Myriad Genetics ( (MYGN) ) has released its Q3 earnings. Here is a breakdown of the information Myriad Genetics presented to its investors.
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Myriad Genetics is a prominent player in the genetic testing and precision medicine industry, focusing on providing insights that aid in disease detection, treatment, and prevention across various medical specialties. The company recently reported its third-quarter 2024 financial results, showcasing an 11% revenue growth compared to the same period last year, driven by significant performances in pharmacogenomics and prenatal segments.
The third quarter of 2024 saw Myriad Genetics reducing its GAAP net loss to $22.1 million from $61.3 million the previous year, attributed to improved revenue and gross margins, alongside disciplined management of operating expenses. Adjusted EBITDA rose noticeably to $14.1 million from $1.4 million a year ago. Revenue figures were bolstered by pharmacogenomics, which saw a 34% increase, and prenatal testing, which grew by 10%. Furthermore, the company updated its financial guidance for 2024, projecting full-year revenue between $837 million and $843 million.
Strategic highlights included the expansion of payor coverage and ongoing efforts to enhance average revenue per test. However, a significant challenge emerged when UnitedHealthcare decided to discontinue coverage for multi-gene panel pharmacogenetic testing, including Myriad’s GeneSight test, from January 2025, impacting approximately $10 million of revenue in the third quarter. Myriad is actively seeking a resolution to ensure continued access for patients.
Looking ahead, Myriad Genetics remains optimistic about its growth potential, underpinned by strategic initiatives and product enhancements. The company’s focus on delivering profitable growth and free cash flow appears steadfast amidst challenges like payor policy changes. As it pursues new market opportunities, Myriad is determined to find a positive outcome with UnitedHealthcare to maintain access to its GeneSight test.
