Investing.com -- Shares in Myriad Genetics Inc (O:MYGN) surged nearly 8% after the genetic diagnostic testing company increased its forward guidance on Tuesday, following a stellar quarter to cap its first half of fiscal year 2016.
Myriad, a Salt Lake City-based company, said Tuesday that it earnings rose 26% in its second quarter of 2016 amid a renewed focus on personalized medicine and an expansion of its diagnostic testing portfolio. For the three-month period ending in December, Myriad's reported earnings of $30.3 million or 0.41 per share, up from $24 million or 0.32 per share during the same quarter a year earlier. Myriad's revenues also increased nearly 5% to $193.3 million.
"We are pleased with the first half of fiscal year 2016 which has positioned us to deliver upon our financial guidance for the full year," said Mark C. Capone, president and chief executive officer of Myriad. "Our new products are making significant strides towards broader market adoption and reimbursement on a worldwide basis."
"Additionally, we are excited to announce that our companion diagnostic portfolio has expanded to five tests with the addition of two new tests that have been incorporated into additional pharmaceutical company collaborations. We remain on track to achieve our five-year strategic goals and build Myriad into a diversified, global, leader in personalized medicine."
It came as Myriad continues to expand its footprint outside the U.S. During Myriad's second quarter, the company increased international revenues by nearly 30%, accounting for almost 5% of its total sales for the period. Myriad also won a competitive tender in France for EndoPredict, its highly productive genetic breast cancer test.
Moving forward, Myriad expects to report adjusted earnings of 1.63 to 1.68 per share for fiscal year 2016, up from previous forecasts of 1.60 to 1.65. Myriad reaffirmed its full-year revenue guidance of $750 to $770 million.
The company also announced on Tuesday that it repurchased approximately 0.6 million shares or $25 million of common stock under its current repurchase program. At the end of the quarter, Myriad has approximately $92 million left on its current repurchase authorization, the company said.
Shares in Myriad gained 3.07 or 7.99% to 41.50 in after-hours trading.