Form 8-K

-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, MyQCsuPUqUdh6V48L5Zjq0htF0aCXZJ/NET+2M3EhjoCHDjtuo9E6TCjRvKNUieM wUVWBKw+I+IN88cgXSRDEw== 0001193125-09-017026.txt : 20090203 0001193125-09-017026.hdr.sgml : 20090203 20090203091811 ACCESSION NUMBER: 0001193125-09-017026 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20090203 ITEM INFORMATION: Results of Operations and Financial Condition ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20090203 DATE AS OF CHANGE: 20090203 FILER: COMPANY DATA: COMPANY CONFORMED NAME: MYRIAD GENETICS INC CENTRAL INDEX KEY: 0000899923 STANDARD INDUSTRIAL CLASSIFICATION: IN VITRO & IN VIVO DIAGNOSTIC SUBSTANCES [2835] IRS NUMBER: 870494517 STATE OF INCORPORATION: DE FISCAL YEAR END: 0630 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 000-26642 FILM NUMBER: 09563155 BUSINESS ADDRESS: STREET 1: 320 WAKARA WAY CITY: SALT LAKE CITY STATE: UT ZIP: 84108 MAIL ADDRESS: STREET 1: 320 WAKARA WAY CITY: SALT LAKE CITY STATE: UT ZIP: 84108 8-K 1 d8k.htm FORM 8-K Form 8-K

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): February 3, 2009

MYRIAD GENETICS, INC.

(Exact name of registrant as specified in its charter)

Delaware

0-26642

87-0494517

(State or other jurisdiction

of incorporation)

(Commission

File Number)

(IRS Employer

Identification No.)

320 Wakara Way

Salt Lake City, Utah 84108

(Address of principal executive offices) (Zip Code)

Registrant’s telephone number, including area code: (801) 584-3600

Not Applicable

(Former name or former address, if changed since last report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

¨	Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

¨	Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

¨	Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

¨	Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

ITEM 2.02

Results of Operations and Financial Condition

On February 3, 2009, Myriad Genetics, Inc. announced its financial results for the three and six months ended December 31, 2008. The earnings release is attached hereto as an exhibit to this Current Report on Form 8-K and is being furnished pursuant to this Item 2.02 as Exhibit 99.1 to this Current Report on Form 8-K.

In accordance with General Instruction B-2 of Form 8-K, the information set forth in Item 2.02 and in Exhibit 99.1 shall not be deemed to be “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liability of that section, and shall not be incorporated by reference into any registration statement or other document filed under the Securities Act of 1933, as amended or the Exchange Act, except as shall be expressly set forth by specific reference in such filing.

ITEM 9.01

Financial Statements and Exhibits.

(d)


Exhibit Number		Description

99.1		Earnings release dated February 3, 2009 for the three and six months ended December 31, 2008.

Page 2 of 4 pages

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.


	MYRIAD GENETICS, INC.

Date: February 3, 2009	By:	/s/ Peter D. Meldrum
		Peter D. Meldrum
		President and Chief Executive Officer

Page 3 of 4 pages

EXHIBIT INDEX


Exhibit Number		Description

99.1		Earnings release dated February 3, 2009 for the three and six months ended December 31, 2008.

Page 4 of 4 pages

EX-99.1 2 dex991.htm EARNINGS RELEASE DATED FEBRUARY 3, 2009 Earnings release dated February 3, 2009

Exhibit 99.1

Contact:

Suzanne Barton

Director, Investor Relations

(801) 584-1138

Email: sbarton@myriad.com

www.myriad.com

MYRIAD GENETICS, INC. REPORTS RESULTS FOR

SECOND QUARTER OF FISCAL 2009

- 58% Product Revenue Growth and $0.43 EPS Highlight Quarter -

Salt Lake City, February 3, 2009 — Myriad Genetics, Inc. (Nasdaq: MYGN) today reported financial results for the second quarter of fiscal 2009 and the six months ended December 31, 2008.

For the second quarter of fiscal 2009, the Company recorded a net profit of $21.2 million, or $0.46 basic earnings per share ($0.43 diluted earnings per share), compared to a net loss of $5.1 million and loss per share of $0.11 in the same quarter of the prior year. A major contributor to the Company’s profitable quarter was its molecular diagnostics business, which increased its gross profit margin to 87% and its net operating margin to 51%, an improvement over the 86% gross profit margin and 39% net operating margin for the same three-month period in the prior year. These results were achieved even with major expenditures toward Myriad’s direct-to-consumer (DTC) marketing campaign in Texas and Florida and the launch of the Company’s sixth molecular diagnostic product, Prezeon™.

For the six months ended December 31, 2008, the Company’s net profit was $35.7 million and its earnings per share was $0.78 ($0.73 diluted earnings per share), as compared to a net loss of $13.1 million and a loss per share of $0.30 for the same period in fiscal 2008.

For the three-month period ended December 31, 2008, product revenues rose to $84.0 million from $53.1 million in the same three months of the prior year. This 58% product revenue growth resulted primarily from an increase in the Company’s sales and marketing efforts, including expansion of the Company’s women’s health sales force to 100 sales representatives, and continuation of the direct-to-consumer marketing campaign, which the Company believes has resulted in improved physician acceptance and adoption of its molecular diagnostic products. For the first six months of fiscal 2009, molecular diagnostics revenue was $153.9 million, an increase of 55% from the $99.2 million in the same period last year.

“Myriad’s products save lives, guide treatment decisions, reduce overall health care cost and have become standard of care in the treatment of hereditary cancers,” said Peter Meldrum, President and Chief Executive Officer of Myriad Genetics, Inc. “As a result, our products enjoyed a 58% revenue increase over the same quarter of the prior year, and I’m pleased to report that patient sample flow continues to be very strong, despite the current economic recession.”

Research and development expense was $20.0 million for the three months ended December 31, 2008, compared with $27.3 million for the same three-month period in the prior year. This decrease was primarily due to the discontinuation of the Company’s Alzheimer’s disease program in June of 2008.

Selling, general and administrative expenses for the second quarter of fiscal 2009 were $35.6 million, compared with $30.5 million for the same quarter of the prior year, an increase of 17%. This increase was primarily attributable to costs associated with the 58% growth in molecular diagnostic revenues, the Company’s direct-to-consumer marketing campaign, the expansion of the women’s health salesforce and the product launch of Prezeon™. The Company expects that these investments may benefit future revenue growth.

The Company continues to maintain a strong balance sheet, with $497 million in cash, cash equivalents and marketable investment securities and no debt or convertible securities. During the quarter, we experienced an improvement in our accounts receivable collection period to an average of 45 days with a modest 5% allowance for doubtful accounts.

Conference Call and Webcast

A conference call with Company management will be held today at 10:00 a.m. Eastern Time, with investors and media to discuss these results and recent events at the Company. Between 9:45 a.m. and 10:00 a.m., the dial-in number for domestic callers is (800) 736-4610. International callers may dial (212) 231-2902. All callers will be asked to reference reservation number 21411489. An archived replay of the call will be available for 7 days by dialing (800) 633-8284 or (402) 977-9140, and entering the reservation number above. The conference call will also be audiocast over the Web and can be accessed through: www.myriad.com. MYGN-F

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, Azixa and Vivecon are trademarks or registered trademarks of Myriad Genetics, Inc. in the United States and foreign countries.

This press release contains “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995, including statements relating to the Company’s increased marketing efforts resulting in improved physician acceptance and adoption of the Company’s molecular diagnostic products; patient sample flow from the Company’s molecular diagnostic products continuing to be very strong despite the current economic recession; the Company’s continued profitability from operations; continued growth in molecular diagnostic revenues; and the expectation that selling, general and administrative expenses may benefit the Company’s future revenue growth. 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 include, but are not limited to: the risk that we may not be able to achieve our business and strategic plans, including our previously announced plan to spin off our research and drug development businesses; the risk that we may be unable to further identify, develop or achieve commercial success for new products and technologies; the risk that we may be unable to discover drugs that are safer and more efficacious than our competitors; the risk that we may be unable to develop manufacturing capability for approved products; the risk that sales or profit margins for our existing molecular diagnostic products may decline or not continue to increase at historical rates; the risk that we may be unable to develop additional molecular diagnostic products that help assess which patients are subject to greater risk of developing diseases and who would therefore benefit from new preventive therapies; the possibility of delays in the research and development necessary to select drug development candidates and delays in clinical trials; the risk that clinical trials may not result in marketable products; the risk that we may be unable to successfully finance and secure regulatory approval of and market our drug candidates, or that clinical trials will not be completed on the timelines we have estimated; uncertainties about our ability to obtain new corporate collaborations and acquire new technologies on satisfactory terms, if at all; the development of competing products and services; the risk that we may be unable to protect our proprietary technologies; the risk of patent-infringement claims; risks of new, changing and competitive technologies and regulations in the United States and internationally; and other factors 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.

- Financial Charts Follow -

MYRIAD GENETICS, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited)


	Three Months Ended					Six Months Ended
*(in thousands, except per share amounts)*	Dec. 31,2008		Dec. 31, 2007			Dec. 31, 2008			Dec. 31, 2007
Revenues:
Molecular diagnostic revenue	$	83,952	$	53,097		$	153,918		$	99,153
Research and other revenue		424		3,645			4,108			5,855

Total revenues		84,376		56,742			158,026			105,008
Costs and expenses:
Molecular diagnostic cost of revenue		11,060		7,690			20,850			15,026
Research and development expense		19,952		27,306			37,100			53,328
Selling, general and administrative expense		35,598		30,482			68,998			56,970

Total costs and expenses		66,610		65,478			126,948			125,324

Operating income (loss)		17,766		(8,736	)		31,078			(20,316	)
Other income (expense):
Interest income		3,437		3,667			6,871			7,523
Other		—		2			(2,005	)		(272	)

Total other income		3,437		3,669			4,866			7,251
Income (loss) before taxes		21,203		(5,067	)		35,944			(13,065	)
Income tax provision		—		—			287			—

Net income (loss)	$	21,203	$	(5,067	)	$	35,657		$	(13,065	)

Basic earnings (loss) per share	$	0.46		($0.11	)	$	0.78			($0.30	)
Diluted earnings (loss) per share	$	0.43		($0.11	)	$	0.73			($0.30	)

Basic weighted average shares outstanding		46,592		44,094			45,995			43,831
Diluted weighted average shares outstanding		48,858		44,094			48,592			43,831

Condensed Consolidated Balance Sheets (Unaudited)


*(In thousands)*	Dec. 31, 2008		Jun. 30, 2008
Cash, cash equivalents, and marketable investment securities	$	496,922	$	420,056
Trade receivables, net		41,432		40,663
Other receivables		746		4,769
Prepaid expenses		2,749		3,143
Equipment and leasehold improvements, net		29,126		30,026
Other assets		2,592		685

Total assets	$	573,567	$	499,342
Accounts payable and accrued liabilities	$	53,591	$	71,654
Deferred revenue		230		2,033
Stockholders’ equity		519,746		425,655

Total liabilities and stockholders’ equity	$	573,567	$	499,342

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