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Jun 30, 2024
Myriad Genetics Q2 2024 Earnings Report
Reported strong second quarter financial results, featuring a 15% year-over-year revenue increase, and raised 2024 financial guidance and long-term revenue growth target to 12%.
Key Takeaways
Myriad Genetics reported a strong second quarter in 2024 with a 15% year-over-year increase in revenue, driven by growth in Prenatal, Pharmacogenomics, and Hereditary Cancer segments. The company has raised its full-year revenue guidance to $835 - $845 million and adjusted EPS to $0.08 - $0.12.
Second quarter revenue grew 15% year-over-year to $212 million, driven by Prenatal (25%), Pharmacogenomics (22%), and Hereditary Cancer (19%).
GAAP earnings per share improved to $(0.41) from $(1.42) in the second quarter of 2023; adjusted earnings per share improved to $0.05 from $(0.08) in the second quarter of 2023.
Increased 2024 financial guidance with full year revenue moving to a range of $835 - $845 million, representing an annual growth rate of between 11% and 12%, and increasing adjusted earnings per share (EPS) to a range of $0.08 - $0.12.
Gross margin increased 110 basis points year-over-year to 69.6%.
Revenue by Segment
Forward Guidance
Myriad Genetics increased its 2024 financial guidance with full year revenue moving to a range of $835 - $845 million, or an annual growth rate of between 11% and 12%, and increasing adjusted earnings per share (EPS) to a range of $0.08 - $0.12.
Positive Outlook
- Full year revenue is expected to be in the range of $835 - $845 million, representing an 11%-12% year-over-year increase.
- Adjusted gross margin is expected to be between 70.0% and 70.5%.
- Adjusted operating expenses are projected to be between $575 and $585 million, indicating a 6%-8% increase.
- Adjusted EBITDA is anticipated to be between $25 and $35 million.
- Adjusted EPS is expected to be in the range of $0.08 - $0.12.
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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