Welcome to our dedicated page for Myriad Genetics news (Ticker: MYGN), a resource for investors and traders seeking the latest updates and insights on Myriad Genetics stock.
Myriad Genetics Inc. (NASDAQ: MYGN) is a pioneering company in the field of personalized medicine, dedicated to transforming patient lives worldwide with advanced molecular diagnostics. With a mission to be a trusted advisor in health, Myriad Genetics excels in discovering and commercializing diagnostic tests that:
- Determine the risk of developing various diseases
- Accurately diagnose existing conditions
- Assess the risk of disease progression
- Guide treatment decisions across six major medical specialties
Among its notable products are:
- MyRisk: A 48-gene panel capable of identifying elevated risks for 11 types of cancer.
- BRACAnalysis CDx: FDA-approved companion diagnostic for PARP inhibitors.
- GeneSight: Helps optimize psychotropic drug responses for patients with depression.
- Prequel: A noninvasive prenatal test.
Myriad Genetics is also renowned for Precise Oncology Solutions, launched in 2022, which integrates Precise Tumor with companion diagnostic and prognostic tests such as MyChoice CDx, Prolaris, and EndoPredict.
The company focuses on three strategic imperatives:
- Leadership in hereditary cancer market
- Diversification of product portfolio through new introductions
- International market expansion
Recent achievements include restructuring European operations to better align resources domestically while partnering internationally. This strategy includes agreements with Eurobio Scientific for the sale and licensing of EndoPredict and Prolaris outside the U.S.
Financially, Myriad Genetics reported a strong first quarter in 2024, with double-digit revenue growth, significant reduction in net loss, and positive adjusted EBITDA. The company attributes its success to gains in its hereditary cancer and prenatal testing markets, expanded coverage, and improvements in revenue cycle management.
Key recent developments and upcoming events include:
- Participation in four upcoming healthcare investor conferences
- Sharing data from seven studies at the 2024 ASCO Annual Meeting
- Introduction of the Universal Plus Panel to its Foresight® Carrier Screen
To stay informed about Myriad Genetics’ continuous advancements and contributions to healthcare, visit www.myriad.com.
Myriad Genetics (NASDAQ: MYGN) achieved significant recognition as their MyRisk® Hereditary Cancer Test with RiskScore® study was named among the top 10 advances in genomic medicine by the American Journal of Human Genetics. The study, selected by the National Human Genome Research Institute's Genomic Medicine Working Group, validated RiskScore's effectiveness using data from over 130,000 women.
The research demonstrated that RiskScore, which combines a polygenic risk score (PRS) for all ancestries with the Tyrer-Cuzick model, is twice as accurate in predicting breast cancer risk compared to the Tyrer-Cuzick model alone. Notably, Myriad was among the first commercial laboratories to introduce a multi-ancestry breast-cancer PRS, advancing health equity through more inclusive genetic insights.
Myriad Genetics provided an update regarding its discussions with UnitedHealthcare (UNH) following UNH's November 1 policy update that restricts access to multi-gene panel pharmacogenetic tests, including Myriad's GeneSight test, effective January 1, 2025. The company has been engaging in dialogue with UNH, presenting additional clinical data supporting GeneSight's clinical validity and utility, particularly for primary care settings where most antidepressants are prescribed.
Myriad has requested continued access to the test for UHC enrollees in 2025. While aiming for a year-end resolution, discussions may extend into early 2025. The company maintains its previously announced 2024 financial impact estimates related to UNH's policy change.
Myriad Genetics (NASDAQ: MYGN) has expanded its Board of Directors from eight to nine members with the election of Mark S. Davis, effective immediately. Davis will also serve on the Board's Audit and Finance Committee. Currently Senior Relationship and Growth Advisor at Cross Country Consulting, Davis previously held senior positions at Deloitte & Touche LLP from 1985 to September 2024, including Audit Partner and National Managing Partner roles.
Davis also serves on the board of Yext, Inc., the advisory board of NYU-Winthrop Hospital, and the Board of Trustees at Adelphi University. He holds a B.B.A. from Adelphi University and is a certified public accountant.
Myriad Genetics receives validation from updated NCCN Prostate Cancer Guidelines for its comprehensive portfolio of cancer testing solutions. The guidelines highlight the importance of MyRisk Hereditary Cancer Test, Prolaris Prostate Cancer Test, and Precise Tumor Molecular Profile Test across different stages of prostate cancer management.
The NCCN updates recommend multigene germline testing for patients with metastatic, regional, very-high-risk localized, or high-risk localized prostate cancer. MyRisk evaluates 48 genes for hereditary cancer risk, while Prolaris quantifies cancer aggressiveness and treatment benefits. Precise Tumor offers multigene profiling for targeted therapies and immunotherapy decisions.
Myriad Genetics (NASDAQ: MYGN) announced new data presentations at the 2024 San Antonio Breast Cancer Symposium (SABCS). The presentations include validation data for their high-definition tumor-informed MRD assay for breast cancer and the MyRisk® with RiskScore® Breast Cancer Risk Assessment Tool.
Key presentations include a spotlight session on a polygenic breast cancer risk assessment tool, data on polygenic-based breast cancer risk prediction's impact on patient management, and analytical validation of their MRD assay. Dr. Holly Pederson will present findings on polygenic risk scores in Hispanic women.
The company will showcase several products at booth #1327, including the MyRisk® Hereditary Cancer Test, Precise Tumor® Molecular Profile Test, MyChoice® CDx, and EndoPredict® Breast Cancer Prognostic Test.
Myriad Genetics announced that its Prolaris prostate cancer prognostic test maintains its status as an 'Advanced Tool' in the National Comprehensive Cancer Network (NCCN) guidelines for the 10th consecutive year. The test continues to be included with a category 2A level of evidence, indicating support from at least 85% of NCCN prostate panel members.
Prolaris is uniquely positioned as the only test developed in untreated patients and the only one with two clinically validated thresholds: an active surveillance threshold and a multimodal threshold. The company has published over 25 studies supporting Prolaris' value in clinical decision-making. Recent studies have validated the test's ability to predict early metastasis and treatment timing, as well as its accuracy in predicting benefits of combining androgen deprivation therapy with radiation therapy.
Myriad Genetics (NASDAQ: MYGN) announced an expanded agreement with Illumina to incorporate its Genomic Instability Score (GIS) for Homologous Recombination Deficiency (HRD) into Illumina's updated TruSight™ Oncology 500 v2 assay. Previously available only as a separate product, GIS will now be reported for all samples analyzed with TSO 500 v2, enabling comprehensive genomic profiling across multiple cancer types. This integration aims to broaden clinical research opportunities and potentially drive companion diagnostic development for HRD-based therapies beyond ovarian cancer.
Myriad Genetics (NASDAQ: MYGN) announced that its Prequel® Prenatal Screen is now available at eight weeks into pregnancy, making it the first and only prenatal cell-free DNA screen available this early in gestational age. This advancement is enabled by their AMPLIFY™ technology. The earlier screening allows patients to complete baseline lab work during their initial prenatal care visit, eliminating the need for additional appointments. The enhanced timing provides expectant parents with earlier genetic information to make informed decisions about diagnostic testing, specialized care, delivery planning, and genetic counseling consultations. The technology's ability to boost fetal DNA signals enables higher confidence in results for all patients, including those with high BMIs.
Myriad Genetics has expanded retail access to SneakPeek, the first at-home early fetal sex DNA test, making it available in over 8,800 retail locations nationwide, including Walmart, Walgreens, and CVS stores. The test, which offers over 99% accuracy as early as six weeks into pregnancy, uses a patented SneakPeek Snap device for blood sample collection. According to a 2024 consumer survey, 82% of expectant parents want to know their baby's sex before delivery, with a majority preferring in-store purchases over online ordering. The retail launch precedes a 2025 product rebrand featuring new packaging and website design focused on gender discovery as a key moment of parental bonding.
Myriad Genetics (MYGN) reported Q3 2024 revenue growth of 11% year-over-year to $213 million, driven by Pharmacogenomics (34%) and Prenatal (10%) segments. GAAP net loss improved to $22.1 million from $61.3 million in Q3 2023, with adjusted EBITDA increasing to $14.1 million from $1.4 million. The company updated its 2024 guidance, projecting revenue of $837-843 million and adjusted EPS of $0.12-$0.14. However, UnitedHealthcare announced plans to discontinue coverage of GeneSight testing effective January 2025, impacting approximately $40 million in trailing twelve-month revenue.
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