Business
Myriad Genetics Delivers 6% Sequential Revenue Growth; Company Continues to Execute Strategic Transformation Plan
Highlights: Revenue of $154.6 million up 6% sequentially in quarter ended Dec. 31, 2020GAAP Earnings per share (EPS) of ($0.59) and adjusted EPS of ($0.12)
About this update from Myriad Genetics, Inc.
[{"type":"text","content":"Highlights: Revenue of $154.6 million up 6% sequentially in quarter ended Dec. 31, 2020GAAP Earnings per share (EPS) of ($0.59) and adjusted EPS of ($0.12) Despite COVID-19 headwinds, total test volumes increase 7% sequentially with stable pricingSigned in-network agreement with the majority of Anthem Blue Cross Blue Shield health plans, the second largest commercial payer in the United States, returning all Myriad products to in-network status Paul J. Diaz, President and Chief Executive Officer:“In the midst of the COVID-19 pandemic, we continued to support our patients and healthcare providers with critical genetic insights needed to drive better health outcomes. This quarter we continued to see sequential improvement in test volumes and revenue trends, while executing on our strategic transformation plan to simplify our business, improve customer experience, build new tech-enabled commercial capabilities, and focus on our biggest growth opportunities. We are well underway in resetting our base of operations, with three planned business unit divestitures in progress, which will help us concentrate on our core products and reduce complexity and cost.” “We are now focused on three core business areas where there are strong long-term market opportunities and growing demand for genetic insights: women’s health, oncology, and mental health.” “Our progress to date is a direct reflection of the passion and energy of our 2,700 Myriad Genetics teammates. I want to thank them for putting our patients and customers first and for all they are doing to implement our transformation plan while executing on our day-to-day priorities. I look forward to sharing an update on our performance, and our transformation and growth plans, at our Investor day on May 4.” SALT LAKE CITY, Feb. 23, 2021 (GLOBE NEWSWIRE) -- Myriad Genetics, Inc. (NASDAQ: MYGN), a leader in genetic testing and precision medicine, today announced financial results for its quarter ended Dec. 31, 2020 and provided an update on recent business performance. Financial Highlights:Myriad Genetics delivered total revenue in the quarter of $154.6 million which declined 21% year-over-year but increased 6% sequentially from the fiscal quarter ending Sep. 30, 2020, with improved commercial execution and a more stable pricing environment. Total test volumes of 224,000 declined 5% year-over...