SALT LAKE CITY, Aug. 14, 2012 (GLOBE NEWSWIRE) -- Myriad Genetics, Inc. (Nasdaq:MYGN) today announced results for its fourth quarter and fiscal year ending June 30, 2012. Revenue for the fourth fiscal quarter increased 24 percent over the same period in the prior year to $133.0 million and resulted in fiscal year 2012 revenue of $496.0 million, an increase of 23 percent over fiscal 2011. Fourth fiscal quarter diluted earnings per share were $0.34, an increase of 14 percent over the same period of the prior year. Fiscal 2012 diluted earnings per share equaled $1.30, an increase of 18 percent year-over-year.
"Myriad achieved record revenue and operating profits last year," said Peter D. Meldrum, President and Chief Executive Officer of Myriad Genetics, Inc. "We are committed to building on this strong performance in fiscal 2013 as we continue to execute on our strategic directives: to grow existing tests and markets, to expand internationally and to launch new tests, including companion diagnostics, across a diverse set of major disease indications."
Fourth Fiscal Quarter 2012 Results
- Revenue from the BRACAnalysis® test, which represented 81.7 percent of total revenue in the fourth quarter, was $108.7 million, a 17 percent increase over the same period of the prior year.
- Revenue from the COLARIS® and COLARIS AP® tests, which represented 8.7 percent of total revenue during the quarter, was $11.5 million, an increase of 51 percent compared to the same fiscal quarter of the prior year.
- Myriad's other molecular diagnostic tests contributed $7.3 million to fourth quarter revenue, or 5.5 percent of total revenue, an increase of 47 percent over the same period in the prior year.
Fiscal Year 2012 Results
- Revenue from the BRACAnalysis test was $405.5 million, an increase of 15 percent over the prior year.
- Revenue from the COLARIS and COLARIS AP tests was $43.3 million, an increase of 48 percent compared to the prior year.
- Myriad's other molecular diagnostic tests contributed $23.6 million to fiscal 2012 revenue, an increase of 32 percent over the prior year.
Business Highlights of Fiscal Year 2012
Fiscal Year 2013 Outlook
The Company expects fiscal year 2013 total revenue of $550 million to $565 million and diluted earnings per share of $1.44 to $1.48. These projections are forward looking statements and are subject to the risks summarized in the safe harbor statement at the end of this press release. The Company will provide further detail on its business outlook during the conference call it is holding today to discuss its fiscal results for the fourth fiscal quarter and fiscal year 2012 financial results.
Conference Call and Webcast
A conference call will be held on Tuesday, August 14, 2012, at 4:30 p.m. Eastern Time to discuss Myriad's financial results for the fourth fiscal quarter of 2012 and fiscal 2012. The dial-in number for domestic callers is (800) 403-7802. International callers may dial (303) 223-2680. All callers will be asked to reference reservation number 21600202. An archived replay of the call will be available for seven days by dialing (800) 633-8284 and entering the reservation number above. The conference call will also be available through a live Webcast at www.myriad.com.
About Myriad Genetics
Myriad Genetics is a leading molecular diagnostic company dedicated to making a difference in patients' lives through the discovery and commercialization of transformative tests to assess a person's risk of developing disease, guide treatment decisions and assess risk of disease progression and recurrence. Myriad's portfolio of molecular diagnostic tests are based on an understanding of the role genes play in human disease and were developed with a commitment to improving an individual's decision making process for monitoring and treating disease. Myriad is focused on strategic directives to introduce new products, including companion diagnostics, as well as expanding internationally. For more information on how Myriad is making a difference, please visit the Company's website: www.myriad.com
Myriad, the Myriad logo, BRACAnalysis, Colaris, Colaris AP, Melaris, TheraGuide, Prezeon, OnDose, Panexia and Prolaris are trademarks or registered trademarks of Myriad Genetics, Inc. in the United States and foreign countries. MYGN-F, MYGN-G
Safe Harbor Statement
This press release contains "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995, including statements relating to the Company's commitment to build upon its 2012's performance in 2013; the Company's commitment to execute and achieve its strategic directives; the Company's fiscal year 2013 financial guidance under the caption "Fiscal Year 2013 Outlook;" and the Company's strategic directives under the caption "About Myriad Genetics". These "forward-looking statements" are based on management's current expectations of future events and are subject to a number of risks and uncertainties that could cause actual results to differ materially and adversely from those set forth in or implied by forward-looking statements. These risks and uncertainties include, but are not limited to: the risk that sales and profit margins of our existing molecular diagnostic tests and companion diagnostic services may decline or will not continue to increase at historical rates; the risk that we may be unable to develop or achieve commercial success for additional molecular diagnostic tests and companion diagnostic services in a timely manner, or at all; the risk that we may not successfully develop new markets for our molecular diagnostic tests and companion diagnostic services, including our ability to successfully generate revenue outside the United States; the risk that licenses to the technology underlying our molecular diagnostic tests and companion diagnostic services and any future products are terminated or cannot be maintained on satisfactory terms; risks related to delays or other problems with manufacturing our products or operating our laboratory testing facilities; risks related to public concern over genetic testing in general or our tests in particular; risks related to regulatory requirements or enforcement in the United States and foreign countries and changes in the structure of healthcare payment systems; risks related to our ability to obtain new corporate collaborations or licenses and acquire new technologies or businesses on satisfactory terms, if at all; risks related to our ability to successfully integrate and derive benefits from any technologies or businesses that we license or acquire; the development of competing tests and services; the risk that we or our licensors may be unable to protect the proprietary technologies underlying our tests; the risk of patent-infringement and invalidity claims or challenges of our patents; risks of new, changing and competitive technologies and regulations in the United States and internationally; and other factors discussed under the heading "Risk Factors" contained in Item 1A in our most recent Annual Report on Form 10-K filed with the Securities and Exchange Commission, as well as any updates to those risk factors filed from time to time in our Quarterly Reports on Form 10-Q or Current Reports on Form 8-K. All information in this press release is as of the date of the release, and Myriad undertakes no duty to update this information unless required by law.
|MYRIAD GENETICS, INC. AND SUBSIDIARIES|
|CONDENSED CONSOLIDATED INCOME STATEMENTS (Unaudited)|
|(in thousands, except per share amounts)||Three Months Ended||Twelve Months Ended|
|Jun. 30, 2012||Jun. 30, 2011||Jun. 30, 2012||Jun. 30, 2011|
|Molecular diagnostic testing||$ 127,499||$ 105,374||$ 472,390||$ 400,046|
|Companion diagnostic services||5,466||2,038||23,615||2,038|
|Costs and expenses:|
|Cost of molecular diagnostic testing||13,872||11,447||51,452||45,637|
|Cost of companion diagnostic services||3,081||1,077||13,207||1,077|
|Research and development expense||12,144||9,230||42,645||27,751|
|Selling, general, and administrative expense||56,583||43,881||208,383||169,841|
|Total costs and expenses||85,680||65,635||315,687||244,306|
|Other income (expense):|
|Total other income||1,186||330||4,222||1,873|
|Income before income taxes||48,471||42,107||184,540||159,651|
|Income tax provision (benefit)||19,330||16,066||72,389||58,941|
|Net income||$ 29,141||$ 26,041||$ 112,151||$ 100,710|
|Earnings per share:|
|Basic||$ 0.35||$ 0.30||$ 1.33||$ 1.12|
|Diluted||$ 0.34||$ 0.30||$ 1.30||$ 1.10|
|Weighted average shares outstanding|
|Condensed Consolidated Balance Sheets (Unaudited)|
|Jun. 30, 2012||Jun. 30, 2011|
|Cash, cash equivalents, and marketable investment securities||$ 454,224||$ 417,314|
|Trade receivables, net||60,441||50,272|
|Equipment and leasehold improvements, net||24,231||23,080|
|Deferred tax assets||36,220||35,653|
|Total assets||$ 690,635||$ 610,827|
|Accounts payable and accrued liabilities||$ 42,913||$ 33,040|
|Uncertain tax benefits||10,008||9,648|
|Total liabilities and stockholders' equity||$ 690,635||$ 610,827|
Rebecca Chambers Director, Investor Relations and Corporate Communications (801) 584-1143
Myriad Genetics, Inc.
Salt Lake City, Utah, UNITED STATES
Rebecca Chambers Director, Investor Relations and Corporate Communications (801) 584-1143
Myriad Genetics, Inc. logo