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Dec 31, 2023
Myriad Genetics Q4 2023 Earnings Report
Reported strong fourth quarter and full-year results, with revenue growth and adjusted EPS.
Key Takeaways
Myriad Genetics reported an 11% year-over-year increase in both fourth-quarter and full-year revenue, achieving $197 million and $753 million, respectively. The company delivered GAAP EPS of $(0.36) and adjusted EPS of $0.04 for the quarter. Looking ahead, Myriad is raising its 2024 revenue guidance to $820 - $840 million and introducing adjusted EPS guidance of $0.00 - $0.05.
Full-year testing volume grew 35% year-over-year, or 18% ex-SneakPeek® volume.
Fourth quarter GAAP operating expenses and adjusted operating expenses each decreased by 6% year-over-year.
Fourth quarter adjusted cash flow from operations increased by $10 million year-over-year to $14 million.
Myriad Genetics acquired select assets from Intermountain Precision Genomics in February 2024.
Forward Guidance
Myriad Genetics raised its full-year 2024 revenue guidance to $820 - $840 million, reflecting annual growth of 9% - 11%. Adjusted EPS is projected to be between $0.00 and $0.05. Q1 2024 revenue is expected to grow at a mid-to-high single-digit percentage rate year-over-year, with acceleration throughout the year.
Positive Outlook
- Revenue range raised by $5 million for the full year.
- Revenue growth of between 9% - 11% over 2023 is expected.
- Gross margin is expected to fluctuate based on product mix, pricing trends, and seasonality.
- Adjusted EBITDA is expected to be $20 - $30 million.
- Q1'24 gross margins are expected to be lower than Q4’23 gross margins and ramping up throughout rest of 2024.
Challenges Ahead
- Q1'24 revenue expected to grow at a mid-to-high single digit percentage rate year-over-year.
- Gross margin %69.5% - 70.5%.
- Adjusted OPEX $572 - $582 million.
Historical Earnings Impact
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