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Myriad Genetics Reports Second Quarter Fiscal Year 2013 Results

Stocks in this article: MYGN

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.

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