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 reported Q1 2021 revenues of $173.1 million, a 12% increase sequentially and 6% year-over-year. GAAP EPS was ($0.52), with adjusted EPS at ($0.06), improving by $0.06 sequentially. Test volumes grew 5% sequentially, reflecting seasonality. The company anticipates closing business unit divestitures for $375 million in gross proceeds. Noteworthy segments included Oncology, with a 39% revenue increase to $75.6 million, despite a decline in Women's Health revenue. Myriad will discuss its strategy at an Investor Day on May 4th.
Myriad Genetics (NASDAQ: MYGN) has finalized a $150 million cash deal to sell select assets and intellectual property, including the Vectra® test, to Labcorp. The transaction aims to enhance patient access to the Vectra test while allowing Myriad to focus on core areas like Women's Health, Oncology, and Mental Health. The Vectra test has been vital for over one million patients in assessing rheumatoid arthritis. Pending regulatory approval, the sale is expected to close by Q3 2021, with Guggenheim Securities as financial advisor.
Myriad Genetics announced its strategic updates during the 2021 Investor Day, focusing on expanding its reach in genetic testing and precision medicine. The company aims to increase growth while controlling expenses and enhancing operational excellence. This ongoing transformation includes new tech-enabled capabilities, better customer engagement, and plans for future growth. Myriad targets profitability by Q4 2021, emphasizing investments in product accessibility and leveraging genetic data for advancing healthcare services.
Myriad Genetics, Inc. (NASDAQ: MYGN) will release its financial results for the quarter ending March 31, 2021, on May 3, 2021, at 4:05 pm EDT. The company will not conduct a quarterly earnings call but will hold an Investor Day event on May 4, 2021, at 11:00 am EDT. This event will provide insights into the company's vision and future plans. Myriad is dedicated to advancing genetic testing and precision medicine to enhance patient care and reduce healthcare costs.
Myriad Genetics (NASDAQ: MYGN) has agreed to sell its myPath Melanoma laboratory to Castle Biosciences for $32.5 million. This strategic divestiture is aimed at enhancing shareholder value while allowing Myriad to concentrate on its core areas in Women's Health, Oncology, and Mental Health.
The myPath Melanoma test has served nearly 40,000 patients and is ordered by about 20% of dermatopathologists in the U.S. The deal is pending customary closing conditions and is expected to finalize in Myriad's fiscal second quarter.
Myriad Genetics (NASDAQ: MYGN) has formed a strategic collaboration with Intermountain Precision Genomics to enhance global precision oncology care. This venture integrates Myriad’s advanced genetic testing capabilities with Intermountain's laboratory services, launching a comprehensive offering of germline genetic testing and somatic tumor profiling expected to be available in late 2021. The collaboration includes Myriad's myRisk® and myChoice® CDx tests, supported by major insurance payers, aiming to provide complete genetic analysis for oncologists.
Myriad Genetics (MYGN) reported a 6% sequential revenue increase to $154.6 million for the quarter ending December 31, 2020, despite a 21% year-over-year decline. Test volumes rose 7% sequentially to 224,000, with adjusted EPS improving to ($0.12). The company signed an in-network agreement with Anthem Blue Cross Blue Shield, enhancing access for genetic tests. The business transformation plan includes focusing on women’s health, oncology, and mental health, while divesting less strategic units. Myriad did not provide financial guidance due to COVID-19 uncertainties.
Myriad Genetics (MYGN) announced new technology and healthcare leaders joining the company to drive transformation and growth. Key promotions include Kevin R. Haas as Chief Technology Officer and Faith Zaslavsky as President of Myriad Oncology. New executives include Maggie Ancona, David Hammer, Chris Williamson, Edward Gala, Karen Renner, Jackie Zou, and Justin Hunter. The company aims to enhance its operational excellence and strategic initiatives. Myriad was also recognized as a top workplace in the health industry, ranking first in cultural excellence and innovation.
Myriad Genetics (NASDAQ: MYGN) announced its upcoming quarterly earnings call for the period ending December 30, 2020, scheduled for 4:30 p.m. EST on February 23, 2021. The call will include insights from Paul J. Diaz, President and CEO, and R. Bryan Riggsbee, CFO, regarding the company's financial performance and business developments. Investors can participate via dial-in or live webcast. Following the call, an archived replay will be available for seven days.
Myriad Genetics has announced additional data from a study validating the effectiveness of its Prolaris test in determining treatment paths for men with prostate cancer. The study, presented at the ASCO-GU symposium, indicates Prolaris can identify patients who require intensive therapy versus those who can be monitored. With an estimated 248,530 prostate cancer cases expected in the U.S. this year, the test helps avoid overtreatment. Approximately 60% of men with prostate cancer have insurance coverage for Prolaris, reflecting the company's commitment to expanding access.
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