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Myriad Genetics Reports Fourth Quarter and Fiscal Year 2011 Results

Record Fourth Quarter Revenue of $107.4 Million and Fiscal Year Revenue of $402.1 Million

SALT LAKE CITY, Aug. 9, 2011 (GLOBE NEWSWIRE) -- Myriad Genetics, Inc. (Nasdaq:MYGN) today announced results for its fourth fiscal quarter and fiscal year ending June 30, 2011. Revenue for the fourth fiscal quarter increased 14 percent over the same period in the prior year to $107.4 million and resulted in fiscal year revenue of $402.1 million, an increase of 11 percent over the $362.6 million reported for fiscal 2010. 

"We are pleased with our record fourth quarter and fiscal year results," said Peter D. Meldrum, President and Chief Executive Officer of Myriad Genetics, Inc. "The demand for our products remains strong and we are now focused on executing our strategic plan for fiscal 2012 so that we may continue to deliver transformative products to patients and strong financial results to our shareholders." 

Analysis of Fourth Fiscal Quarter 2011

Fiscal Year 2011 Performance

Fiscal Year 2012 Outlook

For fiscal year 2012 molecular diagnostic revenue is expected to range between $421 million and $439 million and companion diagnostic service revenue is expected to range between $24 million and $26 million. Total revenue is expected to range between $445 million and $465 million resulting in fully diluted earnings per share of $1.20 to $1.25. These projections 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 fourth quarter and fiscal year 2011 financial results.

Conference Call and Webcast

A conference call will be held on Tuesday, August 9, 2011, at 4:30 p.m. Eastern time to discuss Myriad's fourth quarter and fiscal year 2011 financial results and fiscal year 2012 outlook. The dial-in number for domestic callers is (800) 920-9723. International callers may dial (212) 231-2936. All callers will be asked to reference reservation number 21531285. 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, Inc. (Nasdaq:MYGN) 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 $402 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.  

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 outlook for fiscal year 2012 under the caption "Fiscal Year 2012 Outlook"; the continued strength of the Company's products; the Company's ability to continue to deliver transformative products to patients and strong financial results to shareholders, and the Company's expectation to offset income tax expense with net operating losses and therefore pay minimal income tax for fiscal 2011, including the fourth fiscal quarter. 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 expand into new markets outside of the United States; 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 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 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, 2011 Jun. 30, 2010 Jun. 30, 2011 Jun. 30, 2010
         
Molecular diagnostic testing $105,374 $93,929 $400,046 $362,648
Companion diagnostic services 2,038  -- 2,038  --
Total revenue 107,412  93,929 402,084  362,648
         
Costs and expenses:        
Cost of molecular diagnostic testing 11,447 11,262 45,637  44,286
Cost of companion diagnostic services 1,077  -- 1,077  --
Research and development expense 9,230 5,254 27,751 21,873
Selling, general, and administrative expense 43,881 39,798 169,841 161,414
Total costs and expenses 65,635 56,314 244,306 227,573
         
Operating income  41,777 37,615 157,778 135,075
         
Other income (expense):        
Interest income 410 984 2,226 5,660
Other (80) 5 (353) 99
Total other income 330 989 1,873 5,759
         
Income before income taxes 42,107 38,604 159,651 140,834
         
Income tax provision (benefit)  16,066 (14,646)  58,941  (11,469)
         
Net income $26,041 $53,250 100,710 152,303
         
         
Earnings per share:        
Basic $0.30 $0.55 $1.12 $1.58
Diluted $0.30 $0.54 $1.10 $1.54
         
Weighted average shares outstanding        
Basic 86,144 96,269 89,794 96,338   
Diluted 88,062 98,259 91,704 99,152   
         
Condensed Consolidated Balance Sheets (Unaudited)    
  Jun. 30, 2011 Jun. 30, 2010    
(In thousands)        
Cash, cash equivalents, and marketable investment securities $417,314 $488,382    
Trade receivables, net 50,272 47,801    
Other assets 575 333    
Inventory, net 5,668 0    
Prepaid expenses 5,499 4,054    
Equipment and leasehold improvements, net 23,080 23,261    
Intangibles, net 16,715 2,052    
Goodwill 56,051  --     
Deferred tax assets 35,653  27,964    
 Total assets $610,827 $593,847    
         
Accounts payable and accrued liabilities $33,040  27,466    
Deferred revenue  1,347  --     
Uncertain tax benefits  9,648  8,800    
Stockholders' equity  566,792 557,581    
Total liabilities and stockholders' equity $610,827 $593,847    
CONTACT: Rebecca Chambers

         Director, Investor Relations and Corporate Communications

         (801) 584-1143

         rchambers@myriad.com
Source: Myriad Genetics, Inc.

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