Business
Myriad Genetics Reports Fiscal Third-Quarter 2020 Financial Results
Total Third-Quarter Revenues of $164.0 MillionThird-Quarter Diluted EPS of ($1.55) and Adjusted EPS of ($0.08) SALT LAKE CITY, May 05, 2020 (GLOBE NEWSWIRE)
About this update from Myriad Genetics, Inc.
[{"type":"text","content":"Total Third-Quarter Revenues of $164.0 MillionThird-Quarter Diluted EPS of ($1.55) and Adjusted EPS of ($0.08) SALT LAKE CITY, May 05, 2020 (GLOBE NEWSWIRE) -- Myriad Genetics, Inc. (NASDAQ: MYGN, “Myriad” or the “Company”), a global leader in molecular diagnostics and precision medicine, today announced financial results for its fiscal third-quarter 2020 and provided an update on recent business activity. On April 8, 2020 Myriad withdrew its annual financial guidance and is not issuing new financial guidance due to the business uncertainty created by the recent global COVID-19 pandemic. \n \"We saw several signs of improved business progress in the fiscal third-quarter and test volumes were trending above expectations prior to the initiation of social distancing policies in mid-March. These policies have led to unprecedented delays in elective testing for the lab industry and negatively impacted all aspects of our business,” said R. Bryan Riggsbee, interim president and CEO and CFO, Myriad Genetics. “I am very proud of how the company has pulled together to respond to the current crisis. Looking forward, a number of pending catalysts, such as the potential for a final Medicare Local Coverage Determination (LCD) for GeneSight covering primary care, position us exceptionally well when global testing demand returns to more normalized levels.” Financial HighlightsThe following table summarizes the financial results for the fiscal third-quarter of 2020: Revenue Fiscal Third-Quarter ($ in millions) 2020 2019 % ChangeMolecular diagnostic testing revenue Hereditary Cancer$85.2 $117.6 (28%) GeneSight® 20.4 29.6 (31%) Prenatal 20.3 30.6 (34%) Vectra® 10.5 11.3 (7%) Prolaris® 6.8 6.9 (1%) EndoPredict® 3.5 2.8 25% Other 3.8 1.7 124% Total molecular diagnostic testing revenue 150.5 200.5 (25%) Pharmaceutical and clinical service revenue 13.5 16.1 (16%) Total Revenue$164.0 $216.6 (24%) Income Statement Fiscal Third-Quarter ($ in millions) 2020 2019 % ChangeTotal Revenue$164.0 $216.6 (24%) Gross Profit 113.9 168.0 (32%) Gross Margin 69.5% 77.6% Operating Expenses 247.6 162.1 53% Operating Income (133.7) 5.9 NM Operating Margin (81.5%) 2.7% Adjusted Operating Income (12.2) 37.6 NM Adjusted Operating Margin (7.4%) 17.4% Net Income (115.2) 6.9 NM Diluted EPS (1.55) 0.09 NM Adjusted EPS$(0.08) $0.46 NM Recent Business Updates • Global Coronavirus...