Molecular diagnostic company, Myriad Genetics, reported a net loss per share of USD 0.52 in Q4 2021, missing analysts’ expectations of a net loss of USD 0.16. Net losses for Q4 2021 significantly increased by 4x to USD 42.3 million, while revenue for Q4 2021 rose 10.6% YoY to USD 177.8 million. For the fiscal year 2022, the company reported a revenue of USD 678.4 million (down 1.8% YoY), while net losses increased significantly by 312% YoY to USD 112 million.  

The revenue generated from the company was mainly attributable to a 19% YoY increase in hereditary cancer testing volumes in Women’s Health and a 13% YoY increase in the Oncology business during the quarter. Additionally, an increase in revenue also resulted from the GeneSight test, which generated USD 32.1 million. The increase in revenue in all sectors was offset by a fall in other revenue for 2022 in comparison to 2021. 

The company’s gross margin for the quarter was 70%, while operating losses stood at USD 52.2 million, worsening from USD 43.1 million YoY due to a 41% YoY increase in R&D expenses, as well as a 14.9% YoY increase in selling, general, and administrative expenses. 

During the quarter, the company identified the following achievements: an increase in diagnostic test volumes by 26% YoY, as well as hereditary cancer and pharmacogenomics at 16% and 23%, respectively.

In terms of guidance for 2022, Myriad Genetics expects revenue of USD 720 million–USD 750 million, implying a maximum growth rate of 11% YoY. GAAP loss per share is expected in the range of USD 1.43–USD 1.23, while the gross profit margin is expected at 68%–70% for the year.