Myriad: Fiscal 1Q Earnings Snapshot
SALT LAKE CITY (AP) _ Myriad Genetics Inc. (MYGN) on Tuesday reported a fiscal first-quarter loss of $700,000, after reporting a profit in the same period a year earlier.
On a per-share basis, the Salt Lake City-based company said it had a loss of 1 cent. Earnings, adjusted for non-recurring costs and stock option expense, were 43 cents per share.
The results surpassed Wall Street expectations. The average estimate of six analysts surveyed by Zacks Investment Research was for earnings of 30 cents per share.
The molecular diagnostic company posted revenue of $202.3 million in the period, which missed Street forecasts. Five analysts surveyed by Zacks expected $203.9 million.
For the current quarter ending in January, Myriad expects its per-share earnings to range from 36 cents to 38 cents.
The company said it expects revenue in the range of $216 million to $218 million for the fiscal second quarter.
Myriad expects full-year earnings in the range of $1.70 to $1.75 per share, with revenue ranging from $855 million to $865 million.
Myriad shares have risen almost 7 percent since the beginning of the year. In the final minutes of trading on Tuesday, shares hit $36.67, an increase of 21 percent in the last 12 months.