Myriad Genetics Earnings: Solid 2023 Performance and Momentum Heading Into 2024; Raising Valuation

No-moat Myriad Genetics’ 2023 results landed slightly ahead of our expectations on robust volume growth across the portfolio. The firm announced guidance for 2024 that was slightly better than our previous assumptions. We've raised our fair value estimate to $21 per share, up from $18.50, after revising our forecasts to reflect growth over the near term from strong testing volumes and continuing market share gains. At current prices, shares look fairly valued.