Myriad Genetics, Inc. MYGN reported adjusted loss per share of 12 cents for the second quarter of fiscal 2021 in contrast to earnings of 24 cents reported in the year-ago quarter. Adjusted loss per share was, however, in line with the Zacks Consensus Estimate.The quarter’s adjustments exclude one-time impairment charges from intangible assets and goodwill tied to company acquisitions, certain acquisition-amortization of intangible asset expenses and the impact of the Elevate 2020 program-related expenses, among others.GAAP loss per share was 59 cents, wider than the prior-year quarter’s loss of 11 cents per share.RevenuesTotal revenues plunged 20.8% year over year to $154.6 million in the quarter under review. The figure, however, exceeded the Zacks Consensus Estimate by 4.1%. The company, despite facing a significant challenge from the global pandemic, witnessed recovery in its testing volume during the quarter.Notably, Myriad Genetics registered a 6% improvement in revenues on a sequential basis.Total test volumes in the quarter were 224,000, reflecting a plunge of 5% year over year. However, volumes improved 7% on a sequential basis.Myriad Genetics, Inc. Price, Consensus and EPS Surprise Myriad Genetics, Inc. price-consensus-eps-surprise-chart | Myriad Genetics, Inc. QuoteQuarter in DetailSegment-wise, Molecular Diagnostic tests recorded total revenues of $143.9 million, down 20.5% year over year.Within this segment, Hereditary Cancer testing revenues fell 33.1% year over year to $78.7 million. Vectra testing revenues were $8.9 million, down 13.6% year over year. Further, GeneSight testing revenues fell 20% year over year to $18 million in the reported quarter.Other testing revenues, however, remained unchanged at $0.3 million year on year.EndoPredict testing revenues were, however, up a stupendous 150% year over year to $3.1 million. myChoice CDx testing revenues were up by 17.4% year over year to $5.4 million. Prolaris tests raked in revenues of $8.4 million, up 23.5% year over year. Prenatal testing revenues came in at $21.1 million, up 28.7%.Pharmaceutical and clinical service revenues in the quarter under review totaled $10.7 million, down 23.6% on a year-over-year basis.Margin TrendsGross margin in the quarter under review contracted 504 basis points (bps) to 69.5%.Research and development expenses fell 3.2% year over year to $18.2 million. Selling, general and administrative expenses declined 1% to $132.9 million in the reported quarter.Adjusted operating loss was $43.6 million compared with adjusted operating loss of $7.6 million in the year-ago quarter.Financial PositionMyriad Genetics exited the second quarter of fiscal 2021 with cash and cash equivalents of $117 million compared with $118.3 million at the end of first quarter of fiscal 2021. Long-term debt at the end of the second quarter of fiscal 2021 was $224.8 million, compared with $224.6 million at the end of the first quarter of fiscal 2021.Cumulative net cash used in operating activities at the end of the second quarter of fiscal 2021 was $73 million compared with net operating cash inflow of $13.9 million a year ago.GuidanceGiven the difficulty in predicting the future business trend, the company has not provided any financial guidance for either the fiscal 2021 third quarter ending March 31 or the full year.Our ViewMyriad Genetics exited second-quarter fiscal 2021 with better-than-expected revenues. Although overall bottom- and top-line performances were dismal, the sequential improvement in revenues is impressive. The stupendous improvement in EndoPredict testing revenues, along with improvements in myChoice CDx, Prolaris and Prenatal testing revenues, looks encouraging. Sequential improvement in overall revenues and testing volumes amid the pandemic-led business disruptions bode well for the company.However, dismal segmental performances, along with decline in Hereditary Cancer, Vectra and GeneSight testing revenues, with a flat Other testing revenues, are disappointing. The company experienced gross margin contraction and incurred operating loss during the quarter, which are also discouraging. This time too, the company could not come up with any guidance, thus raising apprehensions.Zacks Rank and Key PicksMyriad Genetics currently carries a Zacks Rank #3 (Hold).Some better-ranked stocks in the broader medical space are Abbott Laboratories ABT, Hologic, Inc. HOLX and IDEXX Laboratories, Inc. IDXX.Abbott reported fourth-quarter 2020 adjusted EPS of $1.45, which surpassed the Zacks Consensus Estimate by 6.6%. Fourth-quarter worldwide sales of $10.7 billion outpaced the consensus mark by 7.9%. The company currently carries a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.Hologic reported first-quarter fiscal 2021 adjusted EPS of $2.86, beating the Zacks Consensus Estimate by 33.6%. The company currently carries a Zacks Rank #2.IDEXX reported fourth-quarter 2020 adjusted EPS of $2.01 which surpassed the Zacks Consensus Estimate by 40.6%. Revenues of $720.9 million beat the consensus mark by 5.8%. The company currently carries a Zacks Rank #2.Biggest Tech Breakthrough in a GenerationBe among the early investors in the new type of device that experts say could impact society as much as the discovery of electricity. Current technology will soon be outdated and replaced by these new devices. In the process, it’s expected to create 22 million jobs and generate $12.3 trillion in activity.A select few stocks could skyrocket the most as rollout accelerates for this new tech. Early investors could see gains similar to buying Microsoft in the 1990s. Zacks’ just-released special report reveals 8 stocks to watch. The report is only available for a limited time.See 8 breakthrough stocks now>>Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report Hologic, Inc. (HOLX): Free Stock Analysis Report Myriad Genetics, Inc. (MYGN): Free Stock Analysis Report Abbott Laboratories (ABT): Free Stock Analysis Report IDEXX Laboratories, Inc. (IDXX): Free Stock Analysis Report To read this article on Zacks.com click here. Zacks Investment Research