but investors are feeling pretty deflated as the company hobbles into its new fiscal year.
The business reported fiscal full-year 2019 operating results Tuesday and issued fiscal full-year 2020 guidance that both lagged behind expectations on Wall Street. Myriad also disclosed an update in its communications with the U.S. Food and Drug Administration regarding requested changes to the GeneSight Psychotropic test, which helps patients determine the most effective treatment for depression and is the company's most important growth product. Myriad discontinued two other testing options offered under the GeneSight umbrella in June due to a lack of clinical evidence.
Should investors be as worried as the recent stock price volatility suggests? Here's what you need to know about the latest results.
Source Fool.com
