MYGN - Earnings call 3 2023 | Myriad Genetics, Inc.

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Matthew Scalo

Welcome to Myriad Genetics Third Quarter 2023 Earnings Call.

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

Our quarterly earnings release was issued this afternoon on Form 8-K and can be found on our website at investor.myriad.com. I'm Matt Scalo, Senior Vice President of Investor Relations.

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

Paul Diaz

us. and performance Thanks, call, and everyone, quarter revenue progress Matt. update discuss Good provide third path we we afternoon, for an thank our make profitability. on to On from strong growth accelerating to will the today's highlights our continue joining on you

brand. To a we and a litigation moment transformation evolving product X the adapt First, overhangs technologies, facilities X reposition acquisitions, relied the to rode journey its take of that on to on new growth the Myriad poor a outdated work a objectives. created many failed market, inhibited early that and innovation. Like conditions. early but to reflect Genetics This years. on the I'd development, company embarked great return Unfortunately, over team leadership misguided like business the key to in done multiyear last complexity to and successes, deteriorating with has position, to the market the entrants Myriad also to integration

team and reenergize mission and to. build the we serve on and the and we patients us providers committed to refocus First, the

support and center IT lab, our expand and capabilities. modernize to Second,

Third, the profitability; product and fourth, to build and restore to and R&D strength. company's organic growth management

today, great X can advancing say through testing as patients continues this vision made well we and confidently for on health, we all work opportunity and mission wellness, the better have empower that genetic While to our hard with of precision these as medicine. objectives progress

Slide on want key X, performance and growth. certain are I activities indicators fueling Now that highlight to operational our

are an First, to experienced their Places turnover teammates at support to as build and they as by IT on team upgrade our by Driving perform infrastructure and our Enabling invested we Work focus patient growth demonstrated our labs, has where continued resources most have needed our and just engaged to to been X.X% and designation. of we the tools experience. our low and putting level center highest provider capabilities. Best double-digit

and XX%, XX%, provider times X,XXX ordering to strong at the Scores are Promoter Net is providers up we've Our added wins it product X.X account just down are franchise turnaround share new easier starting strategic to quarter. Making retention this as days make to all and Myriad to our market dividends. business we see partnerships. and progress new on is to gains pay lines with do across large

as we this contract Our and get DSOs. We highlights paid Medicaid we cycle see Polaris extension improving at payer Healthcare coverage have been included revenue on as the delivering markets commercial cash progress expansion well collections our The GeneSight business. mission. about the on hard work coverage making a for team a teammate payers. talk productivity made quarter great and company that determinations United with teams sure across Recent increasing ASPs, among a number entire of X-year and lot and

test per of to this last year. as in QX $XXX our shrank QX year COGS of $XXX SneakPeek, Excluding in compared

XX% expenses this and financial in as margins QX. legal matters, Our to year gross more XX% And provides focus shrank we visibility to and operating operating litigation several from QX resolved which improved percentage legacy of revenue and XX.X% adjusted moving a in of forward.

commercial activities operational MRD FirstGene Foresight precise Plus, Lastly, efforts and we've for made our partners. validation progress significant for clinical biopharma Universal and and advancing prelaunch

volume Slide team the X. Genetics to to third and commercial as the execute. Turning Mirror portfolio drove across lab growth significant in our operations quarter continue

are of in wins account by share the quarter, myRisk. in We market, year-over-year adoption third by growing XX% gaining increased providers competitive hereditary volumes cancer and the driven

contributions testing quarter. as consecutive team partner excluding health reflects easier double-digit providers continue third in also it in of growth volumes Women's fourth prenatal XX% quarter We prenatal commercial as contributed momentum revenue to consecutive growth. prenatal Polaris This grew and business the volume for make ongoing products see our quarter from our our like third well, from SneakPeek, double-digit we GeneSight strive to to execution Myriad. Other with to of

Brian million to QX running continue settlement and later, management highlights loss guidance, been our business. we year and full will QX us was behind can operating the from cost million significantly [indiscernible] now our in of our included gen puts gross the which activities raise a United in new a focus -- to $XX.X loss We a Healthcare been X-year diligent see that year. firmly so margins speak revenue $X.X adjusted litigation litigation, operating our legacy on which agreement have our with reduced -- in of of Other last we've an from operating of as

the service, I'm shortly. new to lab areas operations landmark the patient Sam's introducing supply the the and general business. community include to and years pleased to forward strengthen announce that, XX Lastly, that of for patients its commercial with and initial improving the on Nicole experience, executing success and focus providers. And Mark who over Chief Genetics, Myriad Sam near running business of Officer, our would to and like operations, and years strategy, Chief management on biopharma overall our Operating provider our Future well. to customer journey future turn Sam and again the joined over ground Lab will December XX, serving Sam the will us opportunities investor Verratti. brings identifying XX of as experience procurement coal I'll look management, our helping company to the and our in on hit to customer emerging product grow I chain Officer; to Lambert innovations thank Raha, building Commercial in

Mark Verratti

the Prolaris, year-over-year. prostate Thanks, revenues grew franchise about which Paul. team I'd continued cancer like third units. to on XX% industry up start speaks year-over-year, X our hereditary the business quarter, its oncology to well test from quarter and core our our testing Slide our and reputation. brand with growth, third volumes talk sales momentum In improving above enduring estimated XX% cancer

provide effect to issued the January covering and positive all pleased biopsy has physicians teams Healthcare were that policy are win aligns cancer medical decisions. with for needed share important and policy United This for several another We they released third continue with This their quarter. represents policy in diagnosed with information for XXXX, better will urology other to take to setting them a groups. prostate that X, the reach the patients Prolaris treatment on risk Prolaris in positive

tests. testing I'll XX% increased volume all serves growth. volumes of SneakPeek, cancer these We quarter, our share syndrome, risk Women's is Slide in [ productivity the that XXq sales of and making internal of leading cancer Myriad positive health offers competitor. continues the In screening team pregnant in quarterly volumes, has grow ] hereditary for solutions Genetics placed predictive want health that surprise family. Xx prenatal those prenatal by outperform for to of our a Women's value significantly Prenative excluding are with ancestries it's nearly X. force planning up to Now no turnaround Women's time, Women's and XX% of on the of who on grew positive assessing our been on microdeletion attention women health and markets. Recently, to testing leading year-over-year, prequals data business XX% X move higher, and or this that quarter syndrome highlight quarters microdeletion consecutive health much

a the X,XXX are reaching date. tests Lastly, we in Walgreens the for on X team is now stocked over to shout SneakPeek growth. to give optimistic test I test stores that million out future to And want

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

improve increased patient taken this group, cheek single be the approximately for test the in and own we've volumes added X,XXX year-over-year year-to-date performed home. Importantly, XX% to the be to health outcomes multiphase their during build data, clinicians Myriad XX% to with a third care Optum better can GeneSight's GeneSight new genomics can including on a sample with quarter, a of collaboration that to In the as privacy swab foundation clinical designed continues reduce and study solid GeneSight's costs. franchise understand quarter. ability create to of overall the clinical

hope we of better our Day offer we pharma the platforms on regulatory based and also to companion pharma next assay serve in September, excited between accessibility to collaborations and Investor and are combining I treatment our opportunity this the positive with collaboration comprehensive clinical partners. recently on strengths we global improve to partners, study at point wide in would testing advanced a assays we diagnostic to range mentioned development, pleased our our I collaboration a companion partnerships from stage that to and the the Optum. kit-based out Phase are of and analysis QIAGEN are solution decision-making. readout MRD like of only tests, approvals, HRD excited with cancer for potentially but real-world new couple slide. We As announced a diagnostic testing the Not sets to Myriad develop about

breast over new breast risk insights deliver the that Rigsby, Women's patients to now this launch quarter, services, with risk. breast pass Chief more Officer, program in risk strengths Myriad's Financial women Health cancer currently partnership detail. their XXX,XXX discuss in breast Bryan our cancer assessment to partnership nationwide. I'll Onsite's new assessment call to cancer expertise in to than hereditary Onsite Onsite serves breast the we further understand in is personalized the risk more a highlights a expected announced to financial health cancer Combining help with to new Additionally,

R. Riggsbee

testing. Thanks, hereditary marking cancer and in the for from Combined Mark. I'd quarter volumes for reviewing Overall, cancer SneakPeek. Slide carrier hereditary contributions like volume trends quarterly of prenatal by XX% excluding XX% product test screen start growth volumes quarters year-over-year, XX. on volume X consecutive grew to grew year-over-year,

GeneSight Prolaris, of wins commercial QX year-over-year. volumes from X% test in in Our account volumes tenured business XX% experienced ongoing of competitive execution well the as grew the as disciplined We credit pharmacogenomic sales force. our to year-over-year growth test healthy momentum

XX% above weaker basis, travel on test impacted year-over-year. and and summer and interactions general grown historically have quarter has grown at year-to-date a While or by GeneSight QX a and cancer XX% been year-over-year seasonally provider at patient fewer hereditary prenatal have Prolaris volumes

on Slide revenue we will Now XX, quarterly discuss trends.

Excluding revenue contributions both this of estimates quarters of and quarterly revenue X marking last from QX XX%, grew change of consecutive in revenue of double-digit growth. year QX year,

For XX% over excluding grew the the biopharma from last in growth rate QX the September year. ending of clients, revenue European a our or XX, months clients mention the to XXXX. I of due -- X quarter negative September with tumor September in XX our one -- arrangement ended the XX, headwind change XXXX would completion which million XXXX, biopharma includes contribution commercial profiling of total of $X ending which third estimates, approximately revenue revenue, of X months

we, in that impact claims process. from our cycle to commentary year recall of peers plans our negative process industry quarter many a the with may earnings administrative from You health multiple to along this our revenue new transition second experienced a call

than the progress issues we resolving in made During these $X more we experienced substantial the quarter. expected, of drove million majority in cash ultimately change and which that QX, we this of collected estimates

growth of third is line X% and historical estimates QX quarter to our to in revenue we implied the revenue, change expect revenue Excluding guidance from seasonal of QX with impact X% sequential which from range, of trends.

change well XX% discuss compared year impact leverage. We'll Moving as in XX% and QX to estimates volume positive of of of down XX impact last margin now gross the quarter, last positive approximately adjusted progression the as was the year. to in quarterly through approximately reflecting Slide XX%, P&L, the turn the and

loss on We an our positive with have quarter quarter remain confident fourth $X.XX an of quarter third first adjusted second ability of loss in of $X.XX, at through achieve We of showing quarter seen and an of year and the adjusted profitability to nice path year. to generating adjusted adjusted $X.XX. in cash goal this loss flow our reaching improvement operating our profitability adjusted the

range year, cash adjusted a $X.XX for to EPS we For and to the full and Slide guidance to now full our have XX liquidity the flow. narrowed -- review $X.XX. I'll the loss quarter of between turn

Looking and ended from marketable quarter to expanded of $XX with $XX.X and investment the million at million balance facility securities asset-based we million. the sheet, credit our cash $XXX

the end we of construction as not us lab new our enter behind capital that this, With for the funding we anticipate momentum million the shareholder believe flexibility decision on with our total final substantially at have continued lawsuit that Note business of of approximately financial along of made liquidity us, XXXX. settlement. remainder XXXX. needs we the a gives $XXX.X We the

requirements to may of of capital flexibility alternatives the use we use whether we our to for both final and final us. to a as you stock have make funding for As recall, payment, the final the will to shares structure, ourselves continue determination we given or payment, review mixture available cash, our and

final successful in stated X-year contingent of than million October resolving Gen on the of in successful all million $XX.XX million million $X outstanding would If no paid and be a XXXX. XX, $X Rab Gen October which is on whether XXXX, payment and or release, Rab earlier reexaminations payment settlement, before XX, payable refers on payable October is litigation. the payable litigation on XXXX, is before was [indiscernible] XXXX. earnings the $X.XX contingent patent over a period As XX, or beginning to is is Any

XX% guidance Slide to estimates. growth expense this We representing based litigation X at approximately midpoint adjusted year. our discussed year-over-year revenue the range. consistent narrowed we expected with fluctuations are range. On with of quarter at our expected our costs on expect million margins year guidance the to our full on in between Adjusted investor revenue over with levels to reflected of high and $XXX in updating revenue from guidance. to normal is decline quarter OpEx full $XX the the impact guidance end Now range XXXX guidance. increased expense $XXX revenue we introduce million revenue over Slide we gross primarily to of revenue the be also are of We QX million percent range expenses Gen line long-term guidance at our and full Rab timing, XXXX GAAP XX-plus or prior associated year XXXX, XX, million, midpoint the Adjusted we include settlement last our -- guidance want our the of our of the financial XX% year growth X% in which operating take by our raised $XXX XXXX of this opportunity OpEx to with the from target is midpoint of reflects XX, be our event and remaining the This QX September longer-term year. the growth XX% demonstrated our and performance we've to current

XX%, spend income of annual adjusted slide. In operating X% margins over next and our it closing to addition, now to X% adjusted which for over September, discussed flow. I'll back in Paul targets growth approximately long-term gross on we include positive remarks the financial and reiterate cash in turn other SG&A

Paul Diaz

Thanks, Bryan.

to capabilities. Together facilities early mentioned in diagnostic satisfaction detection and turnaround with by continue powered deliver my long-term As regulatory to to the required introduction, real-world the build and reimbursement advanced I growth treatment clinical value settings, on and to are commitment and an practical profitability. and differentiation with workflows, enable costs times adoption efficient Top-tier our that continuous tests, efforts. customer enabled A we improvement clinical pillars revenue science with better best-in-class get develop lab operated ability and to in and paid decisions. modernized technology and products technology for high-quality science and and used platform for state-of-the-art by our improve cycle Great reduce commercial through automation. test quality

foundational adjustments, compared our revenue, believe XXXX. excluding to these is XXXX on excluding the results our discussed, total year-to-date grown contributions as As are long-term XXXX volumes financial put balance pleased execute enterprise rest for been And behind to growth investors out-of-period of last the that well from the been hold. are in as across made demonstrate test take investments our an and XX% has litigation to as We have the we our has we to and forward-looking sheet strategy total year-to-date confident us. year. ability compared up and SneakPeek a have XX% year overhang guidance

now around testing people accessible, more genetic continue We medicine treat enable you. back precision more to Matt reenergize to helping and enterprise turn shared to and make Thank vision and to it mission take prevent of control to providers their for better health disease. I'll the our Q&A. and

Matthew Scalo

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

going Q&A of the now we're begin to the we're ready session Instructions] Operator, participation. with [Operator portion Now call. to ensure Q&A for broad the

Operator

Your Instructions] Sachs. [Operator line comes of the first question with from Sykes Goldman Matt

Elizabeth Koslosky

is Koslosky Matt. for This Evie on

can year? first, progress you've on impact as we any that into us addressing walk of move margins positive on you what X made pays could So type through next and have

Paul Diaz

Yes.

I the a lot of think quarter. in progress

improvement see, that cash XX state out-of-period the to now, California, progress collections, of those to about should California, million gross we've and more including are you up, margins optimistic cover them, starting have net are down, laws. follow As beginning are states reflects XX CSOs $X.X can biomarker feel passed made year-to-date, states, the GeneSight. ASP including There of which

pick loss up So payers engage quarter, coverage. the by saw we And to state this state. we're biomarker under beginning different X

things the and it's authorizations huge the there successes, of like these on not within to prior the overnight to ASP. Medicare program general and we other but lot to think singles, momentum be Now give so a us are places, going recognition improve opportunity continue and bunts

so gives can confidence or going into that grow we good and And the gross us improvement next cost ASP management above year. XX% what margins

Elizabeth Koslosky

Great. through the testing. months? is the market progress Has see getting been what to cancer That's super hereditary penetration market there in myRisk? to then share you've that? helpful. XX% And you you're penetrated. only the taking I still talk within And Could any said past, recent drive are you in actions within great further think

Mark Verratti

Yes.

in competition. growth market, a women's quite unaffected then for But see there. health blue our where, amount the affected of we in Women's as ocean to the market penetrate where and we we've on to also that oncology huge patients. our providers side, collaborations team we is on from there, XX% cancer great honestly, growth, hereditary clarify, see our but customers, so well focuses, drive where on the larger Just a again, seen talked it opportunity adoption able the the was penetration both call which the speaks and within quite And population health depth accounts, population that the affected in the also see on about our just same back continue the customers we increase honestly, winning core and side and to being and we the both to opportunity of we're

Operator

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

Andrew Cooper

just on margin. first, little Maybe diving a bit the in gross

$X makeup looking You sort million of sequential at the gross margin had movement. that

impact. think XX-plus year? about just a are little about heading for little some -- bit like next of XQ think we and wondering an it as if should we give seems of what that But things the Just maybe could commentary, number into then key you a

Paul Diaz

operational leverage as per we're that's starting cost sales mentioned in Andrew. inflationary Bryan mean, Mark And drop the highlights, as I productivity XX% I to as Well, year-over-year. thank the test seeing I the just see P&L. you, in force, net mentioned, just of increases. in the mean said,

Lake our and even opportunities hold of to leverage we beginning the sequencing continue think to hasn't costs, Salt So some both start taken new South that affect automation labs, in opportunities seeing Francisco just to and yet. San we're

We haven't project over moved our yet. Arches

we well as we're things optimistic say of as couple would grow to of just over no that we next increasingly we're focusing that I our as years. margins productivity the about Future take over we've next Day, And the see opportunities at hold. can we as as year, about on the Lab other And automation gross So lot think ability the be to more talked identified Investor well. pays. meaningful just reduce a the

Andrew Cooper

could on helpful. Okay. one give early maybe Great. guidance little for a you're already, -- Super that 'XX then to that. But obviously, was just just And bit giving think of maybe more you November? give us pieces the wider some as versus narrow bars flavor about where that in XXXX error more the initial kind already underlying for of maybe guide we for there's here hoping

R. Riggsbee

XX-plus at we've Bryan. Yes. revenue I'll I Paul for just feel just now in. year current that and we're what we've where is that's adds start guide last goal X-plus percent. growth. very long-term out business, look up over based But at We Andrew, it let really quarters the today that chime something top stated double-digit we confident in that the And is of you the in this midpoint to seeing seen laid the started think when line on range. our that in looking what

like doing what that today. the an that to that's of was kind that business So sure people felt understood aspirational, is that we make not something wanted we

Paul Diaz

and mean year-to-date, see to lot we I net produce periods, clearly out We we positives And 'XX. let me doubt folks a excluding Yes. we XX% can in there's just of of do and going underscore there. some into momentum that, -- grew just still continue this.

now together and to year, with that with demonstrated midpoint just term. that, don't here on that great our clearly, in new in that the labs revenue business. that consistent just we this out there and and So midpoint sort bringing there plus long that guidance the see the we important stuff. people felt are of the momentum of that it It's do can XX% based are for year-to-date the and particularly things stated have It's clearly over for we shareholders was XX% the confidence we XX% have and of think we our investors guide and the is believe

an So confidence the we our see it's just expression in visibility of -- going that business forward. it's and the

R. Riggsbee

I another back And the us behind say that sat was thing where would we industry getting is pop was of Andrew, the United that thing the in that is it. October incremental renewal to would the add, only I just obviously relative

Operator

And your line from with next question comes the Vattensdal JPMorgan. of Rachel

Unknown Analyst

Rachel. This is for Neil on

you Just as the or digging us into expectations sort million that of just guidance, more. little renewal, street. you into Can the price that sort XXXX? sort million United super that on year contract do updated any a $XXX frame give Or incremental guidance mainly referenced? us just XXXX color to $XXX you be Is to bit helpful? that any you just of it's significantly Can can volume would above give the XXXX heading due of anything

Paul Diaz

the adoption are is and Revenue contract visibility in wallet volumes and ASP market up XX%. and share. wins. see with So see year-to-date other up We XX%. acceleration customer acquisitions acceleration recent We United in

are that's So guidance, it's high million the year to off It's that year's our a those degree to component pieces -- a from really midpoint longer-term numerical of of that us next of midpoint confidence guidance guidance. big not to this the get year. and $XXX that jump would XX% this drive

up? follow a have You

Unknown Analyst

The margin profile.

Or that is can also be of might that like seems we the -- something -- that payer it traction? go you ahead? margins. by ahead the of is mainly as Is any tracking increased that think driven So

Paul Diaz

going a down the P&L. everything margins function are of mean I

just terms as spoke about our progress So as incrementally, play versus Bryan we increased and variable that. cost I it's talked that -- year, fixed our a think we function turnover of all down cost to, ASP seeing its into as next the of productivity, moved going And we're labs both of have into new our as think along we X.X%. opening X.X%, in now to

$XX.X into operationally P&L. There's to lot beyond this into adjusted margins opportunity going of in is year. next continue grow to that million a what of All plays leverage the our

Operator

TD of question Daniel line from the next your Cowen. comes with Brennan And

Unknown Analyst

on [indiscernible] Dan for is Brennan. This Dan

Just you -- time if a additional a on any for on publications we can but GeneSight, missed question on and call, the supporting this apologies provide utility? line

Paul Diaz

go So Mark. ahead, -- we

Mark Verratti

got Investor I would only we'll There also we so will about later as the and The Phase the prelim results groups, year, where utility. coming well of see the from be and talked Yes. the And deeper Phase economic at also be are Optum the II into utility of those talked thing published are Optum -- publications Day, this you'll other we we've add clinical about trial, year. Investor I going several next we control looking the as on, trial. some sometime that is, Day, which

Unknown Analyst

All right. on FirstGene. Great. including then on products, do And the for pipeline, any timing you updates have

fourth year. we MRD when previously updates then expected And You should quarter in a -- hear expect soft launch to any this on your offering?

Paul Diaz

that. we about work mentioned Still in But work. with excited September. of sort with lot of validation progress So to got as tracking no the the studies clinical continuing call, updates to Investor others. We're in and a Everything to the our our on great consistent Day is pipeline Anderson new MD since make do.

is exciting and really and different in are those ability tracking that's with QIAGEN about with new discussions so additional all terms the of there. having the And QIAGEN partnership offerings And MRD well. with

So our progress continues, but Investor since nothing substantive Day.

Operator

And your next the question line Meehan Jack Research. from comes Nephron with of

Jack Meehan

that $XXX.X October that press incremental at to $X afternoon. that? Thank million Or Good from at release there to a The the just you was are reason excluded? RavGen to landing the year-end, the you. XX clarify, payments laid out is in million cash wanted bridge

R. Riggsbee

exclude the the in million. We expectation. didn't $X It's

XX now next So that, the million of year has October and $XXX a of then year. would the payment be from other

Jack Meehan

Okay.

amount the of million third the Just payment, fourth $XX.X the RavGen end see million, CapEx, included then $XX because see numbers has first facility but the I quarter, it didn't I one of but says in under available it's the quarter and

R. Riggsbee

Jack, Yes, says just to it It [indiscernible] cash from operations. out, break flow just

be So operations from it in would that cash the quarter. flow fourth number for

Jack Meehan

Okay.

R. Riggsbee

As reduction liability. improved a of

Jack Meehan

it. Got

proposed wanted curious chance GeneSight was September. LDT from rule the I had an And you Paul, of a future curious LDT or just then, you're FDA's after regulation follow to up for how potential about if you're to regulation. Okay. was just of I end on environment? preparing I the review

Paul Diaz

those We in our confident that comment respect remind -- would ability FDA obviously period a everyone just I quite running I We're regulatory with navigate we're that. with changes. our like labs to already. to remain associations engaged on

enforcement behind our been with to would made I been stated under of and are the respect been assurance inquiries in many And before, have Times this existence the article Jack, the GeneSight. There New regulation proposed processes again we've any the been as broad evidenced York Future now and about authority that FDA already planning issues no the products whole our in the quality and that comments investors litigation Lab has GeneSight I've across by from through its stand the about of were resolved. So regulations comments contemplating raised process. by the has FDA that

you I So think context that note. of in your took out

Operator

next comes Souda Securities. the from your question Puneet And line of with SVB

Unknown Analyst

This is for on Isabella Puneet.

that just benefit through XXXX would you during Investor million be $XX assumed talking guide? the mind Rav how the Day, much will opportunity you the highlighted us On the of in

Paul Diaz

sorry. I'm

can continued states. contract other are been we're has different a growth we I the X of more pay the with we extend But the mean, cash and GeneSight Day, Investor also see products context about The we've ASP, from test, collections. frankly, on ASP GeneSight laws signed that. that time we the for no in the oncology, these progress been quite put of talking majority you specific opportunity. these biomarker line under making this only the of United results, for not payers were at incrementally about visibility, And years. again, the that on as didn't You Yes. the but progress talked for opportunity quarter's made see and

So of gave some ASP first again, a year just the half and the of challenges the refreshed us view.

and really on we we we've as we contribute margin And there. so doubled talked to can down our think it And 'XX as go earlier, about expansion beyond. efforts again, into

Unknown Analyst

versus growth that of what guide Great. through us sustained would that's XXXX improvements? GeneSight you contemplating makes in terms ASP [indiscernible] walking specifically, Sure. No, volume for whether the And mind is and sense.

Paul Diaz

that year. year-to-date. break sort don't We've XX% GeneSight has we've -- it separately. We and done this grown out of

We to reduce we've mentioned, incrementally got of have GeneSight and issues, I that's work. opportunities our no-pay for think ASP the no that biggest for And continue we so increase pace one see and continue And said grow at we GeneSight to XX%. just -- we to GeneSight.

So particularly lot progress of again, that. this a respect to quarter in with

Operator

from [Operator the Bank of Derek line with next of America. comes Instructions] question Your Debrune

Unknown Analyst

on to Derek. This the wanted drivers I is by for off digging Wolf on the some quarter. into of Congrats start here. top line Chan just

fair amount a due period you talked the beat As of to about was adjustments. guys

given have we dynamics experiencing? So impact just clarity I And currently rate, laid should for looking would you've adjustments you're the thinking some be how a a and normalized forward was follow-up. on of that going of out kind about the that

Paul Diaz

and you a look volatility, going just at the quarterly underscore that revenue XX% increase trends gone you collections. to of great happened third-party the collections. XX% out-of-period when it's that stability lengths separate coming P&L. We've revenue again, ASP It And Can I you're and But outer the last have the payers to the are with some through XX% out. actually quarter. the when we've that the was to what given year-to-date, excluding numbers,

And pieces But would so else terms anything? that's but in responsive, nothing hope I of anyway, add Bryan, there. the you

R. Riggsbee

was investigation amount. immaterial is to what range. the the to amount year to to an over you be just that's really, period still number, really course get the $XXX change on ahead do in out-of-period estimate like get we've more which the would million think and that of if fair out say was, adjusted, I exclude you $XXX the million that tried will $XXX And a I of million of a Yes. in be to

the have lot a talked processing Carol to did we with and we claims we that However, about -- that [ ], agent call, last significantly recover quarter were a our that able quarter. issue of this the last on administrative payer,

still quarter. current a think all, little that's would where kind that, amount the I would unique in to I even But of ahead our of all -- a if was. say, that's exclude you dynamic So expectation fair it's a bit

Paul Diaz

there's rates. long-term it's growth of And volatility which some point to ahead we year-to-date, all been everyone's why that our is understanding quarterly attention try

So anyway.

Unknown Analyst

the around could drive and and term mechanisms guys you the did was color different towards during hand forward? that Yes. give takes in in could also job both what pay what's -- if on wondering us Just you the a you clear also out little going at the puts would of there? itself. bit prepared more the litigation for the a here PR. you And how options for the certainly -- near you And I expenses, then laying of remark great was kind

Paul Diaz

Sure. Bryan,

R. Riggsbee

we I would Day. call the on and -- say just quarterly and estimate cash that call we Yes, on the we gave this last Investor at liquidity and as highlighted that

are shares. in and the lots the had adjusted either feel we an cash ability flexibility, but operating good from only cash that about settle gives of -- positive perspective not suit flow an we QX, momentum reaching we standpoint, or of operating So also business believe us they negotiated cash shareholders the from the where adjusted flow really and to

And the that so call time. we're make make our But where determination are where at liquidity capital we and we yet. when -- from we standpoint we'll we'll the consider where like, not best at have to what looks that future do, a point we

Operator

call closing remarks. there to no questions. for Matt I'll much. And are turn very the you further Thank back Scalo

Matthew Scalo

you concludes website for good week. Thank This via a Dave. and Thanks, our night. be replay have Okay. webcast us will again call. for afternoon, our A this available joining one earnings on

Myriad Genetics (MYGN) 6 Nov 232023 Q3 Earnings call transcript