Myriad Genetics, Inc. has recently released its 10-K report, providing an insight into the company's financial performance and business operations. Myriad Genetics is a genetic testing and precision medicine company that offers molecular diagnostic tests for use in oncology, women's health, and mental health applications. The company's offerings include the MyRisk Hereditary Cancer Test, BRACAnalysis CDx Germline Companion Diagnostic Test, MyChoice CDx Companion Diagnostic Test, Prolaris Prostate Cancer Prognostic Test, EndoPredict Breast Cancer Prognostic Test, Precise Tumor, Prequel Prenatal Screen, Foresight Carrier Screen, and GeneSight Psychotropic Mental Health Medication Test.
In its latest 10-K report, Myriad Genetics reported total revenues of $753.2 million for the year ended December 31, 2023, with a net loss attributable to stockholders of $263.3 million and basic and diluted loss per share of $3.18. The company's testing volumes grew by 35% year-over-year, driven by 24% growth in Pharmacogenomics, 17% growth in Hereditary Cancer, 15% growth in Prenatal, and 2% growth in Tumor Profiling. Additionally, the company achieved revenue growth of 11% year-over-year.
The company's cost of testing revenue for the year ended December 31, 2023, increased by $34.2 million compared to the prior year, primarily due to an increase in volumes, with the most significant increases in Hereditary Cancer and Pharmacogenomics. Research and development expenses increased by $3.3 million, while selling, general, and administrative expenses increased by $58.2 million, primarily driven by compensation costs, legal expenses, and facility costs. Legal settlements also increased significantly, amounting to $112.8 million for the year ended December 31, 2023, compared to no corresponding amounts in the prior year.
In terms of revenue breakdown, the company reported testing revenue from different segments, including Hereditary Cancer, Tumor Profiling, Prenatal, Pharmacogenomics, and Other. The revenue from Prenatal increased by $34.9 million, primarily due to a 15% increase in volumes excluding SneakPeek, and additional revenue from SneakPeek. Hereditary Cancer revenues increased by $22.3 million due to a 17% increase in testing volume, while revenue from Pharmacogenomics increased by $10.9 million due primarily to a 24% increase in volume.
The market has reacted to these announcements by moving the company's shares -3.0% to a price of $22.8. For more information, read the company's full 10-K submission here.
