Myriad Genetics Updates FY16 Guidance; Q3 Profit Tops Estimates

(RTTNews) - Myriad Genetics, Inc. (MYGN) said the company is narrowing the range for fiscal full year revenue guidance to total revenue of $753 to $755 million and updating adjusted earnings per share guidance to $1.63 to $1.65. In February, the company projected its fiscal full-year revenue in a range of $750 to $770 million and adjusted earnings per share of $1.63 to $1.68.

Analysts polled by Thomson Reuters expect the company to report profit per share of $1.66 on revenue of $757.67 million. Analysts' estimates typically exclude special items.

The company provided fourth-quarter revenue guidance of $186 to $188 million and adjusted earnings per share of $0.36 to $0.38. Analysts polled by Thomson Reuters expect the company to report profit per share of $0.42 on revenue of $197.94 million.

For fiscal third-quarter 2016, adjusted earnings per share was $0.41. On average, 17 analysts polled by Thomson Reuters expected the company to report profit per share of $0.38 for the quarter. Net income increased to $32.6 million or $0.44 per share from $21.4 million or $0.29 per share, prior year. Total revenue increased 6% to $190.5 million from $180.0 million, last year. Analysts expected revenue of $184.92 million, for the quarter.

Shares of Myriad Genetics, Inc. were down more than 6% after hours.