Skip to main content
Premium Trial:

Request an Annual Quote

Myriad Genetics' Q1 Revenues Rise 22 Percent

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.

The Scan

LINE-1 Linked to Premature Aging Conditions

Researchers report in Science Translational Medicine that the accumulation of LINE-1 RNA contributes to premature aging conditions and that symptoms can be improved by targeting them.

Team Presents Cattle Genotype-Tissue Expression Atlas

Using RNA sequences representing thousands of cattle samples, researchers looked at relationships between cattle genotype and tissue expression in Nature Genetics.

Researchers Map Recombination in Khoe-San Population

With whole-genome sequences for dozens of individuals from the Nama population, researchers saw in Genome Biology fine-scale recombination patterns that clustered outside of other populations.

Myotonic Dystrophy Repeat Detected in Family Genome Sequencing Analysis

While sequencing individuals from a multi-generation family, researchers identified a myotonic dystrophy type 2-related short tandem repeat in the European Journal of Human Genetics.