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Molecular Diagnostics Sales Propel Strong Q1 Results for Myriad Genetics

NEW YORK (GenomeWeb News) – Myriad Genetics today reported 53 percent revenue growth and a swing from a net loss to a profit for its first quarter ended Sept. 30.
 
The Salt Lake City-based firm brought in total revenues of $73.6 million for the quarter compared to $48.3 million for the comparable period of 2007. Its molecular diagnostics sales jumped 52 percent to $70 million from $46.1 million, and its research and other revenue increased 68 percent to $3.7 million from $2.2 million.
 
“All five of our molecular diagnostic products exceeded the company’s 45 percent annual compound growth rate and patient sample flow continues to be very strong, despite the current economic environment,” Myriad President and CEO Peter Meldrum said in a statement.
 
Myriad posted a profit of $14.5 million, or $.30 per share, for the quarter compared to a net loss of $8 million, or $.18 per share, for the first quarter of 2007.
 
The firm’s R&D spending dropped 34 percent year over year to $17.1 million from $26 million, while its SG&A expenses increased 26 percent to $33.4 million from $26.5 million. Myriad attributed the increase in SG&A costs to “significant expenditures toward [its] direct-to-consumer marketing campaign.”
 
The company also noted that its women’s healthcare salesforce has increased to 100 representatives, while its total salesforce in the US is around 250 representatives.
 
Myriad finished its first quarter with $442.6 million in cash, cash equivalents, and marketable investment securities.

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