Myriad Genetics Inc. Reports Unaudited Consolidated Earnings Results for the Second Quarter and Six Months Ended December 31, 2011; Revises Earnings Guidance for the Fiscal 2012
January 31, 2012 at 04:05 pm
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Myriad Genetics Inc. reported unaudited consolidated earnings results for the second quarter and six months ended December 31, 2011. For the quarter, the company reported revenue of $122.8 million, an increase of 22% over the $100.4 million reported in the second fiscal quarter of 2011. Operating income was $45.5 million, an increase of 18% from the prior year period. This record level of operating income included the impact of a 68% increase in R&D investment to support the company's existing molecular diagnostic tests and future product opportunities. Net income was $28.3 million or $0.33 per basic and diluted share compared to $24.2 million or $0.26 per basic and diluted share last year. Income before income taxes was $46.78 million compared to $39.05 million last year. Cash from operating activities equaled $27.5 million, capital expenditures were $3.1 million and included purchases of new instrumentation for the production and research and development laboratory.
For the first half, the company reported total revenue of $233.3 million, an increase of 21% over $192.3 million reported for the half of fiscal 2011. Operating income was $86.9 million, an increase of 17% year-over-year. Net income was $53.4 million or $0.62 per diluted share compared to $46.7 million or $0.50 per diluted share last year. Income before income taxes was $88.59 million compared to $75.23 million last year. Total cash generated during first half was $85.7 million.
The company revised earnings guidance for the fiscal 2012. The company has increased its expectations for fiscal year 2012 financial performance. Total revenue is now expected to be $465 million to $475 million, an increase from the $445 million to $465 million previously announced. This level of revenue is expected to result in fully diluted earnings per share of $1.24 to $1.28, up from the original guidance of $1.20 to $1.25. Molecular diagnostic revenue is now expected to range between $440 million and $450 million and companion diagnostic service revenue continues to be expected to range between $24 million and $26 million. The company expects an effective tax rate of approximately 40%.
Myriad Genetics, Inc. is a genetic testing and precision medicine company. The Company develops and offers genetic tests that help assess the risk of developing disease or disease progression and guide treatment decisions across medical specialties where genetic insights can significantly improve patient care and lower healthcare costs. The Company is focused on three key areas where it has specialized products, capabilities, and expertise: Oncology, Women's Health and Mental Health. In oncology, it offers testing for patients who have cancer and companion diagnostic tests that work with corresponding drugs and treatments. It also offers the SneakPeek Early Gender DNA Test which can reveal a baby's gender as early as six weeks into pregnancy. The Companyâs testing products include MyRisk, BRACAnalysis, BRACAnalysis CDx, MyChoice CDx, Prolaris, EndoPredict, Foresight, Prequel, Precis Tumor Test, Precise Liquid Test, SneakPeek and GeneSight.
Myriad Genetics Inc. Reports Unaudited Consolidated Earnings Results for the Second Quarter and Six Months Ended December 31, 2011; Revises Earnings Guidance for the Fiscal 2012