Myriad Genetics Reports Fiscal Fourth-Quarter and Full-Year 2019 Financial Results
- Total Fourth-Quarter Revenues of $215.4 Million
- Fourth-Quarter Diluted EPS of ($0.06) and Adjusted EPS of $0.41
SALT LAKE CITY, Aug. 13, 2019 (GLOBE NEWSWIRE) -- Myriad Genetics, Inc. (NASDAQ: MYGN, “Myriad” or the “Company”), a global leader in molecular diagnostics and precision medicine, today announced financial results for its fiscal fourth-quarter and full-year 2019, provided an update on recent business highlights and provided fiscal year and first-quarter 2020 financial guidance.
"Fiscal year 2019 revenue increased 14 percent with earnings up 18 percent. Unfortunately, revenue in the fourth quarter was two percent below expectations largely due to lower reimbursement for our expanded carrier screening test,” said Mark C. Capone, president and CEO, Myriad Genetics. “Looking ahead to fiscal year 2020, with stabilized pricing, growing new product volumes and recent reimbursement advances with GeneSight®, we are highly optimistic about our ability to deliver an inflection in revenue and earnings as we transition through the fiscal year.”
Financial Highlights
The following table summarizes the financial results for the fiscal fourth-quarter and full year 2019:
Revenue | ||||||||||||||||||||||
Fiscal Fourth-Quarter | Fiscal Year | |||||||||||||||||||||
($ in millions) | 2019 | 2018 | % Change | 2019 | 2018 | % Change | ||||||||||||||||
Molecular diagnostic testing revenue | ||||||||||||||||||||||
Hereditary Cancer | $ | 119.0 | $ | 119.1 | (0 | %) | $ | 479.7 | $ | 471.4 | 2 | % | ||||||||||
GeneSight® | 29.8 | 34.0 | (12 | %) | 112.6 | 124.9 | (10 | %) | ||||||||||||||
Prenatal | 25.0 | - | NM | 104.9 | - | NM | ||||||||||||||||
Vectra® | 12.2 | 15.1 | (19 | %) | 48.3 | 55.2 | (13 | %) | ||||||||||||||
Prolaris® | 6.3 | 7.0 | (10 | %) | 25.5 | 21.5 | 19 | % | ||||||||||||||
EndoPredict® | 3.0 | 2.7 | 11 | % | 10.4 | 8.8 | 18 | % | ||||||||||||||
Other | 1.6 | 2.7 | (41 | )% | 8.0 | 8.6 | (7 | %) | ||||||||||||||
Total molecular diagnostic testing revenue | 196.9 | 180.6 | 9 | % | 789.4 | 690.4 | 14 | % | ||||||||||||||
Pharmaceutical and clinical service revenue | 18.5 | 13.3 | 39 | % | 61.7 | 53.3 | 16 | % | ||||||||||||||
Total Revenue | $ | 215.4 | $ | 193.9 | 11 | % | $ | 851.1 | $ | 743.7 | 14 | % | ||||||||||
Income Statement | ||||||||||||||||||||||
Fiscal Fourth-Quarter | Fiscal Year | |||||||||||||||||||||
($ in millions) | 2019 | 2018 | % Change | 2019 | 2018 | % Change | ||||||||||||||||
Total Revenue | $ | 215.4 | $ | 193.9 | 11 | % | $ | 851.1 | $ | 743.7 | 14 | % | ||||||||||
Gross Profit | 164.8 | 148.2 | 11 | % | 650.1 | 566.5 | 15 | % | ||||||||||||||
Gross Margin | 76.5 | % | 76.4 | % | 76.4 | % | 76.2 | % | ||||||||||||||
Operating Expenses | 170.4 | 130.4 | 31 | % | 642.5 | 444.6 | 45 | % | ||||||||||||||
Operating Income | (5.6 | ) | 17.8 | NM | 7.6 | 121.9 | (94 | %) | ||||||||||||||
Operating Margin | (2.6 | %) | 9.2 | % | 0.9 | % | 16.4 | % | ||||||||||||||
Adjusted Operating Income | 33.2 | 41.5 | (20 | %) | 145.2 | 138.2 | 5 | % | ||||||||||||||
Adjusted Operating Margin | 15.4 | % | 21.4 | % | 17.1 | % | 18.6 | % | ||||||||||||||
Net Income | (4.2 | ) | 14.5 | NM | 4.6 | 133.3 | (97 | %) | ||||||||||||||
Diluted EPS | (0.06 | ) | 0.20 | NM | 0.06 | 1.85 | (97 | %) | ||||||||||||||
Adjusted EPS | $ | 0.41 | $ | 0.43 | (5 | %) | $ | 1.67 |
By: Nasdaq / GlobeNewswire
- 13 Aug 2019
Return to news
Upcoming Life Sciences Events
|