By RTT News, February 04, 2014, 06:24:00 PM EDT

(RTTNews.com) - Myriad Genetics Inc. ( MYGN ), the molecular diagnostic company, Tuesday reported a better-than-expected increase in second-quarter profit, led by a 37 percent jump in revenues.

Myriad also announced a deal to buy molecular diagnostic laboratory Crescendo Bioscience Inc. for $270 million, subject to adjustments including a reduction of $25 million for debt repayments. Myriad expects to close the deal before the end of its fiscal 2014.

Looking ahead, Myriad again lifted its outlook for fiscal year 2014, citing the Crescendo acquisition and growth in core markets. The news boosted investor sentiment, with Myriad shares surging about 14 percent in after-hours trade on the Nasdaq.

For the fourth quarter, the Salt Lake City, Utah-based company posted net income of $50 million or $0.66 per share, compared with $35 million or $0.42 per share last year.

On average, 19 Analysts polled by Thomson Reuters estimated earnings of $0.46 per share for the quarter. Analysts' estimates typically exclude special items.

Revenues for the second quarter climbed to $204 million from $149 million in the prior year. Analysts estimated revenues of $176 million for the quarter.

Among segments, Molecular diagnostic testing revenue jumped 39 percent year-over-year, on strong growth in oncology and women's health businesses.

For fiscal 2014, Myriad now projects earnings of $2.09 to $2.12 per share on revenues of $740 million to $750 million. The company earlier estimated earnings of $1.92 to $1.97 per share on revenues of $700 million to $715 million. Analysts currently expect earnings of $1.97 per share on revenues of $705.62 million.

CEO Peter Meldrum said, "We plan to continue to execute upon our strategic plan of transitioning our hereditary cancer market, expanding our business internationally, and diversifying our revenue base with new product launches."

More:
Myriad Genetics Profit Up, To Acquire Crescendo Bioscience; Stock Jumps 14%

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