Earnings call transcript Q2 2023

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Operator

Greetings, and welcome to the Myriad Genetics Second Quarter 2023 Financial Earnings Call [Operator Instructions].

As a reminder, this conference is being recorded Thursday, August 3, 2023.

I'd now like to turn the call over to Matt Scalo, Senior Vice President, Investor Relations. Please go ahead, sir.

Matt Scalo

Thanks, Dave. welcome Myriad and XXXXXX second afternoon, call. earnings good to Genetics the quarter And

we the question-and-answer will released call, the During review afterwards, will today financial we host a session. and we results

was issued found be Web Our quarterly our earnings this on and on Form investor.myriad.com. at afternoon site can X-K release

actual and or refer time or to on on with that these variety our report to the and in Officer. time will company's the Chief are quarterly We our on On management's in reasons. Riggsbee, Form the statements and Securities regarding reports differ performance differ or the Please Officer; Financial company on our Commission, be and today contained XX-K, specifically our note a call or annual files materially presented statements. section Operating of and and of those projections its Verratti, Paul the recording This presentation. along X-K. our Mark expectations Officer; call future documents results Form events Exchange Commercial the heard the for of actual webcast me some projections the Chief that identify archived be statements information President of from cause factors site, could its our These results Chief forward-looking financial Web that Chief XX-Q investor.myriad.com the from current Nicole Form reports current slide the are future adversely today Diaz, Investors at with live These materially forward-looking Executive Bryan can Lambert, to this important risk may a based expectations from company. with Officer; via and contains the other events documents

the turn to will over With that, Paul. now call I

Paul Diaz

are and in will making on call, quarter Matt. Good we On joining the beyond. in fourth the an and towards this provide update and from year we afternoon, thank profitability everyone, second for XXXX highlights sustainable progress quarter discuss of growth and today's you us. Thanks, profitability the and

Before accessible to September in their our we and the presentation grew which Walter have be mission control will revenue discuss Bryan QX adjustment payer invite nature, addressed approximately commitment year, the XXth that of announce future genetic of Francisco, we our facility Center Gilbert and treat more This $XX quarter transitory double our largely helping will Investor top and our Myriad despite state-of-the-art named to detail of growth. be third million An people co-founder this precision been in year-over-year XX% Day health, more a growth our on was that medicine Investor digit and out better and and administrative site making their periods. are Innovation the and Dr. Noble for Laureate testing Total revenue and begin, and quarter of of I'd in related shortly. will advancing first hosting thank consecutive tour to vision enabling to new like providers more for in teammates San excluding an line Transitioning of to event headwinds disease. prevent after posted of last I take our out-of-period with will in of an in page be support and details to Genetics. the this Myriad sent continued registration soon. quarter, Web want partners provider to after

financial headwinds gross wins quarter last year, gaining these the margins providers to the history later. can the quarter, market believe our call, second on the reached in all exiting leading a testing million the new and operating flow which of now long-standing credit the In $XX growth in of volume and operating difficult address share this myRisk teams key XX% significantly Myriad each the we underpenetrated maintain adjusted by cash the $X.X We and without of to them hereditary Despite increased significant as reduced over in continue of our credit closed all level of asset metrics, to expiring patients higher line improving quarter will by healthy while operations the Bryan drove a are Genetics first quarter, for forward QX quarter also pleased replace industry operating commercial and Myriad payer in facility our growing the costs our for products we and we $XX across court lab period subject to execute having markets. a details of to facility environment, and approval lawsuit move and saw by competitive generated risk shareholder a settlement distraction. settlement driven our at million flexibility. Nicole I'm cancer. speak the and will a both new of family quarter account puts in on of maintain lowered cash whose operating announce adoption that on million based second quarter, cancer burn. with the

profitable full be reiterate track this of Lastly, on year the want to our to quarter guidance I we reaffirm and financial in fourth the year. for are

to outline to what Transitioning think in again win we like it takes I'd sector. to X. our Slide exactly

science the by adoption our enabled we First, in best strive field. and are and technology to whose products access have

and real means us, quality deliver treatment helps in having and that clinical actionable settings, that this For early differentiated tests, high value to decisions. products world support detection

build automate, on and mission deliver to continue our to effective to cost profitably. grow need scale operations lab and we Second,

Future modernize to and costs. and allow partners advanced time at automation. are serve allows costs products the patients the and us to making test provider across Labs reduce all turnaround at improve through us technology we channels strategy our of will workflows, platform Our investments IT Similarly, our scale better lower and to

quality grow to win, reduce that ability benefit practical ensures best-in-class regulatory Myriad diagnostic so needs capabilities. used platform high and revenue and to commercial the science get Great in efficiently. our for tests, our providers we finally, with partnering facilities strong operating costs state-of-the-art that key. from a efforts is cycle management to with And Third, paid one patients can develop Genetics

Our play in continues this an industry integral payer experience development see markets with advantage. and to well our commercial our role team competitive as as the this strategies. deep pipeline We of as a product reimbursement

speak over commercial our turn I'll Commercial our Officer, Verratti, to that, in call Mark more capabilities to detail. With to the Chief

Mark Verratti

Thanks, Paul, to and X like team. Slide on I'd start commercial about our talk

majority the enabled in the commercial drivers that team results both year four target the market past volume past great sales have existing from existing made confidence themselves means our because are over of with accounts. organization the dislocation to effectively that gives penetrate The our coming and force date accounts existing us commercial for speak in that This in execution accounts. growth We have new from of and With strides growth by decreasing in to the in robust Myriad true industry the of quarters. that tailwinds peers made changes operates across driver providers service. A dislocation noticed our which that of to select with in quality with over markets said, made to we've to changes like our key been not lengthening as is everything get scientific struggle help starting our our patients of commercial our times in turnaround better experience growth that equipped quarter. providers new and is digital accounts their serve tools, new volume with Myriad and customers working force current insights our with skilled years focused while alongside them every adding performance. sales The

now talk turn Slide about and units. We'll to core business X, our

$XX.X delivered quarter. revenue million business in volumes were the second roughly Reported test oncology Our in XX,XXX.

anticipate cell lack for patient thousands using high track With a genome or higher most In information at variants fewer significant volumes sensitivity. using the MRD physicians this response assay needed selection, treatment Net testing variants decisions. Promoter MD inform Prolaris, volumes to is growth making Cancer for metastatic XX surveillance oncology MRD our test, quarter the monitor we renal MRD Anderson providers the tests. quarter, tumor, year-over-year testing XX% our continues from strong and a definition Precise of market is can for whole grew from test the reach with oncology continued with Prolaris with provide as and year. important them working are prostate cancer growing year-over-year. from treatment paying Myriad our There team platform researchers and while XX% efficiencies cancer equipped approach leading force, our MRD sales for prostate Hereditary second in noninvasive of improved strides platforms a testing to sales carcinoma. XX% patients we our oncology with to Center, And Myriad's grew group. dividends, amongst a high better of diagnosed fully first after cancer their core with individuals Score operational patient's

our excludes QX announce increase non-invasive wins marking growth. from We'll are quarter, for cancer in The positive prenatal solutions myRisk in now higher who Genetics prenatal, increased business are is have assessing Gateway a women's and test of health women's Also cancer proud quarter, risk account for our serves volume report for puts women million have we over offers quarters move acquisition, compared family. and them pleased patients This to to taken hereditary by risk consecutive In driven by that contributions screening testing to cancer. we the test. of in adoption who all family at of Myriad those Prequel the competitive ancestries last of XX% increased figure year. pregnant any a we history volumes four planning recent prenatal testing X or patients Genomics. X. providers Slide health by women's XX% year-over-year In are volumes quarterly the whose on momentum This of to strong health reached

their GeneSight. failed in Let's move affect on about and how effect will a better to continues Slide Mental GeneSight lasting understand physicians talk now and US as and their to drugs suffering treatment. patients and receive antidepressants helps those other onus health to the families mental medical patients. have proper XX

to all-time cheek the ongoing success with believe Genomics on digital capabilities, of to on further improve and designed We understand study the commercial better and reduce foundation the strategies a the of year, patient GeneSight marketing quarter, costs. provider. with we clinical of quarter. clinical the solid another new new focus care including be multiphase effectiveness a our and taken Importantly, Myriad health have a to to that GeneSight's as ability build the group, Optum XX% prior can processed in the over the in quarterly can with during single of continues home. for volume that this second privacy franchise In approximately sample added up clinicians be test the to the broke swab tests record their performed QX, demonstrates X,XXX XXX,XXX GeneSight's overall data, create patient GeneSight collaboration outcomes

now Operating our about our the operations. call to talk to Lambert, pass I'll over Chief Officer, Nicole

Nicole Lambert

our give despite Thanks, a Mark. I'll over X% on Thanks Slide customer quarter commercial begin laboratory in operations COGS and operating our an on volumes teams, team. reduced to grew the laboratory operations service environment. we and XX challenging by and XX% update

shown challenges Turnover Salt X.X%, the Lake place City lab days. in we voted these a times, including in complex scores and place Our a our employee last After and turnaround us X.X resilience lab time myRisk to to Francisco. Lake Salt sequencing announced of the genetic to a was engagement inspection our of San over in our our have platform, lab some down challenges, work. lab where XX% employees it are also our against QX has South impacted a great average technical returned are great certified across and lab operations We of XX%. team XXXX our turnaround is approximately successful half to our beginning work, that to FDA that up move enterprise tremendous our in what quarter City upgrade early of to

Our Net XX%. remain providers Promoter among between Score XX% and strong

listening partnership have of asked their been of We are are vocal favorable importance encourage We aware Myriad. started providers want view working hear XX% XX% saying counselors that and in ClinVar, of more and feedback. with life that also with providers our about to and the we data have of with and the to they we QX genetic sharing quite with announced thoughts have opinions were and to us we a their share counselors ClinVar. now because Providers

slide. next the to Turning

South We BRACAnalysis San quality inspection new City our with Labs the an We're Salt XXth. was deficiencies. CDx. to myChoice FDA will both on be Investor our of systems and year, related Day of Lake which of CDx the Future, focused the Salt that and have the on conducted excited In inspection begun our no successful Lake report laboratory, which to September July at to our City transition in Francisco, this unveiled

they not approach environment of facilities and enterprise an create and our teams. collaboration new Our running more scientific support effective cost but only to and foster tests, commercial a amongst innovation our

expenses system. and operate XX the over few decline facilities. now of turn settle and expenditures labs we unified to new the our expected and of progress in our start operating I'll relate to businesses years integrations Our to about capital as future they to those Slide as our the order management from are the EMR and talk next

see that more have deliver for test. test results integrations to we with myRisk made can tremendous clinics progress we using cancer Here, the hereditary our working EMR

who records providers of from are not in their have documents normal and in with to that workflow. the only likes to those addition do patient means systems to provide us integrations EMR Epic already also us others not that Our providers medical help EMR those get

with talk initiatives we need doing We with are from to EMR order to our operational ongoing unified improving examples test are help for payers get the easier management and reducing which lot to the business unified the making our that. how required provider us, providers and pleased it by integrations we them. experience. new We but make of management of a around not Genetics customer of number the about us exactly recontact and easier rollout it do our order order information unified revolve times system, are portal only Myriad

call the discuss quarter. to highlights Bryan over turn financial to the now in I'll

Bryan Riggsbee

SneakPeek trends volume like for both quarter XX% in business, digit Prolaris four representing from the broad the cancer XX% organic reflected Nicole. reviewing growth double GeneSight I'd last at across Slide hereditary last growth XX. XX% strong based volume in growth volumes quarterly and excluding from QX over grew quarters on volumes quarter. saw testing of to prenatal digit Thanks, volume year-over-year. start Total by driven product at by second volumes, growth Overall, of year second and the volume XX% XX% grew year, contributions consecutive portfolio. double the quarter

$XX period total second this approximately Turning were year benefited XX. on of from that million Slide last of the quarter quarter positive which year. of to Recall immaterial the adjustments, second in revenue in out

of health for unable providers changes headwind quarter. preauthorization The unprepared to well health $X required a in process in process. testing plans the grew to to commercial complicated volume consecutive a reflection support strategy. to Excluding others of we million Blue’s XX% these adjustments, experienced This sometimes marking a revenue claims necessary a $XXX.X handle of our revenue to third many of plans in as rev a preauthorization double year-over-year, administrative new of the process obtain cycle Consistent execution digit patients the transition leaving resulted multiple approximately second as million and growth, process, industry, from in quarter with the consistent negative during the growth quarter our reimbursement. quarter, impact of our the second left transition administrator

we system mostly As today, normal. issues seen these to of returned have

some was been second with spillover which respect to been the of a and large historically to not have claims we quarter would there were and should included claims With denied believe payers we However, engaging QX. have discuss are paid. paid payment that for payment in revenue, into number

issues, enough have second from point, support revenue sequentially we for first in these test to However, those do quarter not at average quarter revenue claims. Despite XXXX. was this the of payer the flat record per

reflects Mark as have and operating including XX trends and infrastructure turn Recall discuss improving commercial the investments QX. costs is the company in operating to and our flow. turn the expense sequentially. controls initiatives growth review XX implemented the Continuing profitability business would and a already team I'll subsided. of our comments and quarter in motivated to stated operating mentioned, path our well experience. year-to-date. Nicole liquidity as We'll these and the QX, units adjusted $XXX.X QX improved Healthy to core now million, Paul, customer from organization in million Slide operating across as Slide marketing highly $XX of second execution the cost in reflects to program quarter and strengthened and in that step a adjusted an sales we cash by manage cost important tighter expense decline certain to now impact with decline of across

on with the Paul detail We in are generated of we've $XXX.X including approximately based capital like last some quarter credit million to balance would ended adjusted the $XX to excited earlier. operating to quarter. our that new that I our million million announce additional looking And structure we $X.X changes at of drawn flow quarter. on cash the from asset cash facility sheet, provide mentioned

we of in cash positive flow past, in revolver As lack facilities the ability profitability previous expire facility a hindered stated set XXXX. was termination, in have July place facility use this up based of and was year. to This our the cash to company's credit to this credit the our revolving in facility. flow Leading put

to a additional a the balance into asset now receivable of flow. based credit entered accounts As This cash America JPMorgan, us. where facility our provide provided and and availability size by the facility determined liquidity, to Wells by Bank banking Fargo than company and which by partners, our three new the our result was new of facility, is is rather cash now of available

available As accounts this $XX.X balance facility. XXth, of from receivable our cash us allowed of additional June million new

positive are labs construction the behind for cash new see us. substantially can adjusted flow our we capital from needs the flow are our statement, As of you operating and cash

agreed subject of have alleged disclosure a shareholder and we noted $XX.X related As to settle of total and have lawsuit in million. today, XXXX from misrepresentation court approval for we release number items to to press set a -- our a

$XX We of quarter, to this will the in million in XXXX remaining either with or cash be leaving quarter settlement cash pay million equity. $XX.X paid next the early

be ultimate towards the to weighted than payment more stock. expect We cash rather

were the we a to available year options, X.X% have example, out final and then as various we flows expansion $XX.X pay For continue stock, in would how per we flexibility with outstanding. or cash, Myriad's would facility progresses. the which paid assuming Ultimately, X.X choose total allowed an of settle shares of shares be financing ourselves to $XX payment additional to the remaining significant of ABL million if approximately million share translate to million $XX in our the cash operating but credit we including cash evaluate will financial price

Now that on we fourth note year and slide. reaffirming on of reiterate cash revenue generating Paul I'll our quarter we it are Slide full non-GAAP next target profitability over our this the turn previously financial guidance, XX, of closing operating disclosed back for positive to now adjusted and and in the year. flow remarks

Paul Diaz

Thanks, Bryan.

organizational exciting reaching is be opportunity, As we've closing, happen I'd In innovation and on growth like we challenge in we to a of you've fourth we offer committed year, had profitability continuing it. in our profitability what an an this remain heard, but to are strategic changes ongoing focused keeping and strength and eye lot the to believe confident and advantages. Balancing but while quarter. are

we paid quarter grow for across consistently we the volumes and First, to every we continue offer. get businesses, tests that our revenues and

and our maintain we management did our OpEx strong expect this we margins as disciplined we gross as Second, quarter, manage to have structure responsibly. a cost

in our areas strategic new growth Fourth customer improve launch and enabled we and catalysts look capabilities, our elevate and to to will products deployment are their the commercial Third, innovation, our finally, key committed and product that clear continue acquisitions. tuck-in capabilities effective experience, future. products opportunistically for to the to new we lab tech potential, full including our as are tools capital

our pay as Everything scalable providers suite specialized to to our like we patients reinforcing excited this trusted, and our portal, to easier Myriad industry Keeping workflow with at everything of increased the the are of data, do underpinned a to commercial differentiated price rollout business with transparency from initiatives starting dividends with solutions. affordability strong, and engine margins best-in-class with new quality, and by and is do and services us. ways for improvements expertise, of EMR center business about of our All Complete, and technology Epic lab patients finding position management. we ordering leading it a customized to unified make along integrations with and research

back turn Q&A. for now to it And Matt I'll

Matt Scalo

And results we certain our Thanks, Web reminder, earning of be under the call, used reconciliation GAAP reconciliation section a Paul. site. non-GAAP and today's measures. A as our release non-GAAP Relation a the GAAP and can in of Investor to of financial financial during guidance financial non-GAAP found to

and Now portion to now Q&A session. Q&A we are we're please ready broad up. participation, the Operator, to the participants only one begin question asking ensure we're our of ask follow ready To one for call.

Operator

first the your And from with Sykes will Sachs. Matt Instructions] Goldman come of question line [Operator

Matt Sykes

you Paul, that gains of bit share made can maybe some the on about women's that talk a little dynamics industry in dynamics kind there you the now? the share kind market, view and your of just given what of Maybe the market that health. in comments right is share duration then achieve first, market about the gains could you

Paul Diaz

progress early said, We're we're we're the think in really pleased the innings making. And here. I as by Mark

And a a expansion increase when patients rates huge still continue to grow. we've there are prenatal think us of saw that, for adoption screening for risk. opportunity opportunity is see, on We testing average to for you nice patients hereditary believe testing myRisk as around in be our as low. and We unaffected commented we we will carrier First, move guidelines soon. and cancer for to rates adoption

but profitability, that that. to health, women's about verge excited are It to a in really we're struggling of a is really are profitability path and we platform. find market the we have on that a So to others path

the well as as us to more health women's we broader see to pandemic. of lot a as leverage come the gains as continue And grow. So we adoption is for just continue out we significant pretty opportunity share for in market

Matt Sykes

QX. just if quick maybe change you and And Bryan, administrative -- quickly, one ones into spillover in two mentioned just just the I

I you of that? going cost XX% rolled If the you Lab just secondly, just out? COGS. the phasing a Future, then quantify Future of in of the as reduction to Can the could slide the you talk result of And in on the think gets Lab reduction kind it's about said

Bryan Riggsbee

respect on to QX. the end first think it the that question a really with spillover, was really the took conversion I of place system at

So we quarter. full had a

So largely of that when think And a back full we're terms million, we about $X today, that normal was in to quarter. issues. as of the processing

would capture look be some significantly the we less to and year year quarter. profitability $X profile our than track full towards it So our next guidance the goals. at obviously as sort as deck million we additional our the And in provided in remainder we of we it, regarding tried of detail

expect things think month some then cancer into sort we captured strong awareness sort recovery breast general QX. get of impacting that we of slide to see as and seasonality I would a other So in of sort how QX and pretty

if don't want So that would be that. I take to my on know you anything. add

Paul Diaz

Well, XX%, of into teams piece, the process, volume, striving work lab our second excited. become teams. if complicated, gross panels said, are and look, tests and I see expanding our the net about afford of the The about maintaining the just as But regulatory to gains we and an on see -- and R&D that's this terribly we continue go you week. maintain incredible new studies leverage there's top working to much And so grow as in more and which excited and significant -- that opportunity mean, gross we're inflation I've side done move has Francisco more grow San we can I with towards talked as margins margins into burdens just by those as this. about and labs, increased as Matt, us we we noise, certainly pretty in automate, for We're 'XX. 'XX mitigate just leverage is company, XX%, when motion EPS time manage the get percent, and effectively, have what cash the is and altogether do we We then think the plus even payer and so and as were space the work OpEx you flow of XX we're we it. last margins ability

that a of all great Nicole team is So job in lowering quarter. COGS say, to and did the

the CLIA got growth that lab do to sequencing, expect a moves, surveys, NGS the more to because and of quarter. given in FDA expected XX% of not a if surveys I'm much bit moves we little I that volume, But a this We could seasonality. lot sure

Operator

And comes of from James. with the Cooper question Raymond Andrew line your next

Andrew Cooper

the the gross help think not right paid If to the about, is those going with of things? like all that the think the a of maybe implies margins just on half through stick run year gross million, way just first, of about the little margin Maybe But parts me what on seems margin guide, bit to gross think step one your help me here. assuming on of put kind that do side? the we volumes just a are north guess sort we adjusted back adjusted from think When of math did moving number. you $X that the that of and get for kind about XX% I it back about quarter.

Bryan Riggsbee

mean million that I about time the of the are talk it $XX year. number fluctuate would $XX to and at there we -- ran takes and throughout always say when we numbers. the helper, a we I been a will puts that test certainly look the that you in the think And but have any

relative gross I I know on point to margin. put I that just guess around in would -- don't it So range we still feel that I a finer that. comfortable XX%

Paul Diaz

thing quarter we're that. see. -- strongest And year. we're frustrating causes we're into back not We're payer The -- the is importantly, in are Andrew, the we upside typically going seasonal margin. and bigger dip terms a growing of momentum look, seeing our that fourth that the which is in see that quarter, certainly pressure volumes about is through that going right some gross that third I bigger now, most the half think the into quarter the and at the pretty stuff more of we that's just that's good leverage encouraged the

through we're up But resist a game, about just as said, business prior be difficulty other let's that. ops clear, Bryan are level to work -- to and of focus As trying how of sole too can to to the searching we're here. much And I make Bryan we part attention doing back things. AI said, the OpEx back doing urge that think the is think continue would But working to. leveraging positioned we have the of the the to bigger lot we're raised payers and growing to volumes administrative on I on our continuing just point which in And your any quarter-over-quarter, half cost again, one to deliver then the what I'd lever. we to, and that is manage again, on do really sure cost lever commitments year. and in hard drop our committed of and we're the But

Andrew Cooper

detail products come. still more just think from don't I anything much into me. you on kind to of went maybe one And too new on

if others be there's portfolio, if or on updates RUO should launch timing? we So terms maybe anything in timelines track any or Precise those you in to and are just can MRD else FirstGene confirm of contemplating the

Paul Diaz

customers, now continue from team our can pre-launch Day to about and to that and you're and you that more. here. is to our say And talk to we and really product morning listen What Dale We're sites. going some what Investor management spend I to people little attend do are integrated bit. fully the teams our going to time about happy others pilots, rest listen is get at So talking from hopefully, would it a expecting hear

strategy a differentiated. much launching track. with be we're so go more focused on And will on we to win think everything market that and is Generally,

three We are of screening guidelines, the myRisk more panel. is front of to done, expansion first precedent our working around that get on we've me carrier in panel months, which to kind got flexibility before a

to our So need to products. look we at do position enthusiastic. quarter to we MRD, continue With every just really respect how

Memorial as for samples Sloan processing We speak are Kettering. we

other some announcing validation to clinical We studies. are close

we'll our FirstGene things top big expect, And a on But to again, that XX detail. are -- path, on a plus three to year of about generally, we've but we'll more terms sort into XX progressing. so lot to Investor that's we talked MRD and contributors in of Day have talk that, XX about growth not get percent of as are

Operator

The Cowen. Instructions] TD [Operator the next comes with question line Daniel of [Sammarco] from

Unidentified Analyst

GeneSight, publications future? on announcements any if looking XX% of about payer performance this think at should on remainder line question supporting And can any additional be we year? that should grew the for too? the the would great, time And at near XXX,XXX. How you provide quarter, volume in we additional the Quick be utility

Paul Diaz

eight the growth. to I quarter beginning quarter, you've we second quarter, that to Related continue end Related the to we this I into. and new nine seen year going every of of at data we're adding GeneSight, new up providers see growth next we given see some expect year, digit volume out to were coming data almost double new well. mean should to we're clinical at strong expecting as think so some data coming clinical And half for that hope announced continue And the to we're the see to GeneSight.

So don't to the any related I GeneSight franchise. slowdown expect

Mark Verratti

several codes just we that's we are hoped and this expansion, Medicaid like readout Optum hospital that payers. little and which with is progress pointing number as from different are fee do to end in second room from the meta tool Medicaid that We taking plans additional bit specifically, like we quarter analysis genomics mentioned of real to to some up utility, states, is had Mark generating be confirmatory. question. PLA our here revenue We've well. talk year as plans coverages commercial as stuff the announce three expect more and coverage well some be about. a and And that continues work pick now the commercial plans, the to clinical I his before it's to the visits. able This days all of and service towards some time. the really emergency some script Medicaid world part on to We've a of a your effective GeneSight announce managed one study the more had to preliminary had really reduce from psychiatric as But for making with

are really of One Medicare been that's required the that of to of other a on hard a a service not we're has payer on plan assertive it's issues. getting Advantage being cover web more things who a prior or when in not we many And is covered much because clearly paying. source working is covered documentation teams because that our markets frustration things are are by of the covered Medicare the one off are of and plans really GenSight, not cycle service issues Advantage ostensibly that

in upside more GeneSight the in year. and of for ASP momentum the year see back do ASP next we so GeneSight And half for

Operator

have the line of We with Research. coming Nephron question from Meehan another Jack

Jack Meehan

expectation the the wanted free might call could the be year? we I half just for like in second Bryan, one-timers legal some cash the your with And to you for of of burn start payment? what's out looking

Bryan Riggsbee

and in had show deck a well the we a we little as legal where our the also to kind give in where in as slide a Jack, talk credit payment and flow a section view we liquidity for release and from we'll the about the of line our cash CapEx think on year to coming out the we where trying cash as press end perspective. availability the expectations, settlement

release. So answer the in it question your should

Paul Diaz

settlement that as checkbook the version, capital ability thing And much as well a should to clear. pretty it be very remains. would underscore so It's I access Jack, is the our other

financial We flexibility. have a of lot

expanding through the XX you is ABL settlement of that things. walk simple kind there. and till levers, have Slide gets losses a very the there different on on whether to But or complete the of QX a number We other

Jack Meehan

things trending milestone million in are And make payment there the way you based $XX on XXXX well? as to expect SneakPeek, with with Gateway the would

Paul Diaz

Investor going were paid volumes Unfortunately not attachment have are which, And expect they some to costs channel make now. is the some ability rate to to an right see we be not, NIPS hitting pay if get Day. They've would have But acceleration metrics, we testing. there well. opportunities announcements but some their that to We're -- and they happy it. all SneakPeek again, payment starting a their to Yes. around later. flat. at about been more Right We're managing to new now,

it a been So big hasn't cash flow train. or EBITDA

perspective how into fact, cash the proud really yet more as we'll are going. and integration they're In year progresses. right now a the here on momentum year-over-year of flat budget I get think but even volume. And But we're under on it's year and it we're not they only some the

Jack Meehan

about you to it again. one. last FDA back recent is discussions if Myriad? LDTs I any had you've One about The these how impact pertains them was rules might rules coming new to curious GeneSight, release as think with

Paul Diaz

not I this. I'm any I if but will sure restate could be clearer,

focused that engaged not these had the exchanges has we cover and any the made discussions FDA view have the at focus testing are are other inquiries any they don't with and are expect about our principally risk. the have of We any and to FDA high of for or GeneSight since GeneSight. about things associations XXXX, to FDA inquiries at-home Most

nor XXXX FDA new from concerned not we any on concern do since are have about information we so GeneSight. the And

Operator

the Matt no further you. turn back to pending. call There Thank are I'll for remarks. questions closing Scalo

Matt Scalo

one you and again our us available our for afternoon call. joining on will concludes September. webcast via replay Web investor see our This in event Thank earnings Okay. at be A week. you site for this

Operator

you And thank for all your much call for today. We conference participation. does that conclude very the

disconnect lines. You may your now

Myriad Genetics (MYGN) 3 Aug 232023 Q2 Earnings call transcript