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Myriad Genetics Reports First Quarter Fiscal Year 2012 Results

Record First Quarter Revenue of $110.5 Million and Operating Income of $41.5 Million

SALT LAKE CITY, Nov. 1, 2011 (GLOBE NEWSWIRE) -- Myriad Genetics, Inc. (Nasdaq:MYGN) today 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.

"We are pleased with our first quarter results," said Peter D. Meldrum, President and Chief Executive Officer of Myriad Genetics, Inc. "We remain committed to our strategy to diversify revenue across multiple diseases and are focused on executing on our strategic plan so that we may continue to deliver transformative tests to patients and strong financial results to our shareholders."

Analysis of First Fiscal Quarter 2012

Fiscal Year 2012 Outlook

The Company reiterated its expectations for fiscal year 2012 financial performance. 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. 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. 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 first fiscal quarter of 2012.

Conference Call and Webcast

A conference call will be held on Tuesday, November 1, 2011, at 4:30 p.m. Eastern time to discuss Myriad's first fiscal quarter 2012 financial results and fiscal year 2012 outlook. The dial-in number for domestic callers is (800) 701-6414. International callers may dial (303) 223-2680. All callers will be asked to reference reservation number 21540898. 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 $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.  

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 and financial results; the Company's commitment to our strategy to diversify revenue across multiple diseases and focus on executing our strategic plan; the Company's ability to continue to deliver transformative tests to patients and strong financial results to shareholders; 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 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
  Sep. 30, 2011 Sep. 30, 2010
     
Molecular diagnostic testing $103,969 $91,858
Companion diagnostic services 6,483
Total revenue 110,452 91,858
     
Costs and expenses:    
Cost of molecular diagnostic testing 11,300 11,011
Cost of companion diagnostic services 3,061
Research and development expense 8,505 5,762
Selling, general, and administrative expense 46,114 39,494
Total costs and expenses 68,980 56,267
     
Operating income  41,472 35,591
     
Other income (expense):    
Interest income 473 721
Other (140) (134)
Total other income 333 587
     
Income before income taxes 41,805 36,178
     
Income tax provision (benefit)  16,706 13,640
     
Net income $25,099 $22,538
     
     
Earnings per share:    
Basic $0.29 $0.24
Diluted $0.29 $0.24
     
Weighted average shares outstanding    
Basic 85,241 93,263
Diluted 87,037 94,734
     
Condensed Consolidated Balance Sheets (Unaudited)
  Sep. 30, 2011 Jun. 30, 2011
(In thousands)    
Cash, cash equivalents, and marketable investment securities $401,703 $417,314
Trade receivables, net 44,818 50,272
Other receivables 655 575
Inventory, net 9,703 8,218
Prepaid expenses 3,313 2,949
Equipment and leasehold improvements, net 23,259 23,080
Note receivable 17,000
Other assets 8,000
Intangibles, net 16,440 16,715
Goodwill 56,850 56,051
Deferred tax assets 37,994 35,653
Total assets $619,735 $610,827
     
Accounts payable and accrued liabilities $30,210 $33,040
Deferred revenue 1,083 1,347
Uncertain tax benefits 9,448 9,648
Stockholders' equity 578,994 566,792
Total liabilities and stockholders' equity $619,735 $610,827
CONTACT: Rebecca Chambers

         Director, Investor Relations and Corporate Communications

         (801) 584-1143

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

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