Myriad Genetics (NASDAQ: MYGN) reported Q2 EPS of ($0.12), in-line with the analyst estimate of ($0.12). Revenue for the quarter came in at $154.6 million versus the consensus estimate of $150.39 million.

Highlights:

• Revenue of $154.6 million up 6% sequentially in quarter ended Dec. 31, 2020
• GAAP Earnings per share (EPS) of ($0.59) and adjusted EPS of ($0.12)
• Despite COVID-19 headwinds, total test volumes increase 7% sequentially with stable pricing
• Signed in-network agreement with the majority of Anthem Blue Cross Blue Shield health plans, the second largest commercial payer in the United States, returning all Myriad products to in-network status

Paul J. Diaz, President and Chief Executive Officer:“In the midst of the COVID-19 pandemic, we continued to support our patients and healthcare providers with critical genetic insights needed to drive better health outcomes. This quarter we continued to see sequential improvement in test volumes and revenue trends, while executing on our strategic transformation plan to simplify our business, improve customer experience, build new tech-enabled commercial capabilities, and focus on our biggest growth opportunities. We are well underway in resetting our base of operations, with three planned business unit divestitures in progress, which will help us concentrate on our core products and reduce complexity and cost.”

“We are now focused on three core business areas where there are strong long-term market opportunities and growing demand for genetic insights: women’s health, oncology, and mental health.”

“Our progress to date is a direct reflection of the passion and energy of our 2,700 Myriad Genetics teammates. I want to thank them for putting our patients and customers first and for all they are doing to implement our transformation plan while executing on our day-to-day priorities. I look forward to sharing an update on our performance, and our transformation and growth plans, at our Investor day on May 4.”

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 quarter ending March 31, 2021 or fiscal year 2021.

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