NEW YORK – Myriad Genetics reported after the close of market Tuesday year-over-year revenue growth of 15 percent for the second quarter of 2024, prompting the firm to raise its full-year financial guidance.
The Salt Lake City-based genetic testing company finished the three months ending June 30 with $211.5 million in total revenue compared to $183.5 million for the same quarter in 2023, driven by 9 percent year-over-year growth in test volumes. The top-line result beat analysts' average estimate of approximately $205 million.
Revenue for its hereditary cancer testing rose 19 percent year over year to $91.5 million from $76.7 million, driven largely by the company's MyRisk hereditary cancer test. Tumor profiling test revenue slid approximately 9 percent to $32.6 million from $36 million. Prenatal test sales jumped 25 percent to $44.4 million versus $35.6 million a year ago, and the firm's pharmacogenomics test revenue was up 22 percent to $43 million from $35.2 million, buoyed by strong GeneSight sales.
In a call with investors held after the close of market, Myriad CEO Paul Diaz said that the company expects to see continued growth across its business, with hereditary cancer and prenatal testing leading the way.
"We expect to achieve double-digit growth in hereditary testing volumes with stable average revenue per test in 2025," he said.
Diaz added that a 12 percent increase in testing volume drove prenatal revenue growth for the quarter, as the company continues to sell deeper into current accounts while winning new accounts.
"We believe the market is becoming more rational regarding pricing for these services," he said, "[and] we continue to see growth opportunities with new customers as we move throughout the year."
Myriad's Q2 net loss was $36.7 million, or $.41 per share, compared to a loss of $116.1 million, or $1.42 per share, in Q2 of last year. On an adjusted basis, Myriad reported earnings per share of $.05, beating analysts' average prediction for a loss of $.01 per share.
Myriad's R&D spending rose approximately 28 percent to $27.1 million from $21.2 million in the same quarter last year. Its SG&A expenses rose around 3 percent to $144.9 million compared to $140.7 million in Q2 of 2023.
Myriad ended the quarter with $92.4 million in cash and cash equivalents and $4.9 million in marketable investment securities.
The company raised its 2024 revenue guidance to between $835 million and $845 million from a previous range of between $820 million and $840 million. It expects to report adjusted EPS of between $.08 and $.12 for the year, up from prior EPS guidance of $.00 to $.05.