Myriad Genetics Inc - MYGN STOCK NEWS

Myriad Genetics reported financial results for Q3 2021, with total revenue of $167.3 million, a 15% increase year-over-year. Excluding divested businesses, revenue grew by 27%. Diluted GAAP earnings per share (EPS) were $0.30, while adjusted EPS was $(0.02). Diagnostic test volumes rose to 252,000, a 15% year-over-year growth, driven by increases in prenatal and pharmacogenomics tests. Challenges included flat hereditary cancer volumes and sequential declines in some areas. The company ended the quarter with $413.6 million in cash and noted ongoing strategic transformations.

Myriad Genetics, Inc. (NASDAQ: MYGN) will hold its quarterly earnings conference call on November 2, 2021, at 4:30 p.m. EDT, discussing results for the quarter ending September 30, 2021. A financial overview will be presented by Paul J. Diaz, president and CEO, alongside R. Bryan Riggsbee, CFO. Earnings will be released prior to the market opening. Callers can join via a specific dial-in number, and a replay will be available afterward. The live webcast will be accessible on Myriad’s website.

Myriad Genetics announced the appointment of Pamela Wong as the new Chief Legal Officer, effective October 18, 2021. Wong, bringing over 20 years of experience in healthcare and legal sectors, will oversee legal functions including intellectual property, litigation, and regulatory compliance. Her previous roles include serving as Assistant General Counsel at Quest Diagnostics and an intellectual property partner at Baker-McKenzie. CEO Paul J. Diaz praised her expertise, stating she will significantly contribute to the company’s legal strategy and growth initiatives.

Myriad Genetics (NASDAQ: MYGN) has finalized the sale of select operating assets and intellectual property, including the Vectra® test from its autoimmune unit, to Labcorp (NYSE: LH) for $150 million in cash. This transaction emphasizes Myriad's focus on enhancing its genetic testing and precision medicine capabilities while allowing Labcorp to expand its offerings in the life sciences sector. The deal aims to advance health insights and improve patient care.

Illumina has partnered with Merck to develop tests identifying genetic mutations for assessing homologous recombination deficiency (HRD), enhancing patient access to targeted PARP inhibitor treatments. This collaboration expands upon prior work with Myriad Genetics to offer a new HRD companion diagnostic test for ovarian cancer patients in the EU and UK. Illumina will also create a research-use only HRD assay for global distribution. This initiative reflects Illumina's commitment to advancing precision medicine and improving patient outcomes through innovative genomic profiling.

Myriad Genetics (MYGN) reported Q2 2021 financial results, achieving total revenue of $189.4 million, a 103% increase year-over-year, and a 9% sequential rise. Adjusted earnings per share (EPS) reached $0.12, improving $0.18 sequentially. While gross margins improved to 72.1%, the company experienced a GAAP operating loss of $(20.8) million. Myriad's Women's Health segment reported revenue of $67.3 million, up 123% year-over-year. The firm continues to focus on strategic divestitures and enhancements in its core businesses to support future growth.

Myriad Genetics has launched an enhanced version of its MyRisk^® Hereditary Cancer Test, offering a comprehensive breast cancer risk assessment for women across all ancestries. This new MyRisk with RiskScore tool combines genetic markers and personal factors to provide tailored risk evaluations. The updated test aims to address healthcare disparities by enabling approximately 56% of tested women to qualify for increased medical management. Myriad utilized data from over 275,000 women to validate this polygenic risk assessment model, enhancing patient outcomes and promoting equitable healthcare access.

Myriad Genetics, Inc. (NASDAQ: MYGN) has announced its quarterly earnings conference call for the second quarter ended June 30, 2021. The call is scheduled for August 3, 2021, at 4:30 p.m. EDT, with earnings released prior to market opening on the same day. Key executives, Paul J. Diaz and R. Bryan Riggsbee, will discuss the company's performance. Interested parties can join via dial-in or webcast. Myriad Genetics specializes in genetic testing and precision medicine, aimed at improving patient care and reducing healthcare costs.

Myriad Genetics (NASDAQ: MYGN) announced findings from the GeneSight® Mental Health Monitor, revealing a significant disconnect in Americans' understanding of depression. While nearly 50% of adults are confident in recognizing depression symptoms, only 14% could identify all symptoms when prompted. The survey showed that around 15% of individuals with depression also struggle to understand their own condition. The results emphasize the need for increased awareness and education about depression, its symptoms, and the importance of seeking professional help.