This paper presents a computer-based classification scheme that utilized various morphological and novel wavelet-based features towards malignancy risk evaluation of thyroid nodules in ultrasonography. The study comprised 85 ultrasound images-patients that were cytological confirmed (54 low-risk and 31 high-risk). A set of 20 features (12 based on nodules boundary shape and 8 based on wavelet local maxima located within each nodule) has been generated. Two powerful pattern recognition algorithms (support vector machines and probabilistic neural networks) have been designed and developed in order to quantify the power of differentiation of the introduced features. A comparative study has also been held, in order to estimate the impact speckle had onto the classification procedure. The diagnostic sensitivity and specificity of both classifiers was made by means of receiver operating characteristics (ROC) analysis. In the speckle-free feature set, the area under the ROC curve was 0.96 for the support vector machines classifier whereas for the probabilistic neural networks was 0.91. In the feature set with speckle, the corresponding areas under the ROC curves were 0.88 and 0.86 respectively for the two classifiers. The proposed features can increase the classification accuracy and decrease the rate of missing and misdiagnosis in thyroid cancer control.