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.
On January 11, 2022, Paul J. Diaz, President and CEO of Myriad Genetics (NASDAQ: MYGN), will present at the 40th Annual J.P. Morgan Health Care Conference. The presentation, set for 2:15 p.m. ET, will focus on the company’s strategic transformation and growth plans. Diaz will highlight the increasing importance of genetic insights in healthcare, discussing new products that enhance health equity and improve disease detection and treatment. A live audio webcast of the event will be available through Myriad's website and other platforms.
Myriad Genetics announced the retirement of Jerry Lanchbury, Ph.D., as Chief Scientific Officer after over 19 years. A national search for his permanent successor is underway, with Lanchbury providing consulting services until the end of Q1 2022. Dale Muzzey, Ph.D., is promoted to Senior Vice President for Research and Development and will serve as interim CSO. The company emphasizes its commitment to scientific innovation and commercial capabilities during this transition. Myriad Genetics continues to lead in genetic testing and precision medicine.
Myriad Genetics (NASDAQ: MYGN) has appointed Nicole Lambert as the new Chief Operating Officer. Lambert, with 20 years at Myriad, previously led the Oncology, Women’s Health, and International units. In her expanded role, she aims to enhance operational efficiencies and drive the company’s transformation and growth strategy. CEO Paul J. Diaz highlighted her leadership and experience in improving patient outcomes. Lambert is dedicated to operational excellence and accessibility in genetic testing. The company continues to focus on advancing health through genetic insights.
Myriad Genetics (NASDAQ: MYGN) announced two poster presentations at the 2021 San Antonio Breast Cancer Symposium (SABCS) underscoring genetic testing's role in breast cancer treatment and risk assessment. The studies focus on genomic instability scores for PARP inhibitor eligibility and enhancing polygenic risk scores to reduce ancestral bias. Key collaborations include Mayo Clinic and Johns Hopkins. These efforts aim to improve equitable care for women with breast cancer, showcasing Myriad's commitment to integrating scientific research into clinical practice.
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.
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