Myriad Genetics Provides Decent Q4 2021 Results; We Expect to Slightly Increase Our $21.50 FVE

No-moat Myriad Genetics saw a 24% increase in full-year revenue from the previous year, despite COVID-19-related setbacks, and we expect to slightly increase our fair value estimate, which is currently $21.50. Even so, at first glance shares still appear slightly overpriced. Revenue growth was driven by strong growth from one of Myriad’s top revenue drivers, GeneSight, year-over-year growth in Myriad’s prenatal business, and an increase in average selling price relative to the previous period. As a new commercial strategy was a main point of Myriad’s 2021 growth strategy, Myriad has successfully executed on this in terms of product launches, technology-enabled capabilities that have improved revenue cycles, and more customer centric tools. Hereditary cancer still lagged this past quarter as revenue decreased 9% compared with the previous period, partially due to a spike in COVID-19 cases that hampered voluntary cancer screenings.