Myriad Genetics Reports Strong First Quarter 2024 Financial Results; Achieves 12% Revenue Growth Year-Over-Year; Significantly Improved Year-Over-Year Net Loss and Generated Positive Adjusted EBITDA
SALT LAKE CITY, May 07, 2024 (GLOBE NEWSWIRE) -- Myriad Genetics, Inc. (NASDAQ: MYGN), a leader in genetic testing and precision medicine, today announced financial results for its first quarter ended March 31, 2024 and reiterated its previously issued outlook on business performance for the full-year 2024.
- Adjusted gross margin in the first quarter of 2024 was 68.5%, an increase of 80 basis points year-over-year.
- Operating loss in the first quarter of 2024 was $27.9 million, improving $24.3 million year-over-year; adjusted operating loss in the first quarter of 2024 was $0.6 million, improving $21.3 million year-over-year.
- The Oncology business delivered revenue of $79.4 million in the first quarter of 2024.
- Prolaris first quarter 2024 revenue grew 9% year-over-year, benefiting, in part, from improved payer coverage.