Myriad Genetics Q2 Profit Rises; Lifts FY14 Outlook - Quick Facts

(RTTNews) - Myriad Genetics Inc. (MYGN), a molecular diagnostic company, Tuesday reported second-quarter net income of $50.4 million or $0.66 per share compared with $35.0 million or $0.42 per share last year.

Revenues for the quarter were $204.06 million, up 37% from $149.14 million in the prior year.

Analysts polled by Thomson Reuters estimated earnings of $0.46 per share on revenues of $176.02 million for the quarter. Analysts' estimates typically exclude special items.

The company lifted its outlook for fiscal year 2014 and now expects earnings of $2.09 to $2.12 per share on revenues of $740 million to $750 million. It earlier estimated earnings of $1.92 to $1.97 per share on revenues of $700 million to $715 million.

Analysts expect earnings of $1.97 per share on revenues of $705.62 million for the year.

Separately, Myriad announced that it has entered into a definitive agreement to acquire Crescendo Bioscience, Inc., for $270 million in cash which will be reduced by $25 million for the repayment of a loan made to Crescendo and customary adjustments in accordance with the acquisition agreement.

The transaction is expected to close before the end of Myriad's fiscal year 2014, pending satisfactory completion of customary closing items and regulatory approval.