As you might know, Myriad Genetics, Inc. (NASDAQ:MYGN) just kicked off its latest first-quarter results with some very strong numbers. Myriad Genetics beat expectations with revenues of US$202m arriving 4.6% ahead of forecasts. The company also reported a statutory loss of US$0.29, 4.1% smaller than was expected. The analysts typically update their forecasts at each earnings report, and we can judge from their estimates whether their view of the company has changed or if there are any new concerns to be aware of. So we gathered the latest post-earnings forecasts to see what estimates suggest is in store for next year.

Check out our latest analysis for Myriad Genetics

Taking into account the latest results, the consensus forecast from Myriad Genetics' eleven analysts is for revenues of US$831.5m in 2024. This reflects a credible 7.4% improvement in revenue compared to the last 12 months. The loss per share is expected to greatly reduce in the near future, narrowing 65% to US$0.90. Before this earnings announcement, the analysts had been modelling revenues of US$827.9m and losses of US$0.93 per share in 2024. It looks like there's been a modest increase in sentiment in the recent updates, with the analysts becoming a bit more optimistic in their predictions for losses per share, even though the revenue numbers were unchanged.

There's been no major changes to the consensus price target of US$25.10, suggesting that reduced loss estimates are not enough to have a long-term positive impact on the stock's valuation. That's not the only conclusion we can draw from this data however, as some investors also like to consider the spread in estimates when evaluating analyst price targets. There are some variant perceptions on Myriad Genetics, with the most bullish analyst valuing it at US$35.00 and the most bearish at US$17.00 per share. This is a fairly broad spread of estimates, suggesting that analysts are forecasting a wide range of possible outcomes for the business.

Looking at the bigger picture now, one of the ways we can make sense of these forecasts is to see how they measure up against both past performance and industry growth estimates. One thing stands out from these estimates, which is that Myriad Genetics is forecast to grow faster in the future than it has in the past, with revenues expected to display 10.0% annualised growth until the end of 2024. If achieved, this would be a much better result than the 1.8% annual decline over the past five years. Compare this against analyst estimates for the broader industry, which suggest that (in aggregate) industry revenues are expected to grow 19% annually for the foreseeable future. So although Myriad Genetics' revenue growth is expected to improve, it is still expected to grow slower than the industry.

The Bottom Line

The most important thing to take away is that the analysts reconfirmed their loss per share estimates for next year. On the plus side, there were no major changes to revenue estimates; although forecasts imply they will perform worse than the wider industry. The consensus price target held steady at US$25.10, with the latest estimates not enough to have an impact on their price targets.

Keeping that in mind, we still think that the longer term trajectory of the business is much more important for investors to consider. At Simply Wall St, we have a full range of analyst estimates for Myriad Genetics going out to 2026, and you can see them free on our platform here..

Plus, you should also learn about the 1 warning sign we've spotted with Myriad Genetics .

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This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.