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 financial results for Q3 2020, revealing revenues of $145.2 million, a 56% sequential increase but a 22% decline year-over-year. Test volumes improved to 90% of pre-pandemic levels. GAAP operating income rose by $28.7 million sequentially, while GAAP EPS improved to ($0.20). The company identified over $40 million in annualized cost savings and announced a strategic review of its Myriad RBM and Dermatology units. Myriad continues to adapt to COVID-19 impacts, aiming for sustainable growth and operational excellence.
Myriad Genetics, Inc. (NASDAQ: MYGN) has announced its quarterly earnings conference call for the period ending September 30, 2020, scheduled for 5 p.m. EST on November 9, 2020. Key executives, including CEO Paul J. Diaz and CFO R. Bryan Riggsbee, will discuss the company's financial performance and business updates during the call. Investors can join via a dedicated conference line or through a live webcast available on Myriad's official website. This call will provide insights into the company's financial metrics and strategic direction.
Myriad Genetics (NASDAQ: MYGN) announced that its EndoPredict® breast cancer prognostic test has received a positive evaluation from Germany's Federal Joint Committee (G-BA). This approval allows EndoPredict to be available for all patients with statutory health insurance in Germany, aiding in personalized chemotherapy decisions for early-stage breast cancer patients. The test has been recommended globally by several medical guidelines and is already accessible in multiple European countries. Myriad aims to expand access to this critical test in the German healthcare system.
Myriad Genetics (NASDAQ: MYGN) has filed its fiscal year 2020 proxy statement, announcing significant changes to its board structure, executive compensation, and governance policies. By year-end, two-thirds of the board will consist of new members with expertise in healthcare and technology. New policies include shifting to majority voting for directors, implementing a retirement age for directors, and enhancing board diversity to 44%. Additionally, changes to executive compensation tie bonuses to financial performance and adjust the fiscal year end from June 30 to December 31 for better alignment with industry standards.
Myriad Genetics (NASDAQ: MYGN) expands its Board of Directors by electing Rashmi Kumar, effective immediately. Kumar, age 51, is the Senior Vice President and Global Chief Information Officer at Hewlett Packard Enterprise, with previous experience at McKesson Corporation as Chief Information Officer. Her expertise in IT transformation, AI, and data analytics is expected to enhance Myriad's capabilities in molecular diagnostics and precision medicine. The board now consists of 12 members, signifying an effort to bolster strategic insights and operational growth.
Myriad Genetics (NASDAQ: MYGN) announced that its myChoice® CDx test has been included in new ASCO guidelines for PARP inhibitors in advanced ovarian cancer treatment. The guidelines recommend myChoice CDx for women with specific BRCA mutations and genomic instability to guide therapy. ASCO's endorsement follows several studies aimed at improving outcomes for ovarian cancer patients. The American Cancer Society estimates 21,750 new ovarian cancer cases and 13,940 deaths in 2020, highlighting the test's potential impact on patient care.
Myriad Genetics, Inc. (NASDAQ: MYGN) has appointed Paul J. Diaz as President and CEO, effective August 13, 2020. Mr. Diaz, with over 30 years in healthcare leadership, aims to lead the company's growth and enhance patient care. His experience includes over a decade as CEO of Kindred Healthcare, where he expanded the business significantly. The Board expressed confidence in his vision and operational skills, emphasizing the importance of high-quality patient care and innovative services. This leadership change is expected to support Myriad's mission of transforming patients' lives through molecular diagnostics.
Myriad Genetics reported fiscal Q4 2020 revenues of $93.2 million, with diluted EPS of ($0.74) and adjusted EPS of ($0.31). Following significant declines in test volumes due to COVID-19, the company observed a recovery, with volumes at about 75% of pre-pandemic levels by late June. Despite this rebound, Myriad did not provide guidance for fiscal 2021 due to uncertainty related to the pandemic. Recent achievements include FDA approval for the myChoice CDx® test and the launch of a cognitive ChatBOT for patient assistance.
Myriad Genetics (NASDAQ: MYGN) revealed in a study published in Genetics in Medicine that traditional ethnicity-based screening protocols identify only 23% of carriers for genetic conditions. The study analyzed 93,419 individuals, highlighting a significant disconnect between self-reported ethnicity and true genetic ancestry. Researchers advocate for expanded carrier screening (ECS) for all individuals, regardless of ethnicity, to better identify at-risk couples. This shift is crucial as current guidelines may overlook many carriers, potentially impacting the health outcomes of future pregnancies.
Myriad Genetics (NASDAQ: MYGN) will hold its fiscal Q4 2020 sales and earnings conference call on August 13, 2020, at 4:30 p.m. EDT. Interim CEO R. Bryan Riggsbee and Senior VP Scott Gleason will discuss the company’s financial performance and provide a business update. Interested parties can join via phone at 1-800-381-7839 or international at +1-212-239-2905, referencing reservation number 21966478. A live webcast and slide presentation will also be available on their website. A replay will be accessible for seven days post-call.
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