Myriad Genetics Reports First Quarter Fiscal Year 2012 Results
Record First Quarter Revenue of $110.5 Million and Operating Income of $41.5 Million
Myriad Genetics, Inc. (Nasdaq:MYGN) announced results for its first fiscal quarter ending September 30, 2011. Revenue for the first fiscal quarter was $110.5 million, an increase of 20 percent over the $91.9 million reported in the first fiscal quarter of 2011. Operating income was $41.5 million, an increase of 17 percent from the prior-year period.
Molecular diagnostic testing revenue in the first fiscal quarter equaled $104.0 million, an increase of 13 percent compared to the prior year period. This increase was driven by strong growth across the Company's segments and products. Oncology revenue equaled $74.2 million, an increase of 12 percent over the first quarter of 2011, and Women's Health revenue totaled $29.8 million, an increase of 15 percent over the same period in the prior year.
Revenue from the BRACAnalysis(R) test, which represented 81.0 percent of total revenue for the first quarter, was $89.5 million, compared to $80.7 million in the same period in the prior year. Revenue from the COLARIS(R) and COLARIS AP(R) tests, which represented 8.7 percent of total revenue, was $9.6 million, an increase of 35 percent compared to the same fiscal quarter of the prior year. Myriad's remaining molecular diagnostic tests contributed $4.9 million to first quarter revenue, an increase of 20 percent over the same period in the prior year, and accounted for 4.4 percent of total revenue.
Companion diagnostic service revenue in the first fiscal quarter from our newly acquired subsidiary, Myriad RBM, equaled $6.5 million and represented 5.9 percent of total company revenue. The Company acquired this business through its acquisition of Rules-Based Medicine, Inc. in May 2011.
Operating income grew 17 percent to $41.5 million, compared with $35.6 million in the same fiscal quarter of the prior year.
Net income for the first fiscal quarter was $25.1 million, or $0.29 per diluted share. Net income for the first fiscal quarter of the prior year was $22.5 million, or $0.24 per diluted share.
Myriad Genetics, Inc. is a leading molecular diagnostic company dedicated to developing and marketing transformative tests to assess a person's risk of developing disease, guide treatment decisions and assess a patient's risk of disease progression and disease recurrence. Myriad's portfolio of nine molecular diagnostic tests are based on an understanding of the role genes play in human disease and were developed with a focus on improving an individual's decision making process for monitoring and treating disease. With fiscal year 2011 annual revenue of over $400 million and more than 1,000 employees, Myriad is working on strategic directives, including new product introductions, companion diagnostics, and international expansion, to take advantage of significant growth opportunities.
For more information on how Myriad is making a difference, please visit the Company's website: www.myriad.com.
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