Myriad Genetics raises full-year forecast on Crescendo buy
Feb 4 (Reuters) - Molecular diagnostics company Myriad Genetics Inc said it plans to buy Crescendo Bioscience for $270 million to enter the autoimmune market, and raised its full-year forecast.
Myriad Genetics, whose shares rose about 16 percent in extended trading, said it expects earnings of $2.09-$2.12 per share on revenue of $740-$750 million in the year ending June 30.
It had earlier forecast $1.92-$1.97 per share on revenue of $700-$715 million.
Myriad also reported a better-than-expected profit for the second quarter, helped by higher sales of its breast and ovarian cancer detection tests.
Net income rose to $50.4 million, or 66 cents per share, in the quarter ended Dec. 31, from $35.0 million, or 42 cents per share, a year earlier.
Revenue rose 37 percent to $204.0 million.
Analysts on average had expected earnings of 46 cents on revenue of $176.0 million, according to Thomson Reuters I/B/E/S.
Myriad shares closed at $27.18 Tuesday on the Nasdaq.
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