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Salt Lake City-based Myriad Genetics reports big revenue bump

Published May 2, 2012 7:30 am

Earnings • Medical firm raises guidance for fiscal 2012.
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Myriad Genetics Inc. said it saw a revenue increase of 27 percent in its fiscal third quarter.

The Salt Lake City-based marketer of tests to detect genes that contribute to breast and ovarian cancer reported quarterly revenue of $129.8 million, compared with $102.4 million for the same quarter of 2011.

Net income was $29.6 million, up 6 percent from $27.9 million. Earnings per diluted share were 34 cents, an increase of 10 percent over the same period of the previous year.

Myriad released the results after the close of stock markets Tuesday. In after-hours trading, the company's shares were up 63 cents, at $26.60. Its shares finished the regular trading day at $25.97, down 4 cents.

"Myriad continues to generate very strong top- and bottom-line results, and therefore we are raising our expectations for fiscal 2012 performance," President and CEO Peter Meldrum said.

The company said it expects annual revenue to be $492 million to $496 million, an increase from previous guidance of $445 million to $465 million. That should result in fully diluted earnings per share of $1.29 to $1.31, up from $1.20 to $1.25, the company said.

Revenue for the first nine months of Myriad's fiscal year 2012 was $363 million, an increase of 23 percent over the same period of 2011.

Net income for the first nine months was $83 million, compared with $74.7 million for the same period last year. The projection for diluted nine-month earnings per share was increased 19 percent, to 96 cents from 80 cents.






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