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) will hold its third-quarter earnings conference call on Nov. 1, 2022, at 4:30 p.m. ET. Earnings will be released prior to market opening that day. Key executives, including CEO Paul J. Diaz and CFO R. Bryan Riggsbee, will discuss business performance for the period ending Sept. 30, 2022. Domestic callers can reach the event at 1-800-954-0689, while international callers may dial 1-212-231-2937. A live webcast will be available at www.myriad.com. Myriad specializes in genetic tests to improve patient care and reduce healthcare costs.
Myriad Genetics (NASDAQ: MYGN) announced that the EndoPredict test has been clinically validated to identify premenopausal women with ER+, HER2- breast cancer who can safely avoid adjuvant chemotherapy. Published in Clinical Cancer Research, the study involved 385 tumor samples and showed that 97% of low-risk patients achieved distant recurrence-free survival (DRFS) compared to 76% in high-risk patients. Additionally, 19% of node-positive women with low-risk scores achieved 100% DRFS, affirming the test's efficacy in personalizing treatment plans.
Myriad Genetics announced that Japan’s Ministry of Health, Labour and Welfare has expanded coverage for its BRACAnalysis Diagnostic System to identify patients with germline BRCA-mutated and HER2-negative high-risk recurrent breast cancer. This coverage enables more patients in Japan to access BRCA1/2 testing, enhancing treatment decisions. The BRACAnalysis test is instrumental in guiding treatment options based on Phase III trial data demonstrating significant improvements in invasive disease-free survival for patients using Lynparza.
Myriad Genetics (NASDAQ: MYGN) announced partnerships with Institut für Hämopathologie Hamburg (HPH) and Centre Georges-Francois LeClerc (CGFL) to expand access to MyChoice® CDx Plus testing in Germany and France. This CE-IVD-marked diagnostic test identifies Homologous Recombination Deficiency (HRD) in ovarian cancer patients, aiding in the selection of PARP inhibitor therapy. Myriad aims to enhance patient access to genetic testing and plans further international laboratory collaborations.
Myriad Genetics reported second-quarter 2022 revenue of $179.3 million, a 7% increase year-over-year, with adjusted earnings per share (EPS) of $0.04. Excluding divested businesses, revenue grew 9% sequentially. The company updated its fiscal year 2022 guidance, anticipating revenue of $670-$700 million and an adjusted EPS loss of $(1.10) - $(1.00). Despite challenges including inflation, significant growth in the Mental Health sector was noted, with GeneSight test volumes up 39% year-over-year. Ended the quarter with $283.6 million in cash.
Myriad Genetics (NASDAQ: MYGN) is set to release its Q2 earnings on August 4, 2022, prior to market opening, followed by a conference call at 4:30 PM EDT. Key executives, including CEO Paul J. Diaz, will discuss the company's financial performance and updates for the period ending June 30, 2022. Additionally, an Investor Day is scheduled for August 11, 2022, focusing on strategic growth opportunities and the R&D pipeline.
Myriad is recognized for its contributions to genetic testing and precision medicine, and was named among Fast Company’s World’s Most Innovative Companies for 2022.
Myriad Genetics (NASDAQ: MYGN) will host an Investor Day on August 11, 2022, to outline its growth strategies, R&D pipeline, and technology initiatives. The event, led by CEO Paul J. Diaz and the executive team, aims to enhance access to genetic testing while improving its affordability and reducing complexity. Presentations will highlight new products and partnerships across Women’s Health, Oncology, and Mental Health. A webcast will be available for those unable to attend in person. Myriad's commitment to innovation has earned it recognition as one of the World’s Most Innovative Companies for 2022.
Myriad Genetics (NASDAQ: MYGN) released its inaugural ESG report, focusing on enhancing health equity, social justice, and sustainability. In 2021, the company provided over $49 million in financial assistance to more than 86,000 patients lacking insurance. Myriad introduced the MyRisk™ Hereditary Cancer Test with RiskScore® to improve personalized breast cancer risk assessment. The company also emphasizes diversity and sustainability, highlighting that women represent 61% of its workforce. Significant recycling efforts and environmentally-friendly initiatives are underway at Myriad's facilities.
Myriad Genetics (MYGN) announced a strategic partnership with Epic, allowing healthcare providers to order genetic tests for over 250 million patients within Epic's network. This integration will streamline the workflow for healthcare providers, enabling them to order and review Myriad test results directly through Epic's platform. The collaboration aims to enhance patient care and facilitate access to genetic insights, improving health outcomes. The integration is expected to go live later this year, and is part of Myriad's growth strategy to enhance tech-enabled customer capabilities.
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