Myriad Genetics Inc. (NASDAQ:MYGN) delivered a profit and beat Wall Street’s expectations, AND beat the revenue expectation. The revenue beat is a positive sign to shareholders seeking high growth out of the company.
Myriad Genetics Inc. Earnings Cheat Sheet
Results: Adjusted Earnings Per Share increased 35.29% to $0.46 in the quarter versus EPS of $0.34 in the year-earlier quarter.
Revenue: Rose 20.51% to $156.4 million from the year-earlier quarter.
Actual vs. Wall St. Expectations: Myriad Genetics Inc. reported adjusted EPS income of $0.46 per share. By that measure, the company beat the mean analyst estimate of $0.40. It beat the average revenue estimate of $148.25 million.
Quoting Management: “I am pleased with not only the solid revenue growth across all of our business segments during the third quarter but also the Company’s ability to drive financial leverage as we continue to invest in our extensive product pipeline,” said Peter D. Meldrum, President and Chief Executive Officer of Myriad Genetics, Inc. “We are very optimistic regarding the future outlook as we seek to expand our core markets, diversify our business through new product introductions, and expand internationally.”
Key Stats (on next page)…
Revenue increased 4.87% from $149.14 million in the previous quarter. EPS increased 9.52% from $0.42 in the previous quarter.
Looking Forward: Analysts have a more positive outlook for the company’s next-quarter performance. Over the past three months, the average estimate for next quarter’s earnings has risen from a profit of $0.41 to a profit $0.42. For the current year, the average estimate has moved up from a profit of $1.57 to a profit of $1.58 over the last ninety days.
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(Company fundamentals provided by Xignite Financials. Email any earnings discrepancies to earnings [at] wallstcheatsheet.com)