Shares of Myriad Genetics (MYGN) plummeted 5.78% in Tuesday's intraday trading session following the release of the company's disappointing first-quarter financial results. The genetic testing company reported a significant operating loss, raising concerns among investors about its financial health and future prospects.

According to the quarterly report, Myriad Genetics posted an operating income of negative $29 million for Q1. Even on an adjusted basis, the company still recorded an operating loss of $5.5 million. These figures suggest that the company is struggling to manage its costs effectively in relation to its revenue generation.

Further details from the report show that Myriad Genetics incurred operating expenses of $163.2 million, with adjusted operating expenses standing at $140.6 million. While the company maintained a gross margin of 69%, the high operational costs have evidently outweighed the revenue, resulting in the reported losses. This financial performance appears to have shaken investor confidence, leading to the sharp decline in stock price during the trading session.