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Overview of Myriad Genetics
Myriad Genetics (MYGN) is a molecular diagnostics and precision medicine company that develops advanced genetic tests to evaluate the risk of developing disease, diagnose existing conditions, and inform treatment strategies. Employing state-of-the-art techniques in DNA sequencing and RNA analysis, Myriad’s comprehensive portfolio spans multiple medical specialties, including oncology, hereditary cancer assessment, pharmacogenomics, and prenatal screening. By combining molecular diagnostic insights with clinical expertise, the company aims to provide actionable information to clinicians and empower patients with personalized health assessments.
Core Business Areas
Myriad Genetics is organized around several key business areas that collectively address the needs of patients and healthcare providers:
- Hereditary Cancer Testing: Utilizing genetic panels that assess multiple genes associated with hereditary cancer risk, the company helps determine an individual's predisposition to various cancers. These tests integrate family health history and clinical factors to offer risk estimates that can guide preventive care and early intervention strategies.
- Oncology Diagnostics: Through innovative tumor profiling and genomic tests, Myriad provides detailed insights into tumor biology. This supports clinicians in making treatment decisions by identifying prognostic markers and potential therapeutic targets and ensuring that precision oncology solutions are accessible at critical points in the patient care journey.
- Pharmacogenomics: The company offers diagnostic tests that assess genetic influences on drug metabolism and responsiveness. This information is vital in optimizing treatment regimens, particularly in mental health and other therapeutic areas, where individual genetic variability can dramatically impact medication efficacy and safety.
- Prenatal and Reproductive Health: Myriad has developed noninvasive prenatal tests that provide early insights into fetal development and genetic risks, thereby supporting informed decisions during pregnancy and enhancing overall reproductive care.
Innovative Technology and Industry Expertise
At its core, Myriad Genetics leverages proprietary molecular diagnostic platforms that combine high-throughput sequencing with refined bioinformatics. This approach enables the detection of subtle genetic variations and the quantification of low-level tumor signals, a critical factor in early disease detection and therapeutic monitoring. The company collaborates closely with leading academic institutions and clinical research centers to validate its tests rigorously and ensure that its offerings meet high standards of accuracy and clinical utility.
Market Position and Strategic Collaborations
Operating in an evolving genomic medicine landscape, Myriad Genetics has established itself as an important contributor to the field. Its diverse product portfolio and collaborative initiatives help solidify its competitive position. The company partners with healthcare systems, pharmaceutical companies, and digital pathology providers to integrate its diagnostic tools into streamlined clinical workflows. This strategic approach enables faster, more reliable access to genomic insights with the goal of lowering healthcare costs and improving patient outcomes.
Commitment to Quality and Patient-Centered Solutions
Myriad Genetics places a strong emphasis on delivering clear, actionable, and expert-reviewed diagnostic information. By offering customizable workflow solutions and comprehensive support for the interpretation of genetic data, the company acts as a trusted advisor to both clinicians and patients. Its rigorous quality control, combined with continuous research and clinical validation, underscores the company’s dedication to advancing personalized medicine.
Conclusion
Through a focus on innovative genetic testing and precision medicine, Myriad Genetics enhances the diagnostic process from risk assessment to treatment guidance. The company’s expertise in molecular diagnostics and its commitment to integrating cutting-edge technology with clinical insights position it as a critical contributor in an industry dedicated to improving patient care and transforming healthcare delivery.
Myriad Genetics (NASDAQ: MYGN), a leader in genetic testing and precision medicine, has released its Quality, Innovation, and Corporate Responsibility Report. The report covers the period from January 1, 2023, to September 30, 2024, and highlights the company's commitment to responsible operations in the healthcare industry.
Key achievements include:
- Operational Excellence: 88% of genetic testing samples were processed within industry-leading turnaround times, and the company achieved a net promoter score of 72 among providers as of July 2024.
- Innovation: Continued development of new technologies like the molecular residual disease (MRD) assay and modernization of facilities under the Labs of the Future initiative, aimed at improving workflows, reducing turnaround times, and cutting operating costs.
- Corporate Responsibility: In 2024, 84% of employees rated Myriad as a great place to work, 27 percentage points higher than the typical U.S. company. The company also recycled 46.9 tons of plastic from its Salt Lake City laboratories during the reporting period.
These efforts reflect Myriad's mission to make genetic testing more accessible, help patients manage their health, and support healthcare providers in preventing and treating disease.
Myriad Genetics (NASDAQ: MYGN) achieved significant recognition as their MyRisk® Hereditary Cancer Test with RiskScore® study was named among the top 10 advances in genomic medicine by the American Journal of Human Genetics. The study, selected by the National Human Genome Research Institute's Genomic Medicine Working Group, validated RiskScore's effectiveness using data from over 130,000 women.
The research demonstrated that RiskScore, which combines a polygenic risk score (PRS) for all ancestries with the Tyrer-Cuzick model, is twice as accurate in predicting breast cancer risk compared to the Tyrer-Cuzick model alone. Notably, Myriad was among the first commercial laboratories to introduce a multi-ancestry breast-cancer PRS, advancing health equity through more inclusive genetic insights.
Myriad Genetics provided an update regarding its discussions with UnitedHealthcare (UNH) following UNH's November 1 policy update that restricts access to multi-gene panel pharmacogenetic tests, including Myriad's GeneSight test, effective January 1, 2025. The company has been engaging in dialogue with UNH, presenting additional clinical data supporting GeneSight's clinical validity and utility, particularly for primary care settings where most antidepressants are prescribed.
Myriad has requested continued access to the test for UHC enrollees in 2025. While aiming for a year-end resolution, discussions may extend into early 2025. The company maintains its previously announced 2024 financial impact estimates related to UNH's policy change.
Myriad Genetics (NASDAQ: MYGN) has expanded its Board of Directors from eight to nine members with the election of Mark S. Davis, effective immediately. Davis will also serve on the Board's Audit and Finance Committee. Currently Senior Relationship and Growth Advisor at Cross Country Consulting, Davis previously held senior positions at Deloitte & Touche LLP from 1985 to September 2024, including Audit Partner and National Managing Partner roles.
Davis also serves on the board of Yext, Inc., the advisory board of NYU-Winthrop Hospital, and the Board of Trustees at Adelphi University. He holds a B.B.A. from Adelphi University and is a certified public accountant.
Myriad Genetics receives validation from updated NCCN Prostate Cancer Guidelines for its comprehensive portfolio of cancer testing solutions. The guidelines highlight the importance of MyRisk Hereditary Cancer Test, Prolaris Prostate Cancer Test, and Precise Tumor Molecular Profile Test across different stages of prostate cancer management.
The NCCN updates recommend multigene germline testing for patients with metastatic, regional, very-high-risk localized, or high-risk localized prostate cancer. MyRisk evaluates 48 genes for hereditary cancer risk, while Prolaris quantifies cancer aggressiveness and treatment benefits. Precise Tumor offers multigene profiling for targeted therapies and immunotherapy decisions.
Myriad Genetics (NASDAQ: MYGN) announced new data presentations at the 2024 San Antonio Breast Cancer Symposium (SABCS). The presentations include validation data for their high-definition tumor-informed MRD assay for breast cancer and the MyRisk® with RiskScore® Breast Cancer Risk Assessment Tool.
Key presentations include a spotlight session on a polygenic breast cancer risk assessment tool, data on polygenic-based breast cancer risk prediction's impact on patient management, and analytical validation of their MRD assay. Dr. Holly Pederson will present findings on polygenic risk scores in Hispanic women.
The company will showcase several products at booth #1327, including the MyRisk® Hereditary Cancer Test, Precise Tumor® Molecular Profile Test, MyChoice® CDx, and EndoPredict® Breast Cancer Prognostic Test.
Myriad Genetics announced that its Prolaris prostate cancer prognostic test maintains its status as an 'Advanced Tool' in the National Comprehensive Cancer Network (NCCN) guidelines for the 10th consecutive year. The test continues to be included with a category 2A level of evidence, indicating support from at least 85% of NCCN prostate panel members.
Prolaris is uniquely positioned as the only test developed in untreated patients and the only one with two clinically validated thresholds: an active surveillance threshold and a multimodal threshold. The company has published over 25 studies supporting Prolaris' value in clinical decision-making. Recent studies have validated the test's ability to predict early metastasis and treatment timing, as well as its accuracy in predicting benefits of combining androgen deprivation therapy with radiation therapy.
Myriad Genetics (NASDAQ: MYGN) announced an expanded agreement with Illumina to incorporate its Genomic Instability Score (GIS) for Homologous Recombination Deficiency (HRD) into Illumina's updated TruSight™ Oncology 500 v2 assay. Previously available only as a separate product, GIS will now be reported for all samples analyzed with TSO 500 v2, enabling comprehensive genomic profiling across multiple cancer types. This integration aims to broaden clinical research opportunities and potentially drive companion diagnostic development for HRD-based therapies beyond ovarian cancer.
Myriad Genetics (NASDAQ: MYGN) announced that its Prequel® Prenatal Screen is now available at eight weeks into pregnancy, making it the first and only prenatal cell-free DNA screen available this early in gestational age. This advancement is enabled by their AMPLIFY™ technology. The earlier screening allows patients to complete baseline lab work during their initial prenatal care visit, eliminating the need for additional appointments. The enhanced timing provides expectant parents with earlier genetic information to make informed decisions about diagnostic testing, specialized care, delivery planning, and genetic counseling consultations. The technology's ability to boost fetal DNA signals enables higher confidence in results for all patients, including those with high BMIs.
Myriad Genetics has expanded retail access to SneakPeek, the first at-home early fetal sex DNA test, making it available in over 8,800 retail locations nationwide, including Walmart, Walgreens, and CVS stores. The test, which offers over 99% accuracy as early as six weeks into pregnancy, uses a patented SneakPeek Snap device for blood sample collection. According to a 2024 consumer survey, 82% of expectant parents want to know their baby's sex before delivery, with a majority preferring in-store purchases over online ordering. The retail launch precedes a 2025 product rebrand featuring new packaging and website design focused on gender discovery as a key moment of parental bonding.
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