Myriad Genetics Q1 Loss Narrows

(RTTNews) - Myriad Genetics Inc. (MYGN), Monday reported a loss for the first quarter that narrowed from last year and was also lower than Wall Street's expectations, as revenues grew 6% and surpassed estimates.

Myriad Genetics reported first-quarter loss of $39.5 million or $0.52 per share, narrower than last year's loss of $115.2 million or $1.55 per share last year.

Adjusted net loss for the quarter were $0.06 per share, narrower than last year's $0.08 per share. Analysts polled by Thomson Reuters expected loss of $0.14 per share. Analysts' estimates typically exclude one-time items.

Revenues for the first quarter rose 6% to $173.1 million from $164.0 million last year. Analysts had a consensus revenue estimate of $156.2 million for the quarter.

Chief Executive Officer Paul Diaz said, "Myriad Genetics returned to year-over-year top line growth in the March quarter through improved operational execution amidst the challenges of the COVID-19 pandemic. We saw strong sequential increases in test volumes and overall average selling prices despite the typical seasonality we experience in the March quarter."

Looking forward, Myriad Genetics said it will not provide financial guidance due to the continued unpredictability surrounding the COVID-19 pandemic.

MYGN closed Monday's trading at $30.40, up $0.18 or 0.60%, on the Nasdaq.