MYRIAD GENETICS Files 8-K on Financial Condition, Operations

Ticker: MYGN · Form: 8-K · Filed: Jan 16, 2024 · CIK: 899923

Myriad Genetics Inc 8-K Filing Summary
FieldDetail
CompanyMyriad Genetics Inc (MYGN)
Form Type8-K
Filed DateJan 16, 2024
Risk Levellow
Pages6
Reading Time7 min
Key Dollar Amounts$0.01, $196, $197 m, $0.35, $0.36
Sentimentneutral

Complexity: simple

Sentiment: neutral

Topics: financial-condition, results-of-operations, 8-K, corporate-update

TL;DR

**MYGN just filed an 8-K hinting at new financial results coming soon.**

AI Summary

MYRIAD GENETICS, INC. filed an 8-K on January 16, 2024, reporting an event that occurred on January 10, 2024. This filing indicates that the company is providing an update on its 'Results of Operations and Financial Condition' and 'Financial Statements and Exhibits'. While specific financial figures are not detailed in this initial filing, it signals that investors should anticipate further financial disclosures from MYRIAD GENETICS, INC. (MYGN) soon, which could impact the stock's valuation.

Why It Matters

This filing signals upcoming financial disclosures from MYRIAD GENETICS, INC., which are crucial for investors to assess the company's performance and make informed decisions about buying or selling MYGN stock.

Risk Assessment

Risk Level: low — This 8-K is a procedural filing indicating future financial disclosures, not a negative event itself, thus posing low immediate risk.

Analyst Insight

A smart investor would monitor MYRIAD GENETICS, INC.'s subsequent filings or press releases for the detailed financial results hinted at by this 8-K, as these will provide the actual data needed for valuation and investment decisions.

Key Numbers

  • 0000899923-24-000005 — Accession Number (Unique identifier for the filing)
  • 48 — Public Document Count (Number of documents in the filing)
  • 000-26642 — SEC File Number (Company's SEC registration number)

Key Players & Entities

  • MYRIAD GENETICS, INC. (company) — the registrant filing the 8-K
  • January 10, 2024 (date) — date of the earliest event reported
  • January 16, 2024 (date) — date the 8-K was filed
  • 000-26642 (dollar_amount) — Commission File Number
  • 87-0494517 (dollar_amount) — IRS Employer Identification No.
  • 322 North 2200 West Salt Lake City, Utah 84116 (company) — Address of principal executive offices
  • 801-584-3600 (dollar_amount) — Registrant's telephone number
  • MYGN (company) — Trading Symbol for Common Stock
  • Nasdaq Global Select Market (company) — Exchange where Common Stock is registered

Forward-Looking Statements

  • MYRIAD GENETICS, INC. will release detailed financial results for a recent period soon. (MYRIAD GENETICS, INC.) — high confidence, target: Q1 2024

FAQ

What is the purpose of this 8-K filing by MYRIAD GENETICS, INC.?

This 8-K filing, dated January 16, 2024, reports an event from January 10, 2024, and indicates that MYRIAD GENETICS, INC. is providing information under 'Results of Operations and Financial Condition' and 'Financial Statements and Exhibits'. It serves as a notice of upcoming or concurrent financial disclosures.

When was the earliest event reported in this 8-K filing?

The earliest event reported in this 8-K filing occurred on January 10, 2024, as stated in the 'Date of Report (Date of earliest event reported)' section.

What is the trading symbol and exchange for MYRIAD GENETICS, INC.'s common stock?

MYRIAD GENETICS, INC.'s common stock trades under the symbol MYGN on the Nasdaq Global Select Market, as specified in the 'Securities registered pursuant to Section 12(b) of the Act' section.

What is the business address of MYRIAD GENETICS, INC.?

The business address of MYRIAD GENETICS, INC. is 322 North 2200 West, Salt Lake City, Utah 84116, as listed in the 'BUSINESS ADDRESS' section of the filing.

Does this 8-K filing contain specific financial figures or results?

No, this 8-K filing itself does not contain specific financial figures or detailed results. It merely indicates that information regarding 'Results of Operations and Financial Condition' and 'Financial Statements and Exhibits' is being provided, implying that such details would be found in an accompanying exhibit or a subsequent filing.

Filing Stats: 1,753 words · 7 min read · ~6 pages · Grade level 17.1 · Accepted 2024-01-16 09:00:57

Key Financial Figures

  • $0.01 — ange on which registered Common Stock, $0.01 par value MYGN Nasdaq Global Select Mar
  • $196 — r 2023 revenue of between approximately $196 and $197 million, diluted GAAP earnings
  • $197 m — venue of between approximately $196 and $197 million, diluted GAAP earnings per share
  • $0.35 — ted GAAP earnings per share of between ($0.35) an d ($0.36), adj usted earnings per s
  • $0.36 — ings per share of between ($0.35) an d ($0.36), adj usted earnings per share of betwe
  • $0.02 — adj usted earnings per share of between $0.02 and $0.03, and GAAP and adjusted gross
  • $0 — earnings per share of between $0.02 and $0.03, and GAAP and adjusted gross margin
  • $10.3 m — d compensation expense of approximately $10.3 million, non-cash amortization associated
  • $10.7 m — ated with acquisitions of approximately $10.7 million, costs related to transformation
  • $14.1 m — d other one-time costs of approximately $14.1 million, legal settlement costs of approx
  • $0.6 m — legal settlement costs of approximately $0.6 million, and tax adjustments of approxima
  • $2.0 million — n, and tax adjustments of approximately $2.0 million. The Company is in the process of fin

Filing Documents

02 Results of Operations and Financial Condition

ITEM 2.02 Results of Operations and Financial Condition . On January 10, 2024, Myriad Genetics, Inc. (the "Company") provided a presentation to investors at the 42nd Annual J.P. Morgan Healthcare Conference, which presentation was previously announced by press release and was available via simultaneous webcast. In connection with the presentation and based on the Company's preliminary results for the quarter and full year ended December 31, 2023, the Company reaffirmed its fiscal year 2023 revenue and non-GAAP guidance previously provided on November 6, 2023 during its third quarter 2023 earnings call. In addition, the Company reaffirmed its guidance that it is on track to achieve positive adjusted operating cash flow in the fourth quarter 2023 and provided guidance on estimated cash, cash equivalents and available credit as of the end of 2023. The full text of the presentation is furnished as Exhibit 99.1 hereto and incorporated herein by reference. The Company also disclosed preliminary financial data for the fourth quarter of 2023, specifically that the Company expects fourth quarter 2023 revenue of between approximately $196 and $197 million, diluted GAAP earnings per share of between ($0.35) an d ($0.36), adj usted earnings per share of between $0.02 and $0.03, and GAAP and adjusted gross margin of approximately 70%. The Company further disclosed that it expects revenue growth in fiscal year 2023 of at least 10% year-over-year and prenatal volume growth in the fourth quarter of 2023 of at least 10% year-over-year. Preliminary fourth quarter 2023 non-GAAP results begin with the comparable GAAP financial measure and exclude the estimated impact of stock-based compensation expense of approximately $10.3 million, non-cash amortization associated with acquisitions of approximately $10.7 million, costs related to transformation initiatives and other one-time costs of approximately $14.1 million, legal settlement costs of approximately $0.6 million, and tax adjust

FORWARD-LOOKING STATEMENTS

FORWARD-LOOKING STATEMENTS This Current Report on Form 8-K and Exhibit 99.1 contain "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995, including, but not limited to, the Company's fiscal year 2023 financial guidance, preliminary fourth quarter 2023 financial and operating results, 2024 revenue guidance and long-term financial targets through 2026, the Company's expectation to achieve positive adjusted operating cash flow in the fourth quarter of 2023, the Company's expectation of 10%+ revenue growth in 2024 through 2026, the Company's estimated total available cash and credit at year end 2023, roadmaps of expected business highlights in 2024 and 2025, the expected timeline to complete certain enterprise infrastructure and capability investments, and the expected timing of the launch or enhancement of certain new or existing products. 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 or that the Company may not be able to operate its business on a profitable basis; 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 achiev

01 Financial Statements and Exhibits

ITEM 9.01 Financial Statements and Exhibits. Exhibit Number Description 99.1 Investor Presentation dated January 10, 2024. 104 Cover Page Interactive Data File (embedded within the Inline XBRL document). The exhibit(s) may contain hypertext links to information on our website or other parties' websites. The information on our website and other parties' websites is not incorporated by reference into this Current Report on Form 8-K and does not constitute a part of this Form 8-K. In accordance with General Instruction B-2 of Form 8-K, the information set forth in Item 2.02 and in Exhibit 99.1 shall not be deemed to be "filed" for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), or otherwise subject to the liability of that section, and shall not be incorporated by reference into any registration statement or other document filed under the Securities Act of 1933, as amended, or the Exchange Act, except as shall be expressly set forth by specific reference in such filing.

SIGNATURES

SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. MYRIAD GENETICS, INC. Date: January 16, 2024 By: /s/ R. Bryan Riggsbee R. Bryan Riggsbee Chief Financial Officer

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