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Myriad Genetics' Q4, FY '09 Revenues Rise on MDx Sales Increase

NEW YORK (GenomeWeb News) – Myriad Genetics reported after the close of the market Monday that its fourth-quarter and fiscal-year 2009 revenues increased 33 percent and 47 percent, respectively, on increased sales of its molecular diagnostic products.

The Salt Lake City-based firm brought in fourth-quarter molecular diagnostic revenues of $86.1 million, up from $64.7 million for the fourth quarter of 2008. Its net income for the quarter was $23.6 million, or $.24 per share, compared to $65.5 million, or $.70 per share, the year before. The results include discontinued operations, which contributed a loss of $13.1 million for Q4 2009. It also includes an extraordinary one-time license payment to Myriad in Q4 2008 of $100 million.

The discontinued operations are related to the firm's pharmaceutical and research business, which was spun off June 30.

Myriad's R&D spending during the quarter fell to 44.4 million from $4.8 million, while its SG&A spending increased to $36 million from $31.6 million.

For full-year 2009, which ended June 30 for Myriad, its revenues rose to $326.5 million from $222.9 million.

Myriad's net income for the year was $84.6 million, or $.86 per share, compared to $47.8 million, or $.51 per share, for FY 2008. Its R&D spending declined to $17.9 million from $18.5 million, while its SG&A expenses climbed to $138.9 million from $110.4 million.

The slowdown in second half sales was noted by the firm in early July, in advance of it releasing the fourth-quarter and full-year results. At the time, Myraid said that the shortfall is due to "the current economic recession, which is driving increasing unemployment levels resulting in the loss of insurance coverage and patients delaying or canceling doctor visits."

Myriad President and CEO Peter Meldrum said in a statement Tuesday, "[W]e have recently implemented a number of measures in an attempt to spur sales. We have added 50 new professional sales representatives; accelerated our Midwest direct-to-consumer campaign, which began on August 17, 2009; renewed our South DTC campaign; and, expanded the Company's OB/GYN Speaker Program to increase physician awareness about the new ACOG professional guidelines."

Myriad finished the quarter and fiscal year with $392.2 million in cash, cash equivalents, and marketable investment securities.

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