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 (MYGN) announced the launch of UroSuite, a suite of genetic tests for prostate cancer care. This comprehensive solution offers multiple tests including Prolaris and MyRisk, allowing healthcare providers to personalize treatment effectively. The platform also features a Precise Treatment Registry, aiming to enhance the accessibility of genetic insights. Myriad is focused on addressing educational gaps in genetic testing adoption, providing clinicians with tools for streamlined reporting and patient management. The company aims to improve patient outcomes in precision medicine.
Myriad Genetics (NASDAQ: MYGN) announced a new study published in JCO Precision Oncology, which developed a breast cancer polygenic risk score (PRS) for women of all ancestries. This innovative PRS methodology enhances risk assessment accuracy using genetic ancestry markers, providing a tailored risk evaluation that incorporates both genetic and clinical variables. The MyRisk™ Hereditary Cancer Test has already integrated this advancement, improving access to genetic testing and aiming to reduce healthcare disparities for breast cancer risk.
Myriad Genetics has acquired Gateway Genomics for $67.5 million, enhancing its Women's Health portfolio. This acquisition incorporates the popular SneakPeek Early Gender DNA Test, which reveals a baby's gender as early as 6 weeks into pregnancy with 99% accuracy. The move aims to broaden access to personalized genetic tests, serving a market of approximately 3.6 million annual births in the U.S. SneakPeek is projected to grow at a rate above 20% in the next few years. The deal is expected to be neutral to Myriad's earnings in 2023 and accretive in 2024.
Myriad Genetics (MYGN) reported third-quarter 2022 revenue of $156.4 million, down 2% year-over-year, impacted by currency translations and a non-recurring milestone payment. Testing volumes, excluding divested businesses, rose 12% year-over-year, with significant growth in GeneSight tests (34%) and hereditary cancer testing (4%). The company announced the acquisition of Gateway Genomics for $67.5 million, expected to enhance future growth. Updated guidance reflects a revenue estimate of $668 - $672 million and a higher EPS loss forecast of $(1.35) - $(1.30).
Myriad Genetics (NASDAQ: MYGN) has elected Paul M. Bisaro to its Board of Directors, effective immediately. Bisaro brings extensive experience from his 27-year career in the pharmaceutical industry, including roles as executive chairman of Amneal Pharmaceuticals and CEO of Impax Laboratories. His expertise is seen as pivotal for shaping Myriad's future and enhancing shareholder value. Louise Phanstiel, Chair of the Board, emphasized the significance of Bisaro's appointment during this transformative period for the company.
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.
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