Myriad Genetics Inc. (NASDAQ:MYGN) shares rallied 35.7%, to $5.25 in after-hours trading on Tuesday following second-quarter results that exceeded analyst expectations and raised full-year revenue guidance.
Check out how MYGN stock is trading here.
What Happened: The Salt Lake City-based genetic testing company reported second-quarter revenue of $213.1 million, beating Wall Street forecasts that expected approximately $202.30 million. Analysts had expected the company to post earnings of negative $0.01 per share, but Myriad delivered a non-GAAP profit of $0.05 per share, significantly outperforming consensus estimates.
CEO Sam Raha attributed the strong performance to “continued strength in hereditary cancer testing in oncology, improving momentum in hereditary cancer testing for unaffected individuals, and favorable pricing trends supported by mix and our …