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Jun 30, 2023
Myriad Genetics Q2 2023 Earnings Report
Reported second quarter 2023 financial results and reaffirmed 2023 revenue and adjusted EPS guidance.
Key Takeaways
Myriad Genetics reported a 2% year-over-year revenue growth, inclusive of a $11.7 million change of estimate in the second quarter of 2022 versus an immaterial amount in the current quarter. Excluding these change of estimates, second quarter 2023 revenue increased 10% year-over-year, the third consecutive quarter of double-digit revenue growth. The company's testing volume grew 17% year-over-year, excluding contributions from the SneakPeek® Early Gender DNA Test.
Second quarter testing volume grew 17% year-over-year, excluding contributions from the SneakPeek® Early Gender DNA Test.
Second quarter revenue of $183.5 million, grew 2% year-over-year, inclusive of a $11.7 million change of estimate in the second quarter of 2022 versus an immaterial amount in the current quarter.
Diluted GAAP earnings per share (EPS) were $(1.42) and adjusted EPS were $(0.08) in the second quarter of 2023.
Established a new $90 million asset-based credit facility that includes an option to increase the facility to $115 million.
Revenue by Segment
Forward Guidance
Myriad Genetics reaffirms its 2023 revenue and non-GAAP financial guidance and updates its other GAAP financial guidance to account for the pending settlement of the securities class action lawsuit.
Positive Outlook
- Revenue: $730 - $750 million (2023 annual growth between 8% - 11% over 2022)
- Gross margin %: 68% - 70% (GM expected to fluctuate in any quarter given seasonality)
- Adjusted OPEX: $535 - $555 million
- Adjusted EPS: $(0.36) - $(0.24) (Adjusted EPS is expected to improve through 2023, reaching positive adjusted profitability and adjusted operating cash flow in Q4 '23)
- GAAP OPEX: $722 - $742 million (Increase in the GAAP operating expense range to include expected costs of approximately $80 million associated with the settlement of the securities class action lawsuit)
Challenges Ahead
- GAAP EPS: $(2.75) - $(2.60) (Increase in the GAAP EPS range to include expected costs of approximately $80 million associated with the settlement of the securities class action lawsuit)
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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