Business
Myriad Genetics Delivers 56% Sequential Increase in Quarterly Revenue; Test Volumes Reach 90% of Pre-COVID-19 Level at End of Quarter
Highlights: Revenue of $145.2 million up 56% sequentially in quarter ended Sept. 30, 2020GAAP operating income increased $28.7 million sequentially; non-GAAP
About this update from Myriad Genetics, Inc.
[{"type":"text","content":"Highlights:\n Revenue of $145.2 million up 56% sequentially in quarter ended Sept. 30, 2020GAAP operating income increased $28.7 million sequentially; non-GAAP operating income increased $30.2 million sequentiallyGAAP EPS of ($0.20) and adjusted EPS of ($0.15) improved sequentially$40 million in annualized cost savings identified to fuel transformation and growth Myriad pursuing strategic alternatives for Myriad RBM and Dermatology business units Paul J. Diaz, President and Chief Executive Officer:\"As we executed strategic initiatives to accelerate growth during the recent stages of the COVID-19 pandemic, we saw a significant recovery in test volumes and related business in the fiscal quarter. At the same time, we planned and launched the first phases of our strategic transformation plan, taking initial steps to simplify our business, reset our cost base, improve our end-to-end customer experience, and develop new commercial capabilities. We are renewing our commitment to our purpose-driven, 29-year mission of improving lives by aligning our efforts around the need to increase access to healthcare and reduce disparities in health outcomes among underserved populations. Leveraging our record of quality and innovation, we are intensifying our focus on empowering patients with the information they need to take control of their own health and wellness, and providing healthcare professionals with data-driven insights to better diagnose, treat and prevent disease. I am encouraged by early signs of improvement in our business performance, and the dedication of our team, as we extend our reach and launch our transformation plan to drive sustainable long-term growth and profitability. I believe Myriad Genetics is positioned for commercial success with a strong market opportunity, respected portfolio, and a more disciplined focus on operational excellence.” SALT LAKE CITY, Nov. 09, 2020 (GLOBE NEWSWIRE) -- Myriad Genetics, Inc. (NASDAQ: MYGN), a global leader in molecular diagnostics and precision medicine, today announced financial results for its quarter ended Sept. 30, 2020 and provided an update on recent business performance. Financial Highlights:Myriad Genetics delivered total revenue in the quarter of $145.2 million which declined 22% year-over-year but increased 56% sequentially as the company continued to recover from the impact...