Myriad Genetics Spikes On Better-Than-Expected Q3 Print

Molecular diagnostics and personalized medicine company Myriad Genetics, Inc. (NASDAQ: MYGN) announced its fiscal third-quarter financial results Tuesday.

What Happened

Myriad Genetics reported better-than-expected earnings and raised its full-year 2018 guidance. The company also provided an update on recent business highlights.

The market expected adjusted EPS of 27 cents and Myriad delivered 31 cents per share, a 15-percent increase from the same period in 2017. Third-quarter revenue came in at $193.5 million against a $188.22-million consensus estimate. 

Why It's Important

"Financial results were better than anticipated due to hereditary cancer volumes, strong new product volume growth and the success of the Elevate 2020 program," Myriad Genetics President and CEO Mark Capone said in a statement.

New products now represent 71 percent of sample volume and 36 percent of Myriad's revenue, Capone said. 

GeneSight, Vectra DA and Polaris testing revenue increased 27 percent, 34 percent and 91 percent, respectively, from the same period in 2017.

GeneSight clinical trial results caught the attention of a top-20 mid-Atlantic payer, which resulted in a commercial coverage decision, according to Myriad Genetics. 

What's Next

The company expects to achieve full-year 2018 revenue in a range between $771 and $773 million. It forecast adjusted EPS between $1.19 and $1.21 per share.

Myriad Genetics shares were rallying 11.5 percent at the time of publication Tuesday. 

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Photo courtesy of Myriad Genetics.