Myriad Genetics Inc. reported unaudited consolidated earnings results for the second quarter and six months ended December 31, 2011. For the quarter, the company reported revenue of $122.8 million, an increase of 22% over the $100.4 million reported in the second fiscal quarter of 2011. Operating income was $45.5 million, an increase of 18% from the prior year period. This record level of operating income included the impact of a 68% increase in R&D investment to support the company's existing molecular diagnostic tests and future product opportunities. Net income was $28.3 million or $0.33 per basic and diluted share compared to $24.2 million or $0.26 per basic and diluted share last year. Income before income taxes was $46.78 million compared to $39.05 million last year. Cash from operating activities equaled $27.5 million, capital expenditures were $3.1 million and included purchases of new instrumentation for the production and research and development laboratory. For the first half, the company reported total revenue of $233.3 million, an increase of 21% over $192.3 million reported for the half of fiscal 2011. Operating income was $86.9 million, an increase of 17% year-over-year. Net income was $53.4 million or $0.62 per diluted share compared to $46.7 million or $0.50 per diluted share last year. Income before income taxes was $88.59 million compared to $75.23 million last year. Total cash generated during first half was $85.7 million. The company revised earnings guidance for the fiscal 2012. The company has increased its expectations for fiscal year 2012 financial performance. Total revenue is now expected to be $465 million to $475 million, an increase from the $445 million to $465 million previously announced. This level of revenue is expected to result in fully diluted earnings per share of $1.24 to $1.28, up from the original guidance of $1.20 to $1.25. Molecular diagnostic revenue is now expected to range between $440 million and $450 million and companion diagnostic service revenue continues to be expected to range between $24 million and $26 million. The company expects an effective tax rate of approximately 40%.