Myriad Genetics, Inc. reported a total revenue of $837.6 million for the fiscal year ending December 31, 2024, marking an 11% increase from $753.2 million in the previous year. The company experienced significant growth in its Pharmacogenomics segment, which saw a 23% increase in revenue, alongside a 17% rise in Prenatal testing and an 11% increase in Hereditary Cancer testing. However, the company also reported a net loss of $127.3 million, an improvement from the $263.3 million loss in 2023, primarily due to a decrease in legal settlements and operational efficiencies.
The filing highlighted several strategic developments, including the acquisition of select assets from Intermountain Healthcare's Intermountain Precision Genomics laboratory business, which included the Precise Tumor and Precise Liquid tests. This acquisition, completed in February 2024, was integrated into Myriad's operations by the end of the year. Additionally, the company announced the sale of its EndoPredict business, which resulted in a loss of $12.4 million, but allowed Myriad to license the rights to continue producing and selling the test in the U.S.
Operationally, Myriad Genetics reported a total of 1.52 million tests performed in 2024, a 7% increase from the previous year. The company’s workforce consisted of approximately 2,700 employees as of December 31, 2024, with a voluntary turnover rate of 10%. The company also maintained a strong Net Promoter Score (NPS) above 70, indicating high customer satisfaction. However, the anticipated impact of UnitedHealthcare's decision to discontinue coverage for certain pharmacogenetic tests, including the GeneSight test, is expected to negatively affect revenue and profitability in 2025.
Looking ahead, Myriad Genetics plans to continue investing in research and development, with a focus on expanding its product offerings and enhancing its testing capabilities. The company aims to complete the transition of its laboratory operations to new facilities in early 2025, which is expected to improve operational efficiency. Despite the challenges posed by changes in reimbursement policies and competitive pressures, Myriad remains committed to its long-term growth strategy centered on innovation in molecular diagnostics and precision medicine.
About MYRIAD GENETICS INC
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