Myriad Genetics, Inc. Reports Unaudited Consolidated Earnings Results for the Second Quarter and Six Months Ended December 31, 2017; Raises Earnings Guidance for the Full Year of 2018; Provides Earnings Guidance for the Third Quarter of 2018; Provides Tax Rate Guidance for the Fiscal Year 2019
February 05, 2018
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Myriad Genetics, Inc. reported unaudited consolidated earnings results for the second quarter and six months ended December 31, 2017. For the quarter, the company reported total revenue of $194.0 million against $196.5 million a year ago. Operating income was $4.4 million against $17.0 million a year ago. Income before income taxes was $3.7 million against $12.1 million a year ago. Net income attributable to the company's stockholders was $32.1 million or $0.45 per diluted share against $5.9 million or $1.59 per diluted share a year ago. Non-GAAP operating income was $28.2 million against $23.6 million a year ago. Non-GAAP net income was $22.3 million or $0.31 per diluted share against $17.5 million or $0.26 per diluted share a year ago. Capital expenditures were $2.1 million against $2.4 million a year ago. Free cash flow was $30.9 million against $29.0 million a year ago. Non-GAAP free cash flow was $31.9 million against $29.7 million a year ago.
For the six months, the company reported total revenue of $384.2 million against $373.9 million a year ago. Operating income was $91.9 million against $19.4 million a year ago. Income before income taxes was $90.3 million against $16.1 million a year ago. Net income attributable to the company stockholders was $113.2 million or $1.59 per diluted share against $4.7 million or $0.07 per basic and diluted share a year ago. Net cash provided by operating activities was $56.5 million against $28.5 million a year ago. Capital expenditures were $3.7 million against $3.9 million a year ago. Non-GAAP operating income was $53.0 million against $45.2 million a year ago. Non-GAAP net income was $40.5 million or $0.57 per diluted share against $33.5 million or $0.49 per diluted share a year ago. Free cash flow was $52.8 million against $24.6 million a year ago. Non-GAAP free cash flow was $54.5 million against $34.3 million a year ago.
For the fiscal year 2018, the company expects GAAP diluted net income per share to be from $1.82 to $1.87. Due to the legislation for fiscal year 2018, the company now anticipates non-GAAP tax rate will be reduced from its previous guidance of 23% to 21%. The company's new revenue guidance cost for fiscal year 2018 revenue of $760 million to $770 million, which is at the high end of its previous range. From an earnings perspective, the company is increasing its guidance for adjusted earnings per share to $1.11 to $1.16 from its previous guidance of $1 to $1.05.
For the fiscal third-quarter of 2018, the company expects GAAP diluted net income per share to be from $0.11 to $0.13 and non-GAAP diluted net income per share to be from $0.26 to $0.28. In addition, the company guided the fiscal third quarter revenue of $186 million to $188 million.
For fiscal year 2019, these rates will be lower, since it will have the benefit of a full year of the lower tax rate, and the company anticipates a non-GAAP tax rate of approximately 17%.
Myriad Genetics, Inc. is a genetic testing and precision medicine company. The Company develops and offers genetic tests that help assess the risk of developing disease or disease progression and guide treatment decisions across medical specialties where genetic insights can significantly improve patient care and lower healthcare costs. The Company is focused on three key areas where it has specialized products, capabilities, and expertise: Oncology, Women's Health and Mental Health. In oncology, it offers testing for patients who have cancer and companion diagnostic tests that work with corresponding drugs and treatments. It also offers the SneakPeek Early Gender DNA Test which can reveal a baby's gender as early as six weeks into pregnancy. The Companyâs testing products include MyRisk, BRACAnalysis, BRACAnalysis CDx, MyChoice CDx, Prolaris, EndoPredict, Foresight, Prequel, Precis Tumor Test, Precise Liquid Test, SneakPeek and GeneSight.
Myriad Genetics, Inc. Reports Unaudited Consolidated Earnings Results for the Second Quarter and Six Months Ended December 31, 2017; Raises Earnings Guidance for the Full Year of 2018; Provides Earnings Guidance for the Third Quarter of 2018; Provides Tax Rate Guidance for the Fiscal Year 2019