Myriad Genetics Signs Agreement with Nationally Renowned Sports Broadcaster Hannah Storm to Promote the Importance of Knowing Family Cancer History
Rhea-AI Summary
Myriad Genetics (NASDAQ: MYGN) has announced a partnership with sports broadcaster Hannah Storm to promote their Breast Cancer Risk Assessment Program featuring the MyRisk® with RiskScore® Hereditary Cancer Test. Storm, who was diagnosed with stage zero Ductal Carcinoma in Situ (DCIS) in January 2024, will serve as an ambassador for the program.
The collaboration aims to raise awareness about the importance of knowing family cancer history and understanding associated risks. Storm's cancer was detected early through routine screening, highlighting the value of preventive measures. As a mother of three daughters, she emphasizes the significance of genetic testing for understanding hereditary risks.
According to Myriad Genetics, nearly half of women may not know their family health history. Storm will share content on her social media platforms about hereditary cancers and the importance of knowing both sides of family health history.
Positive
- Partnership with high-profile sports broadcaster increases visibility for MyRisk® cancer test
- Marketing campaign targets awareness of family health history, potentially driving test adoption
Negative
- None.
Insights
The partnership with Hannah Storm represents a marginal marketing initiative for Myriad Genetics. While Storm's personal battle with breast cancer and her platform as a sports broadcaster provide authenticity, the impact on MYGN's financial performance is likely to be minimal. Similar celebrity partnerships in the healthcare sector typically generate temporary awareness spikes but rarely translate to substantial revenue growth.
The timing aligns with increased public focus on preventive healthcare, but the campaign's effectiveness in driving MyRisk® test adoption faces several challenges: insurance coverage limitations, competition from other genetic testing providers and the general reluctance around genetic testing. The ROI on such marketing investments in the diagnostic sector historically shows modest returns.
This partnership, while well-intentioned, doesn't materially impact Myriad's market position or financial outlook. The MyRisk® with RiskScore® test, despite being industry-leading, operates in a highly competitive genetic testing market where similar products are available from companies like Invitae and Color Genomics. Social media awareness campaigns, even with notable personalities, rarely drive significant volume increases in genetic testing services.
The demographic reach through Storm's sports audience may help diversify Myriad's customer base, but the conversion rate from awareness to testing is typically low in this sector. Without pricing details or specific campaign performance metrics, this appears to be a standard marketing initiative rather than a market-moving development.
SALT LAKE CITY, Jan. 09, 2025 (GLOBE NEWSWIRE) -- Myriad Genetics, Inc. (NASDAQ: MYGN), a leader in genetic testing and precision medicine, announced an agreement with Hannah Storm, a nationally renowned sports broadcaster, who recently revealed her battle with breast cancer.
Under the agreement, Storm will act as an ambassador for the Myriad Genetics Breast Cancer Risk Assessment Program featuring the MyRisk® with RiskScore® Hereditary Cancer Test, the first and industry-leading hereditary cancer test and polygenic risk prediction test for all ancestries. She will promote the importance of collecting a detailed family health history for cancer and understanding the associated cancer risks.
“Knowing your risk for breast cancer helps you and your provider come up with the game plan for prevention and treatment,” said Storm. “I’m a mother of three daughters, so another very important aspect of genetic testing for me is understanding what I could potentially be passing along to them. This information can help their clinicians determine if they would benefit from early detection tools like ultrasounds and MRIs. For me, additional screening made all the difference in catching my cancer at an early stage.”
“I didn't realize that it was really important to understand what kind of cancers were on both sides of your family. My father died of cancer, but it never occurred to me that because he had cancer that I might have an elevated risk of having cancer,” she continued.
Storm is a longtime SportsCenter anchor and NBC sports anchor, and host of the podcast “NBA DNA with Hannah Storm.” Her world changed in January 2024, when she was diagnosed with stage zero Ductal Carcinoma in Situ (DCIS). A routine mammogram detected something suspicious, prompting an ultrasound, which led to a biopsy that revealed DCIS.
“We commend Hannah for raising awareness about the importance of knowing one’s family health history, as a survey suggests nearly half of women may not know their family health history1,” said Paul J. Diaz, President and CEO, Myriad Genetics. “Working with someone of Hannah’s caliber and reach can encourage more women to engage in conversations about their family’s health history and consider potential preventive steps in consultation with their healthcare providers.”
Storm will share content about the importance of knowing family health history on her social media platforms. She plans to share a number of posts about how to have conversations with your family about hereditary cancers, the importance of knowing both sides of your family health history and what questions to ask.
About MyRisk® Hereditary Cancer Test with RiskScore®
MyRisk with RiskScore evaluates 48 genes associated with hereditary cancer risk to identify genetic changes associated with an increased cancer risk for 11 different cancers. When combined with family history and other clinical factors such as breast density, MyRisk with RiskScore provides eligible patients with a five-year and remaining lifetime breast cancer risk assessment individualized to them.
About Myriad Genetics
Myriad Genetics is a leading genetic testing and precision medicine company dedicated to advancing health and well-being for all. Myriad develops and offers genetic tests that help assess the risk of developing disease or disease progression and guide treatment decisions across medical specialties where genetic insights can significantly improve patient care and lower healthcare costs. For more information, visit www.myriad.com.
Safe Harbor Statement
This press release contains “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995, including statements relating to the company’s belief that working with someone of Hannah’s caliber and reach can encourage more women to engage in conversations about their family’s health history and consider potential preventive steps in consultation with their healthcare providers. These “forward-looking statements” are management’s expectations of future events as of the date hereof and are subject to known and unknown risks and uncertainties that could cause actual results, conditions, and events to differ materially and adversely from those anticipated. Such factors include those risks described in the company’s filings with the U.S. Securities and Exchange Commission, including the company’s Annual Report on Form 10-K filed on February 28, 2024, as well as any updates to those risk factors filed from time to time in the company’s Quarterly Reports on Form 10-Q or Current Reports on Form 8-K. Myriad is not under any obligation, and it expressly disclaims any obligation, to update or alter any forward-looking statements, whether as a result of new information, future events or otherwise except as required by law.
Investor Contact
Matt Scalo
(801) 584-3532
IR@myriad.com
Media Contact
Glenn Farrell
(385) 318-3718
PR@myriad.com
1 2022 Myriad Genetics Health Survey.
FAQ
What is the purpose of Myriad Genetics' (MYGN) partnership with Hannah Storm?
When was Hannah Storm diagnosed with breast cancer and what type?
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