Business
Myriad Genetics Delivers Strong Revenue and Earnings Growth in June 2021 Quarter, Continues to Execute on Strategic Growth & Transformation Plans
SALT LAKE CITY, Aug. 03, 2021 (GLOBE NEWSWIRE) -- Myriad Genetics, Inc. (NASDAQ: MYGN), a leader in genetic testing and precision medicine, today announced
About this update from Myriad Genetics, Inc.
[{"type":"text","content":"SALT LAKE CITY, Aug. 03, 2021 (GLOBE NEWSWIRE) -- Myriad Genetics, Inc. (NASDAQ: MYGN), a leader in genetic testing and precision medicine, today announced financial results for its second quarter ended June 30, 2021 and provided an update on recent business performance and strategic transformation plans. “This was another solid quarter for Myriad Genetics as we delivered strong revenue growth and grew earnings ahead of our initial expectations, an important step towards demonstrating our ability to achieve our goal of sustainable long-term growth and profitability,” said Paul J. Diaz, president and CEO. “These results reflect the hard work of our teammates, and their dedication to meeting the needs of our patients and provider partners, as we continue to advance our mission to empower every individual with the genetic answers inside each of us.” Financial and Operational Highlights: Total revenue in the quarter was $189.4 million, an increase of 103% year-over-year and 9% sequentially. The following product categories saw significant sequential improvements: Three months ended (in millions)June 30, 2021 March 31, 2021 % Change Product revenues: Hereditary Cancer$86.0 $76.1 13% Prenatal 29.4 23.7 24% Tumor Profiling 29.2 31.0*-6% Pharmacogenomics 22.6 17.6 28% *Tumor profiling revenue for the three months ended March 31, 2021 includes approximately $7M in positive revenue adjustments from prior periods related to back pay for the Prolaris® test for prostate cancer. Excluding that adjustment tumor profiling grew 21% sequentially. Diagnostic test volumes of 273,000 increased 70% year-over-year and 8% sequentially and average revenue per test increased 2% sequentially.GAAP gross margin was 71.6%; adjusted gross margin was 72.1%, which improved 70 basis points sequentially.GAAP total operating expenses were $156.5 million; adjusted total operating expenses decreased $3.9 million sequentially to $123.1 million.GAAP operating loss in the quarter was $(20.8) million; adjusted operating income was $13.5 million.GAAP earnings per share (EPS) were $(0.06); adjusted EPS were $0.12, which improved $0.18, sequentially.Closed the sale of the Myriad myPath business on May 28, 2021 and Myriad RBM business on July 1, 2021.Expect to close the sale of the Myriad Autoimmune business in third quarter of 2021.Ended the quarter with $184.3 million in ...