SALT LAKE CITY, UT--(Marketwire - June 30, 2009) - Myriad Genetics, Inc. (NASDAQ: MYGN) today announced that, based on preliminary estimates, it anticipates reporting total molecular diagnostic revenue, which represents the bulk of the Company's revenue, of approximately $86 million for the fiscal 2009 fourth quarter ending June 30, 2009. The Company continues to believe that revenue for the fiscal 2009 fourth quarter is being impacted by the current economic recession, which is driving increasing unemployment levels resulting in the loss of insurance coverage and patients delaying or cancelling doctor visits.
Previously, the Company stated it expected total molecular diagnostic revenue for the full 2009 fiscal year to grow more than 48% over fiscal 2008 to approximately $330 million. The Company now is projecting that molecular diagnostic revenue for the fiscal year ending June 30, 2009 will be approximately $326 million, or a 46% increase over the prior fiscal year.
Myriad Genetics' revenue results remain subject to review by its independent registered public accounting firm.
The Company expects to report final fiscal fourth quarter and full year financial results on August 25, 2009. Myriad Genetics' management team will host a conference call to discuss the financial results, operations and outlook on August 25, 2009. The call will be accessible through a live webcast at www.myriad.com.
About Myriad Genetics
Myriad Genetics, Inc. is a leading healthcare company focused on the development and marketing of novel molecular diagnostic and therapeutic products. Myriad's news and other information are available on the Company's Web site at www.myriad.com.
Myriad, the Myriad logo, BRACAnalysis, Colaris, Colaris AP, Melaris, TheraGuide, Prezeon, and OnDose are trademarks or registered trademarks of Myriad Genetics, Inc. in the United States and foreign countries. MYGN-F
This press release contains "forward-looking statements" within the meaning
of the Private Securities Litigation Reform Act of 1995, including
statements relating to the anticipated report of total molecular diagnostic
revenue of approximately $86 million for the fiscal 2009 fourth quarter
ending June 30, 2009; the Company's continued belief that the fiscal 2009
fourth quarter is being impacted by the current economic recession, which
is driving increasing unemployment levels resulting in the loss of
insurance coverage and patients delaying or cancelling doctor visits; the
Company's anticipation that molecular diagnostic revenue for the fiscal
year ending June 30, 2009 will be approximately $326 million or a 46%
increase over the prior fiscal year; and the expectation to report final
fiscal fourth quarter and full year financial results on August 25, 2009,
and to host a conference call to discuss the financial results, operations
and outlook on August 25, 2009. These "forward-looking statements" are
based on management's current expectations of future events and are subject
to a number of risks and uncertainties that could cause actual results to
differ materially and adversely from those set forth in or implied by
forward-looking statements. These risks and uncertainties and other
factors are discussed under the heading "Risk Factors" contained in Item 1A
in our Annual Report on Form 10-K for the year ended June 30, 2008, which
has been filed with the Securities and Exchange Commission, as well as any
updates to those risk factors filed from time to time in our Quarterly
Reports on Form 10-Q or Current Reports on Form 8-K. All information in
this press release is as of the date of the release, and Myriad undertakes
no duty to update this information unless required by law.
