Business
Myriad Genetics Reports Fourth Quarter Financial Results; Fourth Quarter Revenue of $177.8 Million Grew 11% Year-Over-Year Driven by 16% Growth in Hereditary Cancer Volumes and 23% Growth in GeneSight® Volumes
Highlights: Fourth quarter testing volumes grew 26% year-over-year, and 11% year-over-year excluding the contribution from the recent acquisition of Gateway
About this update from Myriad Genetics, Inc.
[{"type":"text","content":"Highlights: Fourth quarter testing volumes grew 26% year-over-year, and 11% year-over-year excluding the contribution from the recent acquisition of Gateway Genomics and its SneakPeek® Early Gender DNA Test. GeneSight, the company's pharmacogenomics test, grew revenue 36% for the full year 2022.Gross margin for the fourth quarter was approximately 70% reflecting underlying price stability and disciplined cost management.Diluted GAAP earnings per share (EPS) were $(0.52) and adjusted EPS were $(0.12) in the fourth quarter of 2022.Issued fiscal first quarter and full year 2023 financial guidance. SALT LAKE CITY, Feb. 28, 2023 (GLOBE NEWSWIRE) -- Myriad Genetics, Inc. (NASDAQ: MYGN), a leader in genetic testing and precision medicine, today announced financial results for its fourth quarter ended December 31, 2022 and provided its outlook on business performance for 2023. “Myriad Genetics ended 2022 with a strong fourth quarter. Our market-leading hereditary cancer test, MyRisk, achieved double-digit year-over-year growth in the quarter – a reflection of our team's hard work and the execution of our strategic growth plan,\" said Paul J. Diaz, president and CEO, Myriad Genetics. \"We believe 2023 will be an exciting year as we continue to invest in our Labs of the Future strategy and enabling technologies to enhance our ability to better serve our patients and provider partners. We plan to introduce a number of new products in the second half of 2023, including Precise Liquid and FirstGene. And we are on-track to introduce Precise MRD to our pharma partners for research use.\" Mr. Diaz concluded, “We remain confident in our ability to achieve our goal of 10%+ annual growth by 2024 based on the progress we made in 2022 and the strong start to the year we are seeing through February. As we look to 2024 and beyond, we are excited about our robust product pipeline and a capital structure that enables Myriad Genetics to invest in future innovation and growth.” Financial and Operational Highlights: Diagnostic test volumes of approximately 299,000 in the fourth quarter of 2022 increased 26% year-over-year. Hereditary cancer and pharmacogenomics volumes grew 16% and 23%, respectively, in the fourth quarter of 2022 compared to the fourth quarter of 2021.The following table summarizes year-over-year volume changes in the company's core produc...