Q2 2024 Myriad Genetics Inc Earnings Call Transcript
Key Points
- Achieved 15% revenue growth in the second quarter compared to last year, driven by volume and revenue per test improvements.
- Reported a 17% increase in gross profits, adjusted EBITDA of $12 million, and a positive adjusted EPS of $0.05.
- Generated positive adjusted free cash flow of $8 million as capital expenditures normalized.
- Continued payer coverage wins, including Blue Shield of California adding GeneSight to its medical policy.
- Raised 2024 financial guidance and increased long-term revenue growth target to 12%.
- Market dislocation contributed modestly to the 25% revenue growth in prenatal testing, indicating potential instability.
- Lower BRAC analysis CDx volumes slightly offset the strong volume growth in MyRisk.
- International revenue declined by 21% from the prior-year period, driven by reorganization impacts and currency depreciation.
- Incremental operating costs associated with the IPG lab and Precise Tumor and Liquid assets impacted gross margins.
- Seasonal variability expected in Q3 and Q4, with Q3 revenue typically at or below Q2 levels.
Good day, and thank you for standing by. Welcome to the Myriad Genetics second-quarter 2024 financial earnings conference call. (Operator Instructions) Please be advised that today's conference is being recorded.
I would now like to hand the conference over to your first speaker, Matt Scalo, Senior Vice President of Investor Relations. Please go ahead.
Thanks, Gerald, and good afternoon, and welcome to the Myriad Genetics second-quarter 2024 earnings call. During the call, we will review the financial results we released today. And afterwards, we will host a question-and-answer session. Our quarterly earnings release was issued this afternoon on Form 8-K and can be found on our website at investor.myriad.com.
I'm Matt Scalo, Senior Vice President of Investor Relations, and on the call with me today are Paul Diaz, our President and Chief Executive Officer; Scott Leffler, our Chief Financial Officer; Sam Raha, our Chief Operating Officer; and Mark Verratti, our Chief Commercial Officer. This
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