Myriad Genetics, Inc.

was evident as we served more patients and added more customers than ever before. Next slide, please. Our overarching goals are to continue to develop best-in-class molecular diagnostic tests to better detect disease, support treatment decisions, and improve clinical outcomes. Second, to improve the clinical utility and ease of use for our patients and provider partners, and make our genetic tests more accessible and affordable by leveraging technology and scale in our lab and commercial operations. On slide five, you'll see that we are not alone in our endeavor to become part of a more patient-centric and integrated healthcare system, as our industry partners help us create better products and data solutions that allow us to address friction points and expand adoption and access for our genetic tests. Over the next few years, we expect to build on these technology and healthcare system partnerships to drive continued innovation and growth. Turning now to the quarter and full year results released today on the next slide. We are pleased that we continue to deliver on our commitment to shareholders to achieve double digit profitable growth as total revenue increased more than 11% in 2023 compared to last year. And we achieved positive adjusted EPS as well as positive adjusted operating cash flow in the fourth quarter. With this strong performance and market share gains in mind, we are raising our full year 2024 revenue guidance and introducing positive adjusted EPS guidance. In November of 2023, we raised $118 million from our successful equity offer, which puts our balance sheet in a strong position to enter 2024 with cash, cash equivalents, and marketable securities of $141 million and no legal overhangs on the business. Next slide, please. As we look towards 2024 and beyond, we see adoption and use cases for genomic testing and precision medicine growing, providing strong tailwinds for organic, profitable growth across our core products with an increasing ability to sell across the sales channels that we have deep commercial roots in. At the same time, we would remind investors that not only is it early days for precision medicine, but it is highly fragmented with less than 20% share concentrated among the top players, providing us with significant opportunity for market share gains. We are excited to expand the breadth of our oncology testing options this month with the acquisition of Intermountain Precision Genomics. Bringing precise tumor and precise liquid in-house allows us to capture 100% of the economics that we expect from these products and aligns these with our strategic priority of unifying our oncology offerings under our Precise Oncology Solutions platform. We plan to launch Precise Liquid from our Campus West facility in Q3 of this year with the rest of the acquired IPG lab operations, including Precise Tumor moving by year end. We are excited to welcome the IPG employees to the Myriad team. Over the course of 2023, we continue to lay the foundation in our lab operations and back office to support accelerated profitable growth at scale in 2024 and beyond. In 2023, we hit our full year revenue and fourth quarter adjusted profitability targets, and we did so in a year that saw higher than average ASP compression above our pre-stated 3 to 5% range. Due to payer issues and transitioning to GeneSight's new PLA code, at the start of 23, as well as the transition of multiple Blue's health plans to new claims administrative processes that had a negative impact on our collections in ASP in the first half of 2023. Having addressed these issues, we expect improvement in our ASP at or below our pre-stated 3% compression target in 2024. Looking forward, we see the investments that we have made in R&D over the past three years starting to bear fruit with an emerging body of clinical evidence that we believe will support guideline expansion, clinical utility, and adoption, and improve reimbursement over the next few years. This morning, we were excited to announce the research collaboration with the National Cancer Center Hospital East in Japan to use our highly sensitive, precise MRD tests for patients diagnosed with a wide array of solid tumor and hematological cancers. We align with Dr. Oshino, Deputy Director of Hospital East, when he says, This study has the potential to revolutionize the scope of WGS-based MRD projects. With a strong 2023 behind us, we look forward to continued growth into 2025 as we launch Foresight Universal Plus, expanded carrier screen, first gene multiple prenatal screen, precise liquid comprehensive genomic panel, and precise MRD for research use with our pharma partners. And I'll turn it over to Mark.

Thanks, Paul. I'll start on slide 12. We remain focused on women's health, oncology, and pharmacogenomics. On the call, I will share a snapshot of our 2023 performance by business unit, as well as an update on our commercial transformation and product development efforts. On slide 13, we saw strong double-digit growth across all of our core products in 2023. As the commercial leader of Myriad, I want to sincerely thank our commercial teams for their part in delivering this level of company growth and success. In the slides to come, I will share how we will plan to continue this momentum in 2024. Now, on slide 14, I want to provide an update on the commercial transformation that has driven our success in 2023. By creating enterprise-wide efficiencies across the company, we have optimized our enterprise and business unit capabilities using data and insights to deliver consistent performance We've also enhanced our customer targeting, digital marketing, and overall operating model to drive commercial leverage in 2024 and beyond. Next slide. Continued commercial execution led to record-breaking volume growth for our pharmacogenomics business in 2023, as we added approximately 16,000 new providers ordering GeneSight for the first time over the course of the year. In the fourth quarter, GeneSight volumes grew 21% year over year, while revenues grew 11% over the same period. We continue to build on GeneSight's strong foundation of clinical data, including a collaboration with Optum to create a multi-phase study design better to understand GeneSight's ability to improve clinical outcomes and reduce overall healthcare costs. We look forward to the updates on the Optum study sometime in the second half of this year. The momentum that our women's health team carried through 2023 is demonstrated by their strong results. In the fourth quarter, women's health grew hereditary cancer testing volumes 10% year over year, and after excluding sneak peak, prenatal volumes grew 17% over the same period. Finally, we eagerly await the upcoming ACOG guidelines to include expanded carrier screening and look forward to rolling out Foresight Universal Plus in response. Myriad's oncology team ended 2023 on a strong note, as they increased hereditary cancer testing volumes by 7% in the fourth quarter compared to last year. We continue to add depth to our oncology offering with the addition of Precise Liquid to our testing menu. We've also expanded the urology portfolio with Myriad's UroSuite, a combination of Prolaris, MyRisk, and Precise Tumor that provides enhanced diagnostic information for prostate cancer patients. Polaris revenues increased 14% in the fourth quarter and 21% in 2023 compared to the year prior. Next slide. As Paul spoke earlier to the breadth of our testing menu, which is something that we're always investing in, and it's important to note that we are investing in depth, not just chasing our newer products. We develop our tests to compete and win across our different channels while investing in IT, infrastructure, clinical data, and everything else that enhances the clinical utility and use of our tests. Finally, I want to give a brief look at how we see the future of our tests coming together. Our product development is focused on new and innovative products that meet the ongoing needs of our patients and providers. In 2024, we expect to launch Foresight Universal Plus, first team, precise liquid, and precise MRD for research use to address these needs. I want to conclude with how extremely proud we are of every team across the enterprise. as they continue to rise to the challenge of reaching more patients, exceeding our goals, and remaining patient and provider focused. Now, I will turn the call over to our new Chief Operating Officer, Sam Raha.

Thank you, Mark. I'm excited to be here today for my first earnings call since joining Myriad in December. I believe this company's mission to advance health and well-being for all, and I'm energized with the significant opportunity we have to shape the molecular diagnostics market and positively impact patient lives. Moving to slide 21, let me start with our enterprise-level strategic measures tied to driving near and long-term profitable growth. We actively measure and track key performance indicators for five important categories, people, quality, growth, productivity, and finance, doing so on a quarterly and annual basis. Our analytical capabilities are improving as we continue to mature into a high-performing business. We are increasing our focus on customer-centric initiatives and expanding how we track productivity gains in our commercial, lab operations, and technology functions. Turning now to the next slide, let me touch on select operational highlights from 2023. We are proud to have a high level of organizational engagement across the company. we have been designated a great place to work, with 86% of our team indicating their strong endorsement of Myriad. We also significantly improved our employee turnover in 2023 at just 9%. Healthcare providers are among our most important constituents, and their satisfaction led to a net promoter score of 70 for 2023, a figure that has improved over the past few years as a testament to the focus and ongoing investments we have made in the patient and provider experience. We continue to see rapid test turnaround times in our labs while reducing operating costs and actively identifying opportunities to improve and differentiate ourselves. Notably, with credit to Mark and his team, we increased sales productivity by 12% in 2023 compared to last year and saw an increase of $45 million of revenue in excess of expectations 2021 through 23 delivered by our revenue cycle team. Moving to the next slide. One of my highest priorities is to ensure that Myriad continues to improve the patient provider experience. Industry surveys and focus groups tell us that the healthcare provider's decision to work with a diagnostic testing lab are based on five requirements. First, tests need to be backed by strong clinical validity and utility. Providers want a comprehensive product offering and menu, which we see as an opportunity to differentiate ourselves from our competitors. Third, they require fast turnaround time. And fourth, ease of use in ordering a test and the results that are readily interpretable. Finally, providers want testing options that are affordable to their patients. We are taking a structured approach to address these requirements, coordinating across the company to ensure that we are all working towards the same goal. While ensuring that individual patient identity is never revealed, we believe in freely sharing our data to the broader scientific and medical community for the betterment of healthcare rather than looking to monetize such patient-related information. On that note, we recently launched the Myriad Collaborative Research Registry that includes data across germline and tumor testing results from Myriad Genetics Precision Oncology Solutions products on more than 1 million patients. Moving now to slide 24. Digital technologies are foundational to improving the customer experience, and we have invested significantly to deliver value to patient providers in real-world clinical settings to enable better treatment decision for patients. This slide illustrates technology-enabled projects that are actively being implemented at Myriad. Again, our focus is to invest in projects that make it easier to do business with us. from learning about our products to ordering tests and receiving easy-to-understand results supported by ongoing investments in EMR integration, enhanced patient provider portals, and our unified order management system. Finally, let me update you on our roadmap of enterprise-wide infrastructure and capability programs we have been focused on. We made significant progress in 2023 including the completion of our new facilities in South San Francisco and Salt Lake City. Earlier this month, we hosted investors for a tour at our new Salt Lake City facility and hope to see more investors who want to visit us. We also completed the transition of our prenatal products to the NovaSeq 6000 sequencing platform in 2023. Our 2024 focus includes moving over the recently acquired precise tumor, precise liquid tests, as well as our precise MRD assay to our Salt Lake City West facility, and also building on our EMR integrations from the 1,200 locations that we successfully added in 2023, more than an additional 1,900 locations expected in 2024. All of these programs require significant investment, and we are confident that we will see a positive return in the form of improved test turnaround times, lowered operating costs, and improved customer experience. which will continue to differentiate us from our competitors. And now, let me turn it over to our newest executive, Scott Leffler, our Chief Financial Officer.