NASDAQ$MYGN
Myriad Genetics Inc · Q2 2023 earnings
Q2 2023 earnings · · Investor relations
Briefing
Reported second quarter 2023 financial results and reaffirmed 2023 revenue and adjusted EPS guidance.
Myriad Genetics reported a 2% year-over-year revenue growth, inclusive of a $11.7 million change of estimate in the second quarter of 2022 versus an immaterial amount in the current quarter. Excluding these change of estimates, second quarter 2023 revenue increased 10% year-over-year, the third consecutive quarter of double-digit revenue growth. The company's testing volume grew 17% year-over-year, excluding contributions from the SneakPeek® Early Gender DNA Test.
- Second quarter testing volume grew 17% year-over-year, excluding contributions from the SneakPeek® Early Gender DNA Test.
- Second quarter revenue of $183.5 million, grew 2% year-over-year, inclusive of a $11.7 million change of estimate in the second quarter of 2022 versus an immaterial amount in the current quarter.
- Diluted GAAP earnings per share (EPS) were $(1.42) and adjusted EPS were $(0.08) in the second quarter of 2023.
- Established a new $90 million asset-based credit facility that includes an option to increase the facility to $115 million.
Headline financials
Revenue & EPS history
Myriad Genetics · Revenue · Quarterly
$184M
Revenue by segment
Myriad Genetics · $148M total across 3 segments · Q2 2023
- Hereditary Cancer$76.7M-3.4%51.7%
- Tumor Profiling$36M+7.5%24.3%
- Prenatal$35.6M+6.9%24.0%
Forward guidance
Myriad Genetics reaffirms its 2023 revenue and non-GAAP financial guidance and updates its other GAAP financial guidance to account for the pending settlement of the securities class action lawsuit.
Tailwinds
- Revenue: $730 - $750 million (2023 annual growth between 8% - 11% over 2022)
- Gross margin %: 68% - 70% (GM expected to fluctuate in any quarter given seasonality)
- Adjusted OPEX: $535 - $555 million
- Adjusted EPS: $(0.36) - $(0.24) (Adjusted EPS is expected to improve through 2023, reaching positive adjusted profitability and adjusted operating cash flow in Q4 '23)
- GAAP OPEX: $722 - $742 million (Increase in the GAAP operating expense range to include expected costs of approximately $80 million associated with the settlement of the securities class action lawsuit)
Headwinds
- GAAP EPS: $(2.75) - $(2.60) (Increase in the GAAP EPS range to include expected costs of approximately $80 million associated with the settlement of the securities class action lawsuit)
Historical earnings impact
How earnings announcements have historically affected this stock's price.
Avg. return before/after earnings
Based on 20 quarterly earnings reports · overlaid with Q2 2023
-2.7%
Avg return
Earnings day
-6.0%
Avg return
5 days after
-4.5%
Avg return
30 days after
45%
29 / 65 earnings
Positive
+20.4%
Q3 2017
Best reaction
-43.7%
Q4 2019
Worst reaction
| Quarter | Report date | Reaction (Day 0) | +5 days | +30 days |
|---|---|---|---|---|
| Q1 2026 | -18.3% | -16.3% | -9.1% | |
| Q4 2025 | +5.7% | +5.3% | +5.5% | |
| Q3 2025 | -21.0% | -23.0% | -10.4% | |
| Q1 2025 | -41.3% | -41.5% | -30.0% | |
| Q4 2024 | -14.8% | -22.1% | -33.1% | |
| Q3 2024 | -0.9% | -8.0% | -13.9% | |
| Q2 2024 | +3.1% | +8.2% | +7.0% | |
| Q1 2024 | +19.9% | +27.5% | +11.7% | |
| Q4 2023 | -5.8% | -3.3% | -7.0% | |
| Q3 2023 | +4.3% | -3.3% | +5.6% | |
| Q2 2023 | -9.3% | -19.9% | -15.4% | |
| Q1 2023 | -0.8% | -13.8% | +10.2% | |
| Q4 2022 | +14.6% | +24.5% | +20.5% | |
| Q3 2022 | -21.4% | -20.3% | -1.9% | |
| Q2 2022 | +5.9% | +1.0% | -15.9% | |
| Q1 2022 | -1.6% | -9.1% | -11.7% | |
| Q4 2021 | +3.7% | -1.3% | +6.5% | |
| Q3 2021 | -6.1% | -1.5% | -18.1% | |
| Q2 2021 | +12.8% | +11.6% | +16.9% | |
| Q1 2021 | +4.6% | -6.5% | -6.8% | |
| Q4 2020 | -3.1% | +8.6% | +1.7% | |
| Q3 2020 | -6.7% | -4.1% | +4.4% | |
| Q2 2020 | -28.8% | -33.2% | -44.6% | |
| Q1 2020 | -38.1% | -30.1% | -23.6% | |
| Q4 2019 | -43.7% | -44.0% | -39.0% | |
| Q3 2019 | -22.9% | -19.9% | -28.9% | |
| Q2 2019 | +3.3% | +6.1% | +4.3% | |
| Q1 2019 | -14.3% | -19.5% | -16.1% | |
| Q4 2018 | +15.0% | +16.0% | +13.0% | |
| Q3 2018 | +15.1% | +20.3% | +35.0% | |
| Q2 2018 | -1.7% | -4.2% | -7.5% | |
| Q1 2018 | -0.6% | +4.1% | +9.1% | |
| Q4 2017 | +11.0% | +10.1% | +28.6% | |
| Q3 2017 | +20.4% | +19.8% | +9.5% | |
| Q2 2017 | +6.6% | +3.2% | +23.6% | |
| Q1 2017 | -16.8% | -16.4% | -15.6% | |
| Q4 2016 | -34.3% | -28.2% | -32.4% | |
| Q3 2016 | -7.4% | — | — | |
| Q2 2016 | -7.1% | — | — | |
| Q1 2016 | +10.2% | — | — | |
| Q4 2015 | +5.0% | — | — | |
| Q3 2015 | -2.5% | — | — | |
| Q2 2015 | -7.4% | — | — | |
| Q1 2015 | -12.3% | — | — | |
| Q4 2014 | -5.8% | — | — | |
| Q3 2014 | -10.0% | — | — | |
| Q2 2014 | +14.1% | — | — | |
| Q1 2014 | -0.0% | — | — | |
| Q4 2013 | -7.7% | — | — | |
| Q3 2013 | +9.0% | — | — | |
| Q2 2013 | -2.6% | — | — | |
| Q1 2013 | +13.5% | — | — | |
| Q4 2012 | -1.0% | — | — | |
| Q3 2012 | +1.7% | — | — | |
| Q2 2012 | +3.1% | — | — | |
| Q1 2012 | -0.7% | — | — | |
| Q4 2009 | +4.7% | — | — | |
| Q4 2011 | +4.7% | — | — | |
| Q3 2010 | +5.7% | — | — | |
| Q3 2011 | +5.7% | — | — | |
| Q2 2011 | -0.7% | — | — | |
| Q2 2010 | -0.7% | — | — | |
| Q1 2010 | +5.5% | — | — | |
| Q1 2011 | +5.5% | — | — | |
| Q4 2010 | +5.5% | — | — |
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