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Myriad Genetics' CEO Discusses F2Q12 Results - Earnings Call Transcript

Please note that some of the information presented here today may contain projections or other forward-looking statements regarding future events or the future financial performance of the company. These statements are based on management’s current expectations and the actual events or results may differ materially and adversely from these expectations for a variety of reasons. We refer you to the documents the company files from time to time with the Securities and Exchange Commission, specifically the company’s annual report on Form 10-K, its quarterly reports on Form 10-Q, and its current reports on Form 8-K. These documents identify important risk factors that could cause the actual results to differ materially from those contained in our projections or forward-looking statements.

With that, I’ll now turn the call over to Pete.

Pete r Meldrum

Thank you, Rebecca. To begin, I would like to provide highlights of our second quarter results and introduce the company’s updated financial guidance for fiscal 2012. I’m extremely pleased to report that our second quarter revenue increased 22% year-over-year to a record $122.8 million. This is the second quarter in a row that grows in the total company revenues exceeded 20%.

Molecular diagnostic revenue grew 17% as compared to the second quarter of fiscal 2011, with all of our products demonstrating strong growth, especially COLARIS. For the second quarter in a row demand for the COLARIS test exceeded expectations as product sales grew 56% year-over-year to $10.9 million. We remain excited about the clinical value of this product and expect strong growth to continue in the future.

Our profitability improved during the second quarter as operating income grew 18% year-over-year to $45.5 million and diluted earnings per share increased 27% to $0.33. Given these strong results, we’ve increased our guidance for fiscal 2012.

Revenue is now expected to be $465 million to $475 million, which represents a 16% to 18% growth over the prior fiscal year and a significant increase from our original fiscal 2012 revenue guidance of $445 million to $465 million.

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