Aug 12 Molecular diagnostics company Myriad
Genetics Inc forecast a lower-than-expected full-year
adjusted profit, hurt partly by the termination of its contract
with affordable health insurance provider Horizon Blue Cross in
Myriad's shares were down 6 percent at $36.65 in after-hours
The company expects adjusted net income of $1.90-$2.00 per
share for the year, lower than the average analyst estimate of
Net income fell to $33.6 million, or 43 cents per share, in
the fourth quarter ended June 30, from $44 million, or 53 cents
per share, a year earlier.
On an adjusted basis, the company earned 48 cents per share.
Analysts had expected earnings of 46 cents per share,
according to Thomson Reuters I/B/E/S.
Myriad develops molecular diagnostic tests for different
types of cancer. Of these, the BRACAnalysis for hereditary
breast and ovarian cancer is the key revenue driver.
(Reporting By Amrutha Penumudi in Bangalore; Editing by Maju