Myriad Genetics Stock Price, News & Analysis

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.

Myriad Genetics (MYGN) announced support for a new ACMG recommendation advocating genetic carrier screening for all individuals considering pregnancy, regardless of ethnicity. This shift broadens the scope to over 110 genetic disorders, moving beyond the previously limited focus. ACMG's recommendations also call for insurance coverage, enhancing access to testing. Myriad's research, published in JAMA, highlights the limitations of ethnicity-based screening, showing low detection rates for certain groups. Their Foresight Carrier Screen tests for over 175 conditions, reinforcing their leadership in genetic testing.

Myriad Genetics (NASDAQ: MYGN) has finalized the sale of its subsidiary Myriad RBM to Q2 Solutions, a global clinical trial laboratory services organization. This transaction enhances Q2 Solutions' capabilities by integrating Myriad RBM's laboratory services for clinical research in the pharmaceutical sector. Myriad Genetics focuses on delivering genetic testing and precision medicine to improve patient care and reduce healthcare costs.

Myriad Genetics has appointed Dr. Thomas P. Slavin Jr. as its new chief medical officer, bringing extensive expertise in genetic testing and precision medicine. Previously serving as senior vice president of Medical Affairs for Oncology, Dr. Slavin will enhance the company’s genetic test portfolio across oncology, women’s health, and mental health. His experience includes leadership roles in significant healthcare institutions and contributions to national cancer guideline committees. With a focus on making genetic testing more accessible, he aims to build on Myriad's foundation of best-in-class science.

Myriad Genetics (NASDAQ: MYGN) will present its transformation plan and growth strategies at the Goldman Sachs 2021 Virtual Global Healthcare Conference on June 10, 2021, at 8:50 a.m. EST. CEO Paul J. Diaz and CFO Bryan Riggsbee will engage in a fireside chat, which will be available via live audio webcast on the Myriad website. Myriad Genetics specializes in genetic testing and precision medicine, aiming to enhance health through vital genetic insights that support disease prevention, diagnosis, and treatment across various medical fields.

Myriad Genetics, Inc. (NASDAQ: MYGN) announced the completion of the sale of its wholly-owned subsidiary, Myriad myPath, LLC, to Castle Biosciences, Inc. for $32.5 million in cash. This subsidiary includes the laboratory that provides the myPath Melanoma test. The transaction is positioned as a strategic move in Myriad's commitment to advancing genetic testing and precision medicine, enabling healthcare providers to improve patient care while reducing costs.