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, Inc. (NASDAQ: MYGN) announced that it will hold its first quarter earnings conference call on May 3, 2023, at 4:30 p.m. ET, following the release of its quarterly earnings after market close. The call will cover the company's performance for the period ending March 31, 2023, along with a financial overview and business update. Domestic callers can join by dialing 1-800-582-4086, while international participants can call 1-212-231-2905. A live webcast will be available at Myriad's official website, with a replay accessible for seven days post-call.
Myriad Genetics specializes in genetic testing and precision medicine, providing tests to assess disease risk and guide treatment decisions, ultimately aiming to enhance patient care and reduce healthcare costs.
Myriad Genetics and Intermountain Precision Genomics have received certification from the New York State Department of Health to offer solid tumor testing in all 50 U.S. states. This certification follows a site inspection and represents a significant advancement in precision medicine, enhancing access to genetic testing for cancer patients. The Precise™ Tumor test, also known as TheraMap®, analyzes tumor DNA to identify gene mutations influencing cancer. This certification paves the way for Intermountain and Myriad to provide their Precise Oncology Solutions suite to a larger patient base. Previously, Myriad was certified for other cancer tests, and this certification marks a noteworthy expansion in their service offerings.
Myriad Genetics and SimonMed Imaging announced a partnership to launch a new hereditary cancer assessment program, set to roll out in May 2023. This program combines genetic risk assessment using Myriad's MyRisk and RiskScore tools with diagnostic imaging to enhance patient care. The initiative aims to offer affordable access to genetic testing, helping identify high-risk patients and enabling early diagnosis, which is crucial for effective treatment. The program will be operational in all 86 of SimonMed’s women's imaging sites by year-end. The collaboration underscores the importance of early screening for women at risk of breast cancer, aligning with recent clinical guidelines.
Myriad's commitment to health equity and innovation is emphasized, aiming to improve screening and treatment for younger patients at elevated risk.
Myriad Genetics (NASDAQ: MYGN) and Illumina (NASDAQ: ILMN) have expanded their strategic partnership to enhance access to oncology homologous recombination deficiency (HRD) testing in the US. The Illumina TruSight™ Oncology 500 HRD test is now available, combining Myriad’s MyChoice® CDx HRD technology with Illumina’s TSO 500 pan-cancer test. This agreement aims to facilitate clinical research for gene-based therapies and better serve pharmaceutical companies and academic institutions. The TSO 500 HRD test, vital for identifying genetic variants related to various cancers, is ready for orders and distribution.
Myriad Genetics (NASDAQ: MYGN) has announced its support for the National Society of Genetic Counselors' (NSGC) newly published expanded carrier screening (ECS) practice guidelines. These guidelines advocate for equitable access to ECS for all individuals considering reproduction and pregnant couples. Myriad's leadership, including Dale Muzzey, Katie Johansen Taber, and Gabriel Lazarin, emphasized the positive impact of these guidelines in a recent video. The company continues to focus on advancing genetic testing and precision medicine to enhance patient care.
Myriad Genetics reported strong performance in Q4 2022, with testing volumes up 26% year-over-year and a 36% increase in GeneSight revenue. The fourth quarter revenue reached $177.8 million, marking an 11% year-over-year growth. The gross margin stood at 70%, reflecting stable pricing and cost management. However, GAAP EPS was $(0.52), with adjusted EPS at $(0.12). For fiscal year 2023, Myriad expects revenue between $720 million and $750 million, indicating annual growth of 6% - 11%. The company is confident in achieving over 10% annual growth by 2024, driven by product innovation and strategic investments.
Myriad Genetics (NASDAQ: MYGN) will hold its fourth-quarter earnings call on February 28, 2023, at 4:30 PM ET, following the earnings release after market close on the same day. The call will provide a financial overview and update on company performance for the quarter ending December 31, 2022. Interested parties can participate via a dial-in number or watch a live webcast on the company's website.
Myriad Genetics specializes in genetic testing and precision medicine, offering tests that inform disease risk assessment and treatment decisions, enhancing patient care and reducing healthcare costs.
Myriad Genetics (NASDAQ: MYGN) has announced its participation in key healthcare conferences. Management will present at the BTIG MedTech, Digital Health, Life Sciences and Diagnostic Tools Conference on February 14, 2023. Additionally, they will be featured at the 44th Annual Raymond James Institutional Investors Conference on March 6, 2023, at 11:35 a.m. ET, and the 43rd Annual Cowen Health Care Conference on March 7, 2023, at 10:30 a.m. ET. Live audio webcasts for these presentations will be accessible via Myriad's investor section on their website.
Myriad Genetics (NASDAQ: MYGN) highlighted key clinical studies from 2022, showcasing its commitment to enhancing genetic testing accessibility and equity. Significant advancements include the development of RiskScore®, a breast cancer polygenic risk score for diverse populations, and the improved efficacy of GeneSight® in treating major depressive disorder. Research also led to a comprehensive carrier screening panel for genetic diseases and the ability to execute the MyChoice® HRD assay in decentralized locations. These innovations illustrate Myriad's focus on reducing healthcare disparities and optimizing patient outcomes.
Myriad Genetics (NASDAQ: MYGN) is advancing non-invasive prenatal screening (NIPS) with its products Prequel and the upcoming FirstGene test, leveraging AMPLIFY technology. The recent update by the American College of Medical Genetics and Genomics (ACMG) endorses NIPS for various chromosomal abnormalities. Prequel already screens for sex-chromosome aneuploidies and microdeletions, enhancing accuracy through increased fetal fraction. The new FirstGene test will combine multiple screening modalities into a single blood draw, expected to launch in Q3 2023, offering significant improvements in prenatal screening.
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