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Myriad Genetics, Inc. (MYGN)

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28.43-0.33 (-1.15%)
At close: 4:00PM EST
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Previous close28.76
Open28.58
Bid0.00 x 800
Ask0.00 x 900
Day's range28.03 - 29.62
52-week range9.24 - 31.60
Volume768,330
Avg. volume894,993
Market cap2.144B
Beta (5Y monthly)1.64
PE ratio (TTM)N/A
EPS (TTM)-3.08
Earnings date03-May-2021 - 07-May-2021
Forward dividend & yieldN/A (N/A)
Ex-dividend dateN/A
1y target est26.00
  • Myriad Genetics Joins Forces with Intermountain Precision Genomics for a Comprehensive Offering of Germline and Somatic Tumor Testing Services
    GlobeNewswire

    Myriad Genetics Joins Forces with Intermountain Precision Genomics for a Comprehensive Offering of Germline and Somatic Tumor Testing Services

    Strategic collaboration combines germline genetic testing, next-generation tumor sequencing and world-class testing capabilities to elevate global precision oncology careSALT LAKE CITY, March 02, 2021 (GLOBE NEWSWIRE) -- Myriad Genetics, Inc. (NASDAQ: MYGN), a leader in genetic testing and precision medicine, today announced a new strategic precision oncology collaboration with Intermountain Precision Genomics, a service of Intermountain Healthcare. This collaboration creates a comprehensive germline genetic testing and somatic tumor offering that combines Myriad’s advanced hereditary cancer and companion diagnostic tests with Intermountain Precision Genomics’ world-class laboratory services, utilizing the TheraMap® test—powered by the TruSight™ Oncology 500 (TSO 500) next-generation sequencing test from Illumina, Inc. (NASDAQ: ILMN). TSO 500 is rapidly becoming a standard in oncology. Through the offering, oncologists will obtain a complete genetic analysis in one, easy-to-interpret report, enabling them to leverage the benefits of comprehensive genomic profiling. “As cancer treatment continues to evolve, most oncologists seek both germline and somatic tumor testing results to best guide treatment decisions. Advancing precision oncology requires strong collaboration between forward-looking organizations across the healthcare ecosystem. This alliance with Intermountain Precision Genomics is an example of our drive to improve health outcomes for patients with cancer and expand innovative treatment options for the healthcare providers who care for them,” said Paul J. Diaz, president and CEO, Myriad Genetics. “We are successfully merging the power of companion diagnostics, next-generation tumor sequencing, and world-class testing services to help raise the global standard of care in precision oncology.” “As a physician, I’m excited to make this comprehensive offering available to more patients,” said Lincoln Nadauld, MD, PhD, oncologist and vice president and chief of precision health and academics at Intermountain Healthcare. “This partnership allows us to make a tremendous impact by providing the best that precision cancer care has to offer.” Strategic Partnership with Intermountain Precision GenomicsIntermountain Precision Genomics is a nationally recognized program focused on building partnerships to accelerate the field even further. The new, comprehensive offering – set to be available in the second half of 2021 – will utilize germline genetic testing with the Myriad myRisk® Hereditary Cancer test, and somatic tumor profiling with Myriad myChoice® CDx. Intermountain Precision Genomics will perform tumor profiling and tissue analysis using its TheraMap® test that is powered by Illumina’s TSO 500 assay. Myriad myChoice CDx is widely supported by private insurance payers. Both myChoice CDx and TheraMap are covered by Medicare. About TheraMap® TheraMap: Solid Tumor is a hybrid capture DNA- and RNA-based test that detects SNV, INDELs, Copy Number Variants (CNV), and fusions in solid tumors. TheraMap is validated for all solid tumor types and includes sequencing over 500 genes identified as relevant to cancer treatment, relevant gene fusion events, including NTRK fusions, as well as the important microsatellite instability (MSI) and tumor mutational burden (TMB) biomarkers. TheraMap® is powered by Illumina’s TSO 500 assay. About Myriad myRisk® Hereditary CancerThe Myriad myRisk Hereditary Cancer test uses an extensive number of sophisticated technologies and proprietary algorithms to evaluate 35 clinically significant genes associated with eight hereditary cancer sites including: breast, colon, ovarian, endometrial, pancreatic, prostate and gastric cancers and melanoma. For more information, visit https://myriadmyrisk.com/. About myChoice® CDxMyriad myChoice is the most comprehensive HRD test, enabling physicians to identify patients with tumors that have lost the ability to repair double-stranded DNA breaks, resulting in increased susceptibility to DNA-damaging drugs such as platinum drugs or PARP inhibitors. The myChoice test includes tumor sequencing of the BRCA1 and BRCA2 genes and a composite of three proprietary technologies (loss of heterozygosity, telomeric allelic imbalance, and large-scale state transitions). For more information, visit https://myriad-oncology.com/mychoice-cdx/. About Intermountain Precision GenomicsIntermountain Precision Genomics is transforming healthcare by targeting treatment to deliver the highest quality care at some of the lowest costs in the nation, all while helping people live the healthiest lives possible. Intermountain Precision Genomics is a service of Intermountain Healthcare, a widely recognized leader in clinical quality improvement and efficient healthcare delivery. For more information about Intermountain Precision Genomics, please visit precisiongenomics.org. About Myriad GeneticsMyriad Genetics Inc., is a leading genetic testing and precision medicine company dedicated to transforming patient lives worldwide. Myriad discovers and commercializes genetic tests that determine the risk of developing disease, accurately diagnose disease, assess the risk of disease progression, and guide treatment decisions across medical specialties where critical genetic insights can significantly improve patient care and lower healthcare costs. For more information, visit the Company's website: www.myriad.com. Myriad, the Myriad logo, BART, BRACAnalysis, Colaris, Colaris AP, myPath, myRisk, Myriad myRisk, myRisk Hereditary Cancer, myChoice, myPlan, BRACAnalysis CDx, Tumor BRACAnalysis CDx, myChoice CDx, Vectra, Prequel, Foresight, GeneSight, riskScore and Prolaris are trademarks or registered trademarks of Myriad Genetics, Inc. or its wholly owned subsidiaries in the United States and foreign countries. MYGN-F, MYGN-G. Safe Harbor StatementThis press release contains "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995, including statements related to creating the most comprehensive germline genetic testing and somatic tumor offering; oncologists obtaining a complete genetic analysis for their patients in a report which will help them to elect the most effective treatment options for each and every patient with cancer; the new offering being available in the second half of 2021; Intermountain Healthcare performing tumor profiling and tissue analysis using Illumina’s TruSight Oncology 500 assay (TheraMap); the Company commercializing both tests as one offering in the United States; and the Company’s strategic directives under the caption "About Myriad Genetics." These "forward-looking statements" are based on management's current expectations of future events and are subject to a number of risks and uncertainties that could cause actual results to differ materially and adversely from those set forth in or implied by forward-looking statements. These risks and uncertainties include, but are not limited to: uncertainties associated with COVID-19, including its possible effects on our operations and the demand for our products and services; our ability to efficiently and flexibly manage our business amid uncertainties related to COVID-19; the risk that sales and profit margins of our molecular diagnostic tests and pharmaceutical and clinical services may decline; risks related to our ability to transition from our existing product portfolio to our new tests, including unexpected costs and delays; risks related to decisions or changes in governmental or private insurers’ reimbursement levels for our tests or our ability to obtain reimbursement for our new tests at comparable levels to our existing tests; risks related to increased competition and the development of new competing tests and services; the risk that we may be unable to develop or achieve commercial success for additional molecular diagnostic tests and pharmaceutical and clinical services in a timely manner, or at all; the risk that we may not successfully develop new markets for our molecular diagnostic tests and pharmaceutical and clinical services, including our ability to successfully generate revenue outside the United States; the risk that licenses to the technology underlying our molecular diagnostic tests and pharmaceutical and clinical services and any future tests and services are terminated or cannot be maintained on satisfactory terms; risks related to delays or other problems with operating our laboratory testing facilities and our healthcare clinic; risks related to public concern over genetic testing in general or our tests in particular; risks related to regulatory requirements or enforcement in the United States and foreign countries and changes in the structure of the healthcare system or healthcare payment systems; risks related to our ability to obtain new corporate collaborations or licenses and acquire new technologies or businesses on satisfactory terms, if at all; risks related to our ability to successfully integrate and derive benefits from any technologies or businesses that we license or acquire; risks related to our projections about our business, results of operations and financial condition; risks related to the potential market opportunity for our products and services; the risk that we or our licensors may be unable to protect or that third parties will infringe the proprietary technologies underlying our tests; the risk of patent-infringement claims or challenges to the validity of our patents or other intellectual property; risks related to changes in intellectual property laws covering our molecular diagnostic tests and pharmaceutical and clinical services and patents or enforcement in the United States and foreign countries, such as the Supreme Court decisions in Mayo Collab. Servs. v. Prometheus Labs., Inc., 566 U.S. 66 (2012), Ass’n for Molecular Pathology v. Myriad Genetics, Inc., 569 U.S. 576 (2013), and Alice Corp. v. CLS Bank Int’l, 573 U.S. 208 (2014); risks of new, changing and competitive technologies and regulations in the United States and internationally; the risk that we may be unable to comply with financial operating covenants under our credit or lending agreements; the risk that we will be unable to pay, when due, amounts due under our credit or lending agreements; and other factors discussed under the heading "Risk Factors" contained in Item 1A of our most recent Annual Report on Form 10-K for the fiscal year ended June 30, 2020, which has been filed with the Securities and Exchange Commission, as well as any updates to those risk factors filed from time to time in our Quarterly Reports on Form 10-Q or Current Reports on Form 8-K. All information in this press release is as of the date of the release, and Myriad undertakes no duty to update this information unless required by law. Media Contact:Jared Maxwell Investor Contact:Scott Gleason (801) 505-5027 (801) 584-1143 jmaxwell@myriad.com sgleason@myriad.com

  • Myriad Genetics Delivers 6% Sequential Revenue Growth; Company Continues to Execute Strategic Transformation Plan
    GlobeNewswire

    Myriad Genetics Delivers 6% Sequential Revenue Growth; Company Continues to Execute Strategic Transformation Plan

    Highlights: Revenue of $154.6 million up 6% sequentially in quarter ended Dec. 31, 2020GAAP Earnings per share (EPS) of ($0.59) and adjusted EPS of ($0.12) Despite COVID-19 headwinds, total test volumes increase 7% sequentially with stable pricingSigned in-network agreement with the majority of Anthem Blue Cross Blue Shield health plans, the second largest commercial payer in the United States, returning all Myriad products to in-network status Paul J. Diaz, President and Chief Executive Officer:“In the midst of the COVID-19 pandemic, we continued to support our patients and healthcare providers with critical genetic insights needed to drive better health outcomes. This quarter we continued to see sequential improvement in test volumes and revenue trends, while executing on our strategic transformation plan to simplify our business, improve customer experience, build new tech-enabled commercial capabilities, and focus on our biggest growth opportunities. We are well underway in resetting our base of operations, with three planned business unit divestitures in progress, which will help us concentrate on our core products and reduce complexity and cost.” “We are now focused on three core business areas where there are strong long-term market opportunities and growing demand for genetic insights: women’s health, oncology, and mental health.” “Our progress to date is a direct reflection of the passion and energy of our 2,700 Myriad Genetics teammates. I want to thank them for putting our patients and customers first and for all they are doing to implement our transformation plan while executing on our day-to-day priorities. I look forward to sharing an update on our performance, and our transformation and growth plans, at our Investor day on May 4.” SALT LAKE CITY, Feb. 23, 2021 (GLOBE NEWSWIRE) -- Myriad Genetics, Inc. (NASDAQ: MYGN), a leader in genetic testing and precision medicine, today announced financial results for its quarter ended Dec. 31, 2020 and provided an update on recent business performance. Financial Highlights:Myriad Genetics delivered total revenue in the quarter of $154.6 million which declined 21% year-over-year but increased 6% sequentially from the fiscal quarter ending Sep. 30, 2020, with improved commercial execution and a more stable pricing environment. Total test volumes of 224,000 declined 5% year-over-year but increased 7% sequentially. Average revenue per test declined 1% sequentially, demonstrating an increasingly stable pricing environment for the company’s products and was driven by mix shift increases from non-hereditary cancer product and the reduction of zero pay tests.During the quarter, revenue was impacted by $5.3 million due to changes associated with an increase in our payer reserve, predominantly associated with hereditary cancer revenue. The Company also had immaterial net positive adjustments to revenues related to prior periods. GAAP gross margin was 69.5% and non-GAAP gross margin was 70.1%. Adjusted gross margin improved 30 basis points sequentially, impacted positively by test volume growth and negatively by increased revenue mix from prenatal testing.GAAP total operating expenses were $155.7 million. Total adjusted operating expenses declined $7.9 million year-over-year to $119.6 million in the December 2020 quarter.GAAP operating loss in the quarter was ($48.2) million; non-GAAP operating loss of ($11.3) million.GAAP earnings per share (EPS) were ($0.59) and adjusted EPS were ($0.12) which improved by $0.03 sequentially.Free cash flow in the quarter was ($20.4) million, and cash utilization improved by 66% sequentially. The company ended the quarter with $171.7 million in cash and equivalents and investments. In February, Myriad received a tax refund from the U.S. government providing an additional $89 million in cash.The company negotiated an amendment to its credit facility providing increased financial flexibility. Under the new amendment certain financial covenants are waived until the June 2022 quarter and there is added flexibility around future deployment of capital. The company ended the December quarter with $224.8 million drawn on the $300 million facility. Near-term plans include using proceeds from business unit divestitures to pay down the existing credit facility balance. Business Performance and Highlights Women’s HealthThe Myriad Women’s Health business -- which serves women who are assessing their risk of cancer, and women who are pregnant or planning a family -- recorded revenue of $56.3 million in the quarter, a decline of 33% year-over-year. Elective testing for hereditary cancer has been negatively impacted by the COVID-19 pandemic due to delayed elective office visits. The COVID-19 surge in the December quarter led many women to postpone elective testing. The company’s prenatal business continued to demonstrate improving fundamentals with test volumes increasing 15% year-over-year and 7% sequentially. Myriad myRisk® Hereditary Cancer myRisk® Hereditary Cancer test volumes for the Women’s Health business declined 30% year-over-year but increased 6% relative to the September 2020 quarter. Myriad Foresight® Carrier Screen Technological enhancements to Myriad’s Foresight® carrier screen test in the December quarter increased the detection rate for alpha thalassemia inherited blood conditions from 90% to >99% in high-risk ethnicities such as Hispanic patients where the risk of alpha thalassemia can be 200 times greater than the risk of cystic fibrosis. These changes reduced the risk of a false negative by 10 times and improved the accuracy of the Foresight test for ethnic minority populations. Myriad Prequel® Prenatal Screen The scientific journal Genetics in Medicine published a study demonstrating that Myriad’s proprietary AMPLIFY® technology increases the accuracy of the Prequel prenatal screen for five common microdeletions by an average of 9 times. For these microdeletions the Prequel test demonstrated 97.2% sensitivity and 99.8% specificity. OncologyThe Myriad Oncology business provides hereditary cancer testing for patients who have cancer, and products such as the EndoPredict® breast cancer prognostic test, the Prolaris prostate cancer test, and it’s myChoice CDx and BRACAnalysis CDx products for predicting response to PARP inhibitors. The Oncology business delivered total revenue of $60.4 million, down 6% relative to revenue in the December quarter of last year. Myriad myRisk® Hereditary Cancer myRisk® Hereditary Cancer test volumes for the Oncology business declined 16% year-over-year but increased 5% relative to the September 2020 quarter. Myriad Prolaris® Prostate Cancer Received a new local coverage determination (LCD) for the Prolaris® prostate cancer test from Palmetto GBA and CGS Administrators, LLC, two of the administrative contractors for the Centers for Medicare & Medicaid Services, which took effect December 6th. The new LCD expands benefit entitlements for patients with unfavorable intermediate and high-risk prostate cancer and was partially responsible for the 31% sequential growth in Prolaris revenue.Received acceptance for a new study publication in The Prostate demonstrating high accuracy for Prolaris in predicting metastases and disease specific mortality in men following radical prostatectomy.A new study in Genitourinary Cancer demonstrated that the Prolaris test can accurately predict which patients will benefit from multi-modality therapy. Using the newly established threshold, 27% of men with newly diagnosed high-risk disease and 73% with unfavorable intermediate-risk disease could avoid multimodality therapy. Myriad BRACAnalysis® CDx Saw significant increases in BRACAnalysis CDx test volume in Japan with total revenue from the country increasing 167% year-over-year to $8.8 million. Myriad myChoice® CDx Announced a strategic collaboration with Illumina, Inc. for Illumina to create a kit-based version of the myChoice® companion diagnostic (CDx) test for select international markets.Received new reimbursement for the myChoice® diagnostic system in Japan effective January 1, 2021. Myriad EndoPredict® Received new public reimbursement for EndoPredict in Germany which will take effect between March and June 2021. Currently almost half of European EndoPredict volumes come from Germany. Mental HealthMyriad’s Mental Health business -- which consists of the GeneSight Psychotropic test that helps physicians understand how genetic alterations impact response to antidepressant and other psychotropic medications -- saw revenue of $18.0 million in the quarter compared to $22.5 million in the same period last year. Total revenue for GeneSight was up 51% sequentially and test volumes increased 13% sequentially. Myriad GeneSight Saw a strong increase in new ordering providers with over 2,100 physicians ordering GeneSight for the first time in the quarter. Strong growth in new ordering physicians was a contributor to the 13% sequential growth in test volume despite COVID-19 related headwinds.Had two important publications on GeneSight. The first was a new publication in Psychiatry Research demonstrated that the GeneSight combinatorial test was superior to single gene testing using the Clinical Pharmacogenetics Implementation Consortium (CPIC) guidelines. In a sub-analysis utilizing the GUIDED study data, only the GeneSight combinatorial approach was able to accurately predict variations in outcomes for patients with depression and statistically significantly predicted remission, response, and symptom improvement. The second was a meta-analysis of 1,556 patients based upon four prospective controlled clinical trials and published in Pharmacogenomics. The meta-analysis demonstrated statistically significant improvements in remission, response and symptom improvement. Myriad is actively in discussions with commercial payers based upon these positive data-sets. AutoimmuneMyriad’s Autoimmune business -- which consists of the Vectra test for measuring disease activity in rheumatoid arthritis -- generated revenue of $8.9 million in the quarter compared to $10.3 million in the same period last year. Vectra® Shared new data at the American College of Rheumatology annual meeting further demonstrating that Vectra® testing and three additional biomarkers, combined with traditional risk factors, can predict the risk of cardiovascular events in patients with rheumatoid arthritis. The study, which evaluated over 44,000 patients, found that a one-point increase in the Vectra score was associated with being approximately four times greater risk of having a cardiovascular event.Announced the decision to pursue strategic alternatives for the Myriad Autoimmune business units as part of the company’s transformation and growth plan. OtherOther revenue – comprised of Myriad RBM contract research services for the pharmaceutical industry and the myPath Melanoma diagnostic test in dermatology -- was $11.0 million in the December quarter versus $14.3 million in the same period in the prior year. The decline in revenue is entirely attributable to the previously announced sale of Myriad’s German clinic which occurred at the beginning of calendar year 2020. Announced the decision to pursue strategic alternatives for the Myriad RBM and Dermatology business units as part of the company’s transformation and growth plan. In-Network Provider with Anthem Blue Cross Blue Shield Further expanding coverage for its genetic tests in the United States, Myriad recently signed a contract with the majority of the affiliated commercial health plans of Anthem Blue Cross Blue Shield, the second largest commercial payer in the country. The contract returns all Myriad products to in-network status, including hereditary cancer testing. While the new agreement is not expected to materially impact revenue in fiscal year 2021, it will aid in providing easier access to testing for patients and providers, and reducing non-payment on tests across all the company’s product lines. Investor Day Myriad plans to host an investor day to provide an update on its strategic transformation and growth plan on May 4th. The investor day will be a virtual event hosted on the company’s website. Financial GuidanceGiven the continued unpredictability surrounding the COVID-19 pandemic and the impact it has had on the healthcare environment, customer behavior and the ability to market tests to physicians, the company will not provide financial guidance for the quarter ending March 31, 2021 or fiscal year 2021. Conference Call and WebcastA conference call will be held today, Tuesday, Feb. 23, 2021, at 5 p.m. EST to discuss Myriad’s financial results for the December quarter and business developments. The dial-in number for domestic callers is 1-800-584-2088. International callers may dial 1-212-231-2924. All callers will be asked to reference reservation number 21990097. An archived replay of the call will be available for seven days by dialing 1-800-633-8284 and entering the reservation number above. The conference call along with a slide presentation will be available through a live webcast at www.myriad.com. About Myriad GeneticsMyriad Genetics Inc., is a leading genetic testing and precision medicine company dedicated to improving and transforming patient lives worldwide. Myriad discovers and commercializes molecular diagnostic tests that: determine the risk of developing disease, accurately diagnose disease, assess the risk of disease progression, and guide treatment decisions across medical specialties where molecular diagnostics can significantly improve patient care and lower healthcare costs. For more information, please visit the company's website: www.myriad.com. Myriad, the Myriad logo, BART, BRACAnalysis, Colaris, Colaris AP, myPath, myRisk, Myriad myRisk, myRisk Hereditary Cancer, myChoice, myPlan, BRACAnalysis CDx, Tumor BRACAnalysis CDx, myChoice CDx, Vectra, Prequel, Foresight, GeneSight, riskScore and Prolaris are trademarks or registered trademarks of Myriad Genetics, Inc. or its wholly owned subsidiaries in the United States and foreign countries. MYGN-F, MYGN-G. Revenue by Product (Unaudited): Three months ended December 31, 2020 2019 (In millions)WHONCMHAIOtherTotal WHONCMHAIOtherTotal % ChangeMolecular diagnostic revenues: Hereditary Cancer Testing$35.2 $43.5 $— $— $— $78.7 $67.1 $50.6 $— $— $— $117.7 -33.1%Prenatal21.1 — — — — 21.1 16.4 — — — — 16.4 28.7%GeneSight— — 18.0 — — 18.0 — — 22.5 — — 22.5 -20.0%Vectra— — — 8.9 — 8.9 — — — 10.3 — 10.3 -13.6%myChoice CDx— 5.4 — — — 5.4 — 4.6 — — — 4.6 17.4%Prolaris— 8.4 — — — 8.4 — 6.8 — — — 6.8 23.5%EndoPredict— 3.1 — — — 3.1 — 2.5 — — — 2.5 24.0%Other— — — — 0.3 0.3 — — — — 0.3 0.3 0.0%Total molecular diagnostic revenue56.3 60.4 18.0 8.9 0.3 143.9 83.5 64.5 22.5 10.3 0.3 181.1 -20.5%Pharmaceutical and clinical service revenue— — — — 10.7 10.7 — — — — 14.0 14.0 -23.6%Total revenue$56.3 $60.4 $18.0 $8.9 $11.0 $154.6 $83.5 $64.5 $22.5 $10.3 $14.3 $195.1 -20.8% WH = Women’s HealthONC = OncologyMH = Mental Health AI = Autoimmune MYRIAD GENETICS, INC. AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF OPERATIONS (in millions, except per share amounts) Three months ended Six months ended December 31, December 31, 2020 2019 2020 2019 (unaudited) (unaudited)Molecular diagnostic testing $143.9 $181.1 $279.6 $353.1 Pharmaceutical and clinical services 10.7 14.0 20.2 28.3 Total revenue 154.6 195.1 299.8 381.4 Costs and expenses: Cost of molecular diagnostic testing 42.6 41.0 82.5 82.2 Cost of pharmaceutical and clinical services 4.5 8.6 8.8 17.1 Research and development expense 18.2 18.8 35.8 40.1 Change in the fair value of contingent consideration 4.6 (0.1) 3.5 0.6 Selling, general, and administrative expense 132.9 134.3 257.0 269.8 Goodwill and intangible asset impairment charges — 1.3 — 1.3 Total costs and expenses 202.8 203.9 387.6 411.1 Operating loss (48.2) (8.8) (87.8) (29.7)Other income (expense): Interest income 0.3 0.8 0.7 1.7 Interest expense (2.9) (2.5) (5.8) (5.4)Other (4.9) (0.9) (6.5) (0.3)Total other expense, net (7.5) (2.6) (11.6) (4.0)Loss before income tax (55.7) (11.4) (99.4) (33.7)Income tax benefit (11.5) (3.1) (40.0) (4.8)Net loss $(44.2) $(8.3) $(59.4) $(28.9)Net loss attributable to non-controlling interest — — — — Net loss attributable to Myriad Genetics, Inc. stockholders $(44.2) $(8.3) $(59.4) $(28.9)Net loss per share: Basic and diluted $(0.59) $(0.11) $(0.79) $(0.39)Weighted average shares outstanding: Basic and diluted 75.3 74.4 75.0 74.1 MYRIAD GENETICS, INC. AND SUBSIDIARIES CONSOLIDATED BALANCE SHEETS (in millions) December 31, June 30,ASSETS 2020 2020 2019 Current assets:(unaudited) Cash and cash equivalents$117.0 $163.7 $93.2 Marketable investment securities 33.7 54.1 43.7 Prepaid expenses 11.7 13.8 16.6 Inventory 27.1 29.1 31.4 Trade accounts receivable 89.5 68.1 133.9 Prepaid taxes 108.4 — 25.1 Other receivables 2.0 2.9 4.7 Total current assets 389.4 331.7 348.6 Property, plant and equipment, net 40.7 37.0 57.3 Operating lease right-of-use assets 59.7 66.0 — Long-term marketable investment securities 21.0 37.0 54.9 Intangibles, net 576.5 605.3 684.7 Goodwill 329.2 327.6 417.2 Other assets 2.3 — — Total assets$1,418.8 $1,404.6 $1,562.7 LIABILITIES AND STOCKHOLDERS' EQUITY Current liabilities: Accounts payable$20.5 $21.7 $33.3 Accrued liabilities 79.1 79.0 82.3 Current maturities of operating lease liabilities 13.6 13.5 — Deferred revenue 32.7 32.8 2.2 Total current liabilities 145.9 147.0 117.8 Unrecognized tax benefits 30.5 23.5 21.7 Long-term deferred taxes 72.5 26.6 82.6 Long-term debt 224.8 224.4 233.5 Noncurrent operating lease liabilities 50.6 56.9 — Other long-term liabilities 14.6 8.0 18.2 Total liabilities 538.9 486.4 473.8 Commitments and contingencies Stockholders’ equity: Common stock, 75.4, 74.7 and 73.5 shares outstanding at December 31, 2020, June 30, 2020 and 2019, respectively 0.8 0.7 0.7 Additional paid-in capital 1,109.5 1,096.6 1,068.0 Accumulated other comprehensive income (loss) 2.9 (5.2) (5.4)Retained earnings (accumulated deficit) (233.3) (173.9) 25.6 Total Myriad Genetics, Inc. stockholders’ equity 879.9 918.2 1,088.9 Non-controlling interest — — — Total stockholders' equity 879.9 918.2 1,088.9 Total liabilities and stockholders’ equity$1,418.8 $1,404.6 $1,562.7 MYRIAD GENETICS, INC. AND SUBSIDIARIES CONSOLIDATED STATEMENT OF CASH FLOWS (unaudited)(in millions) Six Months Ended December 31, 2020 2019 (unaudited)CASH FLOWS FROM OPERATING ACTIVITIES: Net loss attributable to Myriad Genetics, Inc. stockholders $(59.4) $(28.9)Adjustments to reconcile net loss to net cash provided by operating activities: Depreciation and amortization 35.8 36.4 Non-cash interest expense 0.4 0.2 Non-cash lease expense 6.4 — Gain on disposition of assets (0.1) — Non-cash impact of foreign currency transactions 4.8 — Gain on deconsolidation of subsidiary — (0.1)Share-based compensation expense 14.9 15.8 Deferred income taxes 45.3 (6.8)Unrecognized tax benefits 7.1 0.7 Impairment of goodwill classified as held for sale — 1.3 Change in fair value of contingent consideration 3.4 0.7 Changes in assets and liabilities: Prepaid expenses 2.1 (0.2)Trade accounts receivable (21.4) 13.6 Other receivables 1.0 (0.3)Inventory 2.2 2.6 Prepaid taxes (108.4) 0.4 Other assets (2.3) — Accounts payable (1.2) (11.3)Accrued liabilities (3.4) (11.8)Deferred revenue (0.2) 1.6 Net cash (used in) provided by operating activities (73.0) 13.9 CASH FLOWS FROM INVESTING ACTIVITIES Capital expenditures (8.2) (4.8)Purchases of marketable investment securities — (45.0)Proceeds from maturities and sales of marketable investment securities 35.9 35.5 Net cash provided by (used in) investing activities 27.7 (14.3)CASH FLOWS FROM FINANCING ACTIVITIES: Proceeds from common stock issued under share-based compensation plans 1.8 11.0 Payment of tax withheld for common stock issued under share-based compensation plans (3.8) (9.7)Payment of contingent consideration recognized at acquisition (0.1) (3.9)Repayment of revolving credit facility — (8.6)Net cash used in financing activities (2.1) (11.2)Effect of foreign exchange rates on cash and cash equivalents 0.7 1.1 Change in cash and cash equivalents classified as held for sale — (1.5)Net decrease in cash and cash equivalents (46.7) (12.0)Cash and cash equivalents at beginning of the period 163.7 93.2 Cash and cash equivalents at end of the period $117.0 $81.2 Safe Harbor StatementThis press release contains “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995, including statements relating to a pipeline of new products that fuels growth and broadens access to genetic testing for all; three planned business unit divestitures; an increasingly stable pricing environment; using proceeds from business unit divestitures to pay down the existing credit facility balance; planned submissions to Medicare and commercial payers to receive reimbursement for the use of Prolaris in the post radical prostatectomy patient population; expanding coverage for the Company’s genetic tests in the United States through the Anthem BCBS agreement; the Anthem BCBS agreement aiding in providing easier access to testing for patients and providers, and reducing non-payment on tests across all the company’s product lines; plans to host an investor day to provide an update on the Company’s strategic transformation plan on May 4, 2021; and the Company’s strategic imperatives under the caption “About Myriad Genetics.” These “forward-looking statements” are management’s present expectations of future events and are subject to a number of risks and uncertainties that could cause actual results to differ materially and adversely from those described or implied in the forward-looking statements. These risks include, but are not limited to: the risk that sales and profit margins of the Company’s existing molecular diagnostic tests and pharmaceutical and clinical services may decline or will not continue to increase at historical rates; risks related to the Company’s ability to successfully transition from its existing product portfolio to its new tests; risks related to changes in the governmental or private insurers’ 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; risks related to increased competition and the development of new competing tests and services; the risk that the Company may be unable to develop or achieve commercial success for additional molecular diagnostic tests and pharmaceutical and clinical services in a timely manner, or at all; the risk that the Company may not successfully develop new markets for its molecular diagnostic tests and pharmaceutical and clinical services, including the Company’s ability to successfully generate revenue outside the United States; the risk that licenses to the technology underlying the Company’s molecular diagnostic tests and pharmaceutical and clinical services tests and any future tests are terminated or cannot be maintained on satisfactory terms; risks related to delays or other problems with operating the Company’s laboratory testing facilities; risks related to public concern over the Company’s genetic testing in general or the Company’s tests in particular; risks related to regulatory requirements or enforcement in the United States and foreign countries and changes in the structure of the healthcare system or healthcare payment systems; risks related to the Company’s ability to obtain new corporate collaborations or licenses and acquire new technologies or businesses on satisfactory terms, if at all; risks related to the Company’s ability to successfully integrate and derive benefits from any technologies or businesses that it licenses or acquires; risks related to the Company’s projections about the potential market opportunity for the Company’s products; the risk that the Company or its licensors may be unable to protect or that third parties will infringe the proprietary technologies underlying the Company’s tests; the risk of patent-infringement claims or challenges to the validity of the Company’s patents; risks related to changes in intellectual property laws covering the Company’s molecular diagnostic tests and pharmaceutical and clinical services and patents or enforcement in the United States and foreign countries, such as the Supreme Court decisions Mayo Collab. Servs. v. Prometheus Labs., Inc., 566 U.S. 66 (2012), Ass’n for Molecular Pathology v. Myriad Genetics, Inc., 569 U.S. 576 (2013), and Alice Corp. v. CLS Bank Int’l, 573 U.S. 208 (2014); risks of new, changing and competitive technologies and regulations in the United States and internationally; the risk that the Company may be unable to comply with financial operating covenants under the Company’s credit or lending agreements; the risk that the Company will be unable to pay, when due, amounts due under the Company’s credit or lending agreements; and other factors discussed under the heading “Risk Factors” contained in Item 1A of the Company’s most recent Annual Report on Form 10-K filed with the Securities and Exchange Commission, as well as any updates to those risk factors filed from time to time in the Company’s Quarterly Reports on Form 10-Q or Current Reports on Form 8-K. Statement regarding use of non-GAAP financial measuresIn this press release, the Company’s financial results and financial guidance are provided in accordance with accounting principles generally accepted in the United States (GAAP) and using certain non-GAAP financial measures. Management believes that presentation of operating results using non-GAAP financial measures provides useful supplemental information to investors and facilitates the analysis of the Company’s core operating results and comparison of operating results across reporting periods. Management also uses non-GAAP financial measures to establish budgets and to manage the Company’s business. A reconciliation of the GAAP financial results to non-GAAP financial results is included in the attached schedules. The Company encourages investors to carefully consider its results under GAAP, as well as its supplemental non-GAAP information and the reconciliation between these presentations, to more fully understand its business. Non-GAAP financial results are reported in addition to, and not as a substitute for, or superior to, financial measures calculated in accordance with GAAP. Reconciliation of GAAP to Non-GAAP Financial Measures for the three and six months ended December 31, 2020 (Unaudited data in millions, except per share amount) Three Months Ended Six Months Ended December 31, 2020 December 31, 2019 December 31, 2020 December 31, 2019Revenue $154.6 $195.1 $299.8 $381.4 GAAP Cost of molecular diagnostic testing $42.6 $41.0 82.5 82.2 GAAP Cost of pharmaceutical and clinical services 4.5 8.6 8.8 17.1 Equity compensation (0.4) (0.4) (0.8) (0.7)Transformation initiatives (0.4) — (0.4) (0.2)Non-GAAP COGS $46.3 $49.2 $90.1 $98.4 Non-GAAP Gross Margin 70.1% 74.8% 69.9% 74.2%GAAP Research and Development $18.2 $18.8 $35.8 $40.1 Equity compensation (1.1) (1.2) (2.3) (2.7)Transformation initiatives (0.5) (0.3) (0.5) (1.0)Other adjustments (0.4) — (0.7) — Non-GAAP Research and Development $16.2 $17.3 $32.3 $36.4 GAAP Contingent Consideration $4.6 $(0.1) $3.5 $0.6 Other adjustments (4.6) 0.1 (3.5) (0.6)Non-GAAP Contingent Consideration $— $— $— $— GAAP Impairment of Goodwill and Intangibles $— $1.3 $— $1.3 Impairment of goodwill and intangibles — (1.3) — (1.3)Non-GAAP Impairment of Goodwill and Intangibles $— $— $— $— GAAP Selling, General and Administrative $132.9 $134.3 $257.0 $269.8 Acquisition - amortization of intangible assets (15.2) (15.2) (30.4) (30.4)Equity compensation (5.1) (5.5) (11.8) (12.5)Transformation initiatives (8.0) (2.1) (9.9) (4.4)Other adjustments (1.2) (1.3) (4.0) (1.9)Non-GAAP Selling, General and Administrative $103.4 $110.2 $200.9 $220.6 GAAP Operating Loss $(48.2) $(8.8) $(87.8) $(29.7)Acquisition - amortization of intangible assets 15.2 15.2 30.4 30.4 Impairment of goodwill and intangibles — 1.3 — 1.3 Equity compensation 6.6 7.1 14.9 15.9 Transformation initiatives 8.9 2.4 10.8 5.6 Other adjustments 6.2 1.2 8.2 2.5 Non-GAAP Operating Income (Loss) $(11.3) $18.4 $(23.5) $26.0 Non-GAAP Operating Margin -7.3% 9.4% -7.8% 6.8%GAAP Net Loss Attributable to Myriad Genetics, Inc. Stockholders $(44.2) $(8.3) $(59.4) $(28.9)Acquisition - amortization of intangible assets 15.2 15.2 30.4 30.4 Impairment of goodwill and intangibles — 1.3 — 1.3 Equity compensation 6.6 7.1 14.9 15.9 Transformation initiatives 8.9 2.4 10.8 5.6 Other adjustments 11.7 1.3 15.8 2.5 Non-GAAP tax benefit adjustment (7.6) (1.4) (32.4) (3.3)Non-GAAP Net Income (Loss) $(9.4) $17.6 $(19.9) $23.5 GAAP Diluted Loss per Share $(0.59) $(0.11) $(0.79) $(0.39)Non-GAAP Diluted Earnings (Loss) per Share $(0.12) $0.24 $(0.27) $0.32 Diluted shares outstanding 75.3 74.4 75.0 74.1 Free Cash Flow Reconciliation (Unaudited data in millions) Three Months Ended Six Months Ended December 31, 2020 December 31, 2019 December 31, 2020 December 31, 2019 GAAP cash flows from operations $(13.7) $(1.9) $(73.0) $13.9 Capital expenditures (6.7) (3.4) (8.2) (4.8)Free cash flow $(20.4) $(5.3) $(81.2) $9.1 Transformation initiative costs 8.9 2.4 10.8 5.6 Settlement of hereditary cancer Qui Tam compliant — 9.1 — 9.1 Other adjustments 6.3 1.3 8.5 1.9 Tax effect associated with non-GAAP adjustments (3.6) (3.0) (4.5) (2.1)Non-GAAP Free cash flow $(8.8) $4.5 $(66.4) $23.6 Following is a description of the adjustments made to GAAP financial measures: Acquisition – amortization of intangible assets: Represents recurring amortization charges resulting from the acquisition of intangible assets, including developed technology and database rightsEquity compensation – non-cash equity-based compensation provided to Myriad employeesTransformation initiatives – transitory costs related to Myriad’s Elevate 2020 program and transformation initiativesOther – Other one-time non-recurring expenses including expenses related to leadership transition, COVID-19 costs, non-recurring legal expenses, and potential future consideration related to acquisitions, and the non-cash impact of foreign exchange transactionsNon-GAAP tax expense/(benefit) adjustment – Tax expense/(benefit) due to non-GAAP adjustments, ASU 2016-09 employee share-based payment accounting, and CARES Act legislation. Media Contact: Jared Maxwell Investor Contact: Scott Gleason (801) 505-5027 (801) 584-1143 jmaxwell@myriad.com sgleason@myriad.com

  • Technology and Health Leaders Join Myriad Genetics, Advance in Senior Roles to Drive Key Enterprise Functions, Transformation and Growth Initiatives
    GlobeNewswire

    Technology and Health Leaders Join Myriad Genetics, Advance in Senior Roles to Drive Key Enterprise Functions, Transformation and Growth Initiatives

    New talent and promotions span core businesses, transformation, IT, revenue cycle management, business development, marketing, legalSALT LAKE CITY, Feb. 18, 2021 (GLOBE NEWSWIRE) -- Myriad Genetics, Inc. (NASDAQ: MYGN), a leader in genetic testing and precision medicine, today announced several new technology and healthcare leaders who recently joined the company as well as key promotions to drive critical business functions, transformation and growth initiatives. “With the addition of new leaders from other industry leading enterprises, we continue to augment our strong bench of talent across a range of functions that will accelerate the execution of our strategy with disciplined process management and proven expertise,” said Paul J. Diaz, president and CEO of Myriad Genetics. “We are pleased to welcome new teammates who share the passion for our mission to improve health and wellbeing for all as we continue to recruit and promote top talent from outside and inside our company.” The following Myriad Genetics leaders are assuming broader roles: Kevin R. Haas is promoted to Chief Technology Officer, reporting directly to Diaz, responsible for engineering, data and analytics, genetic laboratory software, and improving the customer experience through tech-enabled, customer-centric commercial capabilities. Since joining Myriad in 2013, Haas has served in senior level leadership roles across research and development, bioinformatics, engineering and technology. Faith Zaslavsky is promoted to president of Myriad Oncology which offers genetic testing for patients who have cancer and companion diagnostic tests that work with corresponding drugs. Since 2019, Zaslavsky has served as general manager of this business unit, overseeing products including Myriad myRisk® Hereditary Cancer, myChoice® CDx companion diagnostic, and EndoPredict® breast cancer tests. Over her 21-year career at Myriad, Zaslavsky has held progressively responsible sales, strategic account management and leadership roles. New leaders recently joining Myriad include: Maggie Ancona, senior vice president, Enterprise Transformation and Program Management Office. She reports directly to Diaz, managing a broad range of enterprise-wide transformation initiatives and workstreams with a focus on operational excellence. Ancona previously led Global Transformation and Program Management at Hewlett Packard (HP) and Dell Technologies where she oversaw business transformation strategy, executed large-scale programs and cost management efforts, while retooling digital infrastructure for the future. David Hammer, senior vice president, Revenue Cycle Management, has overall accountability for the process, including functions that contribute to the capture, management, and collection of diagnostic-service revenue and related areas designed to improve the customer experience. He previously held senior revenue cycle management roles at RGP Healthcare, MedAssets, and Accenture. Hammer also serves on the Board of Advisors of the University of Florida's College of Public Health and Health Professions. Chris Williamson, senior vice president, Information Systems and Security. Williamson previously led all facets of information technology, infrastructure, business intelligence and operations for Data2Logistics, a leading data-driven freight, audit and payment services company. A retired Naval Officer, Williamson served in the White House (executive office of the President) for the Technology Assessment Center and Information Technology Working Group. Edward Gala, senior vice president, Enterprise Marketing Communications, responsible for strategic public relations, employee and executive communications, and overall brand marketing. Gala previously held global marketing and communications leadership positions at Xerox and Philips where he played a key role in brand transformation and positioning, business-to-business and consumer marketing across corporate, business, market and product groups. Karen Renner, vice president, Digital Marketing, responsible for digital infrastructure, patient lead nurturing, conversion and support for products including Myriad’s myRisk® Hereditary Cancer test and related digital initiatives across Women’s Health and Oncology. Karen previously served as the global digital and eBusiness leader at Nestle Purina and brings prior digital agency experience with leading consumer product accounts at VMLY&R. Jackie Zou, vice president, Business Development, responsible for supporting new growth opportunities, including the development and execution of transactions such as divestitures, potential mergers and acquisitions (M&A), and new partnerships. Zou held senior roles in strategy and finance, at Western Digital Corporation (WD), a global data technology, storage and digital content company, where she planned and executed merger, acquisition and divestiture transactions, joint venture initiatives, strategic partnerships and business development. Zou previously worked at Symantec, ZS Associates and Goldman Sachs. Justin Hunter, vice president, Corporate Legal Affairs, responsible for providing legal counsel and support for corporate governance, SEC reporting, M&A, and related matters. Hunter previously served as senior legal counsel for Parsley Energy where he was responsible for SEC reporting and compliance, acquisitions and divestitures, and corporate governance. Previously he worked at Vinson & Elkins LLP and as a law clerk to Vice Chancellor Noble on the Delaware Court of Chancery. Top Place to WorkMyriad Genetics recently was named among the Top Places to Work in Energage’s Top Workplaces USA list for 2021. The company ranked number one in the Health Industry category and earned additional awards in Cultural Excellence and Innovation & Leadership. Myriad employs more than 2,800 people across the United States and in several countries around the globe. To learn more about career opportunities at Myriad, visit our website. About Myriad GeneticsMyriad Genetics Inc., is a leading genetic testing and precision medicine company dedicated to transforming patient lives worldwide. Myriad discovers and commercializes genetic tests that determine the risk of developing disease, accurately diagnose disease, assess the risk of disease progression, and guide treatment decisions across medical specialties where critical genetic insights can significantly improve patient care and lower healthcare costs. Myriad, the Myriad logo, BART, BRACAnalysis, Colaris, Colaris AP, myPath, myRisk, Myriad myRisk, myRisk Hereditary Cancer, myChoice, myPlan, BRACAnalysis CDx, Tumor BRACAnalysis CDx, myChoice CDx, Vectra, Prequel, Foresight, GeneSight, riskScore and Prolaris are trademarks or registered trademarks of Myriad Genetics, Inc. or its wholly owned subsidiaries in the United States and foreign countries. MYGN-F, MYGN-G. Safe Harbor StatementThis press release contains "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995, including statements related to driving key business functions, transformation and growth initiatives and accelerating the execution of Myriad’s strategy with disciplined process management and proven expertise; and the Company’s strategic directives under the caption "About Myriad Genetics." These "forward-looking statements" are based on management's current expectations of future events and are subject to a number of risks and uncertainties that could cause actual results to differ materially and adversely from those set forth in or implied by forward-looking statements. These risks and uncertainties include, but are not limited to: uncertainties associated with COVID-19, including its possible effects on our operations and the demand for our products and services; our ability to efficiently and flexibly manage our business amid uncertainties related to COVID-19; the risk that sales and profit margins of our molecular diagnostic tests and pharmaceutical and clinical services may decline; risks related to our ability to transition from our existing product portfolio to our new tests, including unexpected costs and delays; risks related to decisions or changes in governmental or private insurers’ reimbursement levels for our tests or our ability to obtain reimbursement for our new tests at comparable levels to our existing tests; risks related to increased competition and the development of new competing tests and services; the risk that we may be unable to develop or achieve commercial success for additional molecular diagnostic tests and pharmaceutical and clinical services in a timely manner, or at all; the risk that we may not successfully develop new markets for our molecular diagnostic tests and pharmaceutical and clinical services, including our ability to successfully generate revenue outside the United States; the risk that licenses to the technology underlying our molecular diagnostic tests and pharmaceutical and clinical services and any future tests and services are terminated or cannot be maintained on satisfactory terms; risks related to delays or other problems with operating our laboratory testing facilities and our healthcare clinic; risks related to public concern over genetic testing in general or our tests in particular; risks related to regulatory requirements or enforcement in the United States and foreign countries and changes in the structure of the healthcare system or healthcare payment systems; risks related to our ability to obtain new corporate collaborations or licenses and acquire new technologies or businesses on satisfactory terms, if at all; risks related to our ability to successfully integrate and derive benefits from any technologies or businesses that we license or acquire; risks related to our projections about our business, results of operations and financial condition; risks related to the potential market opportunity for our products and services; the risk that we or our licensors may be unable to protect or that third parties will infringe the proprietary technologies underlying our tests; the risk of patent-infringement claims or challenges to the validity of our patents or other intellectual property; risks related to changes in intellectual property laws covering our molecular diagnostic tests and pharmaceutical and clinical services and patents or enforcement in the United States and foreign countries, such as the Supreme Court decisions in Mayo Collab. Servs. v. Prometheus Labs., Inc., 566 U.S. 66 (2012), Ass’n for Molecular Pathology v. Myriad Genetics, Inc., 569 U.S. 576 (2013), and Alice Corp. v. CLS Bank Int’l, 573 U.S. 208 (2014); risks of new, changing and competitive technologies and regulations in the United States and internationally; the risk that we may be unable to comply with financial operating covenants under our credit or lending agreements; the risk that we will be unable to pay, when due, amounts due under our credit or lending agreements; and other factors discussed under the heading "Risk Factors" contained in Item 1A of our most recent Annual Report on Form 10-K for the fiscal year ended June 30, 2020, which has been filed with the Securities and Exchange Commission, as well as any updates to those risk factors filed from time to time in our Quarterly Reports on Form 10-Q or Current Reports on Form 8-K. All information in this press release is as of the date of the release, and Myriad undertakes no duty to update this information unless required by law. Media Contact:Jared Maxwell(801) 505-5027jmaxwell@myriad.com Investor Contact:Scott Gleason(801) 584-1143sgleason@myriad.com