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Myriad Genetics Revenues Grow 10 Percent, Beating Wall Street Estimate

NEW YORK – Myriad Genetics reported after the close of the market on Wednesday year-over-year revenue gains of 10 percent for the first quarter of 2023.

The Salt Lake City, Utah-based company finished the three months ended March 31 with $181.2 million in revenues compared to $164.9 million for the same quarter in 2022, beating analysts' average estimate of $171.6 million.

The firm attributed much of its success to growth in its oncology, women's health, and mental health businesses. In Q1, revenues for oncology, women's health and mental health amounted to $77.6 million, $71.5, and $32 million, respectively.

Within oncology, hereditary cancer testing volumes grew 16 percent year over year, with Prolaris prostate cancer test volumes growing 22 percent.

In women's health, Q1 hereditary can cancer testing volumes grew 32 percent year over year. Excluding contributions from the recently acquired SneakPeek Early Gender DNA Test, prenatal testing volumes grew 12 percent year over year.

In mental health, which consists of the company's GeneSight pharmacogenomic test, the company said it added approximately 4,000 clinicians who ordered the test for the first time.

Myriad's R&D spending rose 6 percent year-over-year to $22.5 million from $21.2 million a year ago, while SG&A expenses grew 37 percent to $151.7 million from $110.6 million a year ago.

The company's net loss increased to $54.7 million, or $.67 per share, from $20.5 million, or $.26 per share, in the same quarter a year ago. Myriad reported an adjusted net loss per share of $.21. On average, analysts had expected an adjusted loss per share of $.19.

The firm increased the low end of its 2023 revenue guidance range by $10 million to a range of $730 million to $750 million. It also narrowed its full-year adjusted EPS guidance to between a loss per share of $.36 and $.24, with the midpoint unchanged.

Myriad ended the quarter with $53.6 million in cash and cash equivalents, and $25.1 million in marketable securities.

"We remain confident in our ability to achieve our goal of profitability by the fourth quarter and sustainable 10 percent-plus annual organic growth as we enter 2024, based on our progress," CEO Paul Diaz said in a statement.