Business
Myriad Genetics Reports First Quarter Revenue and Reiterates Guidance for 2022
Highlights: Revenue of $164.9 million for the quarter ended March 31, 2022 Excluding revenue from divested businesses, revenue increased 11% year-over-year
About this update from Myriad Genetics, Inc.
[{"type":"text","content":"Highlights: Revenue of $164.9 million for the quarter ended March 31, 2022 Excluding revenue from divested businesses, revenue increased 11% year-over-year Diluted GAAP earnings per share (EPS) of $(0.26) and adjusted EPS of $(0.03) in the first quarter of 2022 improved by $0.26 and $0.03 year-over-year, respectivelyEnded the quarter with $339.2 million in cash, cash equivalents and investmentsNew partnership with Intermountain Precision Genomics to launch Precise™ Liquid Biopsy Therapy Selection Test SALT LAKE CITY, May 05, 2022 (GLOBE NEWSWIRE) -- Myriad Genetics, Inc. (NASDAQ: MYGN), a leader in genetic testing and precision medicine, today announced financial results for its first quarter 2022. The company also reiterated long-term and 2022 financial guidance and provided an update on business performance, recent product launches and strategic growth initiatives. “We continue to execute on our transformation and growth plan with strong commercial demand for new offerings like our recently launched suite of Precise™ Oncology Solutions. In Mental Health, the GeneSight® Psychotropic test reached one of its highest quarterly volume levels ever while our Women’s Health products generated double digit year-over-year revenue growth in the first quarter of 2022. Fast Company also named Myriad Genetics among its 2022 list of the world’s most innovative companies. Throughout the COVID-19 pandemic, we continued to invest in innovation to meet the needs of patients and healthcare providers, digital engagement to drive increased demand, tech-enabled commercial tools to improve customer experience, and our Lab of the Future to improve productivity. We are pleased to see the results of these efforts across multiple lines of business, and I want to thank my teammates and our provider partners for their continued efforts to serve our patients during the pandemic in what continues to be a very difficult operating environment,” said Paul J. Diaz, president and CEO, Myriad Genetics. Financial and Operational Highlights: Diagnostic test volumes of 241,000 in the first quarter of 2022 increased 10% year-over-year and 2% sequentially from the fourth quarter of 2021, excluding divested businesses. Sequential volumes were impacted during the first six weeks of 2022 by access constraints and staffing challenges due to COVID-19 and its variants, parti...