Myriad Genetics FY Conference Summary Company Overview - **Company**: Myriad Genetics (NasdaqGS:MYGN) - **Industry**: Precision medicine and diagnostic testing - **Key Leadership**: Sam Raha (President and CEO), Ben Wheeler (CFO) [1][2] Core Points and Arguments Company Mission and Market Position - Myriad Genetics has a noble purpose to advance health and well-being, being a leader in precision medicine for over 30 years [2] - The company served over 55,000 healthcare providers and delivered over 1.5 million test reports in 2025 [3] Strategic Focus - The company is at an inflection point, focusing on the cancer care continuum and expanding its product portfolio beyond hereditary cancer [3][5] - Emphasis on execution excellence, utilizing AI across operations, product development, and customer experience [4][5] Market Opportunities - The total market opportunity for Myriad is estimated at $40 billion, with many served markets growing in double digits and having less than 50% market penetration [6] - Hereditary cancer testing represents a $7 billion market, with Myriad's myRisk test being the gold standard [9][10] Product Development and Launches - Upcoming launches include disease-specific panels for hereditary cancer and an AI-enabled Prolaris test for prostate cancer [10][13] - The company plans to expand its offerings in minimal residual disease (MRD) testing, starting with breast cancer, which has a $7 billion total addressable market (TAM) [19] Financial Performance and Projections - Projected revenue for 2025 is between $822 million and $824 million, with a 6% growth expected for 2026, targeting $860 million to $880 million [28][31] - The company aims to maintain industry-leading gross margins of 68%-69% while reducing costs [31][32] Growth Catalysts - Key growth drivers include the performance of hereditary cancer products, timely launches of new products, and consistent execution of financial and operational goals [38][40] - The company is investing over $35 million to strengthen commercial capabilities related to the cancer care continuum [30][52] Additional Important Content Partnerships and Collaborations - Myriad is exploring strategic partnerships to enhance its market position and product offerings, particularly in the cancer care continuum [45] - Collaborations with Sophia Genetics and MSK are aimed at biomarker selection and companion diagnostic development [12][45] Challenges and Market Dynamics - The prenatal health segment faced a 4% decline in 2025 due to implementation challenges, but recovery efforts are underway [29][30] - Mental health remains a growing area, with the GeneSight test being a market leader, having provided results for over three million patients [26][27] Long-term Vision - Myriad Genetics aims for high-single-digit to low-double-digit revenue growth over the next five years, supported by a robust pipeline of new products and strategic initiatives [33][36] This summary encapsulates the key insights from the Myriad Genetics FY Conference, highlighting the company's strategic direction, market opportunities, financial outlook, and growth initiatives.

Financial Performance and Guidance - Preliminary Q4 2025 total revenue is expected to be between $207 million and $209 million, and full year 2025 revenue between $822 million and $824 million[51] - Total test volume growth for 2025 is approximately 1% year-over-year, with Hereditary Cancer showing 7% growth, Mental Health 6% growth, and Prenatal Health a (4)% decrease[51] - 2026 total revenue guidance is set at $860 million to $880 million, reflecting approximately 6% growth compared to the midpoint of the preliminary 2025 revenue range[53] - Adjusted gross margin for 2026 is projected to be between 68% and 69%[53] - Adjusted EBITDA for 2026 is expected to be between $37 million and $49 million, representing approximately 43% growth over the midpoint of the previous full year 2025 guidance range[53] - The company is targeting high single-digit to low double-digit percentage annual revenue growth in the long term[60] Strategic Focus and Market Expansion - The company is prioritizing the Cancer Care Continuum to drive accelerated growth and profitability[11, 60] - The company plans to leverage market-leading positions and new products to accelerate growth in markets such as Hereditary Cancer Testing (HCT), therapy selection, prostate cancer, and molecular residual disease (MRD)[13] - The total addressable market (TAM) for therapy selection, HRD (Homologous Recombination Deficiency) & CGP (Comprehensive Genomic Profiling) is estimated at $8 billion, with an estimated annual market growth of 14-17%[13] - The MRD market has a TAM of $21 billion with an estimated annual market growth of 15-20%[13] - The company is expanding its testing menu to serve more of the Cancer Care Continuum, including hereditary cancer screening, diagnosis & therapy selection, and molecular residual disease monitoring[15, 16]

Core Insights - Myriad Genetics, Inc. (MYGN) is positioned for growth due to a strong pipeline of product launches and a refreshed long-term strategy focused on the Cancer Care Continuum (CCC) market [2][6] - The company faces revenue challenges from the end of UnitedHealthcare's coverage for GeneSight and broader macroeconomic issues [2][11][12] Financial Performance - MYGN's shares have decreased by 53.7% over the past year, contrasting with a 19.1% growth in the industry and the S&P 500 [3] - The company's market capitalization stands at $604.3 million, with an earnings yield of 0.2%, outperforming the industry's -29.4% yield [3] Product Development - Myriad Genetics is actively launching new products, including the Prequel Prenatal Screen and the Foresight Carrier Screening test, which enhance its testing portfolio [4] - The upcoming launch of the expanded MyRisk with RiskScore panel is anticipated to drive growth in the $6 billion market [5] Strategic Focus - The company's renewed strategy emphasizes growth in the CCC market, aiming to increase volumes of the MyRisk hereditary cancer test and expand into high-growth segments like therapy selection and minimal residual disease (MRD) [6][9] - Partnerships, such as with SOPHiA GENETICS, are aimed at enhancing biomarker validation and development services [6] Solvency and Financial Health - Myriad Genetics reported cash and cash equivalents of $145.4 million with no current debt, indicating strong solvency [10] Revenue Challenges - The termination of GeneSight coverage by UnitedHealthcare is expected to negatively impact MYGN's revenues and profitability [11] - Macroeconomic factors, including inflation and rising costs from U.S. tariffs, are anticipated to pressure the company's bottom line [12] Revenue Estimates - The Zacks Consensus Estimate for MYGN's 2025 revenues is projected at $821.5 million, reflecting a 1.9% decline from the previous year [13]

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.

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]

Financial Performance - Q3 2025 revenue was $205.7 million[7], a decrease of 4% year-over-year[33] - Adjusted gross margin in Q3 2025 was 70.1%[7], a decrease of 50 basis points year-over-year[33] - Adjusted EBITDA for Q3 2025 was $10.3 million[7] - Adjusted EPS for Q3 2025 was $0.00[7], a decrease of $0.06 year-over-year[33] - Adjusted operating expenses decreased by $1 million year-over-year in Q3 2025[7] Volume Growth - Hereditary cancer test volume grew 11% year-over-year[8] - GeneSight volume grew 8% year-over-year[8], reflecting ongoing growth acceleration from Q1 '25[30] - Prolaris test volume showed positive growth year-over-year[8] Strategic Initiatives - The company is focused on the Cancer Care Continuum (CCC) to accelerate growth[7, 9, 11] - The company aims to grow revenue at or above market in Prenatal Health and Mental Health[7, 9, 12] - Myriad has commenced a multi-year program to invest >$35 million in its commercial capabilities addressing the Cancer Care Continuum[40] 2025 Financial Guidance - The company reiterates its 2025 financial guidance, with total revenue expected to be between $818 million and $828 million[42] - Gross margin is projected to be between 69.5% and 70.0%[42] - Adjusted operating expenses are expected to be between $562 million and $568 million[42] - Adjusted EBITDA is projected to be between $27 million and $33 million[42] - Adjusted EPS is expected to be between $(0.02) and $0.02[42]

Core Insights - Myriad Genetics reported third-quarter 2025 financial results, showing stable revenue performance and a 13% year-over-year volume growth for its MyRisk hereditary cancer test [2][3]. Financial Performance - Third-quarter 2025 revenue was $205.7 million, a decrease of 4% year-over-year, but flat when excluding headwinds of $8.1 million [5][7]. - The gross margin for the third quarter was 69.9% [5]. - The company reported a GAAP net loss of $27.4 million, or $0.29 per share, while adjusted EPS was $0.00 [5][12]. - Adjusted EBITDA for the third quarter was $10.3 million [5]. Product Volumes and Revenue - Total product volumes for the third quarter were 386,000, reflecting a 3% year-over-year increase [6]. - Hereditary cancer testing revenue grew 3% year-over-year to $93.0 million, with volume increasing by 11% [7][11]. - Tumor profiling revenue decreased by 7% year-over-year to $29.5 million, primarily due to a decline in testing volume for EndoPredict [7][12]. - Prenatal testing revenue increased by 2% year-over-year to $44.5 million, while pharmacogenomics revenue decreased by 19% to $38.7 million [7][14]. Cash Flow and Liquidity - Cash flow from operations for the third quarter was $21.1 million, with adjusted operating cash flow at $24.8 million [8]. - As of September 30, 2025, the company had cash and cash equivalents of $145.4 million [9]. Strategic Initiatives - The company entered a strategic collaboration with SOPHiA GENETICS to develop a global liquid biopsy companion diagnostic testing solution for pharmaceutical companies [5][13]. - Myriad Genetics is focusing on the Cancer Care Continuum and has made organizational changes to improve customer experience and reduce operating expenses [3][12]. Financial Guidance - The company reaffirmed its full-year 2025 revenue guidance in the range of $818 million to $828 million, with expected gross margins between 69.5% and 70.0% [16]. - Adjusted EBITDA guidance remains unchanged at $27 million to $33 million [16].

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]

Financial Data and Key Metrics Changes - The company experienced a reset in financials due to headwinds from the UnitedHealthcare decision and NCCN guidelines confusion, leading to a complicated start to the year [6][10] - Q2 was characterized as a step forward, with hereditary cancer and oncology continuing to grow in double digits, while GeneSight saw a recovery to 5% growth after previous challenges [11][12] - The long-range plan (LRP) was set to high singles to low double digits growth, indicating a more cautious outlook compared to previous expectations of over 12% [12][13] Business Line Data and Key Metrics Changes - Hereditary cancer business showed strong growth, particularly on the affected side, while the unaffected side improved faster than anticipated [10][11] - GeneSight's business was reset and saw a return to growth, while the prenatal business faced challenges due to a new management order system rollout, leading to negative volume year over year in Q2 [24][25] - The Polaris business remained stable, with revenue growth year over year, and the partnership with PathomIQ is expected to enhance growth prospects [30][32] Market Data and Key Metrics Changes - The prenatal market is expected to grow in the mid-single digits, with the company aiming to grow above that rate [26] - The company anticipates a stable environment for average selling prices (ASPs) across its portfolio, with Q2 serving as a proof point for this stability [22][23] Company Strategy and Development Direction - The company is focusing on the cancer care continuum as a core area, with a disciplined approach to resource and capital allocation [18][19] - New strategic partnerships, such as with PathomIQ, are being leveraged to enhance product offerings and market presence [19][30] - Execution and urgency are emphasized as critical components for future success, with a commitment to delivering on new product launches [19][49] Management's Comments on Operating Environment and Future Outlook - Management acknowledged the challenges faced in the first quarter but expressed optimism about the recovery trajectory and the execution of the new strategy [10][11] - The company expects to be operating cash flow positive in the back half of the year, with gradual recovery in prenatal volume and continued progress in hereditary cancer volume [42][46] - Management highlighted the importance of new product launches, including an updated myRisk panel and MRD tests, as key drivers for future growth [49] Other Important Information - The company has made significant changes to its executive team, including the appointment of a new CFO and Chief Commercial Officer, to strengthen leadership and execution capabilities [9][10] - The company is addressing operational inefficiencies and aims to grow revenue faster than operating expenses, indicating a focus on sustainable profitable growth [44][45] Q&A Session Summary Question: What is the pricing outlook for hereditary cancer? - Management expressed confidence in the stability of ASPs and noted that Q2 showed positive trends in pricing [21][22] Question: What impact did the new management order system have on prenatal business? - The company acknowledged negative volume due to the rollout but indicated that the issues are now resolved and growth is expected to resume [24][25] Question: How does the partnership with PathomIQ affect the Polaris business? - The partnership is expected to enhance product offerings and improve market perception, contributing to growth in the prostate cancer segment [30][32] Question: What is the company's strategy for MRD? - Management emphasized the size of the MRD market opportunity and the company's strong reputation and access to healthcare systems as key advantages [36][38] Question: What are the expectations for operating cash flow in the second half of the year? - The company anticipates being operating cash flow positive in the back half of the year, with gradual recovery in volumes [46]

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]