09 Apr 2020
Posted in Medical Devices
Myriad FY2020 revenues not expected to recover during COVID-19 pandemic, says GlobalData
Following the announcement by Myriad Genetics to withdraw financial guidance for fiscal year (FY) 2020 due to the business impact from the COVID-19 pandemic;
Dara Lo, Medical Device Analyst at GlobalData, a leading data and analytics company, offers her view:
“While Myriad is a specialty molecular diagnostics company that offers tests for a range of genetic diseases, diagnosis and monitoring of diseases other than COVID-19 have fallen by the wayside at this time.
“Before mid-March, Myriad test volume trends were in line with its expectations, but starting late-March and into its fiscal fourth quarter, the COVID-19 pandemic began significantly impacting test volume trends.
“COVID-19 is outside of the scope of the company’s product portfolio, and with no COVID-19-related diagnostics currently marketed or in the pipeline, Myriad’s financial earnings for 2020 are expected to fall significantly below projections.
“With Myriad FY Q2 revenues already down 10% in early February, the company is expected to suffer further revenue losses in the coming months.”