=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.

Earnings this week : Nov 4 - 8, 19 (wk 45)

Monday (Nov 4)

• Morning: BHC CYOU COHU RACE FE GCI KOS MMYT SOHU S SUP SYY UAA
• Afternoon: AAN ACOR ADUS AOSL APLE APTS AWR BHF BKD BKH BWXT CBT CC CDE CDEV CHGG CPE DIOD DK DOOR ED ELVT ETH EVBG EVER FBM FICO FN FRPT FRTA FTSI GRPN HHC HIG HLIO HPR HR HTZ IFF ITRI JKHY KAMN KMPR KMT LASR LMNX MAR MDRX MOS MYGN NBIX NCMI NTR O OTTR OUT OXY PAHC PBPB PI PLMR PLOW PRU PXD QTS REAL RMBS RNG RYAM SHAK SHO SNCR STE STRL SWM SYKE TCMD THC TNDM TSE UBER VAC VECO WES WTR XEC 

Tuesday (Nov 5)

• Morning: AFI AGN AMRC AMRN ARNC ASC ATH ATHM ATRO AVNS AVTR BCPC BDX BMCH BPMC BSIG CEIX CHH CHK CNK CSWI CTLT EEX EMR ENDP EQM EXPD FI FIS FTDR GEO GLDD GSKY GSX HLNE HSIC ICPT IPHS IPI JLL LAMR LCII LGIH LPX MDGL MGP MNK MYE MYL NEM NOVT NPO NS NWN OCN OXFD PBI PINC PPL PTON RCM REGN RHP RPD SERV SGRY SRC SSTK SXC TA THR TLRA TPR TRVG UNT UNVR USAC USFD VCEL VIRT VPG VRTV VST WBT WLK ZBH
• Afternoon: ACHC AKCA ALRM Y ATUS AVD ANDE AINV AIZ AVLR BTG BEAT WIFI CZR CARG CDK CENX CNO COHR CMP CPSI SCOR CPS CSOD CCRN CWK DVA DVN FANG DEI EVRI ES EVH FATE FRGI FIVN FLDM FTR GTES GTE GPRE GHL GWPH HCKT HCR HST HUBS ICHR IOSP INGN INSP PODD IPAR IRTC JAZZ KAR KRG KTOS KPI LC LGND LTHM MTCH MBI MCHP MODN MWA NP NEWR NUS OAS OHI OPK PE PAYS PAA PAGP PLT PTLA PRMW PRA RDUS RRGB RRR RGNX SWIR SSRM SXI INN SUPN CGBD TSLX TRUP TWO RARE VGR VOYA WMC WLL WW

Wednesday (Nov 6)

• Morning: AES XLRN AYR ALE AMRX ANIP WAAS GOLD BKI BLMN BCOR BR CSTE CPRI CRCM CARS CBRE FUN GIB CRL IMOS CIR CWEN CNHI CNR COTY CVIA CVS CYBR DEA ELAN ENBL ESPR GLOG GCP GEL HZNP HUM NSIT IONS JELD KELYA KL LAUR LXP LL MFA MIDD NYT NXST DNOW ODP OMI PZZA PFGC PRGO DOC RDWR SMG SEE SQNS SBGI SND VNTR VER VG VMC WNC WD WEC WEN WLH
• Afternoon: AIMT, ATSG, ALB, LNT, UHAL, AEL, ANGI, ANSS, AAOI, ASRT, ATO, EQH, AXGN, BIDU, BAND, BNFT, BL, BRKS, CECO, CVNA, CTL, COLL, CNDT, CXW, DAR, DCP, DXCM, DXPE, DVAX, ELF, EGAN, ERI, EBS, ECPG, ET, ELF, ENS, EOG, EVRG, EXPE, STAY, FG, FISV, FIT, FLT, FLO, FLNT, FSCT, FOSL, FOXA, GKOS, GMED, GLUU, GDDY, LOPE, HOLX, TWNK, IAG, ICFI, IAC, IVC, NVTA, IQ, KGC, LCI, LHCG, RAMP, MFC, MRO, MTRX, NTRA, NKTR, NVRO, NEX, OSUR, ORA, OR, PAAS, PGRE, PK, PDCE, PLYA, PRI, PROS, PSEC, PRSC, PBYI, QTWO, QCOM, QUOT, RP, RDFN, RCII, REZI, ROKU, RGLD, RUBI, SAIL, SGMO, WTTR, SEDG, SJI, SWX, SPTN, SQ, SLF, SUN, TLND, TTGT, TXMD, TMST, TPIC, TRIP, TCX, TPC, UPWK, VVV, VNDA, VERI, VSLR, WK, WMGI, WYNN, ZAGG, ZAYO 

Thursday (Nov 7)

• Morning: ACIW, ADNT, WMS, APD, AMC, ABC, MT, AVA, AZUL, BCC, CAH, ECOM, CBB, CLVS, CCOI, CMCO, COMM, CORE, COT, DNR, DISCA, DISH, SATS, EPAM, EVOP, AG, FOCS, GOGO, GTN, HAIN, HL, HIMX, HII, INXN, JCI, KDP, KTB, KOP, LXRX, MBUU, MCFT, MDP, VIVO, MSGN, NHI, EYE, NLSN, NBL, NOMD, NCLH, NVMI, NRG, OGE, PCRX, PRTY, PRFT, PGTI, PNW, PLUG, RL, RLGY, SBH, SEAS, SNH, STRA, TGNA, TSG, TWI, THS, GTS, TGI, USPH, VSTO, WRK, WWW, ZTS 
• Afternoon: AAXN, AGO, AGS, AIRG, AL, ALTR, AMBC, AMH, AMPH, ANAB, AQN, ARLO, ARNA, ATVI, AVID, BE, BEDU, BGNE, BKNG, BOLD, CABO, CDAY, CHUY, COLD, CORT, CTRE, CUTR, CWH, CYRX, DBX, DIS, EB, ENLC, ENV, FARM, FSLY, G, GDOT, GH, GPRO, GSBD, IVR, JAG, JJSF, KIDS, KRO, KSHB, LADR, LPSN, MAIN, MATX, MED, MIME, MITK, MMI, MNST, MOD, MRAM, MTD, MTW, NCR, NDLS, NLOK, NNBR, NNI, NVEE, NWSA, ONTO, PEGA, PEN, PETQ, PLNT, PRAA, QHC, QNST, RBA, RLJ, RVLV, SCPL, SEMG, SGMS, SIEN, SPPI, SRPT, STMP, SVMK, SWAV, SWCH, TDC, TIVO, TRHC, TROX, TRUE, TTD, TTWO, TUSK, TXG, UEPS, UNIT, UPLD, VRTU, VSAT, WPRT, WSC, WTRH, XOG, YELP, ZG, ZGNX, ZIOP

Friday (Nov 8)

• Morning: AER, AEE, EPAY, CLNY, DRH DUK, ENB, ERF, ETM, ESNT, FLY, GTX, GNLN, HMC, MSG, MGA, ZEUS, REV, SSP, SVC, STWD, USCR, UNT

Notable earnings reports: 

• Under Armour (NYSE:UAA), Uber (UBER), Shake Shack (NYSE:SHAK), Marriott International (NASDAQ:MAR) and Bausch Health (NYSE:BHC) on November 4; 
• Booking Holdings (NASDAQ:BKNG), Match (NASDAQ:MTCH), Peloton Interactive (NASDAQ:PTON) and Tapestry (NYSE:TPR) on November 5; 
• Baidu (NASDAQ:BIDU), Square (NYSE:SQ), Roku (NASDAQ:ROKU), Qualcomm (NASDAQ:QCOM), Expedia (NASDAQ:EXPE), Barrick Gold (NYSE:GOLD) and CVS Health (NYSE:CVS) on November 6; 
• Disney (NYSE:DIS), Activision Blizzard (NASDAQ:ATVI), GoPro (NASDAQ:GPRO), Take-Two Interactive (NASDAQ:TTWO), Wynn Resorts (NASDAQ:WYNN), Dropbox (NASDAQ:DBX) and Zillow (NASDAQ:ZG) on November 7; 
• Scientific Games (NASDAQ:SGMS) and Duke Energy (NYSE:DUK) on November 8.

-=Myriad Genetics (MYGN) reported earnings on Tue 13 Aug 2019 (a/h)

Myriad Genetics misses by $0.07, misses on revs; guides Q1 EPS and revenue below consensus; guides FY20 EPS and rev below consensus

Reports Q4 (Jun) earnings of $0.41 per share, excluding non-recurring items, $0.07 worse than the S&P Capital IQ Consensus of $0.48; revenues rose 11.1% year/year to $215.4 mln vs the $221.64 mln S&P Capital IQ Consensus.

Co issues downside guidance for Q1, sees EPS of $0.30-0.32, excluding non-recurring items, vs. $0.43 S&P Capital IQ Consensus; sees Q1 revs of $200-202 mln vs. $217.38 mln S&P Capital IQ Consensus.

Co issues downside guidance for FY20, sees EPS of $1.80-1.90, excluding non-recurring items, vs. $1.94 S&P Capital IQ Consensus; sees FY20 revs of $865-875 mln vs. $920.73 mln S&P Capital IQ Consensus.

"Fiscal year 2019 revenue increased 14 percent with earnings up 18 percent. Unfortunately, revenue in the fourth quarter was two percent below expectations largely due to lower reimbursement for our expanded carrier screening test," said Mark C. Capone, president and CEO, Myriad Genetics. "Looking ahead to fiscal year 2020, with stabilized pricing, growing new product volumes and recent reimbursement advances with GeneSight, we are highly optimistic about our ability to deliver an inflection in revenue and earnings as we transition through the fiscal year."

Earnings this week : Aug 12 - 16, 19 (wk 33)

Notable earnings reports:

• Barrick Gold (NYSE:GOLD), Sysco (NYSE:SYY), on August 12;
• JD.com (NASDAQ:JD), Tilray (NASDAQ:TLRY),  Grocery Outlet (GO), Huya (HUYA) and Brinker International on August 13; 
•  Myriad Genetics (MYGN), Sundial Growers (SNDL), Canada Goose (GOOS), Cisco Systems (NASDAQ:CSCO), Macy's (NYSE:M), Agilent Technologies (NYSE:A), Luckin Coffee (NASDAQ:LK), Canopy Growth (CGC)
   and Tencent (OTCPK:TCEHY) on August 14; 
• Tapestry (TPR), Nvidia (NASDAQ:NVDA), Alibaba (BABA) and Wal-Mart (WMT), Briggs & Stratton (BGG), Canadian Solar (CSIQ), PagSeguro Digital (PAGS),  Applied Materials (NASDAQ:AMAT), Nio (NYSE:NIO) and Madison Square Garden (NYSE:MSG) on August 15; 
• Deere (NYSE:DE) on August 16.

Myriad Genetics (MYGN) launched riskScore

Myriad Genetics launched riskScore, a new clinically validated precision medicine tool to enhance its myRisk Hereditary Cancer test

• riskScore quantifies a woman's risk of developing breast cancer by combining genetic markers throughout the genome with her family and clinical history.

  

Long trade : MYGN (6/17)

  

** charts after 5/2/17 earnings **

 

Myriad Genetics (MYGN) reported earnings on Tue 2 May 2017 (a/h)

** charts before earnings **

  

** charts after earnings **

 

Myriad Genetics beats by $0.03, beats on revs; guides Q4 EPS midpoint above consensus, revs above consensus:

• Reports Q3 (Mar) earnings of $0.27 per share, excluding non-recurring items, $0.03 better than the Capital IQ Consensus of $0.24; revenues rose 3.4% year/year to $196.9 mln vs the $189.1 mln Capital IQ Consensus.
• Co issues guidance for Q4, sees EPS of $0.26-0.28, excluding non-recurring items, vs. $0.26 Capital IQ Consensus Estimate; sees Q4 revs of $192-194 mln vs. $188.50 mln Capital IQ Consensus Estimate.
• "Coupled with meaningful sequential volume growth in all of our major pipeline tests including GeneSight, Vectra DA, Prolaris, and EndoPredict, we believe we are rapidly approaching an important inflection in our business where our new products will drive accelerated revenue growth and profitability."

Genetic testing: Credit Suisse says Genomic Health (GHDX) is a best-in-class asset.

Credit Suisse

Technological advances in areas such as molecular diagnostics and gene sequencing have led to an explosion of new diagnostic tests in recent years.

We are initiating coverage on three additional companies within the diagnostics space, with a positive bias toward not just companies that leverage these novel technologies but also those whose tests provide clear information that a physician can act on and do so in a way that is economically attractive.

The rapid proliferation of genetic testing has attracted the attention of many players in the broader health-care field. First, insurers have become increasingly concerned by the costs of these new tests, especially because the true clinical utility of many of these tests is not often clear to payors or physicians. Second, the Food and Drug Administration has expressed a clear desire to increase its regulation of genetic tests, especially those that can directly affect clinical decision making or those that are being targeted directly to consumers. Third, the growth of the industry has led to an increase in legal actions by various players, as the ability to patent genetic material in general and the strength of various patents has been called into question.

Considering all of these factors, we believe that, for companies to succeed in the new environment, they will need to generate strong clinical data that clearly illustrate the utility of their tests, demonstrate that their tests have an attractive economic value proposition, and maintain legal, technological, or other barriers to ensure that their tests are not quickly replaced by competing offerings.

Overall, our due diligence leads us to believe that Genomic Health (ticker: GHDX) shares will outperform, Sequenom (SQNM) shares will underperform and Myriad Genetics (MYGN) shares will trade in-line with the rest of our coverage universe.

Genomic Health (rated at Outperform, $43 target price): Best-in-class asset (Oncotype DX Breast) and strong history of commercial execution should allow for continued growth.

Myriad (rated at Neutral, $28 target price): BRACAnalysis [a woman's risk of developing breast or ovarian cancer based on detection of mutations in the BRCA1 and BRCA2 genes] growth should continue, but near-term overhangs and long-term uncertainties keep us on the sidelines.

Sequenom (rated at Underperform, $4 target price): MaterniT21 PLUS test [for increased amount of chromosomal 21, 18, and 13 material] should lead the way in a high-volume market, but aggressive competitive dynamics may limit the test's commercial potential.