Myriad Genetics 1Q Profit Doubles On Test Sales

NSALT LAKE CITY (AP) — Molecular diagnostics company Myriad Genetics Inc. said its fiscal first-quarter profit doubled on higher revenue from cancer tests.

Its molecular diagnostics business sells a range of tests aimed at assessing risks for breast, ovarian, colon, and skin cancer.

"While the weak economic environment continued to restrain overall revenue growth compared to the prior year, the company has begun to see stronger demand return for its products during the latter half of September and continuing through October as a result of its ongoing increased sales and marketing efforts," the company said in a statement after the markets closed Tuesday.

The company earned $30.4 million, or 31 cents per share, in thew three months ended Sept. 30, up from $14.5 million, or 15 cents per share, a year ago.

Revenue rose 22 percent to $85.1 million from $70 million.

Analysts polled by Thomson Reuters expected profit of 34 cents per share on revenue of $88.1 million.

On June 30, the company completed its spin-off of its former research and drug development businesses, which now make up a separate publicly traded company called Myriad Pharmaceuticals.