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Myriad Genetics Reports Fourth Quarter And Fiscal Year 2012 Results

Stocks in this article: MYGN

Conference Call and Webcast

A conference call will be held on Tuesday, August 14, 2012, at 4:30 p.m. Eastern Time to discuss Myriad's financial results for the fourth fiscal quarter of 2012 and fiscal 2012. The dial-in number for domestic callers is (800) 403-7802. International callers may dial (303) 223-2680. All callers will be asked to reference reservation number 21600202. An archived replay of the call will be available for seven days by dialing (800) 633-8284 and entering the reservation number above. The conference call will also be available through a live Webcast at .

About Myriad Genetics

Myriad Genetics is a leading molecular diagnostic company dedicated to making a difference in patients' lives through the discovery and commercialization of transformative tests to assess a person's risk of developing disease, guide treatment decisions and assess risk of disease progression and recurrence. Myriad's portfolio of molecular diagnostic tests are based on an understanding of the role genes play in human disease and were developed with a commitment to improving an individual's decision making process for monitoring and treating disease. Myriad is focused on strategic directives to introduce new products, including companion diagnostics, as well as expanding internationally. For more information on how Myriad is making a difference, please visit the Company's website:

Myriad, the Myriad logo, BRACAnalysis, Colaris, Colaris AP, Melaris, TheraGuide, Prezeon, OnDose, Panexia and Prolaris are trademarks or registered trademarks of Myriad Genetics, Inc. in the United States and foreign countries. MYGN-F, MYGN-G

Safe Harbor Statement

This press release contains "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995, including statements relating to the Company's commitment to build upon its 2012's performance in 2013; the Company's commitment to execute and achieve its strategic directives; the Company's fiscal year 2013 financial guidance under the caption "Fiscal Year 2013 Outlook;" and the Company's strategic directives under the caption "About Myriad Genetics". These "forward-looking statements" are based on management's current expectations of future events and are subject to a number of risks and uncertainties that could cause actual results to differ materially and adversely from those set forth in or implied by forward-looking statements. These risks and uncertainties include, but are not limited to: the risk that sales and profit margins of our existing molecular diagnostic tests and companion diagnostic services may decline or will not continue to increase at historical rates; the risk that we may be unable to develop or achieve commercial success for additional molecular diagnostic tests and companion diagnostic services in a timely manner, or at all; the risk that we may not successfully develop new markets for our molecular diagnostic tests and companion diagnostic services, including our ability to successfully generate revenue outside the United States; the risk that licenses to the technology underlying our molecular diagnostic tests and companion diagnostic services and any future products are terminated or cannot be maintained on satisfactory terms; risks related to delays or other problems with manufacturing our products or operating our laboratory testing facilities; risks related to public concern over genetic testing in general or our tests in particular; risks related to regulatory requirements or enforcement in the United States and foreign countries and changes in the structure of healthcare payment systems; risks related to our ability to obtain new corporate collaborations or licenses and acquire new technologies or businesses on satisfactory terms, if at all; risks related to our ability to successfully integrate and derive benefits from any technologies or businesses that we license or acquire; the development of competing tests and services; the risk that we or our licensors may be unable to protect the proprietary technologies underlying our tests; the risk of patent-infringement and invalidity claims or challenges of our patents; risks of new, changing and competitive technologies and regulations in the United States and internationally; and other factors discussed under the heading "Risk Factors" contained in Item 1A in our most recent Annual Report on Form 10-K filed with the Securities and Exchange Commission, as well as any updates to those risk factors filed from time to time in our Quarterly Reports on Form 10-Q or Current Reports on Form 8-K. All information in this press release is as of the date of the release, and Myriad undertakes no duty to update this information unless required by law.

(in thousands, except per share amounts) Three Months Ended Twelve Months Ended
  Jun. 30, 2012 Jun. 30, 2011 Jun. 30, 2012 Jun. 30, 2011
Molecular diagnostic testing $ 127,499    $ 105,374    $ 472,390 $ 400,046   
Companion diagnostic services 5,466    2,038    23,615 2,038   
Total revenue 132,965    107,412    496,005 402,084   
Costs and expenses:        
Cost of molecular diagnostic testing 13,872    11,447    51,452 45,637   
Cost of companion diagnostic services 3,081    1,077    13,207 1,077   
Research and development expense 12,144    9,230    42,645 27,751   
Selling, general, and administrative expense 56,583    43,881    208,383 169,841   
Total costs and expenses 85,680    65,635    315,687 244,306   
Operating income  47,285    41,777    180,318 157,778   
Other income (expense):        
Interest income 1,395    410    4,629 2,226   
Other (209)   (80)   (407) (353)  
Total other income 1,186    330    4,222 1,873   
Income before income taxes 48,471    42,107    184,540 159,651   
Income tax provision (benefit) 19,330    16,066     72,389 58,941   
Net income $ 29,141    $ 26,041    $ 112,151 $ 100,710   
Earnings per share:        
Basic $ 0.35 $ 0.30 $ 1.33 $ 1.12
Diluted $ 0.34 $ 0.30  $ 1.30  $ 1.10
Weighted average shares outstanding        
Basic 84,285 86,144 84,608 89,794
Diluted 86,323 88,062 86,465 91,704
Condensed Consolidated Balance Sheets (Unaudited)        
  Jun. 30, 2012 Jun. 30, 2011    
(In thousands)        
Cash, cash equivalents, and marketable investment securities $ 454,224 $ 417,314     
Trade receivables, net 60,441 50,272     
Other receivables 2,660 575     
Inventory, net 11,574 8,218     
Prepaid expenses 1,713 2,949     
Equipment and leasehold improvements, net 24,231 23,080     
Note receivable 19,000 —     
Other assets 8,000 —     
Intangibles, net 15,722 16,715     
Goodwill 56,850 56,051     
Deferred tax assets 36,220 35,653     
Total assets $ 690,635 $ 610,827     
Accounts payable and accrued liabilities $ 42,913 $ 33,040     
Deferred revenue 2,054 1,347     
Uncertain tax benefits 10,008 9,648     
Stockholders' equity 635,660 566,792     
Total liabilities and stockholders' equity $ 690,635 $ 610,827     
CONTACT: Rebecca Chambers
         Director, Investor Relations and Corporate Communications
         (801) 584-1143

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