SALT LAKE CITY, Nov. 5, 2013 (GLOBE NEWSWIRE) -- Myriad Genetics, Inc. (Nasdaq:MYGN) today announced financial results for its fiscal first quarter ended Sept. 30, 2013. Revenue for the fiscal first quarter increased 52 percent over the same period in the prior year to $202.5 million. Fiscal first quarter earnings per diluted share (EPS) were $0.68, an increase of 89 percent compared to the fiscal first quarter of 2013.
"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 Peter D. Meldrum, President and Chief Executive Officer of Myriad. "We continue to have a high degree of confidence in our ability to compete in our core markets while diversifying our business both through new product introductions and international expansion as we look to drive future growth and long-term shareholder value."
Fiscal First Quarter 2014 Results
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.
New $300 Million Share Repurchase Program
Myriad has exhausted its current $200 million stock repurchase authorization. Since 2010, the Company has repurchased $700 million of stock representing approximately 30 percent of the total outstanding shares. Myriad announced today that its Board of Directors authorized a new $300 million stock repurchase authorization, expanding the total share repurchase program to $1 billion.
"This decision further exemplifies Myriad's commitment to return cash to shareholders," said James Evans, Chief Financial Officer of Myriad, "We will continue to opportunistically repurchase shares at valuation thresholds that we believe are not reflective of the long-term value of the Company."
Repurchases through the $300 million authorization will be made via open market or privately negotiated purchases as determined by the Company's management. The amount and timing of stock repurchases will depend on business and market conditions, stock price, trading restrictions, acquisition activity, and other factors.
Increased Fiscal Year 2014 Outlook
Myriad is raising its revenue expectations for fiscal year 2014. The Company is forecasting revenues of $700 to $715 million, compared to previous guidance of $690 to $710 million. This new guidance represents 14 to 17 percent revenue growth when compared to the prior fiscal year. Myriad is also increasing its diluted earnings per share guidance for fiscal year 2014. The Company is projecting diluted earnings per share of $1.92 to $1.97 compared to previous guidance of $1.87 to $1.94. This new guidance represents 9 to 12 percent EPS growth.
Conference Call and Webcast
A conference call will be held on Tuesday, Nov. 5, 2013, at 4:30 p.m. Eastern Time to discuss Myriad's financial results for the fiscal first quarter of 2014. The dial-in number for domestic callers is (800) 354-6885. International callers may dial (303) 223-2680. All callers will be asked to enter the reservation number 21676804. An archived replay of the call will be available for seven days by dialing (800) 633-8284 and entering the above reservation number. The conference call also will 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 inpatients' 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 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, 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 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 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 $300 million shares of the Company's common stock, from time-to-time through open market purchases or privately negotiated purchases, as determined by the Company's management; the Company's belief that the repurchase program is an effective means to return capital to shareholders; the amount and timing of share
repurchases depending on business and market conditions, stock price, trading restrictions, acquisition activity and other factors, including the Company's objective to opportunistically repurchase shares at valuation thresholds that we believe are not reflective of the long-term value of the Company; the Company's financial guidance under the caption "Increased Fiscal Year 2014 Outlook"; and the Company's strategic directives under the caption "About Myriad Genetics". These "forward-looking statements" are management's present 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 described in the forward-looking statements. These risks 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; risks related to changes in the governmental or private insurers reimbursement levels for our tests; 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 tests and any future tests are terminated or cannot be maintained on satisfactory terms; risks related to delays or other problems with operating our laboratory
testing facilities; risks related to public concern over our 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 the healthcare system or 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; risks related to increased competition and the development of new competing tests and services; the risk that we or our licensors may be unable to protect or that third parties will infringe the proprietary technologies underlying our tests; the risk
of patent-infringement claims or challenges to the validity of our patents; risks related to changes in intellectual property laws covering our molecular diagnostic tests and companion diagnostic services and patents or enforcement in the United States and foreign countries, such as the Supreme Court decision in the lawsuit brought against us by the Association for Molecular Pathology et al; 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 of 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.
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