Myriad Genetics, Inc. (MYGN) reported that its first-quarter net income decreased to $15.98 million or $0.21 per share from $55.47 million or $0.68 per share, last year. Non-GAAP net income was $19.33 million or $0.25 per share, for the quarter.
On average, 14 analysts polled by Thomson Reuters expected the company to report profit per share of $0.32 for the quarter. Analysts' estimates typically exclude special items.
Total revenue was $168.8 million compared to $202.5 million in the same period of the prior year. Analysts expected revenue of $174.99 million for the quarter.
The company said the 17 percent year-over-year decline in revenues was primarily attributable to the $35 million revenue benefit Myriad received in the fiscal first quarter of 2014 from celebrity publicity, an increase in work-in-progress associated with capacity constraints in the myRisk process and incremental share loss due to competition.
The company maintained its fiscal 2015 financial guidance and expects total revenue of $800 to $820 million and adjusted earnings per share of $1.90 to $2.00. Analysts expect the company to report fiscal 2015 earnings per share of $1.89 on revenue of $803.10 million.
Myriad expects second-quarter total revenues of $180 to $185 million and adjusted earnings per share of $0.33 to $0.36. Analysts expect the company to report second-quarter profit per share of $0.46 on revenue of $196.88 million.
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