Healthy quarter boosts Myriad Genetics shares
This article was originally published in Clinica
Executive Summary
Shares in Myriad Genetics climbed 19% on the Nasdaq after the company posted healthy fourth quarter results. Myriad’s shares closed at $30.89 on August 26 – the day after the results were announced – on the back of a 33% growth in Q4 revenues, which were $86.1m. The Salt Lake City, Utah-based company said this growth was due to increased sales and marketing efforts of its molecular diagnostics products. The firm’s bottom line fell from $65.5m in Q4 2008 to $23.6m due to a $13.1m loss from discontinued operations. Early this year, Myriad decided to spin-off its research and drug development business in to two independent companies (see Clinica No 1326, p 20). Myriad also experienced a strong full year, with revenues up 47% to $326.5m and net income reaching $84.6m, up from $47.8m in 2008.
You may also be interested in...
Alere aided by professional diagnostics sales in fourth quarter
Alere’s professional diagnostics business helped the firm record overall revenue growth in the fourth quarter of 2010, offsetting a fall in influenza-based sales in North America.
Integra and Stout to work on expandable interbody device
Integra LifeSciences has gained exclusive worldwide rights from Stout Medical to develop and commercialise an expandable interbody fusion device.
Gen-Probe eyes portfolio expansion to help boost molecular diagnostics credentials
Gen-Probe recently launched its Panther automated molecular diagnostics system in Europe with the aim of bringing another dimension to its product portfolio. Joseph Harvey met the firm’s CEO, Carl Hull, at the launch of the product in Frankfurt to find how high the firm has set its sights in the molecular diagnostics sector and how it is going to achieve its goals