SALT LAKE CITY, Feb. 5, 2013 (GLOBE NEWSWIRE) -- Myriad Genetics, Inc. (MYGN) today announced results for its second fiscal quarter ended December 31, 2012. Revenue for the second fiscal quarter increased 21 percent over the same period in the prior year to $149.1 million. Second fiscal quarter earnings per diluted share were $0.42, an increase of 27 percent over the same period of the prior year.

"We are pleased with the Company's continued strong financial performance since this represents our sixth consecutive quarter of top line growth exceeding 20 percent," said Peter D. Meldrum, President and Chief Executive Officer of Myriad Genetics, Inc. "Myriad remains dedicated to driving revenue growth based on our three major strategic initiatives of expanding our existing markets, extending our international presence, and launching new products."

Second Fiscal Quarter 2013 Results

Year-to-Date Performance

Business Highlights during the Second Quarter of Fiscal 2013

Myriad Announces New $200 Million Share Repurchase Program

Myriad is also announcing today that its Board of Directors has authorized a new $200 million stock repurchase program. "This decision is reflective of Myriad Genetics commitment to maintaining a balanced capital deployment strategy," said Jim Evans, Chief Financial Officer of Myriad Genetics, Inc.

Repurchases under the $200 million authorization will be made through open market or privately negotiated purchases as determined by the Company's management. The amount and timing of stock repurchases will depend on business and market conditions, stock price, trading restrictions, acquisition activity and other factors.

Fiscal Year 2013 Outlook

The Company is tightening its revenue expectations for fiscal year 2013 financial performance. Total revenue is now expected to be in a range of $575 million to $585 million, an increase to the lower end of the previous guidance range of $570 million to $585 million. This represents 16 percent to 18 percent growth over our prior fiscal year. The Company is also increasing its guidance for fiscal year 2013 diluted earnings per share to $1.55 to $1.58, up from the previous guidance of $1.50 to $1.55 per share. The new range represents 19 percent to 21 percent growth over fiscal year 2012 diluted EPS. 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 2013 second quarter financial results.

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Myriad Genetics Reports Second Quarter Fiscal Year 2013 Results

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