Loading...
•
Mar 31, 2023
Myriad Genetics Q1 2023 Earnings Report
Achieved 10% revenue growth year-over-year and raised the mid-point of 2023 revenue guidance range.
Key Takeaways
Myriad Genetics reported a strong start to 2023 with a 10% year-over-year revenue increase in Q1, driven by growth in Oncology, Women's Health, and Mental Health businesses. The company is confident in achieving profitability by Q4 2023 and sustainable 10%+ annual organic growth as it enters 2024.
First quarter testing volumes grew 21% year-over-year, excluding contributions from the SneakPeek® Early Gender DNA Test.
Hereditary cancer test volumes increased by 24% year-over-year, marking the second consecutive quarter of double-digit growth.
GeneSight® pharmacogenomics test volumes grew 31% year-over-year and 15% sequentially.
Diluted GAAP earnings per share (EPS) were $(0.67) and adjusted EPS were $(0.21) in the first quarter of 2023.
Revenue by Segment
Revenue by Geographic Location
Forward Guidance
Myriad Genetics updated its fiscal year 2023 financial guidance, expecting revenue between $730 million and $750 million, and adjusted EPS between $(0.36) and $(0.24).
Positive Outlook
- Increased the low end of the revenue range by $10 million; 2023 annual growth now between 8% - 11% over 2022
- Reaffirm Gross Margin range of 68% - 70%.
- Adjusted EPS is expected to improve through 2023, reaching positive adjusted profitability and adjusted operating cash flow in Q4 '23
Challenges Ahead
- GAAP OPEX is expected to be between $642 million and $662 million, reflecting Q1 business results and incremental costs related to transformation and commercial initiatives
- Adjusted OPEX is expected to be between $535 million and $555 million, increased range by $5 million to reflect Q1 business results.
- GAAP EPS is expected to be between $(1.77) and $(1.62), decrease reflects Q1 business results, the increase in costs related to transformation and commercial initiatives, and the elimination of a deferred tax benefit
Revenue & Expenses
Visualization of income flow from segment revenue to net income
Historical Earnings Impact
Analyze how earnings announcements historically affect stock price performance
Avg. Return Before/After Earnings
Loading earnings performance data...
Loading earnings reaction data...