Myriad Genetics Inc (MYGN) Quarterly 10-Q Report
Myriad Genetics, Inc. has submitted its 10-Q filing for the quarterly period ended September 30, 2024.
The filing includes financial statements for the quarter, showing an increase in revenue to $213.3 million from $191.9 million in the same quarter the previous year. This increase is attributed to higher testing volumes and improved average revenue per test.
Cost of testing revenue for the quarter was $63.5 million, representing 29.8% of total revenue, compared to 30.0% in the same quarter of the previous year. The cost increase is primarily due to higher testing volumes.
The company reported a net loss of $22.1 million for the quarter, compared to a net loss of $61.3 million in the previous year. This improvement is attributed to increased revenues and controlled expenses.
Research and development expenses increased to $28.5 million from $24.0 million, primarily due to additional investments in research and development related to increased headcount and laboratory expenses.
Selling, general, and administrative expenses were $139.1 million, slightly up from $136.1 million, reflecting consistent spending levels.
Legal settlements were not recorded in the current quarter, compared to $34.3 million in the previous year, contributing to the improved net loss.
Goodwill and long-lived asset impairment charges of $2.2 million were recorded due to the sale of the EndoPredict business.
Cash used in operating activities was $15.3 million, an improvement from $56.2 million in the previous year, due to better operational performance.
Cash, cash equivalents, and marketable investment securities totaled $99.9 million as of September 30, 2024, down from $140.9 million at the end of 2023, primarily due to capital expenditures and other cash uses.
The filing also discusses the impact of UnitedHealthcare's (UNH) decision to change its coverage policy for the GeneSight test, which is expected to negatively affect future revenues.
Myriad Genetics continues to focus on its core areas of Oncology, Women's Health, and Pharmacogenomics, with plans to launch new products to drive growth.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Myriad Genetics Inc. quarterly 10-Q report dated November 8, 2024. To report an error, please email [email protected].