FX.co ★ Myriad Genetics Inc. Q1 Loss Decreases, beats estimates

Myriad Genetics Inc. has reported a decrease in its first-quarter loss compared to the previous year, surpassing Wall Street expectations. The firm's net loss was $26.0 million, or $0.29 per share, which is significantly less compared with $54.7 million, or $0.67 per share, in the first quarter of the previous year.

When special items are excluded, Myriad Genetics Inc. reported an adjusted loss of $0.5 million or $0.01 per share for the quarter. Analysts had anticipated the firm would record a loss of $0.10 per share, according to data compiled by Thomson Reuters. These estimates generally exclude special items.

The company's revenue for the quarter increased by 11.6% to reach $202.2 million, up from the $181.2 million recorded last year.

In summary, the GAAP earnings for Myriad Genetics Inc. are as follows:

- Earnings for Q1: -$26.0 million compared to -$54.7 million last year.

- Earnings per Share for Q1: -$0.29 compared to -$0.67 last year.

- Revenue for Q1: $202.2 million versus $181.2 million last year.

The guidance for the year predicts an Earnings Per Share (EPS) of between $0.00 and $0.05 and revenue projections of between $820 and $840 million.