We are a June 30 fiscal year company, and we finished June 30, 2011 with revenues of $402 million. That represented an operating profit of $158 million. The company generates significant cash, $189 million of positive cash flow. And we apply that cash not only to reinvest in the company, but we completed a $200 million stock repurchase program as well. If you look at healthcare today, it’s very effective in the United States but it’s not very efficient. There is fragmented decision making, waste that goes on in the healthcare system, we don’t always know if an individual should be treated so there are unnecessary treatments. And I will talk a little bit about one of our products, PROLARIS, in prostate cancer, where there are many unnecessary surgeries that men take as the don’t know how aggressive their cancer is.
And Myriad’s solution to this is to develop products that prevent disease, an ounce of prevention is worth a pound of cure, so we lower cost by preventing the disease in the first place rather than waiting for an individual to contract the disease and then treat the disease. By diagnosing earlier when the treatment is more effective and the survival rate is more effective, and by guiding therapies for the individual’s genetic makeup so that they receive an optimal treatment regime.
Myriad has three strategic directives that we have focused on to grow revenues and expand our opportunities in the near term. We are certainly going to grow existing products in markets and I will talk about that in just a minute. But we have also developed now an international presence with the opening of our European facilities. And we are developing new tests and have a strong product pipeline, both in the molecular diagnostic field but also with companion diagnostics. All of these we think will fuel long-term growth for the company.
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