Myriad Genetics, Inc.

Thank you for standing by and welcome to Myriad Genetics first quarter 2024 earnings conference call. At this time, all participants are in a listen-only mode. After the speaker presentation, there will be a question and answer session. To ask a question during the session, you will need to press star 1-1 on your telephone. To remove yourself from the queue, you may press star 1-1 again. I would now like to hand the call over to Matt Scala. Please go ahead.

Thanks, Lateef, and good afternoon, and welcome to the Marriott Genetics first quarter 2024 earnings call. During the call, we will review the financial results we released today, and afterwards, we will host a question and answer session. Our quarterly earnings release was issued this afternoon on Form 8K, and can be found on our website at investor.marriott.com. I'm Matt Skow, Senior Vice President of Investor Relations, and on the call with me today are Paul Diaz, President and Chief Executive Officer, Scott Leffler, our Chief Financial Officer, Sam Raha, our Chief Operating Officer, and Mark Verratti, our Chief Commercial Officer. This call can be heard live via webcast at investor.murray.com, and a recording will be archived in the investor section of our website along with this slide presentation. Please note that some of the information presented today contains projections or other forward-looking statements regarding future events or the future financial performance of the company. These statements are based on management's current expectations, and the actual events or results may differ materially and adversely from these expectations for a variety of reasons. We refer you to the documents the company files from time to time with the Securities and Exchange Commission, specifically the company's annual report on Form 10-K, its quarterly reports on Form 10-Q, and its current reports on Form 8K. These documents identify important risk factors that could cause the actual results to differ materially from those contained in our projections for forward-looking statements. I will now turn the call over to Paul.

Thanks, Matt. Good afternoon, everyone, and thank you for joining us. On today's call, we'll discuss highlights of our strong first quarter performance, provide an update on the progress to continue to make accelerating profitable revenue growth, First, I want to thank my period teammates and our provider partners, their continued support and commitment to advancing our mission and vision to make genetic testing and precision medicine more accessible and helping people take more control of their health. We now turn to slide four to talk about our highlights of the quarter. We continue to deliver on our commitment to shareholders as we achieve double-digit revenue growth in the first quarter compared to last year. plucking both volume growth and ASP improvements across the portfolio. Our focus on profitable growth continues into 2024 as we reported positive adjusted EBITDA and we're close to break-even on an adjusted EPS basis in the first quarter. We're excited about the ongoing execution of our near-term strategic priorities that are driving growth and efficiency across the enterprise. We are seeing early wins in both oncology and women's health, related to recent market dislocation as we continue to reinforce our oncology offering with precise tumor and soon liquid currently being integrated into our new labs. This morning we announced a reorganization of our international operations that I will provide more detail on as well as progress standing up our new labs in the future. We continue to accelerate investments in clinical validation studies and EMR integrations, a large part of our transformation journey has been addressing our clinical validation data deficit. In 2024, we will see MIRI go to ASTHO and stay in touch with more publications, abstracts, and posters than we've seen in a long time. Mark and Sam will speak towards these and other strategic priorities on the call, as well as important updates on upcoming product launches and data releases. Next slide, please. Our strategic areas of focus are directly aligned with our customer expectations and the pillars we believe will drive long-term growth, innovation, and profitability for shareholders. Every provider survey we do, and every customer interaction I have, always point back to five things that providers, patients expect from us. Our customers want tests that have strong clinical utility and validity, as well as a lab partner with the most comprehensive testing menu that meets their needs. Our customers care about fast turnaround time and tests that do not place unnecessary burdens on their staff. They also want tests that are affordable for their patients. Our four strategic pillars address these customer needs, which I will discuss on the next slide. Top-tier science and innovation are at the foundation of VeriGenetics. We deliver products that are clinically validated and used in real-world clinical settings. We've invested heavily in technology-enabled lab operations, automated, scalable, and cost-effective labs that are compliant with FDA quality management system requirements. Our team has continued to make it easier to do business with Myriad of testing new best forms through results delivery. Supported by our ongoing investment in EMR integrations, our new universal order management activities, and our patient provider portals. Finding these pillars with expertise ourselves in a position to serve our customers at scale and process. Next slide, please. Today, we announced a reorganization of our European operations, better align company resources to our domestic opportunities while continuing to serve key biopharmacist partners and patients outside the United States. As part of the reorganization, we are signing an interview agreement to sell our endopridic business to your bioscientists. We will license the right to continue to produce and sell endoprotein as an LDT in the United States as part of precise oncology solutions. We will also license your right to sell Polaris to future diagnostic kits outside the U.S. The strategic rationale for this move is part of our continued effort to accelerate profitable growth while supporting our biopharma partners more efficiently. This will also allow us to better position Miri to grow its other global business more effectively through strategic partnerships, including licensing and distribution. I would also call out that this does not affect Japan, which has been and remains an important market for energy. The transaction is expected to close in the second or third quarter of this year. Last quarter, we announced the acquisition of Precise Tumor and Liquid from Intermountain Precision Genomics. SAM will provide an update on the making steady progress. Together, these transactions represent very capital-efficient ways to optimize and enhance our oncology portfolio. These transactions are expected to be accretive to earnings and cash flow in 2025. I will close with comments on the FDA's final rule regarding regulation of lab-developed tests. While we share many of the concerns raised by the industry regarding the use of the medical device framework for this industry oversight, We do view the final rule as generally positive for Miriam, as all of our clinical tests in CAPA, CLIA, and New York State requirements. We have a strong quality assurance of regulatory fairness team, as well as a long history of compliance with FDA quality standards. We plan to be proactive in working with FDA to ensure that our products continue to meet the new regulatory requirements. Sam will cover this in more detail later on the call. Now I will turn it over to Paul.