Myriad Genetics Stock Price, News & Analysis

Myriad Genetics, Inc. (NASDAQ: MYGN) announced the completion of the sale of its wholly-owned subsidiary, Myriad myPath, LLC, to Castle Biosciences, Inc. for $32.5 million in cash. This subsidiary includes the laboratory that provides the myPath Melanoma test. The transaction is positioned as a strategic move in Myriad's commitment to advancing genetic testing and precision medicine, enabling healthcare providers to improve patient care while reducing costs.

Integrated Prescription Management (IPM) has launched a pharmacogenomics testing program with Myriad Genetics for patients experiencing depression and anxiety. The GeneSight test evaluates individual genetic responses to medications, enabling better treatment decisions. About 18% of U.S. adults suffer from anxiety, while 8% have faced depression, with increased treatment demand during the COVID-19 pandemic. IPM aims to enhance treatment efficiency and patient recovery, ultimately improving productivity.

Myriad Genetics, Inc. (NASDAQ: MYGN) announced its agreement to sell Myriad RBM, Inc. to Q² Solutions, a subsidiary of IQVIA. This divestiture strengthens Myriad's focus on its core areas: Women’s Health, Oncology, and Mental Health, providing capital for future growth. The transaction is expected to close in the third calendar quarter, subject to customary conditions. CEO Paul J. Diaz emphasized that this move is part of Myriad’s transformation plan.

Myriad Genetics has appointed Melissa Gonzales as the new president of its Women's Health division. Gonzales brings over 20 years of experience in women's health, previously serving as executive vice president at Medela, where she led the company to become the top breast pump brand in the U.S. At Myriad, she will focus on enhancing genetic tests that assess hereditary cancer risk and support family planning. Her expertise aims to drive growth in the Women's Health business and improve product performance under the leadership of Nicole Lambert.

Myriad Genetics (MYGN) announced a groundbreaking study validating a new polygenic risk score (PRS) for breast cancer risk assessment across all ancestries. The research, involving over 275,000 women, will be presented at the ASCO Annual Meeting on June 4, 2021. The updated PRS tool, offered at no extra cost through the myRisk Hereditary Cancer test, integrates over 90 genetic markers, enhancing personalized risk evaluations. This initiative aims to improve accessibility and reduce healthcare disparities in genetic testing.

Myriad Genetics (NASDAQ: MYGN) will present its transformation plan and growth initiatives at the Bank of America Securities 2021 Virtual Health Care Conference on May 12, 2021, at 2:45 p.m. EDT. CEO Paul J. Diaz will lead the discussion, which will be accessible via a live audio webcast. Myriad Genetics focuses on genetic testing and precision medicine, aiming to enhance patient lives through molecular diagnostic tests that assess disease risks, diagnoses, and treatment decisions. For more details, visit www.myriad.com.

Myriad Genetics reported Q1 2021 revenues of $173.1 million, a 12% increase sequentially and 6% year-over-year. GAAP EPS was ($0.52), with adjusted EPS at ($0.06), improving by $0.06 sequentially. Test volumes grew 5% sequentially, reflecting seasonality. The company anticipates closing business unit divestitures for $375 million in gross proceeds. Noteworthy segments included Oncology, with a 39% revenue increase to $75.6 million, despite a decline in Women's Health revenue. Myriad will discuss its strategy at an Investor Day on May 4th.

Myriad Genetics (NASDAQ: MYGN) has finalized a $150 million cash deal to sell select assets and intellectual property, including the Vectra® test, to Labcorp. The transaction aims to enhance patient access to the Vectra test while allowing Myriad to focus on core areas like Women's Health, Oncology, and Mental Health. The Vectra test has been vital for over one million patients in assessing rheumatoid arthritis. Pending regulatory approval, the sale is expected to close by Q3 2021, with Guggenheim Securities as financial advisor.

Myriad Genetics announced its strategic updates during the 2021 Investor Day, focusing on expanding its reach in genetic testing and precision medicine. The company aims to increase growth while controlling expenses and enhancing operational excellence. This ongoing transformation includes new tech-enabled capabilities, better customer engagement, and plans for future growth. Myriad targets profitability by Q4 2021, emphasizing investments in product accessibility and leveraging genetic data for advancing healthcare services.