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Myriad Genetics' CEO Discusses F2Q12 Results - Earnings Call Transcript

Stocks in this article: MYGN

Our expectation for higher revenue growth is due to the strong results we’ve seen from several initiatives that we have put in place to expand our oncology and women’s health markets. Mark will provide an update on each of these initiatives later on in the call.

Diluted earnings per share guidance has also been increased to $1.24 to $1.28 representing a 13% to 16% over fiscal 2011 earnings per share of a $1.10 and up from the original guidance of $1.20 to $1.25. These strong results have positioned us well for continued success particularly when combined with the strategic directives that we’re focusing on for a long term revenue growth.

First, we’re aggressively growing our existing tests and markets. Second, we’re committed to expanding our business internationally. Third, we intend to launch new transformative products across diverse set of major disease indication. Mark will provide an update on the first strategic directive, to grow existing tests and markets and I’ll focus my remaining comments on our European operations and new product development.

With respect to our international strategy, I’m pleased to report that our laboratory in Munich, Germany is open and operational as of the beginning of January. As a reminder this lab has sufficient capacity to generate $50 million in revenues each year, a level which we believe is achievable within the next five years. We’ve hired country managers for all five major markets that we’re focused on, Germany, France, Italy, Spain and Switzerland.

These individuals will be travelling to Salt Lake in February to complete their training sales program, after which they’ll be focused on growing various presence in each of their respective countries. We’ve obtained reimbursement in all five major markets for three of our products, BRACAnalysis, COLARIS and COLARIS AP.

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