Myriad Genetics Reports Financial Results for First Quarter of Fiscal Year 2014
"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
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 Healthrevenue totaled $84.7 million, an increase of 93 percent from the same period in the prior year.
- Revenue from the BRACAnalysis® 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 millionduring the fiscal first quarter compared to $51 millionduring the same period last year.
During the quarter, the Company repurchased 3.8 million shares or
$102.3 millionof 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 millionin cash, cash equivalents and marketable investment securities compared to $466.3 millionat Sept. 30, 2012, representing an 11 percent increase year over year.
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 Cancerdemonstrating 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%.
Oct. 29, 2013, the Myriad myPlan™ Lung Cancertest was launched to leading oncologists throughout the United States. Myriad published a peer-reviewed clinical study on myPlan Lung Cancerin Clinical Cancer Researchdemonstrating that the test was a highly significant predictor of death in patients with early-stage lung cancer.
Myriad also showcased data on myPlan
Lung Cancerat the International Association for the Study of Lung CancerAnnual 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'sAnnual 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.
Myriad has exhausted its current
"This decision further exemplifies Myriad's commitment to return cash to shareholders," said
Repurchases through the
Increased Fiscal Year 2014 Outlook
Myriad is raising its revenue expectations for fiscal year 2014. The Company is forecasting revenues of
Conference Call and Webcast
A conference call will be held on
Myriad, the Myriad logo, BART, BRACAnalysis, Colaris, Colaris AP, Melaris, myPath Melanoma, myPlan Lung Cancer, myRisk Hereditary Cancer, TheraGuide, Prezeon, Panexia and Prolaris are trademarks or registered trademarks of
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 confidence in our ability to compete in our core markets while diversifying our business both through new product introductions and international expansion; the clinical study results and commercial launch plans for the Company's myRisk Hereditary Cancer, myPlan Lung Cancer, and myPath Melanoma tests; the commencement, implementation and completion of the repurchase of an additional
|CONDENSED CONSOLIDATED INCOME STATEMENTS (Unaudited)|
|(in thousands, except per share amounts)||Three Months Ended|
|Molecular diagnostic testing||
|Companion diagnostic services||9,480||6,169|
|Costs and expenses:|
|Cost of molecular diagnostic testing||21,439||13,932|
|Cost of companion diagnostic services||4,042||3,395|
|Research and development expense||16,803||11,400|
|Selling, general, and administrative expense||77,279||56,128|
|Total costs and expenses||119,563||84,855|
|Other income (expense):|
|Total other income||923||1,240|
|Income before income taxes||83,827||49,822|
|Income tax provision (benefit)||28,362||19,686|
|Earnings per share:|
|Weighted average shares outstanding|
|Condensed Consolidated Balance Sheets (Unaudited)|
|Cash, cash equivalents, and marketable investment securities||
|Trade receivables, net||86,218||94,333|
|Equipment and leasehold improvements, net||30,675||27,602|
|Deferred tax assets||37,241||36,639|
|Accounts payable and accrued liabilities||
|Uncertain tax benefits||12,356||10,718|
|Total liabilities and stockholders' equity||
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