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Utah's Myriad Genetics posts higher 2Q earnings, revenue

Published February 6, 2013 7:53 am

This is an archived article that was published on sltrib.com in 2013, and information in the article may be outdated. It is provided only for personal research purposes and may not be reprinted.

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.