Myriad Genetics reported flat year-over-year sales in Q2, but the market responded positively due to results that surpassed Wall Street’s revenue and profitability expectations. Management attributed the quarter’s outcome to improved average revenue per test and operational execution, particularly in hereditary cancer testing and the GeneSight mental health assay. CEO Sam Raha highlighted that workflow improvements and expanded payer coverage enabled gains, noting, “Growth in average revenue per test during the second quarter, up 2% year-over-year...was a leading contributor to our strong Q2 results.”

Is now the time to buy MYGN? Find out in our full research report (it’s free).

While we enjoy listening to the management's commentary, our favorite part of earnings calls are the analyst questions. Those are unscripted and can often highlight topics that management teams would rather avoid or topics where the answer is complicated. Here is what has caught our attention.

Our Top 5 Analyst Questions From Myriad Genetics’s Q2 Earnings Call

• Douglas Anthony Schenkel (Wolfe Research) questioned the lack of specific KPIs for strategic progress, to which CEO Sam Raha confirmed that quantifiable targets are forthcoming and that the current update is an interim step.
• Puneet Souda (Leerink Partners) asked about the timeline and likelihood of regaining UnitedHealthcare coverage for GeneSight. Management explained three new clinical publications will be submitted for review in the fall, expecting a decision by the end of the year.
• Kyle Boucher (TD Cowen) inquired about growth contributions by business segment under the new guidance. Management pointed to oncology as the main driver, with prenatal and mental health growing at or above market rates.
• David Michael Westenberg (Piper Sandler) probed the prenatal order management system issue and its resolution. COO Mark Verratti clarified the problem is fully addressed and prenatal volume is expected to recover.
• Brandon Couillard (Wells Fargo) asked about increased R&D investment in oncology. CEO Sam Raha emphasized deliberate resource reallocation and partnerships to optimize spend without diluting profitability.

Catalysts in Upcoming Quarters

In the upcoming quarters, our team will be monitoring (1) the successful launch and adoption of new oncology assays, particularly in MRD and expanded hereditary cancer panels; (2) the ramp-up of prenatal testing volumes following system fixes and new product introductions; and (3) progress on securing broader payer coverage, notably for GeneSight and expanded carrier screening. Developments in strategic partnerships and resource allocation will also be critical markers for execution.

Myriad Genetics currently trades at $6.03, up from $3.86 just before the earnings. In the wake of this quarter, is it a buy or sell? The answer lies in our full research report (it’s free).

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