Myriad Genetics (MYGN) saw its stock price plummet by 5.78% during Tuesday's intraday trading session, as investors reacted to the company's disappointing first-quarter financial results.

The genetic testing company reported a Q1 operating loss of $29 million, significantly impacting investor sentiment. The adjusted operating loss stood at $5.5 million, indicating ongoing challenges in the company's financial performance. Despite maintaining a gross margin of 69%, Myriad Genetics faced elevated operating expenses, which totaled $163.2 million for the quarter. On an adjusted basis, operating expenses were $140.6 million.

The substantial operating loss and high expenses suggest that Myriad Genetics is struggling to balance its costs against revenue, leading to profitability concerns. As a result, investors appear to be reevaluating their positions, contributing to the significant drop in the company's stock price. The market's reaction underscores the importance of profitability and efficient cost management in the highly competitive genetic testing industry.