Shares of Myriad Genetics (MYGN) took a nosedive in after-hours trading on Tuesday, plummeting 18.02% following the release of the company's disappointing first-quarter financial results and weak full-year outlook. The dramatic decline came on top of a 5.78% drop during the regular trading session, as investors digested the genetic testing company's financial struggles.

Myriad Genetics reported a significant operating loss of $29 million for the first quarter, with an adjusted operating loss of $5.5 million. Despite maintaining a gross margin of 69%, the company's high operating expenses, which totaled $163.2 million (or $140.6 million on an adjusted basis), weighed heavily on its bottom line. These figures underscore the company's ongoing challenges in balancing costs against revenue generation in the competitive genetic testing industry.

Adding to investor concerns, Myriad Genetics provided a cautious outlook for fiscal year 2025. The company forecasts revenue in the range of $807 million to $823 million, with adjusted earnings per share expected to be between a loss of $0.02 and a profit of $0.02. This guidance suggests that the company's financial struggles may persist throughout the year, further eroding investor confidence. The after-hours plunge reflects growing apprehension about Myriad Genetics' ability to achieve profitability and sustain growth in the near term.