Myriad Genetics Achieves Significant Revenue Growth in 2024
Myriad Genetics Reports Strong Financial Performance for 2024
Myriad Genetics, Inc. (NASDAQ: MYGN), a leading player in genetic testing and precision medicine, has announced impressive financial results for the fourth quarter and full-year ended December 31, 2024. The company has achieved a notable revenue of $838 million for the full year, marking an 11% increase compared to the previous year, showcasing continuous double-digit growth for the second consecutive year.
Quarterly Highlights
Fourth Quarter Financial Results
In the fourth quarter of 2024, Myriad Genetics generated revenue of $211 million, reflecting a 7% year-over-year increase. This surge in revenue was largely driven by strong demand for its Pharmacogenomics and Prenatal testing services, which grew by 14% and 12% respectively. Additionally, the company recorded a GAAP gross margin of 71.7%, a 300 basis point increase from the previous year.
Profitability and Cash Flow
Net Loss and Adjusted EBITDA
Despite the revenue growth, Myriad reported a GAAP net loss of $(43) million for the fourth quarter, totaling $(127) million for the entire year. However, adjusted EBITDA for these periods showed improvement, coming in at $11 million and $40 million respectively. As of the end of the fourth quarter, the company had approximately $158 million in cash and available borrowing capacity.
Strategic Initiatives in 2024
Innovative Collaborations and Leadership Changes
This past year has also been transformative for Myriad as they entered a strategic collaboration with PATHOMIQ to enhance their Oncology product offerings with artificial intelligence technology. This partnership includes exclusive rights to PATHOMIQ's AI platform tailored for prostate cancer, which will strengthen Myriad's existing Prolaris Prostate Cancer Prognostic Test.
On the leadership front, Myriad announced that Sam Raha, the current Chief Operating Officer, will take over as President and CEO, effective April 30, 2025, succeeding Paul J. Diaz. This leadership transition aims to further bolster the company’s strategic direction and operational excellence.
Outlook for 2025
Financial Guidance
Looking forward to 2025, Myriad Genetics reaffirmed its revenue guidance, projecting revenues between $840 million to $860 million, accompanied by an adjusted EPS range of $0.07 to $0.11. This outlook indicates an anticipated continued growth trajectory as the company plans to invest significantly in research and development to innovate its offerings further.
Frequently Asked Questions
What were Myriad Genetics' total revenues for 2024?
Myriad Genetics reported total revenues of $838 million for the full year of 2024, a growth of 11% year-over-year.
How did Myriad Genetics perform in the fourth quarter?
In the fourth quarter of 2024, Myriad Genetics achieved $211 million in revenue, marking a 7% increase from the previous year.
What innovations did Myriad Genetics introduce in 2024?
Myriad entered a strategic collaboration with PATHOMIQ to incorporate AI technology into its Oncology solutions, enhancing diagnostic capabilities.
Who will be the new CEO of Myriad Genetics?
Sam Raha, currently the Chief Operating Officer, will become the President and CEO of Myriad Genetics starting April 30, 2025.
What is the financial outlook for Myriad Genetics in 2025?
Myriad Genetics projects revenues between $840 million to $860 million for 2025, with an adjusted EPS forecast of $0.07 to $0.11.
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