Healthy quarter boosts Myriad Genetics shares
This article was originally published in Clinica
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.