Myriad Results Top Estimates, Cuts FY Outlook; CEO Medrum To Retire In June

(RTTNews) - Diagnostic-testing company Myriad Genetics Inc (MYGN) on Tuesday reported second-quarter net earnings of $24 million or $0.32 per share compared with $50.4 million or $0.66 per share last year.

Excluding items, adjusted earnings for the quarter were $0.40 per share. Analysts polled by Thomson Reuters estimated earnings of $0.35 per share for the quarter. Analysts' estimates typically exclude special items.

Revenues for the quarter were $184.4 million compared with $204.1 million in the prior year. Analysts estimated revenues of $183.4 million.

For the third quarter, the company expects adjusted earnings of $0.38 to $0.40 per share on revenues of $180 million to $185 million. Analysts expect earnings of $0.57 per share on revenues of $212.3 million.

For the full year 2015, Myriad now expects adjusted earnings of $1.50 to $1.55 per share on revenues of $730 million to $740 million. Earlier it expected earnings of $1.90 to $2.00 per share on revenues of $800 million to $820 million.

Analysts expect earnings of $1.85 per share on revenues of $796 million for 2015.

Also Myriad said its President and CEO Peter Meldrum would retire at the end of the fiscal year on June 30. The company has elected Mark Capone, currently president of Myriad Genetic Laboratories Inc, as Meldrum's successor.

Capone, a 13-year veteran of the company, has worked closely with Meldrum and the board in charting the strategic direction and managing the overall business of the company, Myriad said.