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Myriad Genetics More Than Doubles Quarterly Revenues

This article has been updated from an earlier version with comments from Myriad Genetics executives made during a call after markets closed on Aug. 3.

NEW YORK – Myriad Genetics on Tuesday before markets opened said its revenues for the three months ended June 30 more than doubled year over year, led by strong performance from its hereditary cancer segment.

Total revenues for the period were $189.4 million, up from $93.2 million. It beat the consensus Wall Street estimate of $165.4 million. "This quarter marked an important transition in our mission on executing on our strategy as we return to non-GAAP profitability two quarters ahead of our prior expectations," said Myriad CEO Paul Diaz during a call to discuss the firm's financial performance after markets closed on Tuesday. This is an "important step," Diaz said, in the company's "goal to bring long term, sustainable growth, profitability, and value for all of our stakeholders."

The Salt Lake City-based firm is in the process of changing its financial year to match the calendar year. It previously ended its fiscal year on June 30.

Total molecular diagnostics revenues increased 115 percent year over year to $178.7 million from $83.3 million a year ago, while pharmaceutical and clinical services revenues also increased 8 percent to $10.7 million from $9.9 million.

Myriad's hereditary cancer testing revenues were $86 million during the quarter, up 116 percent from $39.9 million in the prior year. Prenatal testing brought in $29.4 million, up 77 percent year over year from $16.6 million. The pharmacogenomics test, GeneSight, brought in $22.6 million in revenues, a 166 percent increase compared to $8.5 million.

"We are making progress across the provider community, particularly with primary care folks and nurse practitioners, who in the context of the mental health crisis in America, are really looking for solutions like [GeneSight]," said Diaz, adding that the company is also making progress convincing payors to cover the test and will present data to further improve the test's coverage position next year.

The tumor profiling segment contributed $29.2 million during the quarter, marking a 178 percent increase compared to $10.5 million during the same period last year. This was driven by sales of myChoice CDx, which helps personalize treatments with PARP inhibitors, and the Prolaris prostate cancer test. 

In its autoimmune segment, Vectra DA — the rheumatoid arthritis test that Myriad decided to sell to Laboratory Corporation of America in May — booked revenues of $10.2 million, up 40 percent from $7.3 million. Myriad's other tests contributed $1.3 million, a 160 percent increase from $500,000 last year.

The firm said that total test volumes for the quarter were 273,000, up 70 percent year over year and up 8 percent sequentially. "Our quarterly results benefited from higher-than-forecasted test volume, as well as $13 million in revenue from better-than-expected collections on tests reported in prior periods," said Myriad CFO Bryan Riggsbee.

Myriad posted a net loss of $4.7 million, or $.06 per share, for the quarter compared to a loss of $55.5 million, or $.74 per share, a year ago. On an adjusted basis, Myriad's loss per share was $.12 and higher than the consensus Wall Street estimate of $.09.

Its R&D costs grew 12 percent to $19.5 million from $17.4 million, while its SG&A costs were up 26 percent to $134.8 million from $107.4 million.

The company ended the quarter with $118.4 million in cash and cash equivalents, and $46 million in marketable investment securities.

Due to continued uncertainty because of the COVID-19 pandemic, Myriad said it will not provide financial guidance for the current quarter ending Sept. 30 or for fiscal year 2021.