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Myriad s Q2 Revenues Jump as Losses Narrow

NEW YORK, Feb 6 – Myriad Genetics said Tuesday its fiscal second-quarter revenues jumped 44 percent to $12.0 million, compared with $8.3 million a year ago, as net losses narrowed significantly.  

Myriad of Salt Lake City attributed the increase in revenues to growth in predictive medicine revenue and new research collaborations launched over the past year. Revenue from predictive medicine increased by 96 percent for the quarter to $4.0 million, while research revenue jumped 28 percent to $8.0 million.

The company’s operating loss widened to $3.2 million, compared with $2.3 million a year ago, as expenses rose across the board. In the second quarter, the cost of predictive medicine revenue rose to $1.7 million, compared with $989,156 in the year ago period; R&D expenses jumped to $9.4 million, compared with $6.2 million; and selling, general, and administrative expenses increased to $4.1 million, compared with $3.4 million.

Net losses for the quarter totaled $1.2 million, or five cents a share, down 44 percent from $1.9 million, or nine cents a share, in the year ago period.

During the second quarter, Myriad announced that together with Syngenta it completed the sequence of the rice genome and added patents on a number of inventions. The company also extended a research collaboration with Bayer for the use of its ProNet proteomics technology.

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