WASHINGTON (dpa-AFX) - Myriad Genetics Inc. (MYGN) Tuesday reported a 17 percent rise in second-quarter earnings on double-digit revenue growth at Molecular diagnostic testing segment and contribution of Companion diagnostic acquired last May. Both earnings and revenue for the quarter topped analysts estimates. Looking ahead, the company also raised its outlook for full year 2012. Buoyed by the results, Myriad Genetics shares gained more than 5 percent in extended trade on the Nasdaq. Net income for the second quarter rose to $28.3 million or $0.33 per share from $24.2 million or $0.26 per share in the prior year. On average, 19 analysts polled by Thomson Reuters expected earnings of $0.31 per share for the quarter. Analysts' estimates typically exclude special items. Revenues for the quarter grew 22 percent to $123 million from $100.4 million a year ago. Analysts expected revenues of $115.29 million. Molecular diagnostic testing revenue grew 17 percent and accounted for most of the revenues, as all segments and products saw growth. Within the segment, Oncology revenue rose 15 percent, and Women's Health revenue by 22 percent. Revenue from Companion diagnostic service was $5.2 million. Myriad Genetics now expects 2012 earnings in a range of $1.24 to $1.28 per share and revenues of $465 million to $475 million. Analysts currently expect earnings of $1.24 per share and revenues of $461.45 million for the year. The company had earlier forecast 2012 earnings in the range of $1.20 to $1.25 per share with revenues of $465 million to $475 million. Salt Lake City, Utah-based Myriad Genetics is a molecular diagnostic company that focuses on the development of novel predictive medicine, personalized medicine, and prognostic medicine tests primarily in the U.S. MYGN closed Tuesday on the Nasdaq at $23.66, up $0.40 or 1.72%, on a volume of about 1.8 million shares. In after hours, the stock further gained $1.24 or 5.24%.
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