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Jun 30, 2022
Myriad Genetics Q2 2022 Earnings Report
Reported financial results for the second quarter ended June 30, 2022.
Key Takeaways
Myriad Genetics reported revenue of $179.3 million for the quarter ended June 30, 2022, representing a 7% year-over-year increase excluding revenue from divested businesses and a 9% sequential increase from the first quarter of 2022. The company's diluted GAAP EPS was $(0.18) and adjusted EPS was $0.04 in the second quarter of 2022. The company updated its fiscal year 2022 financial guidance to reflect an additional $20 million investment in research and development, technology, and sales and marketing programs. The company ended the quarter with $283.6 million in cash, cash equivalents and investments.
Revenue of $179.3 million for the quarter ended June 30, 2022, with a 7% year-over-year increase excluding revenue from divested businesses.
Diluted GAAP earnings per share (EPS) of $(0.18) and adjusted EPS of $0.04 in the second quarter of 2022.
Fiscal year 2022 financial guidance updated to reflect an additional $20 million investment in research and development, technology, and sales and marketing programs.
Ended the quarter with $283.6 million in cash, cash equivalents and investments.
Revenue by Segment
Forward Guidance
Myriad Genetics provided its fiscal year 2022 financial guidance, reiterating its revenue and gross margin guidance and updating its guidance for total operating expense and earnings per share. The company is increasing its fiscal year 2022 operating expense guidance by approximately $20.0 million and plans to make opportunistic incremental investments in research and development, technology and sales and marketing programs.
Positive Outlook
- Revenue: $670 - $700 million
- Gross Margin: 70% - 72%
Challenges Ahead
- GAAP Operating Expenses: $585 - $595 million
- Adjusted (Non-GAAP) Operating Expenses: $490 - $500 million
- GAAP Earnings (Loss) Per Share: $(1.10) - $(1.00)
- Adjusted (Non-GAAP) Earnings (Loss) Per Share: $(0.10) - $0.00
Revenue & Expenses
Visualization of income flow from segment revenue to net income
Historical Earnings Impact
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Avg. Return Before/After Earnings
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