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. 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 will present data from seven studies at the 2024 ASCO Annual Meeting, focusing on breast cancer risk assessment and various innovative tests like the Precise™ MRD Test and MyChoice® CDx HRD Companion Diagnostic Test. Key presentations include the efficacy of Myriad’s RiskScore in predicting triple-negative breast cancer in Black women and the effectiveness of neoadjuvant combination therapy for advanced ovarian cancer. Myriad is also expanding its oncology portfolio with new products and research collaborations, and plans to launch commercial MRD and liquid biopsy testing by 2025. The MCRR registry, comprising data from over one million patients, supports transparent clinical data sharing.
Myriad Genetics (NASDAQ: MYGN) announced that JCO Precision Oncology published a study on their Prolaris test, which can predict the benefit of adding androgen deprivation therapy (ADT) to radiation therapy (RT) in men with localized prostate cancer.
The study, presented at the 2023 ASCO Annual Conference, used the clinical cell-cycle risk (CCR) score from Prolaris to determine that patients with a CCR score below the multimodal threshold see only a 0.86% average reduction in 10-year metastasis risk with ADT+RT. In contrast, those above the threshold see an 8.19% reduction.
85% of patients tested had a CCR score below this threshold suggesting minimal added benefit from ADT, prompting potential reconsideration of its use due to the side effects like bone loss and cardiovascular risk.
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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