NEW YORK – Myriad Genetics announced on Wednesday morning that it is withdrawing its fiscal year 2020 financial guidance due to the impact of the COVID-19 pandemic.
Before mid-March, Myriad was experiencing test volume trends in line with its expectations, but starting late March and into its fiscal fourth quarter, social distancing guidelines began significantly impacting test volume trends, according to Bryan Riggsbee, the company's interim CEO and CFO. He didn't provide any further details on the magnitude of the impact.
When reporting its FY Q2 financials in early February, Myriad said it expected fiscal third quarter revenues of $172 million, EPS of $.30, and adjusted EPS of $.02. For full-year fiscal 2020, the firm had projected revenues of $735 million, EPS of $.80, and adjusted EPS of $.45.
“Our priority as an organization during the coronavirus pandemic has been to maintain business continuity and access to testing, while ensuring the safety of our employees and customers," Riggsbee said in a statement. The company has stopped in-office sales calls and has transitioned to virtual sales, allowed non-essential personnel to work from home, facilitated at-home sample collection for patients, and implemented lab safety measures.
In early morning trading on the Nasdaq, Myriad's stock price was down around 4 percent at $14.23.