Myriad Genetics Reports Fourth Quarter and Fiscal Year 2012 Results

Myriad Genetics Reports Fourth Quarter and Fiscal Year 2012 Results

Record Revenue of $496.0 Million and Diluted Earnings per Share of $1.30

SALT LAKE CITY, Aug. 14, 2012 (GLOBE NEWSWIRE) -- Myriad Genetics, Inc.
(Nasdaq:MYGN) today announced results for its fourth quarter and fiscal year
ending June 30, 2012. Revenue for the fourth fiscal quarter increased 24
percent over the same period in the prior year to $133.0 million and resulted
in fiscal year 2012 revenue of $496.0 million, an increase of 23 percent over
fiscal 2011. Fourth fiscal quarter diluted earnings per share were $0.34, an
increase of 14 percent over the same period of the prior year. Fiscal 2012
diluted earnings per share equaled $1.30, an increase of 18 percent
year-over-year.

"Myriad achieved record revenue and operating profits last year," said Peter
D. Meldrum, President and Chief Executive Officer of Myriad Genetics, Inc. "We
are committed to building on this strong performance in fiscal 2013 as we
continue to execute on our strategic directives: to grow existing tests and
markets, to expand internationally and to launch new tests, including
companion diagnostics, across a diverse set of major disease indications."

Fourth Fiscal Quarter 2012 Results

  *Molecular diagnostic testing revenue in the fourth fiscal quarter equaled
    $127.5 million, an increase of 21 percent compared to the prior year
    period. Revenue from the Oncology segment equaled $87.0 million, an
    increase of 16 percent over the fourth fiscal quarter of 2011. Women's
    Health revenue totaled $40.5 million, an increase of 32 percent over the
    same period in the prior year.

    *Revenue from the BRACAnalysis^® test, which represented 81.7 percent of
      total revenue in the fourth quarter, was $108.7 million, a 17 percent
      increase over the same period of the prior year.
    *Revenue from the COLARIS^® and COLARIS AP^® tests, which represented 8.7
      percent of total revenue during the quarter, was $11.5 million, an
      increase of 51 percent compared to the same fiscal quarter of the prior
      year.
    *Myriad's other molecular diagnostic tests contributed $7.3 million to
      fourth quarter revenue, or 5.5 percent of total revenue, an increase of
      47 percent over the same period in the prior year.

  *Companion diagnostic service revenue in the fourth fiscal quarter equaled
    $5.5 million and represented 4.1 percent of total company revenue.Revenue
    in the fourth fiscal quarter of 2011 equaled $2.0 million as the Company
    acquired this business in May 2011.
  *Operating income was $47.3 million, an increase of 13 percent from the
    prior year period.This level of operating income included the impact of
    increased investment in researchand development to support existing
    molecular diagnostic tests and future products, as well as investments for
    international expansion and Myriad RBM.
  *Net income for the fourth fiscal quarter was $29.1 million, an increase of
    12 percent over the $26.0 million reported in same period of the prior
    year.
  *During the quarter the Company repurchased 2.6 million shares or $61.0
    million of its common stock, resulting in an average price of $23.70,
    under its previously announced stock repurchase program.Fourth fiscal
    quarter diluted weighted average shares outstanding were 86.3 million as
    compared to 88.1 million in the same period of the prior year.
  *Days sales outstanding for Myriad's accounts receivable improved to 41
    days, compared with 43 days in the same period of the prior year and bad
    debt expense was 5.5 percent of total revenue.

Fiscal Year 2012 Results

  *Fiscal 2012 molecular diagnostic testing revenue equaled $472.4 million,
    an increase of 18 percent compared to the prior year.Revenue from the
    Oncology segment equaled $327.6 million, an increase of 16 percent over
    fiscal 2011.Women's Health revenue totaled $144.8 million, an increase of
    24 percent over the prior year.

    *Revenue from the BRACAnalysis test was $405.5 million, an increase of 15
      percent over the prior year.
    *Revenue from the COLARIS and COLARIS AP tests was $43.3 million, an
      increase of 48 percent compared to the prior year.
    *Myriad's other molecular diagnostic tests contributed $23.6 million to
      fiscal 2012 revenue, an increase of 32 percent over the prior year.

  *Companion diagnostic service revenue in the fiscal 2012 equaled $23.6
    million.Revenue in fiscal 2011 equaled $2.0 million as the Company
    acquired this business in May 2011.
  *Operating income was $180.3 million, an increase of 14 percent from the
    prior year.Investment in research and development increased 54 percent
    versus the prior year and investments in the Company's international
    expansion and Myriad RBM lead to a 23 percent increase in sales, general
    and administrative expense.
  *Net income for the fiscal year was $112.2 million, an increase of 11
    percent over the $100.7 million reported in the prior year.
  *During the fiscal year the Company repurchased 5.7 million shares or
    $128.5 million of its common stock, resulting in an average price of
    $22.59, under its previously announced stock repurchase program.Diluted
    weighted average shares outstanding were 86.5 million as compared to 91.7
    million in the prior year.
  *The Company ended the fiscal year with $454.2 million in cash, cash
    equivalents and marketable investment securities.The Company has no debt
    or other restrictions on its cash.

Business Highlights of Fiscal Year 2012

  *Entered into a loan and acquisition option agreement with Crescendo
    Bioscience, under which Myriad made a $25 million strategic debt
    investment in Crescendo to secure an exclusive, three-year option to
    acquire the company. The potential acquisition of Crescendo Bioscience, if
    completed, would expand the Company's portfolio of molecular diagnostic
    products to include products for autoimmune disorders, such as rheumatoid
    arthritis.
  *Established subsidiaries and sales offices in Germany, France, Spain,
    Italy and Switzerland, as well as laboratory operations in Germany.
  *Published a study in the British Journal of Cancer which highlighted the
    ability of the Company's Prolaris® test to significantly predict prostate
    cancer aggressiveness and consequent death from the disease.
  *Presented a study at the 27^th Annual EAU Congress, and the 2012
    Genitourinary Cancers Symposium, which concluded that the Company's
    Prolaris test demonstrated significant and unique prognostic ability in
    men who had undergone radical prostatectomy and accurately predicted their
    elevated risk for prostate cancer recurrence.
  *Presented a study at the 2012 ASCO Annual Meeting that demonstrated that
    the Company's lung cancer prognostic test significantly predicted
    cancer-specific death in early stage adenocarcinoma lung cancer patients.
  *Acquired an exclusive license to intellectual property covering the
    analysis of the RAD51C gene for risk of hereditary breast and ovarian
    cancer.
  *Entered into companion diagnostic agreements with Cephalon Inc., a
    subsidiary of Teva Pharmaceutical Industries Ltd., and Pharma Mar to
    conduct companion diagnostic testing for their clinical trials.
  *Presented a study at the San Antonio Breast Cancer Symposium which
    demonstrated that the BRACAnalysis test is a cost-effective intervention
    for a much larger group of unaffected women than current guidelines would
    suggest.

Fiscal Year 2013 Outlook

The Company expects fiscal year 2013 total revenue of $550 million to $565
million and diluted earnings per share of $1.44 to $1.48. These projections
are forward looking statements and are subject to the risks summarized in the
safe harbor statement at the end of this press release.The Company will
provide further detail on its business outlook during the conference call it
is holding today to discuss its fiscal results for the fourth fiscal quarter
and fiscal year 2012 financial results.

Conference Call and Webcast

A conference call will be held on Tuesday, August 14, 2012, at 4:30 p.m.
Eastern Time to discuss Myriad's financial results for the fourth fiscal
quarter of 2012 and fiscal 2012.The dial-in number for domestic callers is
(800) 403-7802.International callers may dial (303) 223-2680.All callers
will be asked to reference reservation number 21600202.An archived replay of
the call will be available for seven days by dialing (800) 633-8284 and
entering the reservation number above.The conference call will also be
available through a live Webcast at www.myriad.com.

About Myriad Genetics

Myriad Genetics is a leading molecular diagnostic company dedicated to making
a difference in patients' lives through the discovery and commercialization of
transformative tests to assess a person's risk of developing disease, guide
treatment decisions and assess risk of disease progression and recurrence.
Myriad's portfolio of molecular diagnostic tests are based on an understanding
of the role genes play in human disease and were developed with a commitment
to improving an individual's decision making process for monitoring and
treating disease. Myriad is focused on strategic directives to introduce new
products, including companion diagnostics, as well as expanding
internationally. For more information on how Myriad is making a difference,
please visit the Company's website: www.myriad.com

Myriad, the Myriad logo, BRACAnalysis, Colaris, Colaris AP, Melaris,
TheraGuide, Prezeon, OnDose, Panexia and Prolaris are trademarks or registered
trademarks of Myriad Genetics, Inc. in the United States and foreign
countries. MYGN-F, MYGN-G

Safe Harbor Statement

This press release contains "forward-looking statements" within the meaning of
the Private Securities Litigation Reform Act of 1995, including statements
relating to the Company's commitment to build upon its 2012's performance in
2013; the Company's commitment to execute and achieve its strategic
directives; the Company's fiscal year 2013 financial guidance under the
caption "Fiscal Year 2013 Outlook;" and the Company's strategic directives
under the caption "About Myriad Genetics". These "forward-looking statements"
are based on management's current expectations of future events and are
subject to a number of risks and uncertainties that could cause actual results
to differ materially and adversely from those set forth in or implied by
forward-looking statements.These risks and uncertainties include, but are not
limited to: the risk that sales and profit margins of our existing molecular
diagnostic tests and companion diagnostic services may decline or will not
continue to increase at historical rates; the risk that we may be unable to
develop or achieve commercial success for additional molecular diagnostic
tests and companion diagnostic services in a timely manner, or at all; the
risk that we may not successfully develop new markets for our molecular
diagnostic tests and companion diagnostic services, including our ability to
successfully generate revenue outside the United States; the risk that
licenses to the technology underlying our molecular diagnostic tests and
companion diagnostic services and any future products are terminated or cannot
be maintained on satisfactory terms; risks related to delays or other problems
with manufacturing our products or operating our laboratory testing
facilities; risks related to public concern over genetic testing in general or
our tests in particular; risks related to regulatory requirements or
enforcement in the United States and foreign countries and changes in the
structure of healthcare payment systems; risks related to our ability to
obtain new corporate collaborations or licenses and acquire new technologies
or businesses on satisfactory terms, if at all; risks related to our ability
to successfully integrate and derive benefits from any technologies or
businesses that we license or acquire; the development of competing tests and
services; the risk that we or our licensors may be unable to protect the
proprietary technologies underlying our tests; the risk of patent-infringement
and invalidity claims or challenges of our patents; risks of new, changing and
competitive technologies and regulations in the United States and
internationally; and other factors discussed under the heading "Risk Factors"
contained in Item 1A in our most recent Annual Report on Form 10-K filed with
the Securities and Exchange Commission, as well as any updates to those risk
factors filed from time to time in our Quarterly Reports on Form 10-Q or
Current Reports on Form 8-K. All information in this press release is as of
the date of the release, and Myriad undertakes no duty to update this
information unless required by law.

MYRIAD GENETICS, INC. AND SUBSIDIARIES                       
CONDENSED CONSOLIDATED INCOME STATEMENTS                     
(Unaudited)
                                                          
(in thousands, except per Three Months Ended        Twelve Months Ended
share amounts)
                         Jun. 30,     Jun. 30,     Jun. 30,  Jun. 30,
                          2012         2011         2012      2011
                                                          
Molecular diagnostic      $ 127,499  $ 105,374  $ 472,390 $ 400,046 
testing
Companion diagnostic      5,466      2,038      23,615    2,038 
services
Total revenue             132,965    107,412    496,005   402,084 
                                                          
Costs and expenses:                                        
Cost of molecular         13,872     11,447     51,452    45,637 
diagnostic testing
Cost of companion         3,081      1,077      13,207    1,077 
diagnostic services
Research and development  12,144     9,230      42,645    27,751 
expense
Selling, general, and     56,583     43,881     208,383   169,841 
administrative expense
Total costs and expenses  85,680     65,635     315,687   244,306 
                                                          
Operating income         47,285     41,777     180,318   157,778 
                                                          
Other income (expense):                                    
Interest income           1,395      410        4,629     2,226 
Other                     (209)       (80)        (407)     (353) 
Total other income        1,186      330        4,222     1,873 
                                                          
Income before income      48,471     42,107     184,540   159,651 
taxes
                                                          
Income tax provision      19,330     16,066     72,389   58,941 
(benefit)
                                                          
Net income                $ 29,141   $ 26,041   $ 112,151 $ 100,710 
                                                          
                                                          
Earnings per share:                                        
Basic                     $ 0.35       $ 0.30       $ 1.33    $ 1.12
Diluted                   $ 0.34       $ 0.30       $ 1.30   $ 1.10
                                                          
Weighted average shares                                    
outstanding
Basic                     84,285       86,144       84,608    89,794
Diluted                   86,323       88,062       86,465    91,704
                                                          
Condensed Consolidated Balance Sheets (Unaudited)                         
                         Jun. 30,     Jun. 30,              
                          2012         2011
(In thousands)                                             
Cash, cash equivalents,
and marketable investment $ 454,224    $ 417,314            
securities
Trade receivables, net    60,441       50,272               
Other receivables         2,660        575                  
Inventory, net            11,574       8,218                
Prepaid expenses          1,713        2,949                
Equipment and leasehold   24,231       23,080               
improvements, net
Note receivable           19,000       —                    
Other assets              8,000        —                    
Intangibles, net          15,722       16,715               
Goodwill                  56,850       56,051               
Deferred tax assets       36,220       35,653               
Total assets              $ 690,635    $ 610,827            
                                                          
Accounts payable and      $ 42,913     $ 33,040             
accrued liabilities
Deferred revenue          2,054        1,347                
Uncertain tax benefits    10,008       9,648                
Stockholders' equity      635,660      566,792              
Total liabilities and     $ 690,635    $ 610,827            
stockholders' equity

CONTACT: Rebecca Chambers
         Director, Investor Relations and Corporate Communications
         (801) 584-1143
         rchambers@myriad.com
 
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