Shares of Myriad Genetics (MYGN) experienced a significant 24-hour plunge of 13.34% on Wednesday, following the release of the company's disappointing first-quarter financial results and weak full-year outlook. The genetic testing company's stock price decline reflects growing investor concerns about its financial health and future prospects.

Myriad Genetics reported a substantial operating loss of $29 million for Q1, with an adjusted operating loss of $5.5 million. Despite maintaining a gross margin of 69%, the company's high operating expenses, totaling $163.2 million ($140.6 million on an adjusted basis), weighed heavily on its bottom line. Revenue for the quarter fell 3.1% to $195.90 million, falling short of analyst expectations of $200.56 million.

Adding to investor worries, Myriad Genetics provided a cautious outlook for fiscal year 2025, forecasting revenue in the range of $807 million to $823 million and adjusted earnings per share between a loss of $0.02 and a profit of $0.02. This guidance suggests ongoing financial challenges for the company, further eroding investor confidence. The significant stock price drop reflects growing apprehension about Myriad Genetics' ability to achieve profitability and sustain growth in the competitive genetic testing industry.