MYGN ( $60 sell $55)quarterly loss narrows
(UPDATE: adds details, company comments, stock price, byline, changes dateline, previously NEW YORK)
By Deena Beasley
LOS ANGELES, May 9 (Reuters) - Biotechnology company Myriad Genetics Inc. (NasdaqNM:MYGN - news) on Tuesday reported a narrower fiscal third-quarter loss on higher revenues from products that test susceptibility to certain cancers.
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The Salt Lake City company, which studies genes and proteins to develop therapies, posted a net loss of $1.7 million, or 7 cents per share, compared with a year-earlier loss of nearly $2.1 million, or 10 cents per share.
The 10 analysts polled by Thomson Financial/First Call had expected a loss of between 4 cents to 15 cents a share, with a consensus estimate of 9 cents.
Total product revenue doubled in the quarter to $4.9 million from $2.4 million a year earlier, while overall revenues grew 19 percent to $11.6 million from $9.7 million.
``The revenue and gross margin growth in our predictive medicine business offset Myriad's increased funding of its promising therapeutic development programs,'' Chief Executive Peter Meldrum said during a conference with analysts.
The company's shares were up $1.37, or 2.4 percent, at $59.20 in afternoon Nasdaq trade, the lower end of a 52-week range of $29.50 to $138.
Myriad uses bioinformatic gene mapping, family history analysis and protein interaction identification to find inherited gene mutations that increase the risk for cancer, heart attacks and other diseases.
The company's BracAnalysis tests a woman's risk for contracting breast or ovarian cancer; CardiaRisk tests predisposition for cardiovascular disease; and Colaris assesses susceptibility to colon cancer.
Myriad also has research alliances with pharmaceutical companies, including Eli Lilly & Co. (NYSE:LLY - news), and Schering-Plough Corp. (NYSE:SGP - news) , as well as its own subsidiary for developing drugs.
The company said it is on track to add a fourth predictive test, Polaris, for identifying risk of prostate cancer and melanoma, to its commercial line this year.
Myriad also said it expects to launch a pivotal stage clinical trial of MPC-7869, its experimental prostate cancer therapy, later this year.
The company reported third-quarter research and development expense of $8.4 million, compared with $8.3 million a year earlier. |
