Highlights:

Revenue of $179.3 million for the quarter ended June 30, 2022
Excluding revenue from divested businesses, revenue increased 7% year-over-year and 9% sequentially from the first quarter of 2022
Diluted GAAP earnings per share (EPS) of $(0.18) and adjusted EPS of $0.04 in the second quarter of 2022
Fiscal year 2022 financial guidance updated to reflect additional $20 million investment in research and development, technology, and sales and marketing programs
Ended the quarter with $283.6 million in cash, cash equivalents and investments

Myriad Genetics, Inc. (NASDAQ: MYGN), a leader in genetic testing and precision medicine, today announced financial results for its second quarter ended June 30, 2022 and provided an update on business performance.

“We are pleased with our progress this quarter as we advance our strategic operating plan to drive long-term growth and profitability. Our team continues to execute on a disciplined approach to growing our business while managing gross margins and operating expenses despite significant wage and supply chain inflationary pressures. We are particularly excited about the progress of our Mental Health business, as Myriad’s GeneSight® Psychotropic test quarterly volumes grew 39% year-over-year and 13% sequentially. We believe this momentum can be sustained as providers and payers digest the positive results of the PRIME Care study where both co-primary endpoints were achieved and remission rates for major depressive disorders showed significant improvement when clinicians had access to GeneSight test results,” said Paul J. Diaz, president and CEO, Myriad Genetics.

Mr. Diaz went on to comment, “We also see continued stabilization and opportunities in the marketplace to grow our hereditary cancer and prenatal businesses and are excited about the growth we continue to see in our companion diagnostic business and our prostate cancer prognostic test – Prolaris. I want to thank the entire Myriad Genetics team and our provider partners for their continued efforts to serve our patients and execute on our transformation plan to enhance our product offerings, the experience of our customers and access for our patients.”

*Click here for the full report: https://myriad.com/news-releases/news-release-detail/?newsItemId=23226