Myriad Genetics, Inc. · NASDAQ:MYGN
Myriad Genetics — Q3 2023 Earnings Presentation
19 slides from Myriad Genetics's earnings presentation, Nov 6, 2023
Slide 1: Third Quarter 2023 Earnings
Third Quarter 2023 Earnings November 6, 2023 ©2023 Myriad Genetics, Inc. All rights reserved. ©2023 Myriad Genetics, Inc. All rights reserved. Myriad.com
Slide 2: Forward-looking statements and Non-GAAP financial measures
Forward-looking statements and Non-GAAP financial measures Some of the information FORWARD-LOOKING STATEMENTS presented here today may These statements are based on management’s current expectations and the actual events or contain projections or results may differ materially and adversely from thes
Slide 3: Revealing the power of genetic science – for everyone
TM Revealing the power of genetic science – for everyone Mission We advance health and well-being for all, empowering every individual by revealing the answers inside each of us. Vision As a leader in genetic testing and precision medicine, we provide insights that help people take control of their
Slide 4: Operational highlights fueling our growth
Operational highlights fueling our growth Foundation built to support service • Deep and experienced management (new addition: Sam Raha COO) • Turnover (at 9.3%), retention, employee engagement, and culture all continue to improve excellence, growth, financial • Significant progress on upgrading lab
Slide 5: Third quarter operating and financial highlights
Third quarter operating and financial highlights Raising ‘23 revenue range and Strong gross margins; reiterate Q4 adj profitability; Testing volume growth driven Generating consistent Adjusted EPS continues to new UnitedHealthcare broadly across portfolio double-digit revenue growth improve agreemen
Slide 6: Mark Verratti, Chief Commercial Officer
Mark Verratti Chief Commercial Officer ©2023 Myriad Genetics, Inc. All rights reserved. Myriad.com 6
Slide 7: Oncology: Hereditary cancer testing momentum continues
Oncology: Hereditary cancer testing momentum continues Oncology Operational results Quarterly highlights ~51k • Q3 ’23 test revenue and volume increased 11% and 9% YOY, respectively. Q3 ‘23 volume • Hereditary cancer testing (HCT) revenue and volumes in Oncology grew 21% and 15% YOY, respectively. $
Slide 8: Women's Health: Strong MyRisk and Prenatal volume momentum
Women’s Health: Strong MyRisk and Prenatal volume momentum Women’s Health Operating results Quarterly highlights ~190k • Q3 ’23 HCT revenue and volumes in Women’s Health grew 25% and 22% YOY, respectively. Q3 ‘23 volume This is the fifth consecutive quarter of positive YOY HCT volume growth in Women
Slide 9: Pharmacogenomics: Healthy double-digit growth for GeneSight test volume
Pharmacogenomics: Healthy double-digit growth for GeneSight test volume Pharmacogenomics Operating results Quarterly highlights • In Q3 ’23, added approximately 4,000 ~116k clinicians who ordered GeneSight for the first time. Q3 ‘23 volume • Positive preliminary read-out of Phase 1 analysis of real-
Slide 10: New partnerships and collaborations support growth in new channels
New partnerships and collaborations support growth in new channels TM TM New global partnership to expand Companion Collaboration to Advance Precision Medicine with Diagnostic (CDx) development in Oncology New Genetic Risk Assessment Program Combined strengths in clinical testing, assay Program comb
Slide 11: Bryan Riggsbee, Chief Financial Officer
Bryan Riggsbee Chief Financial Officer ©2023 Myriad Genetics, Inc. All rights reserved. Myriad.com 11
Slide 12: Hereditary cancer test, Prenatal and GeneSight volumes continue to drive performance
Hereditary cancer test, Prenatal and GeneSight volumes continue to drive performance in Q3 and YTD ‘23 Select test volume and growth rates All figures in thousands except growth rates Hereditary cancer testing (HCT) Hereditary Cancer Prenatal* Pharmacogenomics highlights: 120 120 120 Fifth consecuti
Slide 13: Q3 and YTD '23 revenue as reported grew 23% and 11% YOY
Q3 and YTD ‘23 revenue as reported grew 23% and 11% YOY Total revenue (Q3 and YTD ‘23) All figures in millions except growth rates Q3 ‘23 total revenue 600 600 $556.6 growth reflects: 550 550 $500.6 500 500 • Strong double-digit volume growth 450 450 YOY across Women’s Health and 15%* 400 400 Pharma
Slide 14: 2023 revenue, adjusted opex and adjusted EPS by quarter
2023 revenue, adjusted opex and adjusted EPS by quarter All figures in millions, except per share amounts Total Adjusted Operating Adjusted Revenue Expense * EPS * $195 $150 $0.00 191.9 144.5 (0.03) 183.5 181.2 137.3 (0.08) 133.4 (0.21) ($0.24) $155 $120 1Q '23 2Q '23 3Q '23 4Q '23E 1Q '23 2Q '23 3Q
Slide 15: Increased financial flexibility; on-track for positive adjusted operating cash flow in Q4 '23
Increased financial flexibility; On-track to achieve positive adjusted operating cash flow in Q4 ‘23 Capital expenditures and capitalization of internal-use software costs in Q3 ‘23 of $13 Total cash and cash equivalents at end of third quarter of 2023* $86.3 million, lower than Q2 ’23; target appro
Slide 16: Raise 2023 revenue range; narrow non-GAAP financial guidance
Raise 2023 revenue range; narrow non-GAAP financial guidance PREVIOUS CURRENT All figures in millions, except per share amounts 2023 Full-Year 2023 Full-Year Financial Guidance Financial Guidance Full-Year Comments Raised the 2023 revenue guidance range. Revenue growth range now Total revenue $730 -
Slide 17: Introducing 2024 revenue guidance; reaffirm long-term targets
Introducing 2024 revenue guidance; Reaffirm long-term revenue and non-GAAP financial targets All figures in millions, except per share amounts 2024 - 2026 ADDITIONAL COMMENTARY COMMENTS Introducing 2024 Target total revenue of over $1 billion in 2026. This revenue target revenue range of: Total reve
Slide 18: Pillars of long-term growth and profitability
Pillars of long-term growth and profitability Science and innovation Top-tier science delivering products Elevated customer engagement that are clinically validated and and commercial execution demonstrate proven utility (quality, Strong digitally enabled commercial platform access and cost) in real
Slide 19: Q&A
Q&A ©2023 Myriad Genetics, Inc. All rights reserved. Myriad.com 19