Myriad Genetics Inc. reported unaudited consolidated earnings results for the third quarter and nine months ended March 31, 2013. For the quarter, the company reported net income of $37,892,000 or $0.47 per basic share and $0.46 per diluted share on total revenue of $156,472,000 against net income of $29,615,000 or $0.35 per basic share and $0.34 per diluted share on total revenue of $129,777,000 a year ago. Operating income was $57,918,000 compared to $46,096,000 a year ago. Income before income taxes was $59,241,000 compared to $47,481,000 a year ago. The improvement in operating income was primarily due to the operating leverage from both cost of revenue and general and administrative expenses and was achieved with the meaningful investments the company continues to make in sales and marketing expansion and the build out of the company's international infrastructure. For the nine months, the company reported net income of $103,065,000 or $1.27 per basic share and $1.23 per diluted share on total revenue of $439,050,000 against net income of $83,009,000 or $0.98 per basic share and $0.96 per diluted share on total revenue of $363,040,000 a year ago. Operating income was $162,086,000 compared to $133,032,000 a year ago. Income before income taxes was $166,049,000 compared to $136,068,000 a year ago. For upcoming fourth quarter, the company believes effective tax rate will return to approximately 40%. 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% to 21% growth over its 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% to 28% growth over fiscal year 2012 diluted EPS. For the full year, now guiding for an effective tax rate of approximately 39%, which compares to a previous guidance for full year tax effective rate of 14%.

To consider diagnostic product pipeline and the company's strategic growth initiatives

Myriad Genetics Inc. highlighted new clinical data on the PROLARIS 46-gene cell cycle progression (CCP) signature in patients with prostate cancer that will be presented at 2013's American Urological Association (AUA) in San Diego. The clinical studies being presented at AUA focus on PROLARIS test results in patients who underwent radical prostatectomy or who were treated with external beam radiation therapy. In both of these prospectively-designed studies, the PROLARIS signature consistently demonstrated additional prognostic utility beyond what is available from standard clinical parameters such as Gleason score, prostate specific antigen (PSA) level and clinical stage. These findings complement clinical data previously published in the peer-reviewed scientific literature. Myriad's PROLARIS test is the only commercial product that predicts prostate cancer death and has been evaluated in nine clinical studies with more than 3,000 patients. PROLARIS also is the only product that can be used in multiple sample types giving it applicability in both pre-treatment biopsy specimens and radical prostatectomy samples. Results from this prospectively-designed clinical study show that in patients who underwent radical prostatectomy, PROLARIS (CCP) score correlated significantly with organ confined, local invasive and systemic tumor growth, and these correlations remained after adjusting for Gleason score, PSA level and clinical stage. The PROLARIS score significantly represents real clinically and biologically relevant tumor features qualifying it as a promising biomarker for active surveillance in the post-surgical decision making processes as well as pre-surgical decision making processes as demonstrated in earlier clinical studies. Key findings from this study demonstrate that the PROLARIS test was: a highly significant predictor of biochemical recurrence; identified as a significant factor in predicting pathologic stage T3 cancer; and the best predictor for biochemical recurrence in low risk patients, whereas Gleason score was not significant.