However, these products are sold by Myriad’s own 360 person sales force, and most of our sales are here in the United States, that Myriad has just recently opened up laboratory in Europe, and is now selling its products internationally. And today we have benefitted over 1 million patients who have experienced one of Myriad’s nine medical tests.
We finished our series fiscal quarter which ended March 31, 2012 with very strong revenue growth of $129.2 million, that’s 23% increase over the prior year. Very strong operating margins of 36%, and generated $40 million in cash, adding to our already $467 million cash balance.
The company does have a very strong cash balance, and we’re in the process of implementing our fourth $100 million stock repurchase program.
If you look at healthcare in United States today, it very is very effective, but unfortunately it’s not very efficient. And healthcare is faced with rising costs, treatments that are not always effective and many patients who don’t find the treatment, and situations where there is unnecessary treatment given to patients, and very fragmented decision making issue facing healthcare today.Myriad’s products address all of these issues. We have predictive medicine products like BRACAnalysis that assesses a women’s risk of developing cancer later in life, so that actions can be taken to either prevent the disease or at least catch the disease at an earlier stage, when it's more treatable, lowering the cost of the healthcare care for that patient. We have personalized medicine products like OnDose that identify individuals that will respond to drug and they can identify the ultimate dose for those patients, so they do get the right drug at the right time, and with the right dose. And we have prognostic medicine products like Prolaris that can assess how aggressive a man's prostate cancer is likely to be, because most men have a slow-growing, indolent form of the disease that don't require aggressive therapy, and there are too many radical prostatectomy, too much overtreatment of men with prostate cancer, again contributing to the rise of healthcare cost.
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