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At JP Morgan, Myriad Genetics Says Q4 Test Volumes Disappointing, Firm Preps New Launches in 2025

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SAN FRANCISCO — At the JP Morgan Healthcare Conference here on Wednesday, Myriad Genetics CEO Paul Diaz provided preliminary Q4 and full-year 2024 financial results, as well as full-year 2025 guidance.

Q4 2024 revenues are expected to be between $209 million and $211 million, representing growth of approximately 6 percent to 7 percent year over year. Full-year 2024 revenues are estimated to be between $836 million and $838 million, an increase of about 11 percent compared to 2023. Previous guidance estimated revenues for the year to total between $837 million and $843 million. For Q4, Myriad anticipates a loss of $.72 to $.62 per share, and for full-year 2025, the firm anticipates a loss of between $1.66 and $1.56 per share.

Adjusted earnings per share for Q4 will likely be between $.03 and $.04 per share, while adjusted EPS for the full year is anticipated to range from $.14 to $.15.

Myriad Chief Commercial Officer Mark Verratti said during the firm's presentation that planned electronic medical record integration of Myriad's tests for large customers during Q4 was slower than expected, which partially contributed to lower-than-anticipated volumes in the quarter. "Moving a large account from paper and portals over to an EMR takes a lot," he said, but that growth is anticipated to be seen in the first half of 2025.

Diaz added that the firm was disappointed in its test volumes for Q4 but that it improved its average revenue per test and has continued its work to reduce its no-pay rates with insurers. Volumes are expected to accelerate in Q2 2025, as the first quarter has traditionally been softer. However, he noted that Myriad has taken steps to spread out its cash burn over the course of the year, rather than spending a lot in Q1 as it has historically.

Revenues for full-year 2025 are expected to be between $840 million and $860 million, with adjusted EPS to be between $.07 and $.11. The 2025 guidance reflects the impact of UnitedHealthcare's decision to rescind coverage of pharmacogenetic tests that affects Myriad's GeneSight test, Diaz said. The guidance also adjusts for the divestiture of the firm's EndoPredict business outside of the US, which Diaz said reduced revenue but has made Myriad "more profitable and more focused in terms of our products and investments."

When adjusted for the reimbursement reductions related to the UnitedHealthcare decision and the international divestitures, 2024 revenue growth was approximately 9 percent, and 2025 growth is expected to be about 10 percent, Diaz said.

Myriad also plans to increase R&D spending by about 25 percent in 2025.

"We're going to maintain profitability, but we are not backing off on our future," Diaz said.

Verratti noted that GeneSight adoption did not slow down in the fourth quarter despite UnitedHealthcare's coverage decision, adding that the decision was not the result of new negative evidence against GeneSight.

Myriad expects to publish additional evidence in Q2 2025 that it will submit to the insurer with the hope that it will reverse its policy or exclude GeneSight from the policy change moving forward.

Verratti also provided updates on other pipeline launches expected in the next two years, including the expected launch of the FirstGene four-in-one prenatal screening test toward the end of the year. Myriad is initiating a commercial study in the first half of the year for the test that will include 4,000 pregnant patients.

Meanwhile, the firm's Precise MRD test for minimal residual disease is expected to launch in 2026, and the company plans to expand its prospective and retrospective studies for breast cancer and other indications, with multiple data readouts expected in 2025. Last week, Myriad announced that it has entered into a five-year strategic alliance with the University of Texas MD Anderson Cancer Center to further develop and evaluate the clinical utility of the Precise MRD assay.

Myriad is also targeting a 2026 commercial launch for its Precise Liquid comprehensive genomic profiling test.

In the second half of 2025, Myriad also plans to expand its MyRisk gene panel to include genes with emerging bodies of evidence that are recommended by American Society of Clinical Oncology and National Comprehensive Cancer Network guidelines.