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Myriad tops Street 2Q forecasts

SALT LAKE CITY (AP) _ Myriad Genetics Inc. (MYGN) on Tuesday reported fiscal second-quarter earnings of $32.1 million.

The Salt Lake City-based company said it had net income of 45 cents per share. Earnings, adjusted for one-time gains and costs, were 31 cents per share.

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

The molecular diagnostic company posted revenue of $194 million in the period, which also topped Street forecasts. Six analysts surveyed by Zacks expected $188.8 million.

For the current quarter ending in April, Myriad expects its per-share earnings to range from 26 cents to 28 cents.

The company said it expects revenue in the range of $186 million to $188 million for the fiscal third quarter.

Myriad expects full-year earnings in the range of $1.11 to $1.16 per share, with revenue ranging from $760 million to $770 million.

Myriad shares have climbed slightly more than 4 percent since the beginning of the year. In the final minutes of trading on Tuesday, shares hit $35.81, more than doubling 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