Myriad Genetics reports $22M profit

Myriad Genetics, Inc., a leading molecular diagnostic company, Tuesday reported net income for the first fiscal quarter was $22.5 million, or $0.24 per share, which included a $13.6 million income tax provision.

Revenues increased 7.9 percent to $91.9 million for the three-month period ended September 30, 2010, up from $85.1 million in the same three months of the prior year.

"The 7.9 percent revenue increase for our first fiscal quarter is in line with our revenue guidance for the year of $380 million to $400 million, the midpoint of which is a 7.6 percent revenue increase over our prior fiscal year," said Peter Meldrum, president and chief executive officer of Myriad Genetics, Inc. in a statement.

Shares of Myriad Genetics were down $0.11 on Tuesday to close at $19.70. The 52-week range for the stock was a low of $14.11 and a high of $27.13.