Myriad Genetics Inc. said Tuesday its revenue rose 22 percent in its fiscal second quarter and, as a result, the company is raising its financial guidance for 2012.
Salt Lake City-based Myriad said revenue for the period that ended Dec. 31, 2011, were $122.8 million, compared with $100.4 million for the second fiscal quarter of 2011. Net income was $28.3 million, 17 percent above the $24.2 million for the same period of 2010.
 |
Join the Discussion |
 |
Post a Comment |
"These results represent the second quarter in a row of 20 percent or greater year- over-year revenue growth," said President and CEO Peter Meldrum said in a statement.
The company said total revenue is expected to be $465 million to $475 million in fiscal 2012, an increase from the $445 million to $465 million previously announced. That projection should result in fully diluted earnings per share of $1.24 to $1.28, up from the original guidance of $1.20 to $1.25.
Myriad’s main product is a DNA test that shows whether women have a genetic mutation that makes them vulnerable to breast or ovarian cancer.
That test, which accounted for 82.6 percent of Myriad’s revenue in the second quarter, brought in revenue of $101.4 million, a 14 percent increase over the same period of the prior year.
Revenue for the first six months of Myriad’s fiscal 2012 was $233.3 million, up 21 percent from $192.3 million reported for the half of fiscal 2011, the company said. Net income for the six months ending Dec. 31 was $53.4 million, compared with $46.7 million for the same period of 2010, an increase of 14 percent.
Diluted earnings per share for the first half of the fiscal year increased 24 percent to 62 cents, up from 50 cents for the same period of the prior year.
Copyright 2012 The Salt Lake Tribune. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.
