Core Insights - Myriad Genetics, Inc. is focusing on innovation in Oncology, Women's Health, and Pharmacogenomics, with significant investments in labs and digital capabilities [1][4][6] - The company's growth strategy in Oncology includes expanding companion diagnostics, new clinical guidelines, and new offerings, supported by key partnerships [1][7][10] - Despite a challenging macroeconomic environment and increasing competition, Myriad Genetics has shown strong performance in earnings, surpassing estimates consistently [2][11][12] Company Performance - Myriad Genetics' shares have decreased by 31% over the past year, while the industry fell by 8.3% and the S&P 500 gained 28.5% [2] - The company has a market capitalization of $1.31 billion and has delivered an average earnings surprise of 247.73% over the last four quarters [2] Strategic Initiatives - The company has invested over $75 million in advanced labs and technologies over the past three years, enhancing operational capabilities [6] - Myriad Genetics plans to launch the first MRD commercial test for breast cancer in the first half of 2026 and is engaged with biopharma companies for MRD sample testing [8][9] Revenue Growth - GeneSight revenue per test has improved year-over-year and quarter-over-quarter, driven by strong provider demand and improved payer coverage [5] - The Zacks Consensus Estimate for 2024 revenues is projected at $846.6 million, indicating a 12.4% increase from the previous year [13] Competitive Landscape - Myriad Genetics faces increasing competition in its BRACAnalysis market, with technological advancements from competitors potentially impacting pricing and margins [12] - The company is enhancing its intellectual property position through partnerships and patent acquisitions, which may help mitigate competitive pressures [7][10]

Company Updates - Myriad Genetics has updated its agreement with Illumina to include its Genomic Instability Score (GIS) in all samples analyzed with Illumina's TruSight Oncology 500 v2 assay, enhancing the accessibility of GIS as a potential companion diagnostic across multiple tumor types [1][2] - Following the announcement, Myriad Genetics' stock (MYGN) rose by 3.2%, closing at $15.49, indicating positive market sentiment towards the company's diagnostic solutions [3] - The company currently has a market capitalization of $1.41 billion, with earnings expected to surge by 144.4% in 2024, alongside an 11.7% increase in revenues [4] Product Significance - Myriad's MyChoice CDx test helps identify patients with tumors that cannot repair double-stranded DNA breaks, making them more susceptible to DNA-damaging drugs, thus broadening clinical research opportunities and driving companion diagnostic development for HRD-based therapies [5] - The inclusion of GIS in the Precise Tumor clinical reports is anticipated to strengthen Myriad Genetics' oncology product portfolio [6] Industry Prospects - The global oncology companion diagnostic (CDx) market was valued at $4.78 billion in 2023 and is projected to grow at a compound annual growth rate of 8.7% through 2030, driven by the increasing prevalence of cancer and the rising emphasis on personalized medicine [7]

Myriad Genetics, Inc. (MYGN) recently made SneakPeek available over the counter in more than 8,800 retail locations nationwide. SneakPeek is the first at-home early fetal sex test for use at six weeks, now available on shelves in Walmart, Walgreens and CVS stores. Through the SneakPeek test, Myriad Genetics is on a mission to make DNA-based prenatal information affordable and accessible for all families.MYGN Stock Movement Following the NewsFollowing the news, shares of MYGN fell 2.4% to $15.78 at yesterday ...

Myriad Genetics, Inc. (NASDAQ:MYGN) Q3 2024 Earnings Conference Call November 7, 2024 4:30 PM ET Company Participants Matt Scalo - Senior Vice President of Investor Relations Paul Diaz - President and Chief Executive Officer Scott Leffler - Chief Financial Officer Sam Raha - Chief Operating Officer Mark Verratti - Chief Commercial Officer Conference Call Participants Douglas Schenkel - Wolfe Research Puneet Souda - Leerink Partners Prashant Kota - Goldman Sachs Subu Nambi - Guggenheim Partners Sung Ji Nam - ...

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].

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].

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 ...

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]