Myriad Genetics Inc

Latest Results (14.08.2024):

Revenue Growth

Myriad Genetics Inc. reported a strong financial performance for the fourth quarter of 2023, with revenue reaching $197 million, marking an 11% increase year-over-year. For the full year 2023, the company achieved revenue of $753 million, also reflecting an 11% growth compared to the previous year. This growth was driven by significant contributions from their Prenatal, Prolaris, Pharmacogenomics, and Hereditary Cancer segments.

Testing Volume Increase

In the fourth quarter of 2023, Myriad Genetics Inc. saw a 20% year-over-year increase in test volumes, totaling approximately 360,000 tests. Excluding the SneakPeek® volume, the growth was 15%. For the full year, testing volumes grew by 35% year-over-year, or 18% when excluding SneakPeek®.

Operating Expenses

Myriad Genetics Inc. reported a decrease in operating expenses for the fourth quarter of 2023. GAAP operating expenses were $166 million, down 6% year-over-year, while adjusted operating expenses were $130 million, also down 6% from the previous year. This reduction reflects the company's efforts in cost control measures.

Cash Flow and Equity Offering

In the fourth quarter of 2023, Myriad Genetics Inc. reported a GAAP cash flow from operations of $(55) million. However, the adjusted cash flow from operations was $14 million, an increase of $10 million year-over-year. Additionally, the company raised net proceeds of $118 million through an equity offering in November 2023.

2024 Financial Guidance

Looking ahead, Myriad Genetics Inc. has raised its 2024 revenue guidance to a range of $820 million to $840 million. The company also introduced an adjusted EPS guidance of $0.00 to $0.05 for the full year 2024, reflecting their optimistic outlook on continued growth and profitability.