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For Immediate Release |
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2003 |
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$35 |
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#309130 |
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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 Financial Results For Fiscal 2003
Salt Lake City, August 26, 2003, Myriad Genetics, Inc. (Nasdaq: MYGN) today reported financial results for its fourth quarter and fiscal year ended June 30, 2003.
The Company reported that, for the year ended June 30, 2003, total revenues increased to a record $64.3 million from $53.8 million for fiscal 2002. This increase was due primarily to greater predictive medicine revenues. Predictive medicine revenues for the fourth quarter of fiscal 2003 were $9.4 million, an increase of 22% over the fourth quarter of fiscal 2002. These revenues showed continued strong growth during fiscal 2003, increasing by 29% to $34.7 million from $26.8 million for fiscal 2002. The gross profit margin on predictive medicine revenues increased to 64% in fiscal 2003, up from 60% for 2002.
The net loss for the fourth quarter of fiscal 2003 was $0.26 per share, or $7.1 million, as compared to a net loss for the same quarter in the prior year of $0.29 per share, or $6.8 million. The net loss for the full year, fiscal 2003, was $0.96 per share, compared with $0.59 per share for fiscal 2002. During the year, Myriad made substantial progress in drug development with the initiation of a Phase I, and later a Phase II clinical trial in Alzheimers disease and the continuation of a Phase II/III trial in prostate cancer. Myriad believes that this fiscal 2003 net loss was relatively modest, given the fact that it was conducting three
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