ITEM 2.02 Results of Operations and Financial Condition.
On May 3, 2023, Myriad Genetics, Inc. (the "company") announced its financialresults for the three months ended March 31, 2023. The earnings release isattached hereto as Exhibit 99.1 to this Current Report on Form 8-K andincorporated herein by reference.
Exhibit 99.1 contains "forward-looking statements" within the meaning of thePrivate Securities Litigation Reform Act of 1995, including the company's fiscalyear 2023 financial guidance, the company's goal of profitability by the fourthquarter 2023 and sustainable 10%+ annual organic growth as the company enters2024, and statements relating to the planned launch of a new hereditary cancerassessment program by Myriad and SimonMed Imaging. These "forward-lookingstatements" are management's present expectations of future events as of thedate hereof and are subject to a number of known and unknown risks anduncertainties that could cause actual results, conditions, and events to differmaterially and adversely from those anticipated. These risks include, but arenot limited to: the risk that sales and profit margins of the company's existingtests may decline or that the company may not be able to operate its business ona profitable basis; risks related to the company's ability to achieve certainrevenue growth targets and generate sufficient revenue from its existing productportfolio or in launching and commercializing new tests to be profitable; risksrelated to changes in governmental or private insurers' coverage andreimbursement levels for the company's tests or the company's ability to obtainreimbursement for its new tests at comparable levels to its existing tests;risks related to increased competition and the development of new competingtests; continued uncertainties associated with COVID-19, including its possibleeffects on the company's operations and the demand for its products; the riskthat the company may be unable to develop or achieve commercial success foradditional tests in a timely manner, or at all; the risk that the company maynot successfully develop new markets or channels for its tests, including thecompany's ability to successfully generate substantial revenue outside theUnited States; the risk that licenses to the technology underlying the company'stests and any future tests are terminated or cannot be maintained onsatisfactory terms; risks related to delays or other problems with constructingand operating the company's laboratory testing facilities; risks related topublic concern over genetic testing in general or the company's tests inparticular; risks related to regulatory requirements or enforcement in theUnited States and foreign countries and changes in the structure of thehealthcare system or healthcare payment systems; risks related to the company'sability to obtain new corporate collaborations or licenses and acquire ordevelop new technologies or businesses on satisfactory terms, if at all; risksrelated to the company's ability to successfully integrate and derive benefitsfrom any technologies or businesses that it licenses, acquires or develops; therisk that the company is not able to secure additional financing to fund itsbusiness, if needed, in a timely manner or on favorable terms, if it all; risksrelated to the company's projections about the potential market opportunity forthe company's current and future products; the risk that the company or itslicensors may be unable to protect or that third parties will infringe theproprietary technologies underlying the company's tests; the risk ofpatent-infringement claims or challenges to the validity of the company'spatents; risks related to changes in intellectual property laws covering thecompany's tests, or patents or enforcement, in the United States and foreigncountries; risks related to security breaches, loss of data and otherdisruptions, including from cyberattacks; risks of new, changing and competitivetechnologies in the United States and internationally and that the company maynot be able to keep pace with the rapid technology changes in its industry, orproperly leverage new technologies to achieve or sustain competitive advantagesin its products; the risk that the company may be unable to comply withfinancial operating covenants under the company's credit or lending agreements;risks related to the company's inability to achieve and maintain effectivedisclosure controls and procedures and internal control over financialreporting; risks related to current and future investigations, claims orlawsuits, including derivative claims, product or professional liability claims,and risks related to the amount of the company's insurance coverage limits andscope of insurance coverage with respect thereto; and other factors discussedunder the heading "Risk Factors" contained in Item 1A of the company's AnnualReport on Form 10-K filed with the U.S. Securities and Exchange Commission onMarch 1, 2023, as well as any updates to those risk factors filed from time totime in the company's Quarterly Reports on Form 10-Q or Current Reports on Form8-K. Myriad is not under any obligation, and it expressly disclaims anyobligation, to update or alter any forward-looking statements, whether as aresult of new information, future events or otherwise except as required by law.
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The exhibit(s) may contain hypertext links to information on our website orother parties' websites. The information on our website and other parties'websites is not incorporated by reference into this Current Report on Form 8-Kand does not constitute a part of this Form 8-K.
In accordance with General Instruction B-2 of Form 8-K, the information setforth in Item 2.02 and in Exhibit 99.1 shall not be deemed to be "filed" forpurposes of Section 18 of the Securities Exchange Act of 1934, as amended (the"Exchange Act"), or otherwise subject to the liability of that section, andshall not be incorporated by reference into any registration statement or otherdocument filed under the Securities Act of 1933, as amended or the Exchange Act,except as shall be expressly set forth by specific reference in such filing.
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MYRIAD GENETICS INC : Results of Operations and Financial Condition, Financial Statements and Exhibits (form 8-K) - Marketscreener.com
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