Myriad Genetics, Inc. (NASDAQ:MYGN) Q4 2022 Earnings Call Transcript

Mark Verratti: Yes, sure. I’ll be happy to comment on GeneSight. So within the GeneSight space, GeneSight has been the market leader and has continuing to pull away and maintain its market leadership by over 50% market share. We do have competition from LabCorp Quest and other individuals that have tried to enter the market. But we continue to execute and continue to make GeneSight the best test in the market and easiest to use for our providers.

Unidentified Analyst: Got it. Thank you. And one follow-up. How are you thinking about the revenue contribution of FirstGene in the back half of 2023 post launch? And then if at all any thoughts on how you expect that revenue contribution to progress in 2024 and 2025?

Paul Diaz: Well, modest contribution in the soft launch in Q4 with some investment. So there’ll be front end investment there that’s contemplated in the guidance, some of which is already in our product management process that we’ve instituted is starting to happen. So as I said before, diminimus contribution in Q4 to the FirstGene launch. But real excitement about the differentiation of that product particularly around ease of use to be able to collect the sample from maternal mom and be able to get both NIPS test and carrier screening test. It’s just great science making it more accessible to more patients. So, we’ll talk more about that later in the year, but — so we think it will contribute to 24% and 25%, but certainly won’t be a meaningful contributor in 2024, probably more so by 2025.

Unidentified Analyst: Great. Thank you.

Operator: And your next question comes from the line of Derik De Bruin with Bank of America. Your line is open.

Unidentified Analyst: Hey, guys. This is on for Derik. So, maybe I wanted to start off HCT volumes came in pretty strong. Can you provide any color on how you plan to manage some of these continuing competitive pressures in the market into 2023? I know we talked about the PLA code last quarter. How should we kind of think about that into 2023?

Paul Diaz: I’ll start. So, we have more visibility on MyRisk, hereditary cancer tests than pretty much anything. The fact that we got a MyRisk specific code because of the strength of the MyRisk technically. And the fact that MyRisk comes with risk score, which gives the PRS test with more about future risk for breast cancer is differentiating as Nicole said, we’ve expanded the panel size there. We actually think without calling out anybody specifically, the competitive landscape there has gotten easier, but the bigger opportunity quite frankly is for unaffected women that meet guidelines and you’re seeing that in our women’s health channel. We’re also growing in where we gave enough share over the years to our competitors for affected patients. So, we think we have a lot of visibility and to continuing to grow MyRisk in 2023 and would you add more?

Bryan Riggsbee: Yes. The only thing I would add to that is exactly what Paul stated. When we look at our volume increases in Q4 and the momentum into Q1, we’re seeing it coming from all three segments. We’re going deeper with our current customers and we’re adding new customers that are both by expanding the market, as well as stealing from the competition. So nothing else to add there other than we feel really good about how the team is executing and really about the way the new Myriad is showing up for our customers.

Unidentified Analyst: Great. Maybe one more looking forward. So, on MRD, it’s a test with a lot of investor focus. It’s good to see the Research Use Only launch in the middle of 2023. How do you kind of think about the timing of the full commercial launch versus some competitors that might have been in the market a little bit sooner?