This Day On The Street
Continue to site
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

Myriad Genetics Reports Second Quarter Fiscal Year 2013 Results

SALT LAKE CITY, Feb. 5, 2013 (GLOBE NEWSWIRE) -- Myriad Genetics, Inc. (Nasdaq:MYGN) today announced results for its second fiscal quarter ended December 31, 2012. Revenue for the second fiscal quarter increased 21 percent over the same period in the prior year to $149.1 million.  Second fiscal quarter earnings per diluted share were $0.42, an increase of 27 percent over the same period of the prior year.

"We are pleased with the Company's continued strong financial performance since this represents our sixth consecutive quarter of top line growth exceeding 20 percent," said Peter D. Meldrum, President and Chief Executive Officer of Myriad Genetics, Inc. "Myriad remains dedicated to driving revenue growth based on our three major strategic initiatives of expanding our existing markets, extending our international presence, and launching new products."

Second Fiscal Quarter 2013 Results

  • Molecular diagnostic testing revenue in the second fiscal quarter equaled $140.7 million, an increase of 20 percent compared to the prior year period. Revenue from the Oncology segment equaled $90.9 million, an increase of 16 percent over the second fiscal quarter of 2012. Women's Health revenue totaled $49.8 million, an increase of 27 percent over the same period in the prior year.  
  • Revenue from the BRAC Analysis ® test, which represented 74 percent of total revenue in the second quarter, was $110.3 million, a 9 percent increase over the same period of the prior year.  
  • Revenue from the COLARIS ® and COLARIS AP ® tests was $12.1 million, representing 8.1 percent of total revenue, an increase of 10 percent compared to the second fiscal quarter of the prior year. 
  • Revenue from the BARTâ„¢ test, which represented 10.6 percent of total revenue during the quarter, was $15.8 million, resulting from approximately 65 percent of patients who ordered the BRAC Analysis ®  test also ordering a BARTâ„¢ test.
  • Myriad's other molecular diagnostic tests were $2.5 million which represented 1.7 percent of total revenue.
  • Companion diagnostic service revenue in the second fiscal quarter equaled $8.5 million, a 63 percent increase over the same period in the prior fiscal year. Companion diagnostic revenue benefited in the second fiscal quarter from the recently announced diabetes partnership with Sanofi SA.
  • Operating income was $55.6 million, an increase of 22 percent from the prior year period. Operating income increased meaningfully compared to the same period in the prior year even with the increased investments in research and development of new products and sales and marketing initiatives for the Company's current products.
  • Net income for the second fiscal quarter was $35.0 million, an increase of 24 percent over the $28.3 million reported in same period of the prior year.  
  • During the quarter the Company repurchased 1.2 million shares or $33.7 million of its common stock at an average price of $27.36 under its previously announced stock repurchase program. Second fiscal quarter diluted weighted average shares outstanding were 84.2 million as compared to 86.2 million in the same period of the prior year.  
  • The Company ended the quarter with $468.3 million in cash, cash equivalents and marketable investment securities, an increase of 9 percent over the $428.3 million cash balance at December 31, 2011.

Year-to-Date Performance

  • Total revenue for the first half of fiscal 2013 was $282.6 million, an increase of 21 percent over the $233.3 million reported for the first half of fiscal 2012.
  • Operating income for the first half of fiscal 2013 was $104.2 million, an increase of 20 percent over the $86.9 million reported for the same period of the prior year.
  • Net income for the first half of fiscal 2013 equaled $65.2 million, an increase of 22 percent over the $53.4 million in the first half of the prior year.
  • In the first half of fiscal 2013, diluted earnings per share increased 26 percent to $0.78 compared to $0.62 for the same period in the prior year.

Business Highlights during the Second Quarter of Fiscal 2013

  • Announced a major research partnership between Myriad RBM, a wholly owned subsidiary of Myriad, and Sanofi SA to perform protein biomarker research for the Outcome Reduction with Initial Glargine Intervention (ORIGIN) study with the goal of identifying biomarker profiles that may optimize treatment of pre-diabetic and early diabetic patients.
  • Presented data at the San Antonio Breast Cancer Symposium demonstrating Myriad's HRD test accurately predicted which patients with triple negative breast cancer will respond to platinum-based combination therapies.
  • Presented data at the Annual Meeting of the Society of Urological Oncology demonstrating that the Prolaris ® test significantly predicts biochemical recurrence in prostate cancer patients treated with radiation therapy.
  • Initiated the development of a new prostate cancer diagnostic product to be used in conjunction with prostate biopsies to determine if a patient has prostate cancer even if the biopsy has provided a negative result. False negative results occur in 25 percent to 30 percent of the approximately one million biopsies performed in the United States each year.

Myriad Announces New $200 Million Share Repurchase Program

Myriad is also announcing today that its Board of Directors has authorized a new $200 million stock repurchase program. "This decision is reflective of Myriad Genetics commitment to maintaining a balanced capital deployment strategy," said Jim Evans, Chief Financial Officer of Myriad Genetics, Inc.

1 of 3

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!
SYM TRADE IT LAST %CHG

Markets

DOW 18,080.14 +21.45 0.12%
S&P 500 2,117.69 +4.76 0.23%
NASDAQ 5,092.0850 +36.0220 0.71%

Partners Compare Online Brokers

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs