Myriad Genetics Reports Earnings; Updates Guidance (MYGN)

Myriad Genetics Inc. (NASDAQ: MYGN) reports Q2 EPS of $0.54 versus estimates of $0.33. Myriad Genetics Inc. reports Q2 revenues of $93.9 million versus estimates of $93.48 million.Overall revenues increased 9% year over year; Oncology revenues increased 7% year over year and woman's health revenues grew 16% year over year. "Myriad generated over $46 million of cash flow from operations this quarter," said Peter Meldrum, the Company's President and Chief Executive Officer. "Additionally, we repurchased approximately 4% of the Company's common stock during the quarter while maintaining a strong cash position of $488 million at year end."The company expects FY 2011 earnings per share $0.95 to $1.00 and ash flow from operations of $170 million."Based on the midpoint of our guidance range, this represents an 8% revenue growth in our 2011 fiscal year," said Peter Meldrum, the Company's President and Chief Executive Officer. "We are transitioning from the 2010 fiscal year where we did not record an income tax provision to the 2011 fiscal year where we will record an income tax expense even though we won't be required to pay income taxes. Therefore, in order to provide a consistent comparison of our fiscal 2010 operating results with our estimates for fiscal 2011, we have provided a cash flow from operations estimate of $170 million, which represents a 10% increase over the $155 million that we generated in the 2010 fiscal year." Shares of MYGN are lower in the after-hours by 3.32%.