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Myriad Genetics Revenues Rise 12 Percent in Q1

NEW YORK – Myriad Genetics reported after the close of the market on Tuesday that its first quarter revenues jumped 12 percent year over year on growth in the firm's prenatal, pharmacogenomics, and hereditary cancer testing businesses.

For the three months ended March 31, the firm reported revenues of $202.2 million compared to $181.2 million in the year-ago quarter, beating the Wall Street consensus estimate of $193.5 million. The firm also said that its Q1 total testing volume was up 9 percent year over year, to 381,000 tests.

The "first quarter saw early indications of market share gains in hereditary cancer and prenatal testing, and we expect this trend to accelerate as we move through the year," Myriad President and CEO Paul Diaz said in a statement. "In addition, first quarter average revenue per test across our product portfolio benefited from expanded coverage and our ongoing efforts in revenue cycle management."

The Salt Lake City-based firm said that its prenatal screening revenues rose 22 percent year over year to $171.9 million from $158.0 million as it gained market share and implemented programs to raise the average revenue per test.

Revenues for Myriad's pharmacogenomics business, comprising its GeneSight test, rose 21 percent year over year to $38.9 million from $32.0 million. Testing volume grew 13 percent year over year, as the firm noted that those numbers reflected ongoing efforts to increase revenues per test.

Revenues for the company's largest segment, hereditary cancer, was up 16 percent to $88.1 million from $75.7 million a year ago with rising testing volumes in oncology and women's health. Myriad also reported a 9 percent rise in revenues from its Prolaris testing revenue due to improved payor coverage.

However, those gains were partially offset by a 17 percent dip in the firm's tumor profiling revenues to $30.9 million from $37.3 million the previous year on weaker contribution from biopharma.

Diaz said in an after-market conference call that the firm has seen recent wins from its oncology and women's health businesses, and it is reinforcing its oncology offerings with the integration of the Precise Tumor and Precise Liquid tests that the firm acquired from Intermountain Precision Genomics in February 2024.

The firm posted a net loss of $26.0 million, or $.29 per share, for the recently completed quarter compared to a net loss of $54.7 million, or $.67 per share, in the year-ago period. The firm reported an adjusted loss per share of $.01, which matched analysts' consensus estimate.

Myriad's R&D spending rose 11 percent year over year to $24.9 million compared to $22.5 million in Q1 of 2023. Its SG&A costs were down about 7 percent during the period to $140.6 million compared to $151.7 million a year earlier.

The firm ended the quarter with $96.9 million in cash and cash equivalents and $7.4 million in marketable investment securities.

Myriad Genetics reaffirmed that it expects full-year 2024 revenues within the range of $820 million to $840 million and adjusted EPS of $.00 to $.05. On average, analysts expect revenues for the year of $826.6 million and EPS of $.02 per share.

Myriad also announced earlier on Tuesday that it is selling its EndoPredict breast cancer gene expression test to Eurobio Scientific as part of a reorganization of its European operations. It is also licensing to Eurobio the rights to sell the company's Prolaris IVD kits outside the US. However, Myriad said that it would license the rights to produce and sell EndoPredict in the US as a laboratory-developed test.

Company officials said during Tuesday's call that the move reduces the complexity of the firm's operations, eliminates the need to establish satellite labs throughout Europe, and lets the firm focus its resources on its operations in the US and Japan.

Company officials also said that during the quarter they had established a partnership with the National Cancer Center Hospital East in Japan to study the prognostic and predictive value of minimum residual disease testing using Myriad's Precise MRD assay.

They also noted a few developments that have occurred since the quarter's end. Study results published in April in Prenatal Diagnosis supported the positive predictive value of 22q11.2 microdeletion screening using Myriad's Prequel prenatal cell-free DNA screening test. It also presented that month at the American Association of Psychiatric Pharmacists' conference study results that indicated that major depressive disorder patients who used the GeneSight Psychotropic test had lower healthcare utilization.

In total, the firm has published six manuscripts in 2024 and plans to publish five abstracts and three posters this month at the American College of Obstetricians and Gynecologists Annual Clinical and Scientific Meeting as well as seven studies and three posters at the American Society of Clinical Oncology Annual Meeting in late May and early June.