NEW YORK (GenomeWeb News) – Myriad Genetics said after the close of the market Tuesday that it expects its fourth-quarter and full-year 2009 molecular diagnostic revenues to be lower than previously expected.
The Salt Lake City-based firm said that it expects to report fourth-quarter molecular diagnostic revenues of $86 million. Analysts, on average, were expecting revenues of $91.6 million for the quarter ended June 30.
For its fiscal-year 2009, Myriad now expects to report molecular diagnostic revenues of $326 million, down from its previous guidance of $330 million. Analysts had expected revenues of $336.8 million. The lower revenue figure is still a 46 percent increase over revenues for fiscal 2008.
According to the firm, the reason for the shortfall is "the current economic recession, which is driving increasing unemployment levels resulting in the loss of insurance coverage and patients delaying or canceling doctor visits."
Myriad expects to report its final fourth-quarter and full-year financial results on Aug. 25.
Shares of Myriad closed Tuesday down around 1 percent at $35.65 on the Nasdaq. In after-hours trade, the firm's shares were trading down nearly 18 percent at $29.40