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Myriad Genetics Q4 Revenues Grow 4 Percent

This article has been updated with comments Myriad Genetics executives made during a conference call to discuss the company's financial performance. 

NEW YORK – Myriad Genetics reported on Thursday a 4 percent increase in fourth quarter 2021 revenues year over year, missing the consensus Wall Street estimate due to COVID-19 headwinds toward the end of the year.

For the three months ended Dec. 31, the firm reported revenues of $160.8 million, up from $154.6 million in Q4 2020. On average, analysts had projected Q4 revenues of $163.4 million.

"With the focus and dedication of our 2,400 teammates, we improved quarterly and annual results despite continued headwinds from the COVID-19 pandemic," Myriad's CEO and president, Paul Diaz, said in a statement. He added that while the company has benefited from the tech-enabled capabilities and customer-centric tools it has implemented as part of restructuring efforts, the COVID-19 Omicron variant negatively impacted the business toward the end of 2021 and into the new year, particularly its hereditary cancer business.

All of Myriad's Q4 revenues came from its molecular diagnostics business. The Salt Lake City-based firm did not record any revenues from its pharmaceutical and clinical service segment in Q4, compared to $10.7 million in the prior year's quarter.

Within the molecular diagnostics category, revenues from its hereditary cancer tests MyRisk, BRACAnalysis, and BRACAnalysis CDx were down 5 percent at $74.8 million compared to $78.7 million in Q4 2020. GeneSight pharmacogenetic testing revenues grew 63 percent to $29.4 million from $18.0 million. In the prenatal segment, revenues from ForeSight and Prequel grew 43 percent to $30.1 million from $21.1 million. In the tumor profiling segment, revenues from MyChoice CDx, Prolaris, and EndoPredict increased 57 percent to $26.5 million from $16.9 million. The autoimmune Vectra DA and other tests brought in no revenues in Q4, compared to $8.9 million and $300,000, respectively, in Q4 2020.

In an conference call to discuss the company's financial performance, Nicole Lambert, Myriad's chief operating officer, highlighted the strong performance of the GeneSight pharmacogenetic test for guiding mental health treatment decisions. She noted that 2,900 doctors ordered 78,000 GeneSight tests during Q4, and the company is seeing increasing uptake from primary care providers and nurse practitioners. Lambert added that Myriad is looking to grow its presence in the mental health testing segment and is exploring partnerships to develop tests for early detection and treatment of Alzheimer's disease.

Last year, Myriad also launched its MyRisk hereditary cancer test with a polygenic breast cancer risk test, called RiskScore, calibrated for women of all ancestries. Since launching this offering, Lambert estimated, the company has been able to provide genetic cancer risk insights to approximately 16,000 women of non-European descent "who otherwise would not have been able to benefit from RiskScore."

Myriad reported a net loss attributable to its shareholders of $7.6 million, or $.10 per share, compared to a net loss of $37.9 million, or $.50 per share, in Q4 2020. Adjusted loss per share was $.02, in line with the average Wall Street estimate.

The firm's fourth quarter R&D expenses declined 9 percent to $16.6 million from $18.2 million, and its SG&A spending declined 7 percent to $127.5 million from $137.5 million.

For full-year 2021, the firm's revenues increased 24 percent to $690.6 million compared to $557.1 million in 2020. Revenues exceeded analysts' average expectations of $688.2 million.

Myriad's molecular diagnostic testing revenues increased 30 percent in 2021 to $666.4 million compared to $513.5 million in 2020. Year over year, hereditary cancer test sales increased 11 percent to $316.3 million from $284.4 million; GeneSight revenues grew 60 percent to $93.7 million from $58.7 million; prenatal testing revenues went up 43 percent to $106.8 million from $74.5 million; and tumor profiling revenues more than doubled to $120.9 million from $58.4 million. Vectra DA revenues declined 21 percent to $28.2 million from $35.7 million, while revenues from other tests decreased 72 percent to $500,000 from $1.8 million.

Pharmaceutical and clinical service revenues declined 44 percent in 2021 to $24.2 million from $43.6 million in 2020.

Myriad's 2021 net loss attributable to its shareholders was $27.2 million, or $.35 per share, compared to a net loss of $223.6 million, or $2.99 per share, in 2020. Adjusted EPS was $.02. On average, analysts had expected an EPS of $0.

The firm's 2021 R&D expenses grew 12 percent to $81.9 million from $73.3 million in 2020, and its SG&A spending increased 8 percent to $537.8 million from $496.9 million.

Myriad ended the year with $258.4 million in cash and cash equivalents and $81.4 million in marketable investment securities.

In 2022, Myriad plans to launch Precise Tumor, a service it developed with Intermountain Healthcare and Illumina, which allows oncologists to order as part of the same report the MyRisk hereditary cancer test, the MyChoice CDx for guiding PARP inhibitor treatment, and a comprehensive tumor panel developed by Intermountain, also called Precise Tumor. Myriad this month soft-launched the service and found that 82 percent of doctors who order the comprehensive profiling test also order MyRisk and MyChoice CDx, according to Lambert.

According to Myriad executives, the success of the pilot confirms that doctors like being able to order all three tests in one go, and not having to chase down a patient's sample and send it to different labs for hereditary cancer testing, tumor profiling, and specific companion tests. "The pilot has exceeded expectations so far," Diaz said during the call. "People have switched over from some of [our] competitors … because of the ease of use."

Myriad is planning to officially launch the "comprehensive suite of Precise oncology solutions in the next few weeks to guide treatment decisions and provide personalized integrated care for patients," Lambert said. Diaz added that he is optimistic the Precise Tumor service will boost Myriad's oncology segment revenues in the second half of 2022.

For 2022, Myriad expects revenues in the range of $670 million to $700 million and adjusted EPS between $.00 and $.20.

In morning trading on the Nasdaq, Myriad's shares were up a fraction of a percent at $23.60.

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