Myriad Genetics falls on revenue estimate

Diagnostic company Myriad Genetics Inc. (NASDAQ:MYGN) fell $9.63 (27%) to $26.02 on Wednesday after reporting late Tuesday that it does not expect to meet its guidance for FY09 molecular diagnostic revenues. The company now expects to report $326 million in molecular diagnostic revenues for the fiscal year ended June 30, instead of $330 million. The preliminary estimate for molecular diagnostic revenues for 4Q09 is $86 million. The company attributed the shortfall to increasing unemployment resulting in loss of health insurance and patients delaying or canceling doctor appointments. ...