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Myriad Genetics' Management Presents At 22nd Annual Oppenheimer Healthcare Conference - Conference Call Transcript

Stocks in this article: MYGN

Last fiscal year 2011, we delivered strong financial results. $402 million in revenue, $158 million in operating profit, $189 million in cash, which then was deployed through a $200 million share buyback in fiscal year 2011. Now we talk about transformative molecular diagnostics and the case for transformation in our healthcare system is abundantly clear. We have a very effective healthcare system but not a very efficient healthcare system. We spent twice as much as the percent of GDP as other developed countries and yet for that additional investment we actually have, in many cases, lower life expectancy in this country. And it has to do a lot with the structure of our healthcare system.

We think this healthcare system, the structure is going to fundamentally change over the next five years, and we think Myriad is well positioned to be part of the solution and the changes that are going to have to happen in our healthcare system. The types of products we work on, disease prevention, that is the most cost effective way to treat patients, early diagnosis or an optimal treatment. And all of these solutions that Myriad is bringing to bear, we think will make a very profound impact on the healthcare structure over the coming years.

Myriad has identified three strategic directives for growth, and I am going to go into a little more detail on each of the three of these in the coming slides. First is growing our existing products in our existing markets. Second is developing our international presence, and third is a plethora of new opportunities in new tests and companion diagnostics. Each of these strategic directives has a $1 billion plus market potential, and that’s why I want to outline the initiatives that we are undertaking in each of these strategic buckets.

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