Rochester,NY 8/27/2009 10:34:13 PM
Myriad Genetics Inc. MYGN, To Sell Harder During Weak Economy; Reports Slowdown in Revenue Growth
Myriad Genetics Inc.
Myriad Genetics is planning to stave off the impact of the recession on its business by bolstering sales force visits to OB/GYNs, ramping up its direct-to-consumer campaign in the Midwest and the South, and expanding physician-to-physician outreach efforts to spread the word about its products.
Myriad reported fourth-quarter net income of $23.6 million, compared to $65.5 million in the comparable period of 2008, due in some part to the discontinuation of its pharmaceutical and research business, which it spun off in June. Myriad's net income for the year was $84.6 million, compared to $47.8 million in the year-ago period.
Myriad's R&D spending during the quarter fell to $4.4 million from $4.8 million, while its SG&A spending increased to $36 million from $31.6 million. Its R&D spending for the fiscal year declined to $17.9 million from $18.5 million, while its SG&A expenses climbed to $138.9 million from $110.4 million.
Myriad finished the quarter and fiscal year with $392.2 million in cash, cash equivalents, and marketable investment securities.
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