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Myriad Genetics Posts 21 Percent Revenue Growth for Q1 2013

NEW YORK (GenomeWeb News) – Myriad Genetics reported after the close of the market Monday that its Fiscal Year 2013 first-quarter revenues increased 21 percent year over year.

The firm also upped its revenue and profit guidance for the year.

The Salt Lake City-based molecular diagnostics firm reported total revenues of $133.4 million for the three months ended Sept. 30, compared to $110.5 million for the first quarter of FY 2012. It beat analysts' consensus estimate of $129.5 million.

Myriad said that its molecular diagnostics revenues climbed 22 percent to $127.3 million. Revenue from its oncology segment rose 16 percent year over year to $86.2 million, while women's health tests increased 38 percent to $41.1 million.

Sales of the firm's BRACAnalysis test increased 17 percent to $105 million, while sales of Colaris and Colaris AP tests increased 26 percent to $12.1 million. Sales of the firm's BRACAnalysis Large Rearrangement Test (BART) for gauging certain large rearrangements in BRCA1 and BRCA2 genes increased 188 percent to $7.6 million, while its other molecular diagnostic tests brought in revenue of $2.6 million, up 17 percent year over year.

On a conference call following the release of the financial results Myriad President and CEO Peter Meldrum said that less than 50 percent of the BRACAnalysis market has been penetrated by the firm thus far and "significant opportunities" remain.

Women's health segment growth for BRACAnalysis was "particularly impressive," growing 38 percent from the year ago period, he added.

Myriad plans to combine BART with its Comprehensive BRACAnalysis test, and the company expects that in the second quarter 50 percent of patients deemed appropriate for the comprehensive test will get payor coverage for BART. Historically, these two tests have been sold separately.

The combined tests will be called Integrated BRACAnalyis test, said Meldrum. The company will continue to price the two tests differently, however, at $3,340 and $700 list price for the Comprehensive analysis and BART, respectively.

Also, next year Myriad plans to launch Melapath, a molecular diagnostic test to assist pathologists in determining whether a skin biopsy is benign or malignant. The test can help better characterize 275,000 skin biopsies each year that are too uncertain for a pathologist to make an assessment as to whether they are malignant, said Meldrum, adding that Melapath has achieved a 95 percent concordance in predicting which skin lesions are malignant.

In anticipation of that test launch Myriad is hiring a new sales manager and six account executives to call on high prescribing dermato-pathologists in California, Texas, Florida, the North East, Mid-Atlantic, and Midwest regions.

Myriad posted net income of $30.1 million, or $.36 per share, for the first quarter compared to $25.1 million, or $.29 per share, for Q1 2012. It beat the consensus Wall Street estimate of $.32 per share.

The firm's R&D spending jumped 34 percent to $11.4 million from $8.5 million, and its SG&A expenses increased 22 percent to $56.1 million from $46.1 million.

Myriad finished the quarter with $466.3 million in cash, cash equivalents, and marketable securities.

Myriad also increased its revenue and EPS guidance for FY 2013. It now expects revenue in a range of $570 million to $585 million, an increase from previous guidance of $550 million to $565 million. It now expects EPS of $1.50 to $1.55, up from the original guidance of $1.44 to $1.48 per share.

In early Tuesday trade on the Nasdaq shares of Myriad were up 6 percent at $28.52.

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