NEW YORK, Nov. 7 – Myriad Genetics said Wednesday its fiscal first quarter revenues increased 22 percent to $13.2 million, compared with $10.8 million a year ago, boosted by strong sales of the company’s diagnostic products.
Myriad of Salt Lake City said that product revenues alone increased 81 percent in the quarter to $5.5 million. The company manufactures the BracAnalysis product for breast and ovarian cancer and the Colaris product for colon and uterine cancer.
The company said that later this month it would launch a new predictive product for melanoma, which should further strengthen revenue growth.
"Myriad's predictive medicine products group demonstrated strong revenue growth during the past quarter, contributing to the Company's smaller than expected loss," Peter Meldrum, CEO of Myriad Genetics, said in a statement.
"The strong revenue growth assisted Myriad in maintaining a modest cash burn rate while investing significantly in our pharmaceutical development programs," he added.
During the quarter, Myriad started a drug development program for Hepatitis C and announced the discovery of a new drug designed to prevent HIV infection. In addition, Myriad also recently said that its cancer therapeutics program was progressing.
The company also announced that it would collaborate with Pharmacia to develop and commercialize pharmacogenomics technologies.
During the quarter, the company's research and development expenses fell slightly to $8.3 million, compared with $8.8 million a year ago, although overall costs were up to $16.2 million, compared with $14.0 million in fiscal first-quarter last year, as selling, general, and administrative costs rose.
Nevertheless, operating losses in the first fiscal quarter narrowed to $3.0 million, compared with $3.2 million last year.
Net losses for the first quarter narrowed to $1.2 million, or five cents a share, compared with $2.1 million, or nine cents a share, in the year ago period.
At the end of September Myriad had $136 million in cash and investments.