Business
Myriad Genetics Reports Second Quarter 2023 Financial Results and Reaffirms 2023 Revenue and Adjusted EPS Guidance; Generates the Fourth Consecutive Quarter of Double-Digit Year-Over-Year Testing Volume Growth
Highlights: Second quarter testing volume grew 17% year-over-year, excluding contributions from the SneakPeek® Early Gender DNA Test.In the second quarter:
About this update from Myriad Genetics, Inc.
[{"type":"text","content":"Highlights: Second quarter testing volume grew 17% year-over-year, excluding contributions from the SneakPeek® Early Gender DNA Test.In the second quarter: Hereditary cancer test volumes grew 20% year-over-year, the third consecutive quarter of double-digit growth year-over-year. GeneSight® pharmacogenomics test volumes grew 23% year-over-year.Prenatal test volumes grew 12% year-over-year, excluding contributions from the SneakPeek Early Gender DNA Test. Second quarter revenue of $183.5 million, grew 2% year-over-year, inclusive of a $11.7 million change of estimate in the second quarter of 2022 versus an immaterial amount in the current quarter. Excluding these change of estimates, second quarter 2023 revenue increased 10% year-over-year, the third consecutive quarter of double-digit revenue growth.Diluted GAAP earnings per share (EPS) were $(1.42) and adjusted EPS were $(0.08) in the second quarter of 2023.GAAP cash flow from operations was $(0.9) million in the second quarter of 2023; adjusted cash flow from operations was $5.9 million. Established a new $90 million asset-based credit facility that includes an option to increase the facility to $115 million.Agreed to settle securities class action lawsuit subject to court approval. SALT LAKE CITY, Aug. 03, 2023 (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, 2023. The Company also provided an update on its business performance and 2023 financial guidance. “Strong double-digit test volume growth in the second quarter of 2023 continues to reflect greater adoption by providers as we continue to emerge from the pandemic restrictions on access and Myriad’s improved commercial execution across our businesses. We're pleased with ongoing share gains in our hereditary cancer testing franchise, particularly the 21% year-over-year volume growth in Women's Health,\" said Paul J. Diaz, president and CEO, Myriad Genetics. \"Excluding changes in estimated revenue, Myriad generated 10% year-over-year revenue growth in the second quarter of 2023, even as the company, and the diagnostics lab industry, continue to work through challenging payor dynamics that negatively impacted our second quarter revenue by approximately $4 million. We believe these dynamics are ...