Myriad Genetics, Inc. reported unaudited consolidated earnings results for the second quarter and six months ended December 31, 2017. For the quarter, the company reported total revenue of $194.0 million against $196.5 million a year ago. Operating income was $4.4 million against $17.0 million a year ago. Income before income taxes was $3.7 million against $12.1 million a year ago. Net income attributable to the company's stockholders was $32.1 million or $0.45 per diluted share against $5.9 million or $1.59 per diluted share a year ago. Non-GAAP operating income was $28.2 million against $23.6 million a year ago. Non-GAAP net income was $22.3 million or $0.31 per diluted share against $17.5 million or $0.26 per diluted share a year ago. Capital expenditures were $2.1 million against $2.4 million a year ago. Free cash flow was $30.9 million against $29.0 million a year ago. Non-GAAP free cash flow was $31.9 million against $29.7 million a year ago.

For the six months, the company reported total revenue of $384.2 million against $373.9 million a year ago. Operating income was $91.9 million against $19.4 million a year ago. Income before income taxes was $90.3 million against $16.1 million a year ago. Net income attributable to the company stockholders was $113.2 million or $1.59 per diluted share against $4.7 million or $0.07 per basic and diluted share a year ago. Net cash provided by operating activities was $56.5 million against $28.5 million a year ago. Capital expenditures were $3.7 million against $3.9 million a year ago. Non-GAAP operating income was $53.0 million against $45.2 million a year ago. Non-GAAP net income was $40.5 million or $0.57 per diluted share against $33.5 million or $0.49 per diluted share a year ago. Free cash flow was $52.8 million against $24.6 million a year ago. Non-GAAP free cash flow was $54.5 million against $34.3 million a year ago.

For the fiscal year 2018, the company expects GAAP diluted net income per share to be from $1.82 to $1.87. Due to the legislation for fiscal year 2018, the company now anticipates non-GAAP tax rate will be reduced from its previous guidance of 23% to 21%. The company's new revenue guidance cost for fiscal year 2018 revenue of $760 million to $770 million, which is at the high end of its previous range. From an earnings perspective, the company is increasing its guidance for adjusted earnings per share to $1.11 to $1.16 from its previous guidance of $1 to $1.05.

For the fiscal third-quarter of 2018, the company expects GAAP diluted net income per share to be from $0.11 to $0.13 and non-GAAP diluted net income per share to be from $0.26 to $0.28. In addition, the company guided the fiscal third quarter revenue of $186 million to $188 million.

For fiscal year 2019, these rates will be lower, since it will have the benefit of a full year of the lower tax rate, and the company anticipates a non-GAAP tax rate of approximately 17%.