Shares of Myriad Genetics (MYGN) continued their downward spiral in pre-market trading on Wednesday, plunging 17.47% following the release of disappointing first-quarter financial results and a weak full-year outlook. This pre-market decline comes on the heels of a 13.34% drop in the previous trading session, reflecting growing investor concerns about the genetic testing company's financial health and future prospects.

Myriad Genetics reported a substantial operating loss of $29 million for Q1, with revenue falling 3.1% to $195.90 million, missing analyst expectations of $200.56 million. The company's outlook for fiscal year 2025 further dampened investor sentiment, with forecasted revenue ranging from $807 million to $823 million and adjusted earnings per share between a loss of $0.02 and a profit of $0.02.

Despite maintaining a gross margin of 69%, Myriad Genetics' high operating expenses, totaling $163.2 million ($140.6 million on an adjusted basis), significantly impacted its bottom line. The company's adjusted operating loss stood at $5.5 million for the quarter. The continued stock sell-off in pre-market trading underscores growing apprehension about Myriad Genetics' ability to achieve profitability and sustain growth in the competitive genetic testing industry, prompting investors to reassess their positions in the company.