Myriad Genetics Q4 Profit Falls

Myriad Genetics reported net income for the fourth quarter of $26.0 million or $0.30 per share, compared to $53.3 million or $0.54 per share for the year-ago quarter.

The latest quarter results include a $16.1 million income tax expense recorded for accounting purposes, while the year-ago quarter results included no tax expense and a one-time income tax benefit of $14.6 million.

Total revenue for the fourth quarter rose to $107.41 million from $93.93 million a year earlier.

Analysts polled by Thomson Reuters expected the company to earn $0.29 per share on revenue of $104.43 million for the fourth quarter.

For fiscal year 2012, the company forecast total revenue of $445 million to $465 million and earnings of $1.20 to $1.25 per share. Analysts currently expect the company to earn $1.26 per share on revenue of $453.80 million for the fiscal year 2012.