Myriad Genetics, Inc. has announced its select unaudited preliminary financial results for the fourth quarter and full year ended December 31, 2024, and provided full year 2025 financial guidance. The company expects a 6% to 7% increase in total revenues for the fourth quarter of 2024 compared to the same period in 2023, with total revenues for the full year 2024 anticipated to increase by approximately 11% compared to the previous year.
For the fourth quarter of 2024, the company anticipates GAAP diluted loss per share to be between $(0.72) and $(0.62), while adjusted diluted earnings per share (EPS) is expected to be between $0.03 and $0.04. The full year 2024 GAAP loss per share is projected to be between $(1.66) and $(1.56), with adjusted EPS between $0.14 and $0.15.
In terms of net loss, the company foresees a range of $(65.7) million to $(56.8) million for the fourth quarter of 2024 on a GAAP basis, and adjusted EBITDA is expected to be between $10 million and $11 million. For the full year 2024, the GAAP loss is estimated to be between $(151) million and $(142) million, with adjusted EBITDA between $40 million and $41 million.
As of December 31, 2024, Myriad Genetics reported cash and cash equivalents of approximately $102 million, representing a $2 million increase from the end of the third quarter of 2024.
Looking ahead to 2025, the company has introduced full year financial guidance, with projected revenues between $840 million and $860 million, reflecting an increase of approximately 0% to 3% compared to preliminary 2024 revenue. The adjusted EPS for the full year 2025 is expected to be between $0.07 and $0.11 based on a 94 million share count.
Myriad Genetics also provided details on adjusted EBITDA, gross margin percentage, and adjusted operating expenses for the 2025 fiscal year, aiming for a gross margin of 69.5% to 70.5% and adjusted operating expenses between $575 million and $595 million.
It's important to note that these preliminary results are subject to the company's normal quarter and year-end accounting procedures and external audit, and may change in connection with the finalization of the year-end closing and reporting processes. Additionally, the company has provided forward-looking non-GAAP guidance for 2025, highlighting the inherent difficulty in accurately forecasting the occurrence and financial impact of various adjusting items.
The market has reacted to these announcements by moving the company's shares -5.2% to a price of $12.97. If you want to know more, read the company's complete 8-K report here.
