Myriad Genetics (MYGN) stock plunged 7.69% in the after-hours trading session on Monday, following its fourth-quarter earnings report and the announcement of a senior leadership transition.
Firstly, the company reported mixed financial results for the fourth quarter. While total revenue increased 7.12% year-over-year to $210.6 million, it missed analyst estimates of $211.62 million. Additionally, adjusted earnings per share of $0.03 met expectations but declined by 25% compared to the same period last year.
Furthermore, Myriad Genetics announced that its President and CEO, Paul J. Diaz, will step down on April 30, 2025, to join private equity firm Cressey & Company as a Managing Partner. The company has appointed its current Chief Operating Officer, Sam Raha, as the new President and CEO, effective April 30. Raha has been with Myriad since December 2023 and was previously the President of Agilent's Diagnostics and Genomics Group. Mark S. Verratti, the current Chief Commercial Officer, will be promoted to Chief Operating Officer.
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