Myriad Genetics Inc.
10/09/2024 | Press release | Distributed by Public on 10/09/2024 04:11
Business/Financial Results Form 8 K
ITEM 2.02 Results of Operations and Financial Condition.
Myriad Genetics, Inc. (the "Company") previously announced by press release that it will hold an Investor Event on October 9, 2024 - in person at the Westin Grand Central Hotel in New York City and via a simultaneous live webcast. In connection with the Investor Event, the Company is disclosing certain preliminary financial data for the third quarter of 2024, specifically that the Company expects third quarter 2024 revenue of between approximately $210 million and $212 million, despite the divestiture of the Company's EndoPredict business in Europe, which closed on August 1, 2024.
In addition, based partially on the Company's preliminary results for the third quarter of 2024, the Company is reaffirming its previously issued revenue and non-GAAP financial guidance for the full-year 2024 previously provided on August 6, 2024 during its second quarter 2024 earnings call. This guidance included full year 2024 revenue expectations of between $835 million and $845 million.
The Company is in the process of finalizing its financial results for the third quarter of 2024 and the forgoing financial guidance, data, and other information is based on available information to date and is derived from preliminary, unaudited internal financial reports. This preliminary, unaudited financial information and data may change in connection with the finalization of the Company's financial statements for the third quarter 2024, and therefore, the foregoing financial guidance, data, and other information may not represent the Company's actual financial results for the third quarter of 2024 or thereafter.
FORWARD-LOOKING STATEMENTS
This Current Report on Form 8-K contains "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995, including the Company's full-year 2024 financial guidance, expected 2024 revenue growth and the preliminary third quarter 2024 financial results. These "forward-looking statements" are management's present expectations of future events as of the date hereof and are subject to a number of known and unknown risks and uncertainties that could cause actual results, conditions, and events to differ materially and adversely from those anticipated.
These risks include, but are not limited to: the risk that sales and profit margins of the Company's existing tests may decline; the risk that the Company may not be able to operate its business on a profitable basis; risks related to changes in the Company's financial results from the preliminary results reported in this Current Report on Form 8-K resulting from the finalization of the Company's financial statements for the third quarter of 2024; risks related to the Company's ability to achieve certain revenue growth targets and generate sufficient revenue from its existing product portfolio or in launching and commercializing new tests to be profitable; risks related to changes in governmental or private insurers' coverage and reimbursement levels for the Company's tests or the Company's ability to obtain reimbursement for its new tests at comparable levels to its existing tests; risks related to increased competition and the development of new competing tests; the risk that the Company may be unable to develop or achieve commercial success for additional tests in a timely manner, or at all; the risk that the Company may not successfully develop new markets or channels for its tests; the risk that licenses to the technology underlying the Company's tests and any future tests are terminated or cannot be maintained on satisfactory terms; risks related to delays or other problems with operating the Company's laboratory testing facilities and the transition of such facilities to the Company's new laboratory testing facilities; risks related to public concern over genetic testing in general or the Company's tests in particular; risks related to regulatory requirements or enforcement in the United States and foreign countries and changes in the structure of the healthcare system or healthcare payment systems; risks related to the Company's ability to obtain new corporate collaborations or licenses and acquire or develop new technologies or businesses on satisfactory terms, if at all; risks related to the Company's ability to successfully integrate and derive benefits from any technologies or businesses that it licenses, acquires or develops; the risk that the Company is not able to secure additional financing to fund its business, if needed, in a timely manner or on favorable terms, if it all; risks related to the Company's projections or estimates about the potential market opportunity for the Company's current and future products; the risk that the Company or its licensors may be unable to protect or that third parties will infringe the proprietary technologies underlying the Company's tests; the risk of patent-infringement claims or challenges to the validity of the Company's patents; risks related to changes in intellectual property laws covering the Company's tests, or patents or enforcement, in the United States and foreign countries; risks related to security breaches, loss of data and other disruptions, including from cyberattacks; risks of new, changing and competitive technologies in the United States and internationally and that the Company may not be able to keep pace with the rapid technology changes in its industry, or properly leverage new technologies to achieve or sustain competitive advantages in its products; the risk that the Company may be unable to comply with financial operating covenants under the Company's credit or lending agreements; the risk that the Company may not be able maintain effective disclosure controls and procedures and internal control over financial reporting; risks related to current and future investigations, claims or lawsuits, including derivative claims, product or professional liability claims, and risks related to the amount of the Company's insurance coverage limits and scope of insurance coverage with respect thereto; and other factors discussed under the heading "Risk Factors" contained in Item 1A of the Company's Annual Report on Form 10-K filed with the U.S. Securities and Exchange Commission (SEC) on February 28, 2024 as updated in the Company's Quarterly Report on Form 10-Q filed with the SEC on May 8, 2024,
as well as any further updates to those risk factors filed from time to time in the Company's Quarterly Reports on Form 10-Q or Current Reports on Form 8-K. Myriad Genetics is not under any obligation, and it expressly disclaims any obligation, to update or alter any forward-looking statements, whether as a result of new information, future events or otherwise except as required by law.