Myriad Genetics, Inc.

Good day and thank you for standing by. Welcome to the Marriott Genetics First Quarter 2025 Financial Earnings Conference Call. At this time, all participants are in a listen-only mode. After the speaker's 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. You will then hear an automated message advising your hand is raised. To withdraw your question, please press star 1-1 again. Please be advised that today's conference is being recorded. I would now like to hand the conference over to your speaker today, Matt Scallo, Senior Vice President of Investor Relations. Please go ahead.

Good afternoon and welcome to the Myriad Genetics first quarter 2025 earnings call. During the call, we will review the financial results we released today and afterwards we will host a Q&A session. Our quarterly earnings release was issued this afternoon on form 8K and can be found on our website at investor.myriad.com. I'm Matt Scalo, Senior Vice President of Investor Relations. On the call with me today are Sam Raha, our President and Chief Executive Officer, Scott Loeffler, our Chief Financial Officer, and Mark Verratti, our Chief Operating Officer. This call can be heard live via webcast at investor.myriad.com and a recording will be archived in our 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 SEC, specifically the company's annual report on Form 10-K, its quarterly reports on Form 10-Q, and its current reports on Form 8-K. These documents identify important risk factors that could cause the actual results to differ materially from those contained in our projections or forward-looking statements. I will now turn the call over to Sam.

Thanks, Matt. Good afternoon, everyone, and thank you for joining us. While I'm pleased to lead my first earnings call as president and CEO, we had a challenging first quarter with a revenue of $196 million at the lower end of our first quarter target range, representing a decline of 3% year over year. Strength in our prenatal and oncology my risk tests were offset by softness and volume for gene site and unaffected hereditary cancer tests. If we exclude the UnitedHealthcare impacted gene site, the revenue associated with the endopredictive vestiture and the one-time benefit, the retroactive coverage by a large pair for one of our tests, the first quarter of 2024, total Q1 revenue grew 5% year over year. In the quarter, we saw strong performance for a number of our tests, including foresight and prequel, which had volume growth of 10% year-over-year and continued strong demand for our MyRisk tests for cancer patients, part of our oncology business, with test volume growth of 11% year-over-year ago, period. However, We had softness in gene site test volume, which grew 2% year-over-year, impacted by UnitedHealthcare policy change-related headcount reduction and marketing spend reallocation actions we took in the quarter. Test volume of MIRIS for screening of unaffected individuals, part of our women's health business, was flat year-over-year and reflects lower-than-expected ramp in testing volume from our breast cancer risk assessment program and from customer sites that have had EMR integrations. Mark will share more about these challenges in his section. While we are actively working on actions to increase volume for gene site and my risk for unaffected individuals, we are projecting softer than planned volume for both of these tests and consequently have updated our 2025 financial guidance. We've lowered our annual revenue by 35 million from the prior midpoint and reduced OpEx by 25 million from the prior midpoint. Scott will share more about our updated guidance in his section. We've started taking deliberate steps to reduce our overall projected spending while prioritizing investments and resources on driving 2025 revenue and high-value new product development, including precise MRD and AI-enabled Prolaris. Before I transition to Mark, I want to update you on the progress we're making on our new product pipeline. First, we're on track to launch first gene, our combined carrier screening and NIPS assay within the next couple of months. Next, the precise MRD, positive clinical data was presented at the AACR conference last week and additional clinical data will be presented at ASCO in June. We are making progress on our path to launch our first MRD test in the first half of 2026. Finally, we're on track to launch our first AI-enabled Polaris test to support clinical decisions at the time of biopsy in partnership with OMIC by the end of this year. With that, I'll now turn it over to our Chief Operating Officer, Mark Verratti. Mark.