Myriad(US:MYGN)2024-08-07 12:22Financial 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].