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UPDATE 1-Myriad Genetics profit up; at ease with '10 Street view
August 25, 2009 / 9:20 PM / 8 years ago

UPDATE 1-Myriad Genetics profit up; at ease with '10 Street view

* Q4 income from cont. ops rose 71 pct to $36.7 mln

* Q4 rev rose 33 pct to $86.1 mln

* Says comfortable with Street est. for FY 2010

Aug 25 (Reuters) - Myriad Genetics’s (MYGN.O) fourth-quarter income from continuing operations rose 71 percent and said it was comfortable with the current market estimates for fiscal 2010, sending shares up 7 percent after the bell.

During the fourth quarter, molecular diagnostic revenue rose 33 percent to $86.1 million from $64.7 million.

The company said revenue growth was moderated during the second half due to recession and it has implemented measures, including adding 50 new sales representatives, to spur sales.

For the fourth quarter, income from continuing operations was $36.7 million, or 37 cents a share, compared with $21.5 million, or 23 cents a share, in the year-ago period.

In July, the company completed the spin-off of its research and pharmaceutical business, Myriad Pharmaceuticals Inc MYRX.O. The company’s fourth-quarter results now include only its molecular diagnostic business.

For 2010, analysts are expecting the company to earn $1.44 a share on revenue of $392.2 million, according to Reuters Estimates.

Shares of Myriad Genetics closed at $25.88 Tuesday on Nasdaq. They were trading at $27.75 after the bell. (Reporting by Jennifer Robin Raj in Bangalore; Editing by Anil D‘Silva)

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