Auriga Reiterates a 'Buy' on Myriad Genetics (MYGN); F2Q12 Results: Nice Beat & Raise as Colaris Continues to Surprise

Auriga reiterates a 'Buy' on Myriad Genetics (NASDAQ: MYGN) price target of $28.00.

Auriga analyst says, "Yesterday, Myriad Genetics reported F2Q12 revenue of $122.8MM, well ahead of our $115.6MM estimate and consensus of $115.1MM. EPS of $0.33 also came in ahead of both consensus ($0.31) and our estimate ($0.32). BRACAnalysis grew 14% Y/Y, as MYGN's sales force expansion, improved DTC and social media advertising and continued uptake in new settings boosted demand. Colaris/Colaris AP revenue continues to surprise, growing 56% Y/Y as the addition of the fourth gene (PMS2) and an expanded sales force continue to enhance uptake. MYGN's other tests (six in all) generated $5.3MM in revenue (+24%). Given the beat, MYGN increased FY12 revenue and EPS guidance. Overall, MYGN continues to put up very solid results and is executing well on its plans to diversify its product portfolio. We expect continued uptake of new tests, European sales ramp, and news flow around Prolaris to drive interest in MYGN shares."

For an analyst ratings summary and ratings history on Myriad Genetics click here. For more ratings news on Myriad Genetics click here.

Shares of Myriad Genetics closed at $23.66 yesterday.

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