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.
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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.