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Myriad Genetics Said Q1 Losses Widened as Spending Overpowered Strong Revenue Growth

NEW YORK, Nov. 6 - Myriad Genetics yesterday said that greater spending in its fiscal first quarter overpowered strong revenue growth to widen net loss.

 

Total receipts in the period ended Sept. 30 increased to $15.5 million from $13.2 million on year ago. Driving that growth were receipts from Myriad's predictive medicine divisions, which grew by $2.2 million, or 43 percent, on sales of the BRACAnalysis breast cancer test and the Colaris products for colon and uterine cancer.

 

However, revenue from combined research activities in the current first quarter dipped to $7.6 million from $7.7 million last year as Myriad shifted more of its focus to internal drug-development programs.

 

R&D spending in the quarter increased 33 percent to $10.9 million. Myriad said the increase was due mainly to costs associated with developing its therapeutic pipeline, which contains 15 drug candidates.

 

First-quarter SG&A spending also jumped by 37 percent to $7.7 million, reflecting an unspecified increase in sales force, Myriad said.

 

Consequently, net loss for the first quarter 2002 swelled to $5.3 million, or $.22 per share, from $1.2 million, or $.05 per share, year over year, Myriad said.

 

The company said it had roughly $103.7 million in cash and marketable investment securities as of Sept. 30.

 

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