Myriad Genetics share price doubles

Myriad Genetics Inc. Tuesday reported net income of $30.4 million, or 31 cents per share, for its fiscal first quarter ending Sept. 30, compared with $14.5 million, or 15 cents per share, in the first fiscal quarter of the prior year.

The company attributed the growth to a 22 percent increase in molecular diagnostic revenue and 27 percent growth in operating income for the period.

"While our revenues during the first fiscal quarter continued to be affected by the weakened economy, we are still comfortable with the First Call consensus revenue and earnings per share projections for fiscal 2010," Peter Meldrum, president and chief executive officer, said in a release.

Molecular diagnostic revenue for the period increased to $85.1 million, up from $70 million in the same period last year. Meanwhile, operating income grew to $29.7 million compared with $23.4 million for the same period the previous year, the release states.

Shares of Myriad Genetics finished at $25.64 on Tuesday. The 52-week range for the Salt Lake City-based company's stock was a high of $47.08 and a low of $23.75.

— Jasen Lee