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Myriad Genetics reported strong first quarter 2024 financial results, with 12% revenue growth year-over-year, improved net loss, and positive adjusted EBITDA. Revenue from core products like Hereditary Cancer, Prenatal, and Pharmacogenomics drove the growth. The company also announced reorganization and sale of its EndoPredict business in Europe. Test volumes increased by 9% year-over-year, with gross margin improving by 70 basis points. Operating expenses decreased, resulting in an improved operating loss. Oncology and Women's Health segments showed revenue growth, with significant market share gains in hereditary cancer and prenatal testing. GeneSight test revenue in pharmacogenomics also increased. Myriad Genetics maintained its financial guidance for 2024.
Myriad Genetics, Inc., a genetic testing and precision medicine company, announced the reorganization of its European operations and the sale of its EndoPredict business to Eurobio Scientific. The company will continue to serve key biopharma partners and patients outside the U.S. by licensing the right to sell Prolaris in vitro diagnostic kits to Eurobio. Myriad will also retain the rights to produce and sell EndoPredict in the U.S. as part of its Precise Oncology Solutions. The deal aims to accelerate profitable growth and support biopharma partners efficiently.
Myriad Genetics, Inc. (NASDAQ: MYGN) is set to release its first quarter 2024 financial results on May 7, 2024. Management will provide a financial overview and business update during the earnings conference call. Additionally, the company will participate in several upcoming investor healthcare conferences. Investors can access live webcasts of the events on Myriad's Investor Relations website.
