Myriad Genetics FY Conference Summary Company Overview - **Company**: Myriad Genetics (NasdaqGS:MYGN) - **Date of Conference**: December 02, 2025 Key Industry Insights - **Hereditary Cancer Market**: The unaffected population represents a $5 billion market opportunity, with significant growth potential as it remains less than a third penetrated [2][21] - **Mental Health Market**: Myriad Genetics is a market leader in mental health testing, with plans to maintain growth despite challenges from competitors [16][19] Core Company Strategies - **Focus on Cancer Care**: The updated strategy emphasizes a concentrated effort on the cancer care continuum, while managing growth in prenatal and mental health segments [3][8] - **Product Development**: Introduction of new products such as FirstGene and Early Access for prenatal screening, and an updated MyRisk product with 63 genes [7][10] - **Execution Excellence**: Acknowledgment of the need for improved execution in product development and market launch processes [3][4] Financial Performance - **Growth Metrics**: Mid-single-digit growth observed in GeneSight tests, with a return to growth in hereditary cancer testing after previous challenges [6][21] - **Revenue Projections**: GeneSight expected to generate over $150 million in revenue, with potential for mid-single to low double-digit growth rates [16][17] Competitive Landscape - **Market Positioning**: Myriad Genetics aims to differentiate itself from competitors like Natera and BillionToOne by leveraging its comprehensive product offerings and customer support [8][9] - **Guideline Engagement**: Active collaboration with Key Opinion Leaders (KOLs) to clarify NCCN guidelines and enhance the adoption of Myriad's Prolaris test for prostate cancer [12][13] Product Pipeline and R&D Focus - **MRD Testing**: Introduction of the Precise MRD assay, expected to launch in the first half of 2026, with a focus on low-shedding cancers [25][26] - **Partnerships**: Collaborations with Pathomic to accelerate R&D and market entry for new tests [29][33] - **Clinical Studies**: Over 20 studies in MRD across various cancer indications, with results expected to enhance clinical utility and guideline positioning [28][30] Challenges and Opportunities - **Reimbursement Issues**: Navigating reimbursement challenges, particularly with UnitedHealth's policy, while expanding payer coverage [16][20] - **Market Activation**: Efforts to activate the unaffected hereditary cancer market through improved workflows and sales strategies [22][23] Conclusion - Myriad Genetics is strategically positioning itself for growth in the hereditary cancer and mental health markets, with a strong focus on execution excellence and product innovation. The company is optimistic about its future prospects, particularly with the anticipated launch of new products and ongoing collaborations.

Core Insights - Myriad Genetics reported third-quarter revenue of $205.7 million, slightly above analyst estimates of $204.8 million, but experienced a 3.6% year-on-year decline [6] - Adjusted EPS was $0, beating analyst expectations of -$0.01, while adjusted EBITDA reached $10.3 million, significantly exceeding estimates of $5.57 million [6] - The company reaffirmed its full-year revenue guidance at $823 million and EBITDA guidance at $30 million, above analyst estimates of $27.52 million [6] Revenue and Profitability - The average revenue per test faced ongoing challenges, impacting overall market sentiment negatively despite meeting revenue expectations [1] - Operating margin decreased to -11.3%, down from -9.4% in the same quarter last year, indicating operational headwinds [6] Segment Performance - Strong volume growth was noted in the oncology segment, particularly for the MyRisk hereditary cancer test, which management views as a positive development [1] - The company faced pressures from reduced coverage for the GeneSight mental health test and a divested European business, but core test volumes showed signs of stabilization [1] Analyst Insights - Analysts raised questions regarding the balance between commercial investment and profitability, with management emphasizing an organizational redesign to support growth in cancer care while focusing on profit improvement [6] - Concerns were raised about the prenatal market share and operational improvements, with management addressing customer losses and future growth expectations from FirstGene [6] - Questions regarding hereditary cancer testing volume growth were clarified as stemming from improved customer workflows and EMR integration rather than a temporary rebound [6] Pricing and Market Dynamics - Average selling price declines in hereditary cancer tests were attributed to payer mix, biopharma revenue lumpiness, and changes in UnitedHealthcare's policy [6] - Plans to track an expanded provider base and multi-product adoption were highlighted as future key performance indicators [6] Operational Efficiency - Competitive turnaround times for Prequel and FirstGene tests were confirmed, with expectations for FirstGene to align with Prequel at launch [6]

Financial Data and Key Metrics Changes - The company reported revenue of $206 million for Q3 2025, a decrease of 4% year-over-year, but a 5% growth when excluding specific headwinds [4][24][26] - Adjusted gross margin was strong at 70.1%, with adjusted EBITDA reported at $10.3 million [6][28] - Test volumes increased by 3%, but average revenue per test decreased by 7% [23][24] Business Line Data and Key Metrics Changes - Oncology revenue was $81.8 million, a decline of 1% year-over-year, with myRisk test volume growth of 16% in the affected market and 11% in the unaffected market [15][19] - Women's health revenue increased by 3% to $85.2 million, with hereditary cancer testing showing a 4% revenue growth and 11% volume growth year-over-year [19][20] - GeneSight revenue was $38.7 million, with an 8% volume growth year-over-year, despite challenges from UnitedHealthcare's coverage policy change [21][22] Market Data and Key Metrics Changes - The hereditary cancer testing market is estimated to be close to $5 billion, with less than 50% penetration, indicating significant growth opportunities [55] - The company is experiencing positive momentum in prenatal testing, with expectations for continued growth following the introduction of the FirstGene test [20][21] Company Strategy and Development Direction - The company is focusing on the cancer care continuum to accelerate growth, leveraging the myRisk test and expanding its portfolio to include other cancer screening and diagnostic tests [7][8] - There is a commitment to grow prenatal health and mental health revenues at or above market growth, with a disciplined investment approach [8][12] - The company is enhancing its commercial capabilities and organizational design to improve customer experience and market share [11][12][29] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's ability to deliver accelerated profitable growth, emphasizing the importance of operational efficiency and strategic partnerships [9][10][11] - The company is optimistic about the upcoming launches of new products, including an updated myRisk test and the Prolaris prostate cancer test [10][11][18] Other Important Information - The company reaffirmed its full-year 2025 financial guidance, projecting revenue between $818 million and $828 million [30] - The organizational redesign aims to reduce management layers and improve efficiency, which is expected to support revenue growth while controlling operating expenses [29][30] Q&A Session Summary Question: What are the offsets in savings as you go into 2026? - Management reaffirmed a commitment to profitable growth, focusing on the cancer care continuum and reallocating investments to support growth while managing operating expenses [36][37] Question: Any share shift in the NIPT market? - Management acknowledged challenges in operational execution but indicated improvements are being made, with expectations for future growth driven by new products [40][41] Question: Can you provide color on the friction with the new ordering management system? - Management noted that regaining customer volume takes time, but improvements are being made, and they expect to show volume growth in the coming quarters [44][45] Question: What is the current average turnaround time for Prequel results? - Management stated that turnaround times for their products are competitive, emphasizing patient convenience and workflow improvements [68][69] Question: How should we think about ASP assumptions for 2026? - Management highlighted that ASP was impacted by several factors, including changes in payer mix and the divestiture of the EndoPredict business, but they expect positive trends to continue [63][64]

Myriad Genetics FY Conference Summary Company Overview - **Company**: Myriad Genetics (NasdaqGS:MYGN) - **Date of Conference**: September 10, 2025 Key Industry Insights - **Hereditary Cancer Market**: - The affected market (diagnosed with cancer) is valued at approximately $2 billion, with over two-thirds penetration and mid-single-digit growth. [10] - The unaffected market (not diagnosed) is nearing $5 billion, with less than 50% penetration and expected growth between high single digits to low double digits. [10][11] - New guidelines from ASCO and NCCN are expected to drive growth in the affected market. [11] - **Women's Health**: - The Prequel and Foresight volume declined by 7% year-over-year due to issues with the order management system, which have since been resolved. [16][18] - Incremental positive payer coverage for expanded carrier screening has been observed ahead of ACOG guidelines. [19] Core Company Strategies - **Updated Strategy**: - Focus on leveraging strengths in science and high-quality tests, particularly in cancer care. [6][7] - Emphasis on improving user experience and expanding EMR integrations. [7][8] - **Breast Cancer Risk Assessment Program**: - Targeting OB-GYN providers to increase awareness and facilitate hereditary cancer testing. [13][14] - **Partnerships**: - Collaboration with JScreen to enhance access to genetic testing for high-risk populations. [15] Product Developments - **FirstGene**: - A combined screening product for NIPS and carrier screening, currently in early access with positive feedback. [20][21] - **Prequel NIPS**: - Launched for eight weeks of gestational age, showing strong market traction. [23] - **Precise MRD**: - Targeting a 2026 launch with early access to build real-world evidence and customer base. [24][25] - **AI-enabled Prolaris Tests**: - Expected launch by year-end, aimed at improving biopsy confidence and expanding into post-radical prostatectomy opportunities. [29][30] Financial Performance and Projections - **Gross Margins**: - Expected to be in the range of 69.5% to 70% for the year, supported by lab upgrades and operational efficiencies. [41][42] - **Long-term Revenue Growth Target**: - Updated to high single digits to low double digits, driven by growth in hereditary cancer testing, women's health, and oncology. [43][44] - **Operational Expenditure**: - Adjustments made to align with growth strategy, focusing on cancer care while maintaining growth in prenatal and mental health sectors. [46] Challenges and Resolutions - **EMR Integration Issues**: - Challenges in workflow integration for unaffected hereditary cancer testing have been identified and are being addressed through partnerships. [38][39][40] - **Order Management System Disruptions**: - Issues have been resolved, and a gradual return to previous volume levels is expected over the coming quarters. [18][19] Conclusion - Myriad Genetics is positioned in attractive markets with a strong reputation and a focus on innovative product launches. The company is optimistic about future growth driven by strategic partnerships, product development, and operational improvements. [49][50][51]

Core Insights - Myriad Genetics reported Q2 2025 earnings with revenue of $213.1 million, surpassing consensus estimates of $201.9 million, but faced a significant impairment charge of $316.7 million leading to a GAAP net loss [1][5][8] - The company experienced a modest return to revenue growth with a year-over-year increase of 1%, and adjusted EPS of $0.05 exceeded analyst expectations of $(0.01) [1][2][5] - The focus on the Cancer Care Continuum strategy emphasizes investment in oncology and next-generation diagnostic testing, with a strong emphasis on R&D and partnerships [4][3] Financial Performance - Revenue for Q2 2025 was $213.1 million, a 0.8% increase from Q2 2024's $211.5 million [2] - Adjusted operating income rose to $8.6 million, a 16.2% increase from Q2 2024 [2][5] - Gross margin improved to 71.2%, up 1.6 percentage points from 69.5% in Q2 2024 [2][5] Segment Performance - The Oncology segment generated $85.5 million in revenue, with hereditary cancer testing contributing $54.1 million, reflecting a 9% year-over-year volume increase [6] - Women's Health reported $89.8 million in revenue, with prenatal testing revenue rising 7% year-over-year to $47.6 million, despite an 8% decline in prenatal test volume due to workflow issues [7] - The Pharmacogenomics segment, including the GeneSight test, posted $37.8 million in revenue, a 12% decrease attributed to the loss of coverage from UnitedHealthcare [8][12] Operational Highlights - Total test volume was 384,000, showing a slight decline from the previous year, with increases in some areas offset by declines in tumor profiling and prenatal tests [9] - The company reported negative adjusted free cash flow of $(17.1) million, compared to a positive figure last year, and cash and equivalents at period end were $74.4 million [10][15] Strategic Focus - Myriad Genetics is prioritizing technological innovation, securing insurance reimbursement, and expanding market presence, particularly in oncology and women's health [4][3] - The company plans to launch new products, including MRD and AI-enabled prostate cancer tests, in 2026 [12] Outlook - Management raised full-year FY2025 revenue guidance to $818 million to $828 million, with gross margin expectations also increased [16] - Adjusted EPS guidance remains between $(0.02) and $0.02 for FY2025, reflecting the second quarter results and current business outlook [16]

Q2 2025 Financial Performance - Q2 2025 revenue reached $213.1 million, driven by strong average revenue per test trends[6] - Adjusted gross margins in Q2 2025 were 71.5%, a year-over-year increase of 140 basis points[6] - Adjusted operating expenses in Q2 2025 grew by 2% year-over-year, reflecting a focus on managing discretionary spending[6] - Adjusted EBITDA for Q2 2025 was $14.5 million, representing a 24% year-over-year growth[6] - Adjusted EPS for Q2 2025 was $0.05[6] Revenue Growth and Guidance - The company is raising its 2025 revenue guidance range, with underlying total revenue growth of 5% year-over-year[9] - Oncology hereditary cancer test revenue grew by 9% year-over-year, driven by a 10% volume growth year-over-year[9] - Total potential liquidity is estimated at $205.9 million, including $74.4 million in cash and cash equivalents at the end of Q2 2025 and access to a new credit facility[44] Strategic Focus - The company is focusing on high-growth Cancer Care Continuum (CCC) segments to accelerate growth[9, 12, 14] - The company aims to grow revenue at or above market in Prenatal & Mental Health[9, 16] - The company is focused on sustained profitable growth[9, 12, 18]

Core Insights - Tempus AI (TEM) is advancing precision medicine through a strong pipeline of R&D initiatives, including the introduction of xM, a liquid biopsy assay for advanced solid tumors, and the launch of the Fuses program to enhance AI-enabled diagnostics [1][2][3] Product Development - The company launched olivia, an AI-enabled personal health concierge app, and an FDA-approved NGS-based in vitro diagnostic device, xT CDx, for solid tumor profiling [2] - Tempus AI is developing its first whole-genome sequencing test, xH, aimed at supporting personalized therapy in hematological oncology [3] Competitive Landscape - Peers like Veracyte (VCYT) and Myriad Genetics (MYGN) are also innovating in precision diagnostics, with Veracyte launching the Decipher Prostate test and Myriad introducing the Prequel Prenatal Screen and Foresight Carrier Screening test [4][5] Financial Performance - Over the past year, Tempus AI shares have increased by 83.6%, outperforming the industry growth of 38% and the S&P 500's 12.3% [6] - The company's current forward Price-to-Sales (P/S) ratio is 7.50X, higher than the industry average of 5.88X [8] Earnings Estimates - Earnings estimates for Tempus AI show a mixed outlook for 2025 and 2026, with current estimates remaining stable over the past month [10][11]