Myriad Genetics profit forecast misses estimates

Reuters

Aug 12 (Reuters) - Molecular diagnostics company Myriad Genetics Inc forecast a lower-than-expected full-year adjusted profit, hurt partly by the termination of its contract with affordable health insurance provider Horizon Blue Cross in May.

Myriad's shares were down 6 percent at $36.65 in after-hours trading.

The company expects adjusted net income of $1.90-$2.00 per share for the year, lower than the average analyst estimate of $2.09.

Net income fell to $33.6 million, or 43 cents per share, in the fourth quarter ended June 30, from $44 million, or 53 cents per share, a year earlier.

On an adjusted basis, the company earned 48 cents per share.

Analysts had expected earnings of 46 cents per share, according to Thomson Reuters I/B/E/S.

Myriad develops molecular diagnostic tests for different types of cancer. Of these, the BRACAnalysis for hereditary breast and ovarian cancer is the key revenue driver.

(Reporting By Amrutha Penumudi in Bangalore; Editing by Maju Samuel)

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