Myriad Revenues Increase 7 Percent in Q1 2018

NEW YORK (GenomeWeb) – Myriad Genetics reported after the close of the market on Tuesday that its first quarter revenues in fiscal 2018 increased 7 percent year over year, led by strong GeneSight sales.

For the three months ended Sept. 30, the firm reported total revenues of $190.2 million, compared to $177.5 million in Q1 2017, and beating the consensus Wall Street estimate of $183.4 million.

Myriad’s molecular diagnostic testing revenue increased by 8 percent to $178.8 million from $165.1 million in Q1 2017. Hereditary cancer test sales fell 9 percent to $126.7 million from $139.3 million a year earlier.

“We continue to see strong sample trends,” Myriad President and CEO Mark Capone said during an earnings call, noting that the hereditary cancer testing segment “exceeded the 3 percent sample volume growth contemplated in guidance.”

Myriad CFO Bryan Riggsbee added on the call that the company expects that year-over-year pricing declines in hereditary cancer testing will moderate as the year progresses due to the timing of long-term payment contracts negotiated earlier.

By testing segment, the firm’s Vectra DA rheumatoid arthritis test brought in $16.0 million in revenues, marking a 38 percent increase from $11.6 million a year earlier; its Prolaris

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