SALT LAKE CITY, May 7, 2013 (GLOBE NEWSWIRE) -- Myriad Genetics, Inc. (MYGN) today announced results for its third fiscal quarter and nine months ended March 31, 2013. Revenue for the third fiscal quarter increased 21 percent over the same period in the prior year to $156.5 million. Third fiscal quarter earnings per diluted share were $0.46, an increase of 34 percent over the same period of the prior year.

"I am pleased with not only the solid revenue growth across all of our business segments during the third quarter but also the Company's ability to drive financial leverage as we continue to invest in our extensive product pipeline," said Peter D. Meldrum, President and Chief Executive Officer of Myriad Genetics, Inc. "We are very optimistic regarding the future outlook as we seek to expand our core markets, diversify our business through new product introductions, and expand internationally."

Third Fiscal Quarter 2013 Results

Year-to-Date Performance

Business Highlights during the Third Quarter of Fiscal 2013

Fiscal Year 2013 Outlook

The Company is raising its revenue expectations for fiscal year 2013 financial performance. Total revenue is now expected to be in a range of $595 million to $600 million, an increase to the previous guidance range of $575 million to $585 million. This represents 20 percent to 21 percent growth over our prior fiscal year. The Company is also increasing its guidance for fiscal year 2013 diluted earnings per share to $1.65 to $1.67, up from the previous guidance of $1.55 to $1.58 per share. The new range represents 27 percent to 28 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 third quarter financial results.

Share Repurchase Program

Between May 2010 and March 2013, the Company repurchased $525 million of its outstanding common stock. In February 2013, our Board of Directors authorized the Company to repurchase an additional $200 million of our outstanding common stock. As of March 31, 2013, there is approximately $175 million available to repurchase shares under this authorization. The Company is authorized to repurchase shares from time to time through open market transactions or privately negotiated transactions as determined by management. The amount and timing of stock repurchases under the program will depend on business and market conditions, stock price, trading restrictions, acquisition activity and other factors.

Conference Call and Webcast

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Myriad Genetics Reports Third Quarter Fiscal Year 2013 Results

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