Myriad Genetics Profit Tops Estimates; Lifts FY Outlook; Stock Up 7%

(RTTNews) - Myriad Genetics Inc. (MYGN), a molecular diagnostic company, Tuesday reported first-quarter net income of $55.5 million or $0.68 per share compared with $30 million or $0.36 per share last year.

Revenues for the quarter were up 52% at $202.5 million compared with $133.4 million in the prior year.

Analysts polled by Thomson Reuters estimated earnings of $0.46 per share on revenues of $167.64 million for the quarter. Analysts' estimates typically exclude special items.

The company lifted its outlook for fiscal year 2014 and now expects earnings of $1.92 to $1.97 per share on revenues of $700 million to $715 million. It earlier estimated earnings of $1.87 to $1.94 per share on revenues of $690 million to $710 million.

Analysts expect earnings of $1.90 per share on revenues of $692.30 million for the year.

Also, Myriad said its board authorized a new $300 million stock repurchase authorization.