Myriad's 2022 Guidance Unchanged; Keeping Our Fair Value Estimate at $21.50

In its second quarter, no-moat Myriad Genetics saw a 7% increase in revenue year over year (excluding revenue from divested businesses) despite macroeconomic headwinds like wage and supply chain inflationary pressures. We are maintaining our $21.50 fair value estimate, which is slightly under recent prices. Although the average selling price decreased 2% from last year, diagnostic test volume was 9% year over year. Significant revenue growth occurred in the prenatal, tumor profiling, and pharmacogenomics business, making up for lackluster results in hereditary cancer testing.