Shares of Myriad Genetics (NASDAQ: MYGN) fell over 42% today after the company reported fiscal first-quarter 2020 operating results. The latest numbers make it clear that the genetic testing pioneer continues to struggle, which is all the more surprising considering peers and competitors are making double-digit growth look ridiculously easy.
Not so for Myriad Genetics. A change in billing codes commonly used for its hereditary cancer tests, originally expected to have an immaterial impact on the business in fiscal 2020, is now expected to lead to a significant reduction in revenue and earnings. Management told investors to expect improvements as the company transitions into fiscal 2021, but that's not what weary shareholders want to hear after just one quarter of operations in the current fiscal year.
As of 1:12 p.m. EST on Tuesday, the stock had settled to a 41.5% loss.