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TheStreet Open House

Myriad Genetics' CEO Discusses F4Q12 Results - Earnings Call Transcript

Presenting 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 will now turn the call over to Pete.

Peter D. Meldrum

Thank you, Rebecca. To begin I would like to highlights our results for fiscal 2012, which by all accounts was a year of very strong performance for Myriads.

I'm extremely pleased to report that the total company revenue increased 23% year-over-year to reach a new record of $496 million. All of our tasks contributed to this excellent performance.

Importantly, BRACAnalysis demonstrated solid year-over-year growth of 15% in fiscal 2012 as we increased our market penetration in both the Oncology and Women's Health segments. COLARIS delivered impressive growth last year as revenues from our colon cancer test grew 48% year-over-year. Our other products also contributed to our record revenues by increasing 32%.

For the full year, net income increased to $112.2 million and diluted earnings per share grew 18% to a $1.30. We believe we will continue to reap the benefits of our strategic initiatives for long-term growth in fiscal 2013. Therefore we are projecting revenue in fiscal 2013 to be $550 million to $565 million, which represents an 11% to 14% growth over last year.

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