Myriad Genetics reports increased revenue, profits, from molecular diagnostic business

By Lisa Kerner

Charlotte, N.C., Nov. 7 - Myriad Genetics, Inc. said its molecular diagnostic revenue increased 43% to $30.9 million in the first-quarter of fiscal 2007, from $21.5 million in the prior-year period.

Gross profits from molecular diagnostics rose 45% to $22.7 million, from $15.7 million for the same quarter of the prior year.

For the first quarter, operating income for the molecular diagnostic business was up 95% to $13.1 million, from $6.7 million for the first quarter of last fiscal year.

Total revenues for the first quarter of $33.5 million were up 34% from $25.1 million in the same quarter last fiscal year.

Myriad Genetics said its research revenues were down slightly at $2.7 million for the first quarter, compared to $3.6 million for first quarter of fiscal 2006.

Research and development expenses increased for the three-month period to $26.4 million, from $18.5 million for prior-year period.

"We are very pleased with the continued growth in our molecular diagnostic business and the advances in moving our drug candidates towards the market," president and chief executive officer Peter Meldrum said in a news release.

"We believe that the remarkable growth in top-line revenues and the substantial improvement in operating profits are indicative of a vigorous, growing molecular diagnostic business."

As of Sept. 30, Myriad had approximately $212 million in cash, cash equivalents and marketable investment securities and no debt or convertible securities.

Myriad Genetics is a biopharmaceutical company based in Salt Lake City, Utah.

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