Financial Performance - Testing revenue for the three months ended September 30, 2024, was $213.3 million, an increase of 11.8% compared to $191.9 million for the same period in 2023[9]. - Total revenue for the three months ended September 30, 2024, was $213.3 million, a 23.5% increase compared to $172.2 million in the same period of 2023[24]. - The net loss for the three months ended September 30, 2024, was $22.1 million, compared to a net loss of $61.3 million for the same period in 2023, representing a significant improvement[9]. - For the nine months ended September 30, 2024, Myriad Genetics reported a net loss of $84.8 million, an improvement from a net loss of $232.1 million in the same period of 2023[17]. - Total revenue for the nine months ended September 30, 2024, was $627.0 million, an increase of $70.4 million or 12.6% compared to $556.6 million in the same period of 2023[115]. - The company reported an operating loss of $20.0 million for the three months ended September 30, 2024, a notable improvement from an operating loss of $60.1 million in the prior year[9]. - The company experienced a net cash used in operating activities of $15.3 million for the nine months ended September 30, 2024, significantly improved from $56.2 million in the same period of 2023[17]. - The net loss for the nine months ended September 30, 2024, was $(84.8) million, compared to $(232.1) million in the same period of the prior year[12]. Revenue Breakdown - Hereditary Cancer testing revenue for the three months ended September 30, 2024, was $90.5 million, up from $86.5 million in the same period of 2023, representing a 4.6% increase[24]. - Pharmacogenomics revenue increased by $12.0 million to $47.7 million, reflecting a 22% increase in average revenue per test and a 10% increase in testing volume[106]. - Prenatal testing revenue grew to $43.5 million, up from $39.5 million, marking a 10.1% increase[24]. - Total testing volumes increased by 6% to 376, with notable increases in Pharmacogenomics (10%) and Hereditary Cancer (5%)[105]. - Hereditary Cancer revenues rose by $31.2 million, reflecting an 8% increase in average revenue per test and a 5% increase in testing volume[117]. - Pharmacogenomics revenues increased by $26.7 million, primarily due to a 13% rise in average revenue per test and an 11% increase in testing volume[117]. - Prenatal revenues grew by $20.9 million, attributed to a 10% increase in average revenue per test and an 8% increase in testing volume[117]. Expenses and Costs - Total costs and expenses for the three months ended September 30, 2024, were $233.3 million, a decrease of 7.1% from $252.0 million in the prior year[9]. - Selling, general, and administrative expenses were $139.1 million, a slight increase of $3.0 million from $136.1 million, but as a percentage of total revenue, it decreased from 70.9% to 65.2%[109]. - Research and development expenses increased to $28.5 million for the three months ended September 30, 2024, up from $24.0 million in the same period last year, reflecting ongoing investment in new technologies[9]. - The company’s capital expenditures for the nine months ended September 30, 2024, were $15.4 million, down from $53.2 million in the same period of 2023[17]. - Stock-based compensation expense increased to $38.9 million for the nine months ended September 30, 2024, compared to $30.3 million in the same period of 2023[17]. Cash and Liquidity - Cash, cash equivalents, and restricted cash at the end of the period were $109.8 million, compared to $85.0 million at the end of the same period in 2023[17]. - Cash and cash equivalents increased to $99.9 million as of September 30, 2024, compared to $76.0 million in 2023[80]. - The company recognized a net gain of $1.2 million from the termination of a lease in Salt Lake City, included in selling, general, and administrative expenses[83]. - Cash flows used in operating activities for the nine months ended September 30, 2024, improved to $(15.3) million from $(56.2) million in the prior year, reflecting a change of $40.9 million[133]. - Cash flows used in investing activities decreased by $49.9 million, primarily due to a $94.7 million decrease in cash flows from maturities and sales of marketable investment securities[135]. Debt and Liabilities - The company’s accumulated deficit as of September 30, 2024, was $714.3 million, reflecting ongoing challenges in achieving profitability[15]. - As of September 30, 2024, the company's long-term debt fair value is estimated at $39.7 million[30]. - The Company has long-term debt of $40.0 million under the ABL Facility as of September 30, 2024, with a weighted average interest rate of 8.4%[44][46]. - Total accrued liabilities decreased from $113.9 million as of December 31, 2023, to $111.2 million as of September 30, 2024[43]. - Other long-term liabilities decreased to $34.3 million as of September 30, 2024, from $41.3 million as of December 31, 2023[50]. Future Outlook and Strategy - The company plans to continue expanding its market presence and investing in research and development to drive future growth[9]. - The company anticipates continued focus on genetic testing and precision medicine to drive future growth and improve patient care[19]. - The company plans to launch new products, including FirstGene and Precise Liquid, to accelerate growth[97]. - UnitedHealthcare's updated policy will negatively impact GeneSight revenue, which generated approximately $40.0 million in the last twelve months, starting January 1, 2025[102]. - The company is currently evaluating the impact of new accounting standards on its segment disclosures and income tax disclosures, effective for future reporting periods[20]. Legal and Compliance - The Company intends to defend its current litigation matters but cannot assure that an adverse resolution would not materially affect its financial condition[70]. - The Company has not recorded any material accrual for loss contingencies related to legal proceedings as of September 30, 2024[72]. - The ultimate resolution of legal proceedings could materially impact the Company's results of operations, financial condition, or cash flows[72].

Core Insights - Myriad Genetics reported $213.3 million in revenue for the quarter ended September 2024, marking an 11.2% year-over-year increase and exceeding the Zacks Consensus Estimate of $209.82 million by 1.66% [1] - The company achieved an EPS of $0.06, a significant improvement from -$0.03 a year ago, resulting in a 200.00% EPS surprise compared to the consensus estimate of $0.02 [1] Revenue Breakdown by Product - Prenatal revenue reached $43.50 million, surpassing the average estimate of $42.99 million, with a year-over-year increase of 10.1% [3] - Hereditary Cancer revenue was $90.50 million, slightly above the $89.63 million average estimate, reflecting a 4.6% year-over-year change [3] - Pharmacogenomics revenue totaled $47.70 million, exceeding the estimated $40.60 million, showing a substantial year-over-year increase of 33.6% [3] - Tumor Profiling revenue was reported at $31.60 million, below the average estimate of $36.08 million, with a year-over-year increase of 4.6% [3] Stock Performance - Myriad's shares have declined by 27.9% over the past month, contrasting with the Zacks S&P 500 composite's increase of 3.2% [4] - The stock currently holds a Zacks Rank 3 (Hold), indicating expected performance in line with the broader market in the near term [4]

Core Viewpoint - Myriad Genetics reported quarterly earnings of $0.06 per share, exceeding the Zacks Consensus Estimate of $0.02 per share, and showing a significant improvement from a loss of $0.03 per share a year ago, indicating strong performance in the molecular diagnostics sector [1][2]. Financial Performance - The company achieved revenues of $213.3 million for the quarter ended September 2024, surpassing the Zacks Consensus Estimate by 1.66% and reflecting a year-over-year increase from $191.9 million [2]. - Over the last four quarters, Myriad has consistently exceeded consensus EPS estimates, achieving earnings surprises of 200% and 600% in the most recent quarters [1][2]. Stock Performance and Outlook - Myriad shares have declined approximately 8.2% since the beginning of the year, contrasting with the S&P 500's gain of 24.3%, indicating underperformance relative to the broader market [3]. - The company's current Zacks Rank is 3 (Hold), suggesting that shares are expected to perform in line with the market in the near future [6]. Earnings Estimates - The current consensus EPS estimate for the upcoming quarter is $0.04 on revenues of $217.47 million, and for the current fiscal year, it is $0.10 on revenues of $840.98 million [7]. - The trend of estimate revisions for Myriad is mixed, which may change following the recent earnings report [6]. Industry Context - Myriad operates within the Medical - Biomedical and Genetics industry, which is currently ranked in the top 36% of over 250 Zacks industries, suggesting a favorable industry outlook [8]. - The performance of Myriad's stock may be influenced by the overall outlook for the industry, as top-ranked industries tend to outperform lower-ranked ones significantly [8].

[Item 2.02 Results of Operations and Financial Condition](index=2&type=section&id=Item%202.02%20Results%20of%20Operations%20and%20Financial%20Condition) Myriad Genetics reported preliminary Q3 2024 revenue of **$210-$212 million**, reaffirming full-year guidance of **$835-$845 million** despite the EndoPredict divestiture Preliminary Q3 2024 Revenue | Metric | Value (USD) | | :--- | :--- | | **Preliminary Q3 2024 Revenue** | $210 million - $212 million | - The preliminary Q3 2024 revenue was achieved despite the divestiture of the company's EndoPredict business in Europe, which closed on August 1, 2024[2](index=2&type=chunk) Reaffirmed Full-Year 2024 Revenue Guidance | Metric | Value (USD) | | :--- | :--- | | **Reaffirmed Full-Year 2024 Revenue Guidance** | $835 million - $845 million | - The financial guidance and data are based on preliminary, unaudited internal reports and may change upon the finalization of the company's Q3 2024 financial statements[3](index=3&type=chunk) [Forward-Looking Statements](index=2&type=section&id=Forward-Looking%20Statements) This section outlines risks and uncertainties that could cause actual results to differ from forward-looking statements, including preliminary financial results and full-year guidance - The report contains forward-looking statements concerning the company's full-year 2024 financial guidance, expected revenue growth, and preliminary third-quarter 2024 financial results[4](index=4&type=chunk) - The company identifies numerous risks that could impact future performance, including but not limited to: - Decline in sales and profit margins of existing tests[4](index=4&type=chunk) - Increased competition and development of new competing tests[4](index=4&type=chunk) - Changes in governmental or private insurers' coverage and reimbursement levels[4](index=4&type=chunk) - Regulatory requirements or enforcement in the U.S. and foreign countries[4](index=4&type=chunk) - Security breaches, loss of data, and other disruptions from cyberattacks[4](index=4&type=chunk) - Myriad Genetics states it is not under any obligation to update or alter any forward-looking statements, except as required by law[5](index=5&type=chunk) [Item 9.01 Financial Statements and Exhibits](index=4&type=section&id=Item%209.01%20Financial%20Statements%20and%20Exhibits) This section lists the exhibits filed with the Form 8-K report, specifically Exhibit 104, the Cover Page Interactive Data File embedded within the Inline XBRL document - Exhibit 104, the Cover Page Interactive Data File (embedded within the Inline XBRL document), is filed with this report[6](index=6&type=chunk)

Core Insights - Myriad Genetics reported a third quarter revenue growth of 11% year-over-year, reaching $213 million, driven by strong performance in Pharmacogenomics (34%) and Prenatal (10%) testing [1][3][4] - The company improved its GAAP net loss to $22.1 million from $61.3 million in the same quarter last year, alongside an increase in adjusted EBITDA to $14.1 million from $1.4 million [1][3][4] - Updated financial guidance for 2024 indicates expected full-year revenue between $837 million and $843 million, with adjusted earnings per share projected to be between $0.12 and $0.14 [1][3][16] Financial Performance - Test volumes increased by 6% year-over-year, totaling 376,000 tests in the third quarter of 2024 [4] - Revenue breakdown for core product categories shows: - Hereditary cancer: $90.5 million (5% increase) - Tumor profiling: $31.6 million (5% increase) - Prenatal: $43.5 million (10% increase) - Pharmacogenomics: $47.7 million (34% increase) [6][8][12] - Gross margin improved to 70.2%, reflecting operational leverage and better average revenue per test [6][12] Business Developments - Myriad Genetics entered a collaboration with Flatiron Health to integrate MyRisk Hereditary Cancer Test into their EMR platform [8] - The company received a third patent for methods related to ultra-sensitive detection of tumor-specific mutations, supporting its commercialization efforts for the MRD assay [9] - A strategic partnership with jscreen aims to enhance access to genetic testing for high-risk populations [11] Challenges and Regulatory Updates - UnitedHealthcare announced it will discontinue coverage for multi-gene panel pharmacogenetic testing, including GeneSight, effective January 1, 2025, which generated approximately $10 million in revenue in the third quarter [1][13] - Myriad Genetics is actively engaging with UnitedHealthcare to provide additional clinical evidence for GeneSight and seeks to ensure continued access for patients [13][14] Cash Flow and Liquidity - The company reported an increase in cash and cash equivalents by $8.6 million, with total liquidity of $148.7 million as of the end of the third quarter [14]

Core Viewpoint - Myriad Genetics, Inc. is under investigation following the announcement that UnitedHealth Group will cease coverage of its GeneSight genetic test, leading to a significant drop in Myriad's stock price [2]. Group 1: Investigation Details - On October 31, 2024, UnitedHealth Group announced it would no longer cover GeneSight, effective January 1, 2025, citing that tests for behavioral health, including GeneSight, are "unproven" and "not medically necessary" [2]. - Following this announcement, Myriad's stock price experienced a sharp decline during intraday trading on November 1, 2024 [2]. Group 2: Legal Representation - Bronstein, Gewirtz & Grossman, LLC is investigating potential claims on behalf of purchasers of Myriad securities and encourages affected investors to participate in the investigation [1][3]. - The firm operates on a contingency fee basis, meaning they will only seek reimbursement for expenses and attorneys' fees if successful in court [3]. Group 3: Firm Background - Bronstein, Gewirtz & Grossman, LLC is a nationally recognized firm specializing in securities fraud class actions and has recovered hundreds of millions of dollars for investors [4].

Core Viewpoint - Myriad Genetics expresses strong disagreement with UnitedHealthcare's updated medical policy that restricts access to its GeneSight test, citing insufficient evidence of efficacy as the rationale for the change [2][3] Company Summary - Myriad Genetics is a leader in genetic testing and precision medicine, focusing on advancing health and well-being through genetic insights [6] - The GeneSight test is a pharmacogenomic test for over 60 medications commonly prescribed for mental health conditions, with nearly 3 million tests conducted to date [3][5] - The company believes in the clinical validity and utility of GeneSight, supported by peer-reviewed research, especially in the context of the ongoing mental health crisis [3] Industry Context - The updated policy from UnitedHealthcare will take effect on January 1, 2025, impacting access to multi-gene panel pharmacogenetic tests under its commercial and individual exchange benefit plans [1] - Myriad Genetics is actively engaging with UnitedHealthcare to discuss the evidence supporting GeneSight and to ensure continued access for enrollees [2] - The company remains optimistic about favorable coverage determinations from other health plans and does not believe the updated policy will affect GeneSight coverage under Medicare Advantage and managed Medicaid plans [3]

SALT LAKE CITY, Oct. 30, 2024 (GLOBE NEWSWIRE) -- Myriad Genetics, Inc. (NASDAQ: MYGN), a leader in genetic testing and precision medicine, will hold its third quarter earnings conference call on Thursday, November 7, 2024 at 4:30 pm ET. The company's quarterly earnings will be released the same day after the market closes. During the call, Myriad management will provide a financial overview and business update of the company's performance for the third quarter 2024. A live webcast of the earnings conferenc ...

Myriad Genetics, Inc. (MYGN) has announced a strategic partnership with jscreen, a national organization focused on genetic education and preventative testing for high-risk populations.This collaboration merges Myriad’s advanced hereditary cancer and reproductive genetic products, MyRisk with RiskScore and Foresight Carrier Screen, with jscreen’s well-established education and care navigation platform. Through this alliance, the organizations aim to reach hundreds of thousands of individuals across the Unit ...

Myriad Genetics, Inc. (MYGN) recently announced a joint effort with Ultima Genomics, Inc. to explore its UG 100 sequencing platform and ppmSeq technology. The collaboration will help advance the company’s ability to offer groundbreaking clinical tests in oncology and reproductive genomics.Myriad Genetics has purchased a new UG 100 platform that will soon join other leading sequencing platforms in its new Lab of the Future facility in South San Francisco. The low-cost, low-error sequencing achievable on the ...