Myriad Genetics Inc. reports developments in molecular diagnostic testing and precision medicine, with recurring updates on tests that assess disease risk, disease progression, and treatment selection across medical specialties. Company news commonly covers the Cancer Care Continuum, Prenatal Health, and Mental Health businesses, including test volume trends, average revenue per test, earnings results, and financial guidance.
Updates also address Myriad's oncology diagnostics and research programs, including MyChoice CDx, Precise MRD, Prolaris, hereditary cancer testing, GeneSight, and prenatal testing products. News themes include companion diagnostic approvals, clinical data presentations, commercial launches, collaborations, and investor healthcare conference participation.
Myriad Genetics (NASDAQ: MYGN) has announced an Investor Event scheduled for October 9, 2024, at the Westin Grand Central Hotel in New York City. The event, starting at 9:00 am EDT, will last approximately two hours and feature presentations from CEO Paul J. Diaz and other executive leaders.
Topics to be discussed include:
- Long-term growth strategy
- Operational initiatives
- Scientific and clinical advancements in the product pipeline
- Long-term financial goals
In-person attendance requires registration, while a live webcast will be available on Myriad's investor relations website. A replay will be accessible for at least 30 days following the event.
Myriad Genetics (NASDAQ: MYGN), a leader in genetic testing and precision medicine, has announced its participation in two upcoming investor healthcare conferences. The company's management will be featured in fireside chats at:
- The Wells Fargo Healthcare Conference on Sept. 4, 2024, at 1:30pm ET, with CFO Scott Leffler
- The Morgan Stanley Healthcare Conference on Sept. 5, 2024, at 7:00am ET, with President and CEO Paul J. Diaz
Investors and interested parties can access live and archived webcasts of both presentations through the company's investor relations website at investor.myriad.com.
Myriad Genetics (NASDAQ: MYGN) reported strong Q2 2024 results, with revenue growing 15% year-over-year to $212 million. Growth was driven by Prenatal (25%), Pharmacogenomics (22%), and Hereditary Cancer (19%). GAAP EPS improved to $(0.41) from $(1.42) in Q2 2023, while adjusted EPS rose to $0.05 from $(0.08). The company raised its 2024 financial guidance, projecting full-year revenue of $835-$845 million (11-12% growth) and adjusted EPS of $0.08-$0.12. Myriad also increased its long-term revenue growth target to 12%. Test volumes increased 9% year-over-year, with improvements in average revenue per test across the portfolio. The company reported positive cash flow from operations and continues to invest in innovation while growing profitably.
Myriad Genetics (NASDAQ: MYGN) has completed the sale of its EndoPredict® business to Eurobio Scientific, a leading French in vitro diagnostics company. This move is part of Myriad's international reorganization announced in May 2024. The deal includes licensing Eurobio the right to sell Prolaris® in vitro diagnostic kits outside the U.S. Myriad retains U.S. rights for EndoPredict as part of its Precise™ Oncology Solutions suite.
This transaction aligns with Myriad's strategy to focus on domestic opportunities while maintaining global biopharma partnerships. CEO Paul J. Diaz stated that the reorganization will enable continued growth in oncology and biopharma business in Europe and Asia through a more efficient commercial distribution model, reducing organizational complexity and enterprise risk.
Myriad Genetics (NASDAQ: MYGN) has appointed Jennifer Fox as Chief Legal Officer, effective September 3, 2024. Fox brings nearly two decades of legal experience in the life sciences sector, with expertise in intellectual property, litigation, and regulatory matters. Her responsibilities will include support and counsel for legal affairs, IP, patent protection, M&A, litigation, regulatory and quality assurance, compliance, privacy, and government affairs.
Fox previously served as Executive VP of External Affairs at Emergent BioSolutions, overseeing legal functions, government and public affairs, communications, and ESG initiatives. She holds a J.D. from North Carolina Central University, an M.S. in Biochemistry and Molecular Biology, and a B.S. in Biology from the University of Toledo.
Myriad Genetics (NASDAQ: MYGN), a leader in genetic testing and precision medicine, has announced its upcoming second quarter 2024 financial results release and earnings conference call. The company will release its quarterly earnings on August 6, 2024, after market close. The earnings conference call is scheduled for the same day at 4:30pm ET.
During the call, Myriad's management will provide a financial overview and business update for Q2 2024. Investors can access a live webcast of the call on Myriad's Investor Relations website. For those wishing to participate via telephone, registration is required to receive a dial-in number and unique PIN. An archived version of the webcast will be available on the company's investor website following the call.
Myriad Genetics' Cancer Risk Survey: Breast Cancer Edition reveals significant knowledge gaps about breast density and cancer risk. Key findings include:
- 63% of women don't know dense breasts increase breast cancer risk
- 44% don't understand breast density
- Only 66% believe annual breast health checks are necessary
- 40% think additional screenings are needed for dense breasts, but only 1/3 would consider genetic testing
New FDA guidelines require breast imaging facilities to alert patients with dense breasts by September 2024. Myriad's MyRisk® Hereditary Cancer Test with RiskScore® calculates a woman's 5-year and lifetime breast cancer risk, combining genetic insights, family history, and clinical factors like breast density. Early detection is important for improved patient outcomes, and understanding breast density can help women make informed decisions about screening options.
Myriad Genetics (Nasdaq: MYGN) and Personalis (Nasdaq: PSNL) have entered a cross-licensing agreement to cover tumor-informed approaches for detecting minimal residual disease (MRD). This collaboration aims to broaden patient access to MRD testing, which helps in closely monitoring cancer treatment responses and early recurrence detection. The MRD market, expected to grow to $20 billion, benefits from these companies' pioneering and highly sensitive tumor-informed approaches. Both firms aim to make MRD testing a standard of care, enhancing clinical decision-making and patient outcomes in oncology.
Myriad Genetics (NASDAQ: MYGN) has secured a second key patent for its molecular residual disease (MRD) technology, enhancing its ability to deliver high-definition, tumor-informed MRD assays. The newly issued U.S. patent no. 12,024,749, titled “Combinatorial DNA Screening,” complements a previously granted patent on methods of preparing cell-free DNA, solidifying Myriad's unique position in the MRD market. This innovative technology detects circulating tumor DNA with high sensitivity, providing a competitive edge. The company continues to refine its Precise MRD assay, currently involved in multiple high-impact studies, and anticipates releasing preliminary results this fall.
Myriad Genetics (NASDAQ: MYGN), a leader in genetic testing and precision medicine, has achieved the Great Place To Work Certification for the second consecutive year. This distinction is based on employee feedback, with 84% of employees endorsing it as a great workplace—27% higher than the average U.S. company. The certification highlights Myriad's commitment to a positive, inclusive work environment and employee satisfaction. Chief People Officer Shereen Solaiman emphasized the company's dedication to fostering growth and collaboration.