MYRIAD GENETICS Reports Total Revenue Increase of 2.3% for Second Quarter of FY2023
August 11, 2023
☀️Earnings Overview
For the second quarter of FY2023, MYRIAD GENETICS ($NASDAQ:MYGN) reported total revenue of USD 183.5 million, a 2.3% increase from the same quarter in the prior year. The company reported a net loss of USD 116.1 million, compared to a loss of -14.1 million in the same period in the previous year.
Analysis
The financial and business wellbeing of MYRIAD GENETICS was recently analyzed by GoodWhale. After a thorough assessment of the company, GoodWhale has determined that MYRIAD GENETICS is a high risk investment in terms of financial and business aspects. GoodWhale has identified three risk warnings in the company’s income sheet, balance sheet, and non financial reports. For more detailed information on the risks associated with MYRIAD GENETICS, users can register on goodwhale.com. Through this platform, users can get an in-depth view of the company’s viability and make an informed decision when investing. More…
About the Company
Income Snapshot
Below shows the total revenue, net income and net margin for Myriad Genetics. More…
| Total Revenues | Net Income | Net Margin |
| 698.9 | -248.2 | -34.7% |
Cash Flow Snapshot
Below shows the cash from operations, investing and financing for Myriad Genetics. More…
| Operations | Investing | Financing |
| -43.6 | 22.2 | 27.8 |
Balance Sheet Snapshot
Below shows the total assets, liabilities and book value per share for Myriad Genetics. More…
| Total Assets | Total Liabilities | Book Value Per Share |
| 1.19k | 452 | 9.01 |
Key Ratios Snapshot
Some of the financial key ratios for Myriad Genetics are shown below. More…
| 3Y Rev Growth | 3Y Operating Profit Growth | Operating Margin |
| -4.9% | -62.6% | -37.5% |
| FCF Margin | ROE | ROA |
| -16.9% | -20.9% | -13.8% |
Peers
Myriad Genetics Inc is facing intense competition from BCAL Diagnostics Ltd, Inoviq Ltd, and Exagen Inc in the field of molecular diagnostics. Each of these companies offers innovative products and services, and is striving to gain a competitive edge in the market. As a result, Myriad Genetics Inc is under constant pressure to develop and deliver better products to stay ahead of the competition.
– BCAL Diagnostics Ltd ($ASX:BDX)
Inoviq Ltd is a leading provider of medical and healthcare products. Its market cap of 59.81M as of 2022 indicates that the company is growing steadily and is well-positioned in the market. Its Return on Equity (ROE) of -13.77% suggests that the company is making investments that have yet to yield a positive return. The company’s goal is to continue to develop innovative products and services that will improve patient outcomes and enhance the quality of life. Inoviq Ltd is a leader in the medical and healthcare industry and its market cap and ROE are both indicators of its success.
– Inoviq Ltd ($ASX:IIQ)
Exagen Inc is a biotechnology company that focuses on developing and commercializing diagnostic and therapeutic products for autoimmune diseases. The company’s market cap as of 2022 is 39.49M, which means that the value of the company is determined by the current market price of its shares. The Return on Equity (ROE) is -38.89%, indicating that the company is not generating a return on investments it made in its business operations. This suggests that the company may need to reevaluate its strategies in order to become more profitable and increase shareholder value.
Summary
Myriad Genetics has reported an increase in total revenue of 2.3% year-over-year, coming in at USD 183.5 million for the second quarter of FY2023. While net income was reported at a loss of -116.1 million, this is a significant improvement over the corresponding period in the prior year which reported a loss of -14.1 million. For investors, these results indicate that the company is performing relatively well compared to previous years, and could be an interesting option for investment.
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