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Sep 30, 2024
Myriad Genetics Q3 2024 Earnings Report
Reported an 11% year-over-year revenue growth, driven by Pharmacogenomics and Prenatal segments, and improved GAAP net loss and adjusted EPS.
Key Takeaways
Myriad Genetics reported an 11% increase in revenue to $213 million for the third quarter of 2024, driven by strong performance in pharmacogenomics and prenatal testing. The company's GAAP net loss improved significantly, and adjusted EBITDA increased substantially. Updated financial guidance anticipates full-year revenue between $837 - $843 million and adjusted EPS in the range of $0.12 - $0.14.
Third quarter revenue grew 11% year-over-year to $213 million.
GAAP net loss improved to $22.1 million from $61.3 million in the third quarter of 2023.
Adjusted EBITDA increased to $14.1 million from $1.4 million in the third quarter of 2023.
Updated 2024 financial guidance projects revenue between $837 - $843 million and adjusted EPS between $0.12 - $0.14.
Revenue by Segment
Forward Guidance
Myriad Genetics updated its 2024 financial guidance, projecting full-year revenue in the range of $837 - $843 million and adjusted EPS between $0.12 - $0.14.
Positive Outlook
- Revenue expected to be between $837 and $843 million.
- Gross margin expected to be between 69.8% and 70.3%.
- Adjusted OPEX expected to be between $565 and $570 million.
- Adjusted EBITDA expected to be between $34 and $39 million.
- Adjusted EPS expected to be between $0.12 and $0.14.
Challenges Ahead
- UnitedHealthcare's updated medical policy for commercial and individual exchange plans to discontinue coverage of multi-gene panel pharmacogenetic testing, including GeneSight, effective January 1, 2025.
- Potential impact of increased competition and development of new competing tests.
- Risk of delays or other problems with operating the company’s laboratory testing facilities.
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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