Myriad Genetics drops 30% after deletion of CPT codes impacts revenue
"In the fiscal first-quarter, Myriad made approximately an $11 million reserve adjustment for hereditary cancer revenue due to lower cash collections from small payers as a result of the deletion of the current procedural terminology, CPT codes 81211 and 81213. As a result, the company has revised its revenue accrual rate, and is forecasting lower hereditary cancer rates for fiscal year 2020. Myriad will provide a detailed summary of the changes on its fiscal first-quarter 2020 earnings call. Hereditary cancer volumes grew at a double-digit growth rate on a year-over-year basis for both the company's oncology and women's health business units," said the company.