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Myriad Genetics Q4 Revenues Increase 17 Percent; Losses Narrow

NEW YORK, Aug. 21 – Myriad Genetics’ fiscal fourth-quarter revenues climbed 17 percent to $10.8 million from $9.2 million in the fourth quarter a year ago, pushed upwards by increasing revenue from sales of the company’s diagnostic products, the company said Tuesday.

Revenue from the company’s diagnostic and “predictive medicine” products, such as tests for increased susceptibility to breast and colon cancer, rose to $5.2 million from $2.7 million during the year-ago quarter. Research services revenue decreased over the same period, to $5.7 million from $6.4 million.

The company’s expenses also increased over this interval, rising 13 percent to $14.3 million from $12.7 million. Research and development expenses dropped slightly, from $7.8 million to $7.2 million. Myriad’s operating loss narrowed slightly to $3.45 million from $3.5 million.

For the 2001 fiscal year, Myriad spent 20 percent more on R&D than in the previous year, or $33.8 million, largely to develop the company’s lead prostate cancer drug, the company said.

Myriad posted a net loss of $2.2 million or 9 cents a share, compared with $2.6 million, or 12 cents a share, during the fourth quarter last year. A survey of ten brokers conducted by Thomson Financial/First Call indicates that Wall Street had predicted a loss of ten cents a share for the fourth quarter. For the 2001 fiscal year, the company reported a net loss of $7.2 million, or 31 cents a share, in line with Wall Street expectations, compared with $8.7 million, or 43 cents a share, for the fiscal year 2000.

Myriad had $146 million in cash and investments as of June 30, compared to $89 million at the end of June in 2000.

In addition to its DNA-based diagnostic products and therapeutics, Myriad has also initiated a large-scale study of protein interactions using mass spectrometry and yeast two-hybrid analysis, in collaboration with Hitachi and Oracle. In June, GenomeWeb learned that Myriad had chosen Sun Microsystems to provide the computing infrastructure for its protein mapping venture.

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