Myriad’s profits slip but revenues gain ground
Revenues increased but earnings decreased in the fourth quarter for Salt Lake City-based Myriad Genetics, Inc.
The molecular-diagnostic company, which discovers and commercializes tests assessing a person's risk of developing a disease, had a net quarterly income of $37.1 million in the quarter ending June 30, down from $44.1 million a year earlier. That equates to 48 cents per share.
Earnings were based on an 8.4 percent increase in revenues, from $174 million to $189.
"Myriad had an outstanding year as we launched a record three new products and closed a major strategic acquisition," said President and CEO Peter Meldrum, referring to the purchase in February of Crescendo Bioscience.
Meldrum added that he was particularly pleased with the public reception to the myRisk Hereditary Cancer test. Fourth quarter revenues from that test were $27.3 million, he said, an 89 percent increase since the quarter that ended in March.