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Myriad Genetics Reports Financial Results For First Quarter Of Fiscal Year 2014

SALT LAKE CITY, Nov. 5, 2013 (GLOBE NEWSWIRE) -- Myriad Genetics, Inc. (Nasdaq:MYGN) today announced financial results for its fiscal first quarter ended Sept. 30, 2013. Revenue for the fiscal first quarter increased 52 percent over the same period in the prior year to $202.5 million. Fiscal first quarter earnings per diluted share (EPS) were $0.68, an increase of 89 percent compared to the fiscal first quarter of 2013.

"These strong financial results speak to the dedication of the Myriad team, and I am proud of the hard work and diligent efforts of each one of our employees," said Peter D. Meldrum, President and Chief Executive Officer of Myriad. "We continue to have a high degree of confidence in our ability to compete in our core markets while diversifying our business both through new product introductions and international expansion as we look to drive future growth and long-term shareholder value."

Fiscal First Quarter 2014 Results
  • Molecular diagnostic testing revenue in the fiscal first quarter equaled $193.0 million, an increase of 52 percent compared to the first quarter of 2013. Revenue from the Oncology segment was $108.3 million, an increase of 30 percent from the same period a year ago. Women's Health revenue totaled $84.7 million, an increase of 93 percent from the same period in the prior year.
  • Revenue from the BRAC Analysis ® test, which represented 74 percent of total revenue in the first quarter, was $149.6 million, a 43 percent increase compared to fiscal year 2013.
  • Revenue from the BART™ test was $24.8 million, a 225 percent increase over the same period a year ago, and represented 12 percent of total revenue.
  • Revenue from the COLARIS ® and COLARIS AP ® tests was $14.3 million, an increase of 19 percent compared to the first quarter of 2013, and represented seven percent of total revenue.
  • Revenue from Myriad's other molecular diagnostic tests was $4.3 million, an increase of 66 percent compared to the previous year, and represented approximately two percent of total revenue.
  • Companion diagnostic service revenue in the fiscal first quarter was $9.5 million, a 54 percent increase over the same period in 2013. Companion diagnostic revenue represented 5 percent of total revenue.
  • Operating margins were 40.9 percent compared to 36.4 percent in the prior year. The improvement in operating margins was driven primarily by operational leverage in selling, general and administrative expenses.
  • Net income for the fiscal first quarter was $55.5 million, an increase of 84 percent compared to the same period in 2013.
  • Net cash from operating activities increased 76 percent to $90 million during the fiscal first quarter compared to $51 million during the same period last year.
  • During the quarter, the Company repurchased 3.8 million shares or $102.3 million of common stock under its stock repurchase program. Fiscal first quarter diluted weighted average shares outstanding were 81.8 million compared to 83.9 million in the same period of 2013.
  • The Company ended the quarter with $515.6 million in cash, cash equivalents and marketable investment securities compared to $466.3 million at Sept. 30, 2012, representing an 11 percent increase year over year.

Business Highlights
  • On Sept. 3, 2013, the Myriad myRisk™ Hereditary Cancer test was launched to thought leaders in the United States. Myriad presented data at the Collaborative Group of the Americas on Inherited Colorectal Cancer demonstrating that myRisk Hereditary Cancer significantly improved the sensitivity of colon cancer risk assessment by detecting 60 percent more deleterious mutations in 1,133 patients who met clinical criteria for hereditary colon cancer testing.
  • Myriad presented data at the American Society of Human Genetics (ASHG) Annual Meeting demonstrating that myRisk Hereditary Cancer correctly identified 15,877 of 15,878 known mutations when compared to Sanger sequencing, representing an analytical sensitivity of 99.99%.
  • On Oct. 29, 2013, the Myriad myPlan™ Lung Cancer test was launched to leading oncologists throughout the United States. Myriad published a peer-reviewed clinical study on myPlan Lung Cancer in Clinical Cancer Research demonstrating that the test was a highly significant predictor of death in patients with early-stage lung cancer.
  • Myriad also showcased data on myPlan Lung Cancer at the International Association for the Study of Lung Cancer Annual Meeting showing that the test accurately predicted a lung cancer patient's risk of dying from the disease. Patients with a high-risk myPlan Lung Cancer score had approximately twice the number of lung-cancer deaths over a five year period compared to patients with a low-risk score.
  • Study results on the Myriad myPath™ Melanoma test were presented at the American Society of Dermatopathology's Annual Meeting demonstrating that it was highly effective in differentiating melanoma from benign nevi. myPath Melanoma test achieved an 89 percent sensitivity and 93 percent specificity across 464 skin biopsy lesions, which included 254 melanomas across all major subtypes.
  • Myriad announced expanded collaborations with BioMarin, Tesaro, and AstraZeneca to advance their PARP inhibitors through Phase 3 clinical trials with the U.S. Food and Drug Administration.

New $300 Million Share Repurchase Program

Myriad has exhausted its current $200 million stock repurchase authorization. Since 2010, the Company has repurchased $700 million of stock representing approximately 30 percent of the total outstanding shares. Myriad announced today that its Board of Directors authorized a new $300 million stock repurchase authorization, expanding the total share repurchase program to $1 billion.

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