Myriad Genetics (MYGN) Q4 2024 earnings summary

Executive summary

• Achieved 11% year-over-year revenue growth in 2024, reaching $838 million, marking the second consecutive year of double-digit growth; U.S. revenue grew 15%.

• Adjusted EBITDA for 2024 was $40 million, with adjusted EPS turning positive at $0.14; GAAP net loss was $127 million.

• Launched multiple new products, including Foresight Expanded Carrier Screen, Prequel Early Gestational Age Screen, and Precise MRD Research Use Only.

• Announced exclusive partnership with PATHOMIQ to integrate AI into oncology, especially prostate cancer diagnostics, with first AI-driven test launch planned for late 2025.

• CEO transition announced, with Paul Diaz stepping down and Sam Raha assuming leadership, reflecting confidence in the current strategy and team.

Financial highlights

• 2024 revenue reached $838 million, up from $753 million in 2023; Q4 revenue was $213.3 million, a 7% increase year-over-year.

• Adjusted gross profit was $589 million in 2024, with adjusted gross margin at 72% in Q4.

• Adjusted operating expenses increased, mainly due to higher R&D and marketing spend; adjusted operating expenses were $567 million in 2024.

• Adjusted EBITDA was $11 million in Q4 and $40 million for 2024; adjusted EPS was $0.03 in Q4 and $0.14 for 2024.

• Liquidity at year-end was $158 million, including $102 million in cash and $56 million available under the credit facility.

Outlook and guidance

• 2025 revenue guidance: $840–$860 million, gross margin 69.5–70.5%, adjusted EBITDA $25–$35 million, and adjusted EPS $0.07–$0.11.

• Q1 2025 revenue expected between $196–$204 million; adjusted EPS between $(0.04) and $(0.08).

• Anticipates acceleration in volume growth in the second half of 2025, with typical seasonality favoring Q2 and Q4.

• Long-term growth objective revised to double-digit (around 10%) due to UnitedHealthcare impact, with expectation to return to 12% as new products launch.

• Guidance excludes impact from UnitedHealthcare's discontinuation of coverage for multi-gene panel pharmacogenetic testing.