UPDATE 1-Myriad Genetics Q1 trails estimates; shares fall

* Q1 EPS $0.31 vs est $0.34

* Q1 rev up 22 pct to $85.1 mln

* Shares fall 5 pct in after-mkt trade

Nov 3 (Reuters) - Myriad Genetics Inc's (MYGN.O: Quote, Profile, Research) first-quarter profit missed Wall Street estimates, hurt by higher expenses, sending its shares down 5 percent in after-market trade.

For the first quarter ended Sept. 30, the company posted a net income of $30.4 million, or 31 cents a share, compared with $14.5 million, or 15 cents a share, last year.

The company's year-ago period included a loss of $10.1 million from discontinued operations of its former research and drug development businesses, Myriad said in a statement.

Molecular diagnostic revenue, which accounts for almost all of its revenue, rose 22 percent to $85.1 million.

Analysts on average were expecting a profit of 34 cents a share, before items, on revenue of $88.1 million, according to Thomson Reuters I/B/E/S.

For the quarter, research and development expense jumped 30 percent, while operating expenses rose 19 percent, the company said.