NEW YORK (GenomeWeb News) – Myriad Genetics reported after the close of the market on Tuesday that its first-quarter revenues increased 22 percent, and the firm more than doubled its net income. However, both figures fell short of analysts' consensus estimate.
The Salt Lake City-based molecular diagnostics firm brought in total revenues of $85.1 million for the three-month period ended Sep. 30, compared with $70 million for the first quarter of 2009. Analysts, on average, had expected revenues of $88.3 million for Q1 2010.
Peter Meldrum, Myriad's president and CEO, said in a statement that the firm's results "continued to be affected by the weakened economy." But, he said that the company has seen a "recent uptick in sample flow in October and positive signs that our DTC campaigns are beginning to produce results."
Myriad's net income for the quarter was $30.4 million, or $.31 per share, compared to $14.5 million, or $.15 per share, for the first quarter of 2009. It fell short of analysts' consensus estimate of $.31 per share.
The firm's R&D spending jumped to $5.7 million from $4.4 million, and its SG&A expenses increased to $38.7 million from $32.4 million.
Myriad finished the quarter with $417 million in cash, cash equivalents, and marketable securities.
Meldrum said during a conference call following the release of the firm's financial results that Myriad is on schedule to launch an oncology molecular diagnostic test in the first calendar quarter of 2010. He declined to provide more details about the specific cancer the test will target.
In early ednesday trade on the Nasdaq, shares of Myriad were up 2 percent at $26.09.