Business
Myriad Genetics Reports Fiscal Second-Quarter 2020 Financial Results
Total Second-Quarter Revenues of $195.1 MillionSecond-Quarter Diluted EPS of ($0.11) and Adjusted EPS of $0.23 SALT LAKE CITY, Feb. 06, 2020 (GLOBE NEWSWIRE)
About this update from Myriad Genetics, Inc.
[{"type":"text","content":"Total Second-Quarter Revenues of $195.1 MillionSecond-Quarter Diluted EPS of ($0.11) and Adjusted EPS of $0.23 SALT LAKE CITY, Feb. 06, 2020 (GLOBE NEWSWIRE) -- Myriad Genetics, Inc. (NASDAQ: MYGN, “Myriad” or the “Company”), a global leader in molecular diagnostics and precision medicine, today announced financial results for its fiscal second-quarter 2020, provided an update on recent business highlights and provided revised fiscal year and third-quarter 2020 financial guidance.\n \"Revenue in the fiscal second quarter fell short of expectations largely due to the prenatal business. Prenatal cash collections were negatively impacted by issues in billing operations that occurred during the transition of the homegrown Counsyl billing system to an industry-standard system used by Myriad. We are in the process of implementing a number of initiatives focused on improving cash collections, have made several organizational changes to bolster growth and are evaluating additional initiatives,” said R. Bryan Riggsbee, president and CEO, Myriad Genetics. “Despite recent payer related headwinds, we continue to see significant near-term prospects to drive increased revenue and I am highly focused on returning Myriad to a position of sustained long-term profitable growth.” Financial Highlights The following table summarizes the financial results for the fiscal second-quarter of 2020: Revenue Fiscal Second-Quarter ($ in millions) 2020 2019 % Change Molecular diagnostic testing revenue Hereditary Cancer$117.7 $126.7 (7%) GeneSight® 22.5 24.0 (6%) Prenatal 16.4 31.2 (47%) Vectra® 10.3 11.8 (13%) Prolaris® 6.8 6.1 12% EndoPredict® 2.6 2.2 18% Other 4.8 1.0 380% Total molecular diagnostic testing revenue 181.1 203.0 (11%) Pharmaceutical and clinical service revenue 14.0 13.8 1% Total Revenue$195.1 $216.8 (10%) Income Statement Fiscal Second-Quarter ($ in millions) 2020 2019 % Change Total Revenue$195.1 $216.8 (10%) Gross Profit 145.5 164.7 (12%) Gross Margin 74.6% 76.0% Operating Expenses 154.3 158.6 (3%) Operating Income (8.8) 6.1 NM Operating Margin (4.5%) 2.8% Adjusted Operating Income 18.4 37.4 (51%) Adjusted Operating Margin 9.4% 17.3% Net Income (8.3) 2.6 NM Diluted EPS (0.11) 0.03 NM Adjusted EPS$0.23 $0.38 (40%) Recent Business Highlights • Portfolio Payer Contract Signed a fixed-price portfolio contract with UnitedHealthcare. • Heredita...