Myriad Genetics Reports Fourth Quarter 2021 Results, Provides Updates on Product Performance and Growth Initiatives
February 24, 2022
Highlights:
- Strong business performance despite COVID-19 headwinds
- Revenue of $160.8 million in the fourth quarter and $690.6 million for the year ended Dec. 31, 2021, up 4% and 24%, respectively
- Excluding revenue from divested businesses, revenue increased 19% for the fourth quarter and 34% for the year
- Diluted GAAP earnings per share (EPS) of $(0.10) and adjusted EPS of $(0.02) in the fourth quarter of 2021
- Ended the quarter with $398.8 million in cash, cash equivalents and investments
SALT LAKE CITY, Feb. 24, 2022 (GLOBE NEWSWIRE) — Myriad Genetics, Inc. (NASDAQ: MYGN), a leader in genetic testing and precision medicine, today announced financial results for its fourth quarter and year ended Dec. 31, 2021. The company also reiterated financial guidance for 2022 and provided an update on business performance and strategic growth plans.
“With the focus and dedication of our 2,400 teammates, we improved quarterly and annual results despite continued headwinds from the COVID-19 pandemic. I want to thank our entire team for a great year delivering on our mission of advancing the health and well-being of our patients while executing on our transformation and growth plan,” said Paul J. Diaz, president and Chief Executive Officer. “In the fourth quarter we gained traction on our new commercial strategy with new product launches, tech-enabled capabilities, and more customer-centric tools that we believe will provide a strong foundation for continued growth and innovation. However, we also saw an adverse impact from the Omicron variant toward the end of 2021 and into the new year, particularly in our hereditary cancer business.”
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