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Myriad beats Street 2Q forecasts

SALT LAKE CITY (AP) _ Myriad Genetics Inc. (MYGN) on Tuesday reported fiscal second-quarter earnings of $5.9 million.

On a per-share basis, the Salt Lake City-based company said it had net income of 9 cents. Earnings, adjusted for one-time gains and costs, were 26 cents per share.

The results exceeded Wall Street expectations. The average estimate of 10 analysts surveyed by Zacks Investment Research was for earnings of 24 cents per share.

The molecular diagnostic company posted revenue of $196.5 million in the period, which also topped Street forecasts. Four analysts surveyed by Zacks expected $190.1 million.

For the current quarter ending in April, Myriad expects its per-share earnings to range from 23 cents to 25 cents.

The company said it expects revenue in the range of $188 million to $190 million for the fiscal third quarter.

Myriad expects full-year earnings in the range of $1 to $1.05 per share, with revenue ranging from $745 million to $755 million.

Myriad shares have declined almost 8 percent since the beginning of the year. In the final minutes of trading on Tuesday, shares hit $15.40, a decrease of 56 percent in the last 12 months.


This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on MYGN at https://www.zacks.com/ap/MYGN


Keywords: Myriad Genetics, Earnings Report