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For Immediate Release |
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2004 |
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12KB total |
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$36 |
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#309126 |
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Contact:
William A. Hockett
Vice President of Corporate Communications
(801) 584-3600
email: bhockett@myriad.com
FOR IMMEDIATE RELEASE
MYRIAD GENETICS REPORTS RESULTS FOR SECOND QUARTER OF FISCAL 2004
-Predictive Medicine Revenues Increase 30% Over Prior Quarter, Gross Margins Reach 67%-
Salt Lake City, February 3, 2004 Myriad Genetics, Inc. (Nasdaq: MYGN) today reported financial results for the second quarter of fiscal 2004 and six months ended December 31, 2003.
For the second fiscal quarter ended December 31, 2003, predictive medicine revenues grew to a record $10.4 million, a 28% increase compared with the second fiscal quarter last year, which ended December 31, 2002, and a 30% increase compared with the first quarter of this current fiscal year, ended September 30, 2003. This significant increase in predictive medicine revenues resulted from strong customer demand for Myriads predictive medicine products. For the first six months of this year, predictive medicine revenues increased to $18.5 million, from $16.0 million during the same period last year.
Gross profit margins on predictive medicine revenues also increased to a record 67% for the second quarter of fiscal 2004, compared with 63% for the same period last year. The growth in predictive medicine profit margins was primarily due to economies of scale resulting from wider acceptance of Myriads predictive medicine products by consumers and the medical community and a number of technical improvements in the Companys high-throughput sequencing facility, including the automation of the previously labor-intensive DNA extraction step of the process.
Total revenues increased to $14.1 million for the second quarter of fiscal 2004, compared with $13.7 million in the first quarter of fiscal 2004. For the second quarter of the prior fiscal year, total revenues were $17.0 million. The decrease in total revenues compared with the same quarter in the prior year was due to a reduction in research revenues, reflecting the Companys enhanced focus on internal drug development programs and a corresponding reduction in emphasis on external collaborative research.
Myriad Genetics/2Q Results
Page 2 of 5
Net loss for the second quarter was $9.9 million or $0.36 per share, compared with $6.9 million, or $0.27 per share, for the same quarter of fiscal 2003. The increased loss was in line with the Companys planned increase in investment in internal drug development, primarily on its three human clinical trials currently in progress and on its three preclinical compounds in final preparation for future IND submission. As of December 31, 2003, Myriad had approximately $103 million in cash, cash equivalents and marketable investment securities.
Myriad has achieved significant progress in advancing its therapeutic product development strategy, stated Peter Meldrum, President and CEO of Myriad Genetics, Inc. MPC-7869 continues to impress us with its potential as a therapeutic for Alzheimers disease and we are driving an exciting HIV drug candidate and two strong anti-cancer drug candidates toward human clinical trials.
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