Myriad Genetics reports Q2 adjusted EPS 5c, consensus (1c)

Reports Q2 revenue $213.1M, consensus $202.3M. “We delivered solid second-quarter results, driven by continued strength in hereditary cancer testing in oncology, improving momentum in hereditary cancer testing for unaffected individuals, and favorable pricing trends supported by mix and our ongoing efforts to expand payer coverage. Our disciplined approach to expense management contributed to our improved profitability while we continued to invest in strategic drivers to enable long-term growth,” said Sam Raha, president and CEO, of Myriad Genetics (MYGN). “We have made significant progress on updating our strategy and intend to accelerate growth by focusing future investments on more comprehensively serving screening and diagnostic applications across the Cancer Care Continuum while being disciplined on driving targeted profitable growth from our other businesses. To help support our next chapter, we have partnered with OrbiMed in a non-dilutive financing, providing meaningful support for Myriad Genetics’ long-term goals. As we begin to implement our updated strategy, while continuing to strengthen our organization and execution, I’m confident in our ability to achieve sustained value creation going forward.”