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 strong first quarter 2024 financial results, with 12% revenue growth year-over-year, improved net loss, and positive adjusted EBITDA. Revenue from core products like Hereditary Cancer, Prenatal, and Pharmacogenomics drove the growth. The company also announced reorganization and sale of its EndoPredict business in Europe. Test volumes increased by 9% year-over-year, with gross margin improving by 70 basis points. Operating expenses decreased, resulting in an improved operating loss. Oncology and Women's Health segments showed revenue growth, with significant market share gains in hereditary cancer and prenatal testing. GeneSight test revenue in pharmacogenomics also increased. Myriad Genetics maintained its financial guidance for 2024.
Myriad Genetics, Inc., a genetic testing and precision medicine company, announced the reorganization of its European operations and the sale of its EndoPredict business to Eurobio Scientific. The company will continue to serve key biopharma partners and patients outside the U.S. by licensing the right to sell Prolaris in vitro diagnostic kits to Eurobio. Myriad will also retain the rights to produce and sell EndoPredict in the U.S. as part of its Precise Oncology Solutions. The deal aims to accelerate profitable growth and support biopharma partners efficiently.
Myriad Genetics, Inc. (NASDAQ: MYGN) is set to release its first quarter 2024 financial results on May 7, 2024. Management will provide a financial overview and business update during the earnings conference call. Additionally, the company will participate in several upcoming investor healthcare conferences. Investors can access live webcasts of the events on Myriad's Investor Relations website.
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