Diagnostic-testing company Myriad Genetics, Inc. (MYGN) reported Tuesday a profit for the third quarter that increased 28 percent from last year, reflecting double-digit revenue growth amid increases across businesses. Both earnings per share and quarterly revenues topped analysts' expectations. The company also raised its earnings and revenue forecast for the full-year 2013, which are above current Street view.
"I am pleased with not only the solid revenue growth across all of our business segments during the third quarter but also the Company's ability to drive financial leverage as we continue to invest in our extensive product pipeline," President and CEO Peter Meldrum said in a statement.
Salt Lake City, Utah-based Myriad reported net income of $37.89 million or $0.46 per share for the third quarter, higher than $29.62 million or $0.34 per share in the prior-year quarter.
On average, 17 analysts polled by Thomson Reuters expected the company to report earnings of $0.40 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 grew 21 percent to $156.47 million from $129.78 million in the same quarter last year, and topped sixteen Wall Street analysts' consensus estimate of $148.25 million.
Molecular diagnostic testing revenue for the quarter grew 20 percent to $148.4 million, with a 13 percent revenue increase in oncology, and 35 percent revenue growth in women's health. Companion diagnostic services revenue increased to $8.09 million from last year's $6.47 million.
Operating margin for the quarter improved 150 basis points to 37 percent from last year's 35.5 percent.
Looking ahead to fiscal 2013, the company raised its earnings guidance to a range of $1.65 to $1.67 per share from the prior forecast of $1.55 to $1.58 per share. The company also now projects revenues between $595 million and $600 million, up from the previous guidance of $575 million to $585 million.
Street is currently looking full-year 2013 earnings of $1.58 per share on annual revenues of $583.50 million.
"We are very optimistic regarding the future outlook as we seek to expand our core markets, diversify our business through new product introductions, and expand internationally," Meldrum added.
MYGN closed Tuesday's regular trading session at $5.39, up $0.20 or 0.71% on a volume of 1.0 million shares. The stock soared a further $2.70 or 9.54% in after-hours trading.
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