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