Shares of Myriad Genetics, Inc. (MYGN) were down 7 percent on Monday's after-hours trading on the NYSE, and are currently down 6% in pre-market activity, after the company posted wider loss in its fourth quarter, despite higher revenues. The company also issued outlook for the next quarter, expecting a loss, below the Street view, and reaffirmed fiscal 2025 forecast.
Separately, the company announced the appointment of Sam Raha, the current Chief Operating Officer, as President and Chief Executive Officer and as a member of the Board, effective April 30.
Raha will replace Paul Diaz, who is stepping down to join the private equity firm Cressey & Company as a Managing Partner. Diaz will continue to serve the company as a consultant to Raha and the Board of Directors for one more year.
The company also announced that Mark Verratti, Myriads current Chief Commercial Officer, will be promoted to COO concurrent with Raha's appointment. A search for a new CCO is underway.
In the three-month period, the genetic testing and precision medicine company's net loss widened to $42.5 million or $0.47 per share from $31.2 million or $0.36 per share a year ago.
On an adjusted basis, earnings were $3.2 million or $0.03 per share, compared to $3.5 million or $0.04 per share in the same period last year.
Quarterly revenues, however, climbed to $210.6 million from $196.6 million in the prior-year period.
Looking ahead, the company expects adjusted loss per share between $0.04 and $0.08 in the first quarter of 2025. Revenue is expected between $196 million and $204 million.
On average, analysts expect the company to post a loss of $0.02 per share on revenues of $205.38 million for the quarter.
Further, the company reaffirmed its fiscal 2025 outlook of adjusted earnings per share between $0.07 and $0.11. Annual revenues are expected in the range of $840 million and $860 million. Analysts expect earnings per share of $0.06 on revenues of $860.2 million for the year ahead.
On the NYSE, Myriad shares were down 6.5 percent on Monday's after-hours trading at $12.89.
In pre-market trading, the stock is down 5.52% to touch $13.02.
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