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Dec 31, 2022
Myriad Genetics Q4 2022 Earnings Report
Reported fourth quarter financial results, with revenue of $177.8 million, reflecting an 11% year-over-year increase driven by growth in hereditary cancer and GeneSight® volumes.
Key Takeaways
Myriad Genetics reported a strong fourth quarter, with revenue reaching $177.8 million, an 11% increase year-over-year. This growth was driven by a 16% increase in hereditary cancer volumes and a 23% increase in GeneSight® volumes. The company's gross margin for the quarter was approximately 70%.
Fourth quarter testing volumes grew 26% year-over-year, and 11% year-over-year excluding the contribution from the recent acquisition of Gateway Genomics and its SneakPeek® Early Gender DNA Test.
GeneSight revenue grew 36% for the full year 2022.
Gross margin for the fourth quarter was approximately 70% reflecting underlying price stability and disciplined cost management.
Diluted GAAP earnings per share (EPS) were $(0.52) and adjusted EPS were $(0.12) in the fourth quarter of 2022.
Revenue by Segment
Forward Guidance
Myriad Genetics provided its fiscal year 2023 financial guidance, expecting revenue between $720 - $750 million and adjusted EPS between $(0.40) - $(0.20).
Positive Outlook
- Revenue: $720 - $750 million (Reflects annual growth of between 6% - 11% over 2022)
- Gross margin %: 68% - 70%
- Adjusted operating expenses expected to remain flat-to-down from annualized Q4 '22 range
- Adjusted EPS is expected to improve through 2023, reaching positive adjusted profitability and operating cash flow in Q4 '23
Challenges Ahead
- Revenue: $170 - $172 million (Expected to decrease ~3% from Q4 '22 reflecting seasonality)
- Gross margin %: 68% (GM expected to decrease 200 basis points from Q4 '22 due to seasonality)
- GAAP OPEX: $628 - $648 million
- Adjusted OPEX: $530 - $550 million
- Adjusted EPS loss expected to be greater than Q4 '22 due to ongoing investments combined with seasonality
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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