Myriad Genetics (NASDAQ: MYGN) reported Q1 EPS of ($0.15), $0.15 better than the analyst estimate of ($0.30). Revenue for the quarter came in at $145.2 million versus the consensus estimate of $135.21 million.

Highlights:

Revenue of $145.2 million up 56% sequentially in quarter ended Sept. 30, 2020
GAAP operating income increased $28.7 million sequentially; non-GAAP operating income increased $30.2 million sequentially
GAAP EPS of ($0.20) and adjusted EPS of ($0.15) improved sequentially
$40 million in annualized cost savings identified to fuel transformation and growth
Myriad pursuing strategic alternatives for Myriad RBM and Dermatology business units

Paul J. Diaz, President and Chief Executive Officer:"As we executed strategic initiatives to accelerate growth during the recent stages of the COVID-19 pandemic, we saw a significant recovery in test volumes and related business in the fiscal quarter. At the same time, we planned and launched the first phases of our strategic transformation plan, taking initial steps to simplify our business, reset our cost base, improve our end-to-end customer experience, and develop new commercial capabilities.

We are renewing our commitment to our purpose-driven, 29-year mission of improving lives by aligning our efforts around the need to increase access to healthcare and reduce disparities in health outcomes among underserved populations. Leveraging our record of quality and innovation, we are intensifying our focus on empowering patients with the information they need to take control of their own health and wellness, and providing healthcare professionals with data-driven insights to better diagnose, treat and prevent disease. I am encouraged by early signs of improvement in our business performance, and the dedication of our team, as we extend our reach and launch our transformation plan to drive sustainable long-term growth and profitability. I believe Myriad Genetics is positioned for commercial success with a strong market opportunity, respected portfolio, and a more disciplined focus on operational excellence.”

Financial Guidance

Given the continued unpredictability surrounding the COVID-19 pandemic and the impact it has had on the healthcare environment, customer behavior and the ability to market tests to physicians, the company will not provide financial guidance for the six-month transition period ending Dec. 31, 2020.

For earnings history and earnings-related data on Myriad Genetics (MYGN) click here.