Myriad Genetics Reports First Quarter Fiscal Year 2013 Results
"In what has historically been a challenging summer quarter, Myriad achieved record revenue and higher operating profits," said
First Fiscal Quarter 2013 Results
Molecular diagnostic testing revenue in the first fiscal quarter equaled
$127.3 million, an increase of 22 percent compared to the prior year period. Revenue from the Oncology segment equaled $86.2 million, an increase of 16 percent over the first fiscal quarter of 2012. Women's Healthrevenue totaled $41.1 million, an increase of 38 percent over the same period in the prior year.
- Revenue from the BRACAnalysis® test, which represented 78.7 percent of total revenue in the first quarter, was
$105.0 million, a 17 percent increase over the same period of the prior year.
- Revenue from the COLARIS® and COLARIS AP® tests, which represented 9.1 percent of total revenue during the quarter, was
$12.1 million, an increase of 26 percent compared to the same fiscal quarter of the prior year.
- Revenue from the BART™ test, which represented 5.7 percent of total revenue during the quarter, was
$7.6 million, an increase of 188 percent compared to the same fiscal quarter of the prior year.
- Myriad's other molecular diagnostic tests contributed
$2.6 millionto first quarter revenue, an increase of 17 percent over the same period in the prior year.
Companion diagnostic service revenue in the first fiscal quarter equaled
$6.2 millionand represented 4.6 percent of total company revenue, compared to $6.5 millionin the prior fiscal year.
Operating income was
$48.6 million, an increase of 17 percent from the prior year period. This record level of operating income included the impact of increased investment in research and development to support existing molecular diagnostic tests and future products, as well as investments for international expansion and sales force expansion.
Net income for the first fiscal quarter was
$30.1 million, an increase of 20 percent over the $25.1 millionreported in same period of the prior year.
During the quarter the Company repurchased 1.8 million shares or
$46.2 millionof its common stock at an average price of $25.17under its previously announced stock repurchase program. First fiscal quarter diluted weighted average shares outstanding were 83.9 million as compared to 87.0 million in the same period of the prior year.
- Days sales outstanding for Myriad's accounts receivable were 44 days and bad debt expense was 5.4 percent of total revenue.
The Company ended the quarter with
$466.3 millionin cash, cash equivalents and marketable investment securities, an increase of 16% over the $401.7 millioncash balance at September 30, 2011.
Business Highlights during the First Quarter of Fiscal 2013
Received a decision from
Noridian Administrative Services, the Company's Medicare Administrative Contractor, that effective October 1, 2012 Medicarewould reimburse BART testing for patients with a personal history of breast or ovarian cancer.
Announced the inclusion of BRACAnalysis in the demonstration projects initiated by
TRICARE, the health care program for Uniformed Service members, retirees and their families worldwide, providing for reimbursement of BRACAnalysis for their members with a personal or family history of breast or ovarian cancer.
Published a study in the
British Journal of Cancerwhich highlighted the ability of the Company's Homologous Recombination Deficiency (HRD) Assay to detect loss of DNA repair in ovarian tumors. The HRD test may identify cancer patients who have a high likelihood of responding to platinum drugs as well as PARP inhibitors.
The United States Court of Appeals for the Federal Circuitdeclared that the Company's composition of matter patent claims covering isolated DNA of the BRCA 1 and BRCA 2 genes are patent-eligible material under Section 101 of the United States Patent Act. Subsequently, the plaintiffs filed a Petition for a Writ of Certiorari with the Supreme Court.
Fiscal Year 2013 Outlook
The Company has increased its expectations for fiscal year 2013 financial performance. Total revenue is now expected to be in a range of
Conference Call and Webcast
A conference call will be held on
Myriad, the Myriad logo, BART, BRACAnalysis, Colaris, Colaris AP, Melaris, TheraGuide, Prezeon, OnDose, 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 belief that its initiatives of growing existing tests and markets has fueled its financial results and its continued excitement about the future potential contributions from the Company's strategic directives of expanding internationally and launching new tests across a diverse set of major disease indications; the ability of the HRD test to identify cancer patients who have a high likelihood of responding to platinum drugs as well as PARP inhibitors; the Company's fiscal year 2013 financial guidance under the caption "Fiscal Year 2013 Outlook;" the impact of the recent severe storm affecting the
|CONDENSED CONSOLIDATED INCOME STATEMENTS (Unaudited)|
|(in thousands, except per share amounts)||Three Months Ended|
|Molecular diagnostic testing||$ 127,268||$ 103,969|
|Companion diagnostic services||6,169||6,483|
|Costs and expenses:|
|Cost of molecular diagnostic testing||13,932||11,300|
|Cost of companion diagnostic services||3,395||3,061|
|Research and development expense||11,400||8,505|
|Selling, general, and administrative expense||56,128||46,114|
|Total costs and expenses||84,855||68,980|
|Other income (expense):|
|Total other income||1,240||333|
|Income before income taxes||49,822||41,805|
|Income tax provision (benefit)||19,686||16,706|
|Net income||$ 30,136||$ 25,099|
|Earnings per share:|
|Basic||$ 0.37||$ 0.29|
|Diluted||$ 0.36||$ 0.29|
|Weighted average shares outstanding|
|Condensed Consolidated Balance Sheets (Unaudited)|
|Cash, cash equivalents, and marketable investment securities||$ 466,290||$ 454,224|
|Trade receivables, net||62,503||60,441|
|Equipment and leasehold improvements, net||24,757||24,231|
|Deferred tax assets||34,459||36,220|
|Total assets||$ 703,061||$ 690,635|
|Accounts payable and accrued liabilities||
|Uncertain tax benefits||10,138||10,008|
|Total liabilities and stockholders' equity||$ 703,061||$ 690,635|
CONTACT: Investor RelationsSource:
Jim Evans, Chief Financial Officer (801) 584-1143 firstname.lastname@example.org Media Relations Stephanie Ashe Continuum Health Communicationssashe@continuumhealthcom.com
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