NASDAQ$MYGN
Myriad Genetics Inc · Q3 2023 earnings
Q3 2023 earnings · · Investor relations
Briefing
Myriad Genetics reported double-digit revenue growth and raised 2023 revenue guidance.
Myriad Genetics reported a 23% increase in third-quarter revenue to $191.9 million, driven by strong growth in testing volumes. The company raised its 2023 revenue guidance and introduced 2024 revenue guidance, reflecting confidence in its growth trajectory.
- Third quarter testing volume grew 18% year-over-year, excluding contributions from the SneakPeek® Early Gender DNA Test, marking the fifth consecutive quarter of double-digit growth.
- Third quarter revenue increased by 23% year-over-year to $191.9 million, inclusive of a $7.1 million change of estimate.
- GAAP gross margin for the third quarter was 70.0%, showing an increase of 221 basis points compared to the same period in 2022.
- The company increased its 2023 revenue guidance to between $747 million and $753 million, indicating a growth of 10% - 11% over 2022.
Headline financials
Revenue & EPS history
Myriad Genetics · Revenue · Quarterly
$192M
Q3 2023+22.7%vs Q3 2022
Revenue by segment
Myriad Genetics · $156M total across 3 segments · Q3 2023
- Hereditary Cancer$86.5M+22.7%55.4%
- Prenatal$39.5M+78.7%25.3%
- Tumor Profiling$30.2M-1.9%19.3%
Forward guidance
Myriad Genetics provided revenue guidance for 2023 and 2024.
Tailwinds
- Increased 2023 revenue guidance to between $747 million and $753 million, representing 10% - 11% growth over 2022.
- Introduced 2024 revenue guidance of between $815 million and $835 million, projecting 9% - 11% growth over the midpoint of the 2023 revenue guidance range.
- Reiterated long-term financial targets presented at investor event on September 19, 2023, including targeted annual revenue growth of 10%+, gross margins of 70%+, annual growth in selling, general and administrative spend of 5%-6% and positive adjusted operating income and adjusted cash flow in 2024 through 2026.
- Expects a significant reduction in capital expenditures and costs associated with transformation initiatives in 2024 compared to 2023.
- Reiterate reaching positive adjusted profitability and adjusted operating cash flow in the fourth quarter 2023.
Headwinds
- Assumes currency rates as of November 6, 2023.
- The company's projections are forward-looking statements and are subject to the risks summarized in the safe harbor statement.
- The company's fiscal year 2023 non-GAAP guidance begins with the comparable GAAP financial measure and excludes the estimated impact of stock-based compensation expense of approximately $40.0 million, non-cash amortization associated with acquisitions of approximately $48.0 million and special items such as costs related to transformation initiatives of approximately $24.0 million, legal settlement costs of approximately $114.0 million, and tax adjustments of approximately $8.0 million.
- Risks related to the company’s ability to achieve certain revenue growth targets and generate sufficient revenue from its existing product portfolio or in launching and commercializing new tests to be profitable.
- Risks related to changes in governmental or private insurers’ coverage and reimbursement levels for the company’s tests or the company’s ability to obtain reimbursement for its new tests at comparable levels to its existing tests.
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 Q3 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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