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SALT LAKE CITY, Aug. 21, 2024 (GLOBE NEWSWIRE) -- Myriad Genetics, Inc. (NASDAQ: MYGN), a leader in genetic testing and precision medicine, today announced Myriad management will participate in two upcoming investor healthcare conferences. The Wells Fargo Healthcare Conference in a fireside chat featuring Scott Leffler, Chief Financial Officer, on Sept. 4, 2024 at 1:30pm ET.The Morgan Stanley Healthcare Conference in a fireside chat featuring Paul J. Diaz, President and CEO, on Sept. 5, 2024 at 7:00am ET. L ...

Myriad Genetics, Inc. (NASDAQ:MYGN) Q2 2024 Earnings Conference Call August 6, 2024 4:30 PM ET Company Participants Matt Scalo - Senior Vice President-Investor Relations Paul Diaz - President & Chief Executive Officer Mark Verratti - Chief Commercial Officer Sam Raha - Chief Operating Officer Scott Leffler - Chief Financial Officer Conference Call Participants Matt Sykes - Goldman Sachs Colleen Babington - Wolfe Research Andrew Cooper - Raymond James Casey Woodring - JPMorgan Puneet Souda - Leerink Partner ...

| --- | --- | --- | --- | |------------------------------------|-------|-------|-------| | | | | | | A U G U S T 6 , 2 0 2 4 | | | | | | | | | | | | | | | Second Quarter 2024 Earnings Call | | | | | | | | | ©2024 Myriad Genetics, Inc. ©2024 Myriad Genetics, Inc. Forward-looking statements and Non-GAAP financial measures Some of the information presented here today contains projections or other forward-looking statements regarding future events or the future financial performance of the Company. FORWARD-LOOK ...

Myriad Genetics, Inc. (MYGN) reported adjusted earnings of 5 cents per share in the second quarter of 2024 compared to the Zacks Consensus Estimate of a loss of 1 cent per share. The reported figure also compares to a loss of 8 cents per share in the year-ago quarter.The quarter’s adjustments exclude amortization expenses from acquired intangible assets, equity compensations and real estate optimization, among others.RevenuesTotal revenues rose 15.3% year over year to $211.5 million in the quarter under rev ...

Financial Performance - Testing revenue for the three months ended June 30, 2024, was $211.5 million, an increase of 15.5% compared to $183.5 million for the same period in 2023[9]. - Total revenue for the three months ended June 30, 2024, was $211.5 million, a 29.5% increase from $183.5 million in the same period of 2023[26]. - Total revenue for the six months ended June 30, 2024, was $413.7 million, a 13.4% increase from $364.7 million in the same period of 2023[27]. - The company reported a net loss of $62.7 million for the three months ended June 30, 2024, compared to a net loss of $170.8 million for the same period in 2023[19]. - Net loss for the three months ended June 30, 2024, was $36.7 million, significantly improved from a net loss of $116.1 million for the same period in 2023[11]. - Comprehensive loss for the three months ended June 30, 2024, was $36.5 million, compared to $113.2 million for the same period in 2023, indicating a 67.7% reduction[19]. Expenses and Costs - Total costs and expenses for the three months ended June 30, 2024, were $248.0 million, a decrease of 16.6% from $297.2 million in the same period of 2023[9]. - Selling, general, and administrative expenses rose by $4.2 million to $144.9 million, accounting for 68.5% of total revenue, with increased compensation costs being a significant factor[114]. - Research and development expenses for the three months ended June 30, 2024, increased to $27.1 million, up from $21.2 million in the same period of 2023, reflecting a growth of 27.8%[9]. - The company reported capital expenditures of $11.9 million for the three months ended June 30, 2024, compared to $42.3 million in the same period of 2023[19]. - The total stock-based compensation expense for the six months ended June 30, 2024, was $26.5 million, up from $18.7 million for the same period in 2023, reflecting an increase of approximately 41.9%[79]. Cash Flow and Liquidity - Cash, cash equivalents, and restricted cash at the end of the period were $101.2 million, down from $112.7 million at the end of June 30, 2023[19]. - The company experienced a net cash used in operating activities of $16.0 million for the three months ended June 30, 2024, an improvement from $34.1 million in the same period of 2023[19]. - Total cash and cash equivalents as of June 30, 2024, amounted to $94.7 million, down from $132.1 million as of December 31, 2023[34]. - The Company has a minimum liquidity requirement of $60.0 million under the ABL Facility, with availability of $41.5 million as of June 30, 2024[60]. - Cash paid for income taxes for the six months ended June 30, 2024, was $1.3 million, while cash paid for interest was $0.7 million[88]. Shareholder Information - The weighted average shares outstanding for the three months ended June 30, 2024, were 90.6 million, compared to 81.7 million for the same period in 2023[9]. - As of June 30, 2024, the company had 90.9 million shares of common stock issued and outstanding, an increase from 81.9 million shares a year earlier, representing a growth of approximately 10.9%[66]. - The basic earnings per share (EPS) for the three months ended June 30, 2024, was calculated using a weighted-average of 90.6 million shares, compared to 81.7 million shares for the same period in 2023, indicating a 10.8% increase in shares used for EPS calculation[67]. Revenue Breakdown - Hereditary Cancer testing revenue was $91.5 million for the three months ended June 30, 2024, up from $76.7 million in the same period of 2023, representing a growth of 19.8%[26]. - Prenatal testing revenue rose to $44.4 million in Q2 2024, up from $35.6 million in Q2 2023, marking a 25.0% increase[26]. - Revenue from Medicare accounted for 11% of total revenue for the three and six months ended June 30, 2024, compared to 12% and 11% for the same periods in 2023[29]. - Tumor Profiling revenues decreased by $9.8 million to $63.5 million, primarily due to a decrease in volume for MyChoice CDx[121]. Impairments and Adjustments - The Company recognized a $10.2 million impairment related to the sale of its EndoPredict business, with the fair value considered a Level 2 measurement[42]. - Goodwill impairment charge of $0.8 million was recognized for the six months ended June 30, 2024, reducing the ending balance of goodwill to $286.3 million[50][48]. - The company reported an impairment of goodwill and long-lived assets amounting to $12.8 million for the three months ended June 30, 2024[19]. Future Outlook and Investments - The company plans to continue investing in research and development to drive future growth and innovation in its product offerings[9]. - The company launched the Foresight Universal Plus Test in June 2024 and plans to introduce new products such as FirstGene, Precise Liquid, and Precise minimal residual disease[102][104]. - The company entered into a collaboration with QIAGEN N.V. to develop a distributable homologous recombination deficiency test for global research and companion diagnostics[105]. Legal and Regulatory Matters - The Delaware Court of Chancery consolidated stockholder derivative actions and stayed the consolidated action pending resolution of the Securities Class Action[83]. - The Company has accrued $5.0 million in liabilities related to a settlement agreement with Ravgen, Inc.[63].

For the quarter ended June 2024, Myriad Genetics (MYGN) reported revenue of $211.5 million, up 15.3% over the same period last year. EPS came in at $0.05, compared to -$0.08 in the year-ago quarter.The reported revenue represents a surprise of +2.91% over the Zacks Consensus Estimate of $205.52 million. With the consensus EPS estimate being -$0.01, the EPS surprise was +600.00%.While investors closely watch year-over-year changes in headline numbers -- revenue and earnings -- and how they compare to Wall St ...

Myriad Genetics (MYGN) came out with quarterly earnings of $0.05 per share, beating the Zacks Consensus Estimate of a loss of $0.01 per share. This compares to loss of $0.08 per share a year ago. These figures are adjusted for non-recurring items.This quarterly report represents an earnings surprise of 600%. A quarter ago, it was expected that this molecular diagnostic company would post a loss of $0.11 per share when it actually produced a loss of $0.01, delivering a surprise of 90.91%.Over the last four q ...

Exhibit 99.1 News Release Media Contact: Megan Manzari Investor Contact: Matt Scalo (385) 318-3718 (801) 584-3532 megan.manzari@myriad.com matt.scalo@myriad.com Myriad Genetics Reports Strong Second Quarter 2024 Financial Results, including 15% Revenue Growth Year-Over-Year; Raises 2024 Financial Guidance and Long-Term Revenue Growth Target to 12% Highlights • Second quarter revenue grew 15% year-over-year to $212 million, driven by Prenatal (25%), Pharmacogenomics (22%), and Hereditary Cancer (19%). • Seco ...

EUROBIO SCIENTIFIC COMPLETES ACQUISITION OF ENDOPREDICT® GENOMIC TEST FROM MYRIAD GENETICS Paris, August 2nd, 2024 –7:30 am Eurobio Scientific (FR0013240934, ALERS), a leading French group in in vitro specialty medical diagnostics and life sciences, announces the finalisation of its agreement with Myriad Genetics to acquire the EndoPredict® genomic test. As part of the agreement announced on 7 May 2024 (see press release below), on 1 August 2024 the Group has completed the acquisition of the second-generati ...