Myriad Genetics Stock Price, News & Analysis

Myriad Genetics (NASDAQ: MYGN) has appointed Nicole Lambert as the new Chief Operating Officer. Lambert, with 20 years at Myriad, previously led the Oncology, Women’s Health, and International units. In her expanded role, she aims to enhance operational efficiencies and drive the company’s transformation and growth strategy. CEO Paul J. Diaz highlighted her leadership and experience in improving patient outcomes. Lambert is dedicated to operational excellence and accessibility in genetic testing. The company continues to focus on advancing health through genetic insights.

Myriad Genetics (NASDAQ: MYGN) announced two poster presentations at the 2021 San Antonio Breast Cancer Symposium (SABCS) underscoring genetic testing's role in breast cancer treatment and risk assessment. The studies focus on genomic instability scores for PARP inhibitor eligibility and enhancing polygenic risk scores to reduce ancestral bias. Key collaborations include Mayo Clinic and Johns Hopkins. These efforts aim to improve equitable care for women with breast cancer, showcasing Myriad's commitment to integrating scientific research into clinical practice.

Myriad Genetics reported financial results for Q3 2021, with total revenue of $167.3 million, a 15% increase year-over-year. Excluding divested businesses, revenue grew by 27%. Diluted GAAP earnings per share (EPS) were $0.30, while adjusted EPS was $(0.02). Diagnostic test volumes rose to 252,000, a 15% year-over-year growth, driven by increases in prenatal and pharmacogenomics tests. Challenges included flat hereditary cancer volumes and sequential declines in some areas. The company ended the quarter with $413.6 million in cash and noted ongoing strategic transformations.

Myriad Genetics, Inc. (NASDAQ: MYGN) will hold its quarterly earnings conference call on November 2, 2021, at 4:30 p.m. EDT, discussing results for the quarter ending September 30, 2021. A financial overview will be presented by Paul J. Diaz, president and CEO, alongside R. Bryan Riggsbee, CFO. Earnings will be released prior to the market opening. Callers can join via a specific dial-in number, and a replay will be available afterward. The live webcast will be accessible on Myriad’s website.

Myriad Genetics announced the appointment of Pamela Wong as the new Chief Legal Officer, effective October 18, 2021. Wong, bringing over 20 years of experience in healthcare and legal sectors, will oversee legal functions including intellectual property, litigation, and regulatory compliance. Her previous roles include serving as Assistant General Counsel at Quest Diagnostics and an intellectual property partner at Baker-McKenzie. CEO Paul J. Diaz praised her expertise, stating she will significantly contribute to the company’s legal strategy and growth initiatives.

Myriad Genetics (NASDAQ: MYGN) has finalized the sale of select operating assets and intellectual property, including the Vectra® test from its autoimmune unit, to Labcorp (NYSE: LH) for $150 million in cash. This transaction emphasizes Myriad's focus on enhancing its genetic testing and precision medicine capabilities while allowing Labcorp to expand its offerings in the life sciences sector. The deal aims to advance health insights and improve patient care.

Illumina has partnered with Merck to develop tests identifying genetic mutations for assessing homologous recombination deficiency (HRD), enhancing patient access to targeted PARP inhibitor treatments. This collaboration expands upon prior work with Myriad Genetics to offer a new HRD companion diagnostic test for ovarian cancer patients in the EU and UK. Illumina will also create a research-use only HRD assay for global distribution. This initiative reflects Illumina's commitment to advancing precision medicine and improving patient outcomes through innovative genomic profiling.

Myriad Genetics (MYGN) reported Q2 2021 financial results, achieving total revenue of $189.4 million, a 103% increase year-over-year, and a 9% sequential rise. Adjusted earnings per share (EPS) reached $0.12, improving $0.18 sequentially. While gross margins improved to 72.1%, the company experienced a GAAP operating loss of $(20.8) million. Myriad's Women's Health segment reported revenue of $67.3 million, up 123% year-over-year. The firm continues to focus on strategic divestitures and enhancements in its core businesses to support future growth.