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Myriad's Q2 Revenues Jump 49 Percent

NEW YORK (GenomeWeb News) – Myriad Genetics today reported a 49 percent increase in second-quarter revenues year over year and a swing to a profit from a loss in the comparable period a year ago.

The Salt Lake City-based molecular diagnostics firm brought in revenues of $84.4 million for the three-month period ended Dec. 31, compared to revenues of $56.7 million for the second quarter of 2008. Myriad reported molecular diagnostics sales of $84 million for the quarter compared to $53.1 million for Q2 2008, an increase of 58 percent. Its service revenues declined to $424,000 from $3.6 million year over year.

In a statement, the firm attributed the sharp uptick in molecular diagnostics revenue to its sales and marketing efforts, which included expanding its women's health sales force to 100 sales representatives. It also believes an ongoing direct-to-consumer campaign has resulted in "improved physician acceptance and adoption of its molecular diagnostic products."

Myriad posted a profit of $21.2 million, or $.43 per share, for Q2 2009, compared to a net loss of $5.1 million, or $.11 per share, the year before. The profit handily beat analysts' average estimate of $.32 per share for the quarter.

The firm's R&D costs dropped 27 percent to $20 million from $27.3 million. Myriad said that the decrease was due to the discontinuation of its Alzheimer's disease program in June 2008. Its SG&A spending rose 17 percent to $35.6 million from $30.5 million.

Myriad President and CEO Peter Meldrum noted that despite the current economic climate, patient sample flow for the firm's tests "continued to be very strong."

Myriad finished the quarter with $496.9 million in cash, cash equivalents, and marketable securities.

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