Utah's Myriad Genetics posts higher 2Q earnings, revenue
Myriad Genetics Inc., the Salt Lake City-based molecular diagnostic company, said its second quarter profit increased 27 percent from the same time a year earlier.
Net income was $35 million, or 42 cents per diluted share, in the quarter ending Dec. 31. The company earned $28.3 million, or 33 cents per share, in the second quarter of 2011.
Revenue totaled $149.1 million compared to $122.8 million in the company's 2012 second quarter.
"We are pleased with the company's continued strong financial performance since this represents our sixth consecutive quarter of top-line growth exceeding 20 percent," President and CEO Peter Meldrum said in a statement.
Net income for the first half of fiscal 2013 was $65.2 million, or 78 cents per diluted share, compared with $53.4 million, or 62 cents per share.
First-half revenue was $282.6 million, up 21 percent from $233.3 million in the first six months of last year.
Myriad said its board of director authorized a $200 million stock repurchase program.
Myriad projects full-year 2013 revenue will fall between $575 million and $585 million. That would be a 16 percent to 18 percent increase over fiscal 2012.