Earnings release
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EX - 99.1 2 mygn - xq2cy21 earningsreleas.htm EX - 99.1 News Release Media Contact : Jared Maxwell Investor Contact : Nathan Smith ( 801 ) 505-5027 ( 801 ) 505-5067 jmaxwell@myriad.com nathan.smith@myriad.com Exhibit 99.1 Myriad Genetics Delivers Strong Revenue and Earnings Growth in June 2021 Quarter , Continues to Execute on Strategic Growth & Transformation Plans SALT LAKE CITY , August 3 , 2021 - Myriad Genetics , Inc. ( NASDAQ : MYGN ) , a leader in genetic testing and precision medicine , today announced financial results for its second quarter ended June 30 , 2021 and provided an update on recent business performance and strategic transformation plans . " This was another solid quarter for Myriad Genetics as we delivered strong revenue growth and grew earnings ahead of our initial expectations , an important step towards demonstrating our ability to achieve our goal of sustainable long - term growth and profitability ” said Paul J. Diaz , President and Chief Executive Officer . " These results reflect the hard work of our teammates , and their dedication to meeting the needs of our patients and provider partners , as we continue to advance our mission to empower every individual with the genetic answers inside each of us . ” Financial and Operational Highlights : • Total revenue in the quarter was $ 189.4 million , an increase of 103 % year - over - year and 9 % sequentially . The following product categories saw significant sequential improvements : ( in millions ) June 30 , 2021 Three months ended March 31 , 2021 % Change Product revenues : Hereditary Cancer Prenatal Tumor Profiling Pharmacogenomics $ 86.0 $ 76.1 29.4 23.7 29.2 31.0 * 22.6 17.6 13 % 24 % -6 % 28 % * Tumor profiling revenue for the three months ended March 31 , 2021 includes approximately $ 7M in positive revenue adjustments from prior periods related to back pay for the ProlarisⓇ test for prostate cancer . Excluding that adjustment tumor profiling grew 21 % sequentially . • Diagnostic test volumes of 273,000 increased 70 % year - over - year and 8 % sequentially and average revenue per test increased 2 % sequentially . GAAP gross margin was 71.6 % ; adjusted gross margin was 72.1 % , which improved 70 basis points sequentially .