=Myriad Genetics (MYGN) reported earnings on Mon 4 Nov 19 (a/h)

Myriad Genetics misses by $0.23, misses on revs; guides Q2 EPS, revs below consensus; slashes FY20 outlook 

Reports Q1 (Sep) earnings of $0.08 per share, excluding non-recurring items, $0.23 worse than the S&P Capital IQ Consensus of $0.31; revenues fell 7.9% year/year to $186.3 mln vs the $202.34 mln S&P Capital IQ Consensus.

"We had a challenging start to fiscal year 2020 as hereditary cancer revenue accrual from small payers was impacted by the deletion of the historical hereditary cancer CPT codes. We had assumed this administrative change would have a minor impact to cash collections, but unfortunately, that has not proven to be the case. While the hereditary cancer business has returned to strong double-digit volume growth, the revenue accrual impact from these changes have led us to lower our financial outlook for the year," said Mark C. Capone, president and CEO, Myriad Genetics. "Despite this setback, we expect earnings to be significantly higher in the second half of the fiscal year and believe that a number of important upsides will materialize during the fiscal year generating momentum as we transition into fiscal year 2021."

Co issues downside guidance for Q2, sees EPS of $0.30-0.32, excluding non-recurring items, vs. $0.47 S&P Capital IQ Consensus; sees Q2 revs of $210-212 mln vs. $220.57 mln S&P Capital IQ Consensus.

Co lowers guidance for FY20, sees EPS of $1.00-1.10 (Prior $1.80-1.90), excluding non-recurring items, vs. $1.78 S&P Capital IQ Consensus; sees FY20 revs of $800-810 mln (Prior $865-875 mln) vs. $872.74 mln S&P Capital IQ Consensus.