Myriad Genetics Q4 Profit Rises, Sees FY14 Above Street

(RTTNews) - Myriad Genetics Inc. (MYGN) Tuesday reported a surge in profit for the fourth quarter as revenues grew across all segments. Both earnings and revenues for the quarter topped analysts' expectations.

Moving ahead, the diagnostic-testing company detailed its earnings and revenues outlook for the full year 2014 above Street expectations.

Salt Lake City, Utah-based Myriad's fourth-quarter profit surged to $44.1 million or $0.53 per share from $29.1 million or $0.34 per share last year. On average, 18 analysts polled by Thomson Reuters expected earnings of $0.44 per share for the quarter. Analysts' estimates typically exclude special items.

Myriad, which makes molecular diagnostic tests that helps in assessing patients risk of developing diseases, said revenues for the quarter surged 31 percent to $174.1 million from $133.0 million last year. Analysts estimated revenues of $159.87 million for the quarter.

"Myriad had an exceptional fourth quarter and delivered strong financial results in fiscal 2013 by successfully growing our existing businesses, and I am proud of the entire Myriad team," said Peter Meldrum, President and Chief Executive Officer.

Molecular diagnostic testing revenue for the quarter grew 30 percent to $166.1 million, with a 19 percent revenue increase in oncology, and 51 percent revenue growth in women's health. Companion diagnostic services revenue increased 47 percent to $8.0 million from last year.

Looking forward to the full year 2014, the company projected earnings of $1.87 to $1.94 per share and revenues of $690 million to $710 million. Analysts currently estimate earnings of $1.86 per share and revenues of $665.15 million for the year.

"We are investing for future growth and expect to launch three exciting new tests in fiscal 2014, including myRisk Hereditary Cancer, myPath Melanoma, and myPlan Lung Cancer, all of which address significant unmet clinical needs. Additionally, we are engaging in several external collaborations, particularly in the area of companion diagnostics and personalized medicine that have the potential to deliver long-term value to our shareholders," said Meldrum.

MYGN closed Tuesday at $31.43, down $0.76 or 2.36%, on the Nasdaq. In after hours, the stock gained $1.00 or 3.31%.