Core Viewpoint - Myriad Genetics, Inc. reported better-than-expected earnings and revenues for Q3 2024, driven by strong growth across its product portfolios, although the company still faced an operating loss during the quarter [8][10]. Financial Performance - Adjusted earnings for Q3 2024 were 6 cents per share, surpassing the Zacks Consensus Estimate of 2 cents, compared to a loss of 3 cents per share in the same quarter last year [1]. - Total revenues increased by 11% year over year to $213.3 million, exceeding the Zacks Consensus Estimate by 1.7% [3]. - Testing volumes rose by 6% year over year [3]. Revenue Breakdown - Hereditary Cancer testing revenues grew by 5% year over year to $90.5 million [4]. - Pharmacogenomics testing revenues reached $47.7 million, marking a 34% increase year over year [4]. - Tumor Profiling testing revenues increased by 5% year over year to $31.6 million [4]. - Prenatal testing revenues amounted to $43.5 million, up 10% year over year [4]. Margin and Expenses - Gross margin expanded by 24 basis points to 70.2% [5]. - Research and development expenses rose by 18.8% year over year to $28.5 million [5]. - Selling, general and administrative (SG&A) expenses increased by 2.2% to $139.1 million [5]. - The adjusted operating loss was $17.8 million, an improvement from a loss of $25.8 million in the previous year [5]. Financial Position - Cash and cash equivalents at the end of Q3 2024 were $99.9 million, up from $92.4 million at the end of Q2 2024 [6]. - Long-term debt was $39 million, slightly up from $38.8 million at the end of Q2 2024 [6]. - Cumulative net cash used in operating activities was $15.3 million, significantly reduced from $56.2 million in the year-ago period [6]. Guidance - The company updated its 2024 revenue guidance to a range of $837-$843 million, indicating 11-12% growth year over year, while the previous guidance was $835-$845 million [7]. - Adjusted EPS guidance was raised to a range of 12-14 cents, up from the earlier projection of 8-12 cents [7]. Strategic Developments - Myriad Genetics established additional research collaborations with leading cancer research institutions, enhancing its research capabilities [9]. - The company expanded payor coverage for several products, including GeneSight, which may improve market access and revenue potential [9].

UNITED STATES _________________________________________ _________________________________________ _________________________________________ _________________________________________ Title of each class Trading Symbol(s) Name of each exchange on which registered Common Stock, $0.01 par value MYGN Nasdaq Global Select Market SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 _________________________________________ FORM 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITI ...

Myriad Genetics (MYGN) reported $213.3 million in revenue for the quarter ended September 2024, representing a year-over-year increase of 11.2%. EPS of $0.06 for the same period compares to -$0.03 a year ago.The reported revenue compares to the Zacks Consensus Estimate of $209.82 million, representing a surprise of +1.66%. The company delivered an EPS surprise of +200.00%, with the consensus EPS estimate being $0.02.While investors closely watch year-over-year changes in headline numbers -- revenue and earn ...

Myriad Genetics (MYGN) came out with quarterly earnings of $0.06 per share, beating the Zacks Consensus Estimate of $0.02 per share. This compares to loss of $0.03 per share a year ago. These figures are adjusted for non-recurring items.This quarterly report represents an earnings surprise of 200%. A quarter ago, it was expected that this molecular diagnostic company would post a loss of $0.01 per share when it actually produced earnings of $0.05, delivering a surprise of 600%.Over the last four quarters, t ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 Delaware 0-26642 87-0494517 (State or other jurisdiction of incorporation)(Commission File Number)(IRS Employer Identification No.) Title of each classTrading Symbol(s) Name of each exchange on which registered Common Stock, $0.01 par value MYGN Nasdaq Global Select Market FORM 8-K CURRENT REPORT Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 Date of Report (Date of earliest event reported): October 9, 2024 MYRIA ...

Highlights Third quarter revenue grew 11% year-over-year to $213 million, driven by Pharmacogenomics (34%) and Prenatal (10%) and progress on payor coverage and revenue cycle initiatives.Third quarter GAAP net loss improved to $22.1 million from a loss of $61.3 million in the third quarter of 2023 on improved revenue, gross margins and disciplined management of operating expenses. Third quarter adjusted EBITDA increased to $14.1 million from $1.4 million in third quarter of 2023.Third quarter GAAP loss per ...

NEW YORK, Nov. 6, 2024 /PRNewswire/ -- Attorney Advertising -- Bronstein, Gewirtz & Grossman, LLC is investigating potential claims on behalf of purchasers of Myriad Genetics, Inc. ("Myriad" or "the Company") (NASDAQ: MYGN). Investors who purchased Myriad securities are encouraged to obtain additional information and assist the investigation by visiting the firm's site: bgandg.com/MYGN.Investigation DetailsOn October 31, 2024, it was revealed that UnitedHealth Group ("UnitedHealth") would no longer cover Ge ...

SALT LAKE CITY, Nov. 04, 2024 (GLOBE NEWSWIRE) -- Myriad Genetics, Inc., (NASDAQ: MYGN), a leader in genetic testing and precision medicine, was informed on Friday, November 1, 2024, of an updated medical policy from UnitedHealthcare restricting access to multi-gene panel pharmacogenetic tests, including Myriad’s GeneSight test, under its commercial and individual exchange benefit plans, effective January 1st, 2025. After initial review of the updated policy, the company strongly disagrees with UnitedHealth ...

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 ...