Myriad Genetics operations still under pressure from pandemic

Myriad Genetics (NASDAQ:MYGN) fiscal Q4 results:

Revenue: $93.2M (-56.7%); molecular diagnostic testing: $83.3M (-57.7%); hereditary cancer: $39.9M (-66.5%).

Net loss: ($55.4M) (-999%); loss/share: ($0.74) (-999%).

Cash flow ops (full year): $60.7M (-27.5%). FQ4 cash low ops: $30.0M (-4.8%).

CEO R. Bryan Riggsbee: “Following the substantial decline in test volumes at the end of Q3 and beginning of Q4 due to COVID-19 social distancing policies we saw a significant recovery in test volume trends throughout the quarter, with volumes in late June increasing to approximately 75% of the pre-pandemic level. As we look forward to fiscal year 2021, we are prepared to manage the business within whatever constraints that the COVID-19 pandemic imposes, and as such we will be investing in new capabilities such as telemedicine and direct-to-patient sample collection initiatives that will support the increase in test volumes above the Q4 levels towards pre-pandemic levels as quickly as possible. While we cannot predict the course of the pandemic or its full effect on our business we plan execute on several key business during fiscal year 2021 which should allow us to exit the year with growing momentum.” 

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