Myriad Genetics Reports Third Quarter Financial Results

November 2, 2022

Highlights:

• Revenue of $156.4 million for the quarter ended September 30, 2022.
  • Third quarter revenue, excluding divested businesses, was impacted by currency translations ($3.3 million), change of estimates¹ ($5.3 million).
  • Third quarter testing volumes, excluding divested businesses, grew 12% year-over-year. Hereditary cancer testing volume continued to improve in 2022 and grew 4% year-over-year in the third quarter. GeneSight volumes grew 34% over third quarter of 2021.
  • We believe that the underlying pricing of Myriad testing products remains stable, notwithstanding that average selling price overall was negatively impacted by currency translations, change of estimates and a non-recurring milestone payment in the third quarter.
• Diluted GAAP earnings per share (EPS) were $(0.43) and adjusted EPS were $(0.19) in the third quarter of 2022.
• Molecular Diagnostic Services Program (MolDX^®) assigned the MyRisk^® hereditary cancer test Current Procedural Terminology (CPT) code 81479 and assigned favorable test specific pricing.
• Acquired Gateway Genomics, LLC, a leading private developer of consumer genetic tests serving the women’s health market for $67.5 million cash and up to an additional $32.5 million of cash consideration upon achievement of certain revenue, volume and earnings-based targets over 2023 and 2024.
• Updated full year 2022 financial guidance to reflect third quarter business updates.
• Conference call today at 4:30pm ET; slide presentation available now at www.myriad.com.

SALT LAKE CITY, Nov. 01, 2022 (GLOBE NEWSWIRE) — Myriad Genetics, Inc. (NASDAQ: MYGN), a leader in genetic testing and precision medicine, today announced financial results for its third quarter ended September 30, 2022 and provided an update on business performance.

“Excluding typical seasonality and other temporary headwinds, we believe the overall strength of our business model and improving growth trajectory is clear. Our Mental Health business continues to generate exciting growth, and we believe this momentum is sustainable due to recent peer-reviewed, published clinical data, healthy reimbursement levels, and potential expanding payer coverage,” said Paul J. Diaz, president and CEO, Myriad Genetics. “I am also pleased with the progress we have made in our market-leading hereditary cancer testing business. Test volume growth continues to improve and recent pricing updates serve only to support our positive outlook on pricing stability for this important product.”

Paul Diaz concluded, “As the pace of Myriad Genetics’ transformation advances, we believe now is an opportune moment to prudently use capital to bolster our offering and accelerate our momentum. We believe the acquisition of Gateway Genomics, with its proprietary portfolio of consumer genetic tests and strong brand reputation, is an excellent strategic fit and will complement our robust Women’s Health portfolio. We look forward to bringing valuable insight from their offering to our patients. And from a financial perspective, is expected to be accretive to Myriad’s growth rate, earnings and operating cash flows in 2024. We are excited to welcome our new Gateway Genomics teammates.”

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