Myriad Genetics, Inc. · NASDAQ:MYGN
Myriad Genetics — Q4 2022 Earnings Presentation
28 slides from Myriad Genetics's earnings presentation, Feb 28, 2023
Slide 1: Fourth Quarter & Full-Year 2022 Earnings
Fourth Quarter & Full-Year 2022 Earnings February 28, 2023 ©2023 Myriad Genetics, Inc. All rights reserved. ©2023 Myriad Genetics, Inc. All rights reserved. www.Myriad.com
Slide 2: Forward-looking statements and Non-GAAP financial measures
Forward-looking statements and Non-GAAP financial measures Some of the information These statements are based on management’s current expectations and the actual presented here today may events or results may differ materially and adversely from these expectations. We contain projections or refer yo
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: Fourth quarter operating and financial highlights
Fourth quarter operating and financial highlights Strong Momentum in Healthy Gross Margin 4Q ‘22 Revenue Growth MyRisk Hereditary Cancer and Disciplined Cost 2023 Outlook: Focus on Driven by All Three Units Testing (HCT) and GeneSight Management Profitability and Cash Flow On-track to achieve 10%+ +
Slide 5: Strong start to SneakPeek direct-to-consumer offering acquired November 2022
Strong start to SneakPeek direct-to-consumer offering acquired November 2022 TM • Expands Myriad’s Women’s Health #1 selling DNA test on Amazon portfolio with SneakPeek early gender DNA test, revealing babies’ fetal sex at Top-searched fetal sex test on 6 weeks from home with 99% accuracy Google – 9
Slide 6: Enhancing our commercial capabilities to drive future growth
Enhancing our commercial capabilities to drive future growth Attracting top talent in Deploying new Strengthening Extending value beyond key strategic areas commercial sales and engagement and product quality to lead on the marketing capabilities product messaging experience and accessibility Glenn
Slide 7: Mark Verratti, Chief Commercial Officer
Mark Verratti Chief Commercial Officer ©2023 Myriad Genetics, Inc. All rights reserved. www.Myriad.com 28 February 2023 7
Slide 8: Scaling our enterprise commercial platform is a strategic imperative
Scaling our enterprise commercial platform is a strategic imperative Our Strategy: Continue to build and leverage Myriad Commercial Platform our commercial platform to bring our products to their full potential in a profitable way sales, medical, and customer 950+ service team members Mental Health
Slide 9: We made progress on our commercial platform in the last 6 months
We made progress on our commercial platform in the last 6 months and will keep pushing efforts across the board in 2023 What progress looks like Product Management Product Regular product and experience & Experience management improvement to drive demand Customer Marketing targeting Robust customer
Slide 10: GeneSight Marketing Funnel in 2022 – expanding to Women's Health
GeneSight Marketing Funnel in 2022 – expanding to Women’s Health Total Impressions 370M Total Website Traffic 1.6M visitors +10% YoY* HCP Leads Patient Leads >50% lead growth YoY on both Providers and Patients +50% YoY +54% YoY HCP Orders Patient Orders +29% YoY +43% YoY * Growth rates reflect full
Slide 11: Mental Health: GeneSight adoption and awareness continues to grow
Mental Health: GeneSight adoption and awareness continues to grow Mental Health Operating results Quarterly highlights • Added 3,000+ clinicians who ordered ~96k GeneSight for the first time in Q4 ‘22. Q4 ‘22 volume • Quarterly volumes increased 23% compared to the fourth quarter of 2021. • GeneSigh
Slide 12: Women's Health: Strong MyRisk Hereditary Cancer and Prenatal volume momentum
Women’s Health: Strong MyRisk Hereditary Cancer and Prenatal volume momentum going into 2023 Women’s Health Operating results Quarterly highlights ~153k • Quarterly volumes increased 35% compared to the fourth quarter of 2021. Q4 ‘22 volume • Productivity per salesperson on a revenue basis increased
Slide 13: Oncology: MyRisk and Prolaris continue strong momentum
Oncology: MyRisk and Prolaris prostate cancer prognostic test continue strong momentum going into 2023 Oncology Operational results Quarterly highlights ~50k • Quarterly volumes increased 9% compared to the fourth quarter of 2021. Q4 ‘22 volume • Prolaris volumes increased 17% compared to the fourth
Slide 14: Volume growth trends providing strong tailwinds into 2023
Volume growth trends providing strong tailwinds into 2023 Hereditary Cancer (Incl CDX) Monthly Prenatal Monthly Genesight Monthly Packages Per Business Day** Packages Per Business Day** Packages Per Business Day** Jul Aug Sep Oct Nov Dec Jan Feb* Jul Aug Sep Oct Nov Dec Jan Feb* Jul Aug Sep Oct Nov
Slide 15: Nicole Lambert, Chief Operating Officer
Nicole Lambert Chief Operating Officer ©2023 Myriad Genetics, Inc. All rights reserved. www.Myriad.com 28 February 2023 15
Slide 16: Healthcare providers with a better perception of Myriad Genetics
Healthcare providers (HCPs) with a better perception of Myriad Genetics - reflecting recent developments in accessibility, transparency and experience Change in opinion about Myriad Genetics Reasons why HCP’s opinion of Myriad Genetics has improved over the past year among HCPs compared to previous
Slide 17: Opinions of Myriad Genetics have improved significantly over the past year
Opinions of Myriad Genetics have improved significantly over the past year, whilst competitors are facing greater negativity Change in opinion about each company among HCPs compared to previous year Net Change +30 +42 +30 +20 +27 +19 +34 +21 (Positive – Negative) 43% 32% 35% 32% 35% 30% 26% 23% More
Slide 18: Improving the patient and provider experience
Improving the patient and provider experience Commercial Organization, Operations, and Technology Customer Experience Team Provider Ordering Portal • Cross-functional team involving members of + EMR Integration commercial and operations departments • Requesting information at point of test • Identif
Slide 19: Active pipeline to better serve patients and providers
Active pipeline to better serve patients and providers Women’s Health Oncology FirstGene™ Precise™ Tumor Precise™ Liquid Precise™ MRD 4-in-1 prenatal Robust tumor profiling Robust tumor profiling Minimal residual screening & therapy selection & therapy selection disease monitoring What is It? What i
Slide 20: Expanding breadth of Oncology portfolio across the continuum of cancer care
Expanding breadth of Oncology portfolio addressing the continuum of cancer care and real-world community needs Treatment Measurable High Risk Surgical Prognostic Selection Monitoring Screening Decisions Testing Residual Recurrence & Clinical Disease Trials Planned Product Expansion: Therapeutic Sele
Slide 21: Bryan Riggsbee, Chief Financial Officer
Bryan Riggsbee Chief Financial Officer ©2023 Myriad Genetics, Inc. All rights reserved. www.Myriad.com 28 February 2023 21
Slide 22: Strong hereditary cancer test volumes drive Q4 '22 performance
Strong hereditary cancer test volumes drive Q4 ’22 performance Total Test Volume and Growth Rates Q4 growth driven by: ,000’s ,000’s HCT volumes +16% YOY and above the 4% YOY 1100 volume growth generated in Q3 ‘22 340 1000 320 GeneSight volumes +23% YOY 900 300 +14% 800 280 Prenatal volumes +40% YOY
Slide 23: Financial highlights: Accelerating growth through prudent investment strategy
Financial highlights: Accelerating growth through prudent investment strategy Total revenue Full-year 2022 Strong balance sheet with modest cash burn $678 Million Continue to invest in high ROI opportunities within core areas +6% ~71% Committed to enhancing our lab infrastructure - Labs of the Futur
Slide 24: Myriad Genetics 2023 financial guidance
Myriad Genetics 2023 financial guidance All figures in millions, except per share amounts Q1 ‘23 2023 Full-Year Financial Guidance Q1 ‘23 Comments Financial Guidance Full-Year Comments Total Expected to decrease ~3% from Q4 Reflects annual growth of between 6% - 11% over revenue $170 - $172 '22 refl
Slide 25: Improving reimbursement in the current payer environment
Improving reimbursement in the current payer environment Biggest hurdles Examples of how we are adapting Providers or Myriad Genetics fail Myriad Genetics has invested in tech solutions to obtain prior authorization to support prior authorization process Additional prior authorization Provider order
Slide 26: Execution plan supported by significant investment and top talent
Execution plan supported by significant investment and top talent 2022 2023 2024 2025 $80M* Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 NovaSeq Prenatal products shift to advanced sequencing 1H Transitions 2H investment in MyChoice products shift to advanced sequencing modern labs FirstGene™ New
Slide 27: Investment considerations: Myriad strengths and strategic advantages
Investment considerations: Myriad strengths and strategic advantages Significant market growth in focused business areas Leader in genetic testing and precision medicine Best-in-class product quality • Long-term growth strategy on track • Broad and growing commercial capabilities Strong scalable wit
Slide 28: Q&A
Q&A ©2023 Myriad Genetics, Inc. All rights reserved. www.Myriad.com 28 February 2023 28