February 4, 2014 / 10:05 PM / in 4 years

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.

Our Standards:The Thomson Reuters Trust Principles.
0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below