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Myriad Genetics' CEO Discusses Q1 2012 Results - Earnings Call Transcript

Presenting from Myriad today will be Pete Meldrum, President and Chief Executive Officer; Mark Capone, President, Myriad Genetic Laboratories; and Jim Evans, our Chief Financial Officer. This call can be heard live via webcast along with the slide presentation at myriad.com. The call is being recorded and will be archived in the Investors section of our website.

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.

Peter D. Meldrum

Thank you, Rebecca. To begin, I would like to provide highlights of our third quarter results and introduce the company’s updated guidance for this fiscal year. I’m extremely pleased to report that third quarters increased 27% year-over-year to reach a new record $129.8 million. All of our products contributed to this excellent performance, but COLARIS stood out with a 51% year-over-year growth. The second quarter in a row where COLARIS grew more than 50% year-to-year.

Net income for the third fiscal quarter increased to $29.6 million, and resulted the diluted earnings per share of $0.34. These results were beyond our expectations, primarily due to our strategic initiatives to expand our oncology and women’s health markets.

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