Myriad Genetics Reports Second Quarter Fiscal Year 2013 Results
"We are pleased with the Company's continued strong financial performance since this represents our sixth consecutive quarter of top line growth exceeding 20 percent," said
Second Fiscal Quarter 2013 Results
Molecular diagnostic testing revenue in the second fiscal quarter equaled
$140.7 million, an increase of 20 percent compared to the prior year period. Revenue from the Oncology segment equaled $90.9 million, an increase of 16 percent over the second fiscal quarter of 2012. Women's Healthrevenue totaled $49.8 million, an increase of 27 percent over the same period in the prior year.
- Revenue from the BRACAnalysis® test, which represented 74 percent of total revenue in the second quarter, was
$110.3 million, a 9 percent increase over the same period of the prior year.
- Revenue from the COLARIS® and COLARIS AP® tests was
$12.1 million, representing 8.1 percent of total revenue, an increase of 10 percent compared to the second fiscal quarter of the prior year.
- Revenue from the BART™ test, which represented 10.6 percent of total revenue during the quarter, was
$15.8 million, resulting from approximately 65 percent of patients who ordered the BRACAnalysis® test also ordering a BART™ test.
- Myriad's other molecular diagnostic tests were
$2.5 millionwhich represented 1.7 percent of total revenue.
Companion diagnostic service revenue in the second fiscal quarter equaled
$8.5 million, a 63 percent increase over the same period in the prior fiscal year. Companion diagnostic revenue benefited in the second fiscal quarter from the recently announced diabetes partnership with Sanofi SA.
Operating income was
$55.6 million, an increase of 22 percent from the prior year period. Operating income increased meaningfully compared to the same period in the prior year even with the increased investments in research and development of new products and sales and marketing initiatives for the Company's current products.
Net income for the second fiscal quarter was
$35.0 million, an increase of 24 percent over the $28.3 millionreported in same period of the prior year.
During the quarter the Company repurchased 1.2 million shares or
$33.7 millionof its common stock at an average price of $27.36under its previously announced stock repurchase program. Second fiscal quarter diluted weighted average shares outstanding were 84.2 million as compared to 86.2 million in the same period of the prior year.
The Company ended the quarter with
$468.3 millionin cash, cash equivalents and marketable investment securities, an increase of 9 percent over the $428.3 millioncash balance at December 31, 2011.
Total revenue for the first half of fiscal 2013 was
$282.6 million, an increase of 21 percent over the $233.3 millionreported for the first half of fiscal 2012.
Operating income for the first half of fiscal 2013 was
$104.2 million, an increase of 20 percent over the $86.9 millionreported for the same period of the prior year.
Net income for the first half of fiscal 2013 equaled
$65.2 million, an increase of 22 percent over the $53.4 millionin the first half of the prior year.
In the first half of fiscal 2013, diluted earnings per share increased 26 percent to
$0.78compared to $0.62for the same period in the prior year.
Business Highlights during the Second Quarter of Fiscal 2013
Announced a major research partnership between
Myriad RBM, a wholly owned subsidiary of Myriad, and Sanofi SAto perform protein biomarker research for the Outcome Reduction with Initial Glargine Intervention (ORIGIN) study with the goal of identifying biomarker profiles that may optimize treatment of pre-diabetic and early diabetic patients.
- Presented data at the San Antonio Breast Cancer Symposium demonstrating Myriad's HRD test accurately predicted which patients with triple negative breast cancer will respond to platinum-based combination therapies.
Presented data at the Annual Meeting of the
Society of Urological Oncologydemonstrating that the Prolaris® test significantly predicts biochemical recurrence in prostate cancer patients treated with radiation therapy.
Initiated the development of a new prostate cancer diagnostic product to be used in conjunction with prostate biopsies to determine if a patient has prostate cancer even if the biopsy has provided a negative result. False negative results occur in 25 percent to 30 percent of the approximately one million biopsies performed in
the United Stateseach year.
Myriad Announces New
Myriad is also announcing today that its Board of Directors has authorized a new
Repurchases under the
Fiscal Year 2013 Outlook
The Company is tightening its revenue 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 continued strong financial performance; the Company's dedication to driving revenue growth based on its three major strategic initiatives; the ability of the Company's HRD test to accurately predict patients with triple negative cancer response to platinum based combination therapies; the ability of the Company's Prolaris test to significantly predict biochemical recurrence in prostate cancer patients treated with radiation therapy; the Company's plans to develop a new prostate cancer diagnostic product to be used in conjunction with prostate biopsies; potential repurchases of common stock under the Company's new
|CONDENSED CONSOLIDATED INCOME STATEMENTS (Unaudited)|
|(in thousands, except per share amounts)||Three Months Ended||Six Months Ended|
|Molecular diagnostic testing||$ 140,651||$ 117,610||$ 267,919||$ 221,579|
|Companion diagnostic services||8,489||5,201||14,658||11,684|
|Costs and expenses:|
|Cost of molecular diagnostic testing||15,566||12,815||29,498||24,115|
|Cost of companion diagnostic services||4,318||3,302||7,713||6,364|
|Research and development expense||14,107||10,243||25,507||18,748|
|Selling, general, and administrative expense||59,563||50,986||115,691||97,100|
|Total costs and expenses||93,554||77,346||178,409||146,327|
|Other income (expense):|
|Total other income||1,399||1,318||2,639||1,651|
|Income before income taxes||56,985||46,783||106,807||88,587|
|Income tax provision (benefit)||21,949||18,487||41,635||35,193|
|Net income||$ 35,036||$ 28,296||$ 65,172||$ 53,394|
|Earnings per share:|
|Basic||$ 0.43||$ 0.33||$ 0.80||$ 0.63|
|Diluted||$ 0.42||$ 0.33||$ 0.78||$ 0.62|
|Weighted average shares outstanding|
|Condensed Consolidated Balance Sheets (Unaudited)|
|Cash, cash equivalents, and marketable investment securities||$ 468,269||$ 454,224|
|Trade receivables, net||75,564||60,441|
|Equipment and leasehold improvements, net||27,285||24,231|
|Deferred tax assets||33,944||36,220|
|Total assets||$ 717,746||$ 690,635|
|Accounts payable and accrued liabilities||$ 42,767||$ 42,913|
|Uncertain tax benefits||10,138||10,008|
|Total liabilities and stockholders' equity||$ 717,746||$ 690,635|
CONTACT: Investor RelationsSource:
Scott Gleason, VP Investor Relations (801) 584-1143 email@example.com
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