However, these products are sold by Myriad’s own 360 person sales force, and most of our sales are here in the United States, that Myriad has just recently opened up laboratory in Europe, and is now selling its products internationally. And today we have benefitted over 1 million patients who have experienced one of Myriad’s nine medical tests.We finished our series fiscal quarter which ended March 31, 2012 with very strong revenue growth of $129.2 million, that’s 23% increase over the prior year. Very strong operating margins of 36%, and generated $40 million in cash, adding to our already $467 million cash balance. The company does have a very strong cash balance, and we’re in the process of implementing our fourth $100 million stock repurchase program. If you look at healthcare in United States today, it very is very effective, but unfortunately it’s not very efficient. And healthcare is faced with rising costs, treatments that are not always effective and many patients who don’t find the treatment, and situations where there is unnecessary treatment given to patients, and very fragmented decision making issue facing healthcare today. Myriad’s products address all of these issues. We have predictive medicine products like BRACAnalysis that assesses a women’s risk of developing cancer later in life, so that actions can be taken to either prevent the disease or at least catch the disease at an earlier stage, when it's more treatable, lowering the cost of the healthcare care for that patient. We have personalized medicine products like OnDose that identify individuals that will respond to drug and they can identify the ultimate dose for those patients, so they do get the right drug at the right time, and with the right dose. And we have prognostic medicine products like Prolaris that can assess how aggressive a man's prostate cancer is likely to be, because most men have a slow-growing, indolent form of the disease that don't require aggressive therapy, and there are too many radical prostatectomy, too much overtreatment of men with prostate cancer, again contributing to the rise of healthcare cost.
So Myriad’s products are addressing the major issues facing healthcare today, and clearly saves not only lives, but the healthcare system significant financial cost. Myriad has three significant growth drivers that the company is currently implementing.Firstly, we are growing and expanding our existing markets, and I’ll talk briefly about that. In the near term we will see significant opportunities from Europe for the opening of our new laboratories in Munich, Germany; and in the midterm we’re both focused on launching new tests like our Prolaris product and other tests in 13 products pipeline. As we look at growing a distinct test within the company, our lead product is BRACAnalysis, which assesses a woman’s risk for developing breast and ovarian cancer later in life. We recently expanded that market increasing the market size about 50%. With the addition of triple negative breast cancer and carcinoma in situ as well as focusing more on the ovarian cancer aspect. This has been complemented with a social media and interactive marketing campaign. And last quarter we saw a 17% growth in BRACAnalysis. And this market represent over $1 billion annually just in United States, not counting our European operations. We're also very much focused on growing COLARIS, which is our second largest product. COLARIS assesses an individual’s risk of developing either colon cancer or a women’s risk of developing endometrial cancer. And we have put together a specialty colorectal cancer sales force team that has contributed to the 51% year-over-year revenue growth we find below this last quarter. I might point out that that's the second quarter in a row where we’ve seen greater than 60% revenue growth in this product. The COLARIS product has a $400 million market opportunity. And our newest product, Prolaris, assesses a man’s risk for dying with prostate cancer, differentiates between those individuals that have a very aggressive form of prostate cancer and man that have the slower growing indolent form of the disease where treatment may not be appropriate and watchful waiting or active surveillance may be a more appropriate course of action. This market represents a $700 million annual market opportunity. Read the rest of this transcript for free on seekingalpha.com