Last fiscal year 2011, we delivered strong financial results. $402 million in revenue, $158 million in operating profit, $189 million in cash, which then was deployed through a $200 million share buyback in fiscal year 2011. Now we talk about transformative molecular diagnostics and the case for transformation in our healthcare system is abundantly clear. We have a very effective healthcare system but not a very efficient healthcare system. We spent twice as much as the percent of GDP as other developed countries and yet for that additional investment we actually have, in many cases, lower life expectancy in this country. And it has to do a lot with the structure of our healthcare system.We think this healthcare system, the structure is going to fundamentally change over the next five years, and we think Myriad is well positioned to be part of the solution and the changes that are going to have to happen in our healthcare system. The types of products we work on, disease prevention, that is the most cost effective way to treat patients, early diagnosis or an optimal treatment. And all of these solutions that Myriad is bringing to bear, we think will make a very profound impact on the healthcare structure over the coming years. Myriad has identified three strategic directives for growth, and I am going to go into a little more detail on each of the three of these in the coming slides. First is growing our existing products in our existing markets. Second is developing our international presence, and third is a plethora of new opportunities in new tests and companion diagnostics. Each of these strategic directives has a $1 billion plus market potential, and that’s why I want to outline the initiatives that we are undertaking in each of these strategic buckets.
First, in the existing products, we have nine products on the market right now. Our flagship product is BRACAnalysis, which is about 81% of our revenue. The first five products on this slide are all products in the hereditary cancer space. BRACAnalysis is a good example of that. BRACAnalysis evaluates the mutation status of two genes, BRCA one and two. If a patient is found to have a mutation in one of these genes, that patient will have an 87% lifetime risk of developing breast cancer and up to a 44% chance of developing ovarian cancer. But the important thing is that if a patient knows they have that mutation, with appropriate medical management steps they can reduce the risk of those cancers by over 90%.The second product on this slide is COLARIS. The story is similar for COLARIS except that looks at genes that are responsible for hereditary colon cancer or endometrial cancer. Now the OnDose, PREZEON, TheraGuide 5-FU, those are all products that we called personalized medicine products. Those in particular allow an oncologists to determine what appropriate chemotherapies might be for patients with cancer, and in particular in this case, it’s for the administration of 5-Fluorouracil which is the backbone of chemotherapy for colon cancer. And the last test on this slide is PROLARIS. PROLARIS is a prognostic test that helps a urologist determine whether a prostate cancer is indolent or whether it’s a very aggressive form of prostate cancer. And I will talk a little bit more about our strategies for commercializing that product in a second. So these are the nine commercial products. Now I want to specifically talk about three that have very significant opportunities for growth in the near term. The first is BRACAnalysis. BRACAnalysis has a market potential of over $1 billion. We’ve penetrated that market less than 30% at this point. And there are a number of initiatives that we are working on to further penetration in the market. First in ovarian cancer, in triple negative breast cancer and carcinoma in situ. Also we are looking to expand our OB/GYN sales force. The unexpected marketplace for BRACAnalysis, these are patients that don’t have cancer yet but have a family history and therefore would like to prevent that cancer from happening. That’s a very large market. The market size over $10 billion potential market and we have penetrated that market less than 7%. So there is a significant opportunity for growth in that market and we continue to expand our women’s health sales force to take advantage of that. Read the rest of this transcript for free on seekingalpha.com