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

Stocks in this article: MYGN

Given the continued performance of these initiatives, we’ve decided to increase our guidance for fiscal 2012, for the second time this year. Revenue is now expected to be in the range of $492 million to $496 million, which represents 22% to 23% growth over the prior fiscal year. Diluted earnings per share guidance has also been increased to $1.29 to $1.31 representing a 17% to 19% growth over fiscal 2011.

These strong results have positioned us well for continued success, particularly when combined with the strategic directives that we are focusing on for long term growth. Myriad is dedicated to improving patient care through the development and marketing of transformative tests across multiple medical specialties, which do have present clinical needs. With this strategy in mind we’ve put forward the following three strategic directives. One to grow existing tests and markets, two to expand our business internationally, and three to launch new transformative products including companion diagnostic tests across a diverse set of major disease indications.

Our international strategic initiatives continue to proceed ahead of schedule. Our five country managers and clinical affairs team have concluded the orientation and training program in Salt Lake City, and have now returned to their home countries to focus on growing Myriad’s presence in Germany, Switzerland, Italy, Spain and France.

During the third quarter, Myriad hosted a personalized Medicine Symposium and ribbon cutting ceremony at the Company’s new laboratory in Munich, Germany. Approximately 100 physicians, scientists, politicians and journalists attended the event, and heard presentation on the latest advancements and companion diagnostics and personalized medicine including recent results in melanoma and prostrate cancer research.

In addition to Gary King and me, the presenters included Dr. Horst Domdey, the Director of the Bavarian Biotech Cluster; Dr. Thorston Zenz, Professor of the National Center for Tumor Diseases at Heidelberg; and Dr. Helmuth Kotter, Director of the Medical Laboratory at the University of Innsbruck. The event was extremely well received and represented an important step from Myriad in building relationships in region, and increasing our visibility among the key opinion leaders in Europe.

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