Myriad Genetics posts revenue, profit increase for fiscal 2013
Myriad Genetics Inc., which produces diagnostic tests that determine a person's susceptibility to genetically linked cancers, is projecting it will generate revenue of $690 million to $710 million for its 2014 fiscal year.
And it expects that revenue will result in earnings per share of $1.87 to $1.94 next year, or 6 percent to 10 percent growth.
Myriad offered that revenue and earnings guidance on Tuesday when it reported the financial results for its recently competed fourth quarter and 2013 fiscal year that ended on June 30, 2013.
"We had an exceptional fourth quarter and delivered strong financial results in fiscal 2013 by successfully growing our existing business," said Peter Meldrum, Myriad's president and chief executive.
Myriad's financial report was the first issued by the Salt Lake City-based company after the U.S. Supreme Court invalidated key parts of patents that it held on human genes related to hereditary breast and ovarian cancer. But the ruling also upheld company patents on cDNA, genes that are substantially altered in a laboratory. Overall, the landmark ruling was not expected to have a deep, long-lasting impact on the biotechnology industry or on Myriad Genetics.
Myriad noted that fourth-quarter revenue from its breast and ovarian cancer tests was up 19 percent to $129.6 million, or 74 percent of its fourth-quarter revenue of $174.1 million. Net income for the fourth quarter was $44.1 million, an increase of 51 percent compared to the same period of the prior fiscal year.
"This was our eighth consecutive quarter of revenue growth exceeding 20 percent," Meldrum said.
Total revenue for fiscal 2013 was $613.2 million, an increase of 24 percent over the $496 million reported for fiscal year 2012, Meldrum said. Net income for the year was $147.1 million, an increase of 31 percent over the $112 million reported in the prior year.
Looking toward next year, Meldrum said Myriad expects to launch three new tests, one of which is a "25-gene panel covering six major cancers breast, colon, ovarian, pancreatic, uterine cancer and melanoma."