Core Insights - A significant majority of Americans diagnosed with depression and/or anxiety believe mental health medications are effective, yet concerns about side effects prevent over half from taking them [1][2] - Genetic testing for mental health medications is viewed positively, with 54% of patients believing it could alleviate concerns regarding side effects [2][3] Company Overview - Myriad Genetics, Inc. is a leader in molecular diagnostic testing and precision medicine, offering the GeneSight test which analyzes how a patient's genes may influence their response to mental health medications [1][11] - The GeneSight test is recognized as a category-leading pharmacogenomic test for over 60 medications commonly prescribed for psychiatric conditions [11][12] Survey Findings - The GeneSight Mental Health Monitor survey indicates that 62% of patients whose providers did not use PGx testing wished they had been informed about it [3] - The survey also revealed that 67% of Americans believe it is socially acceptable to take medications for mental health, and 66% have a positive view of others taking such medications [8][9] Patient Experience - The case of a patient, Lisa Roberts, illustrates the practical benefits of the GeneSight test in prescribing effective medication without the lengthy trial-and-error process [5][6] - The survey results show that respondents rated the effectiveness of mental health medications similarly to medications for other chronic conditions, such as high blood pressure and high cholesterol [6]

Core Insights - Myriad Genetics is presenting new clinical data on its Precise MRD test for oligometastatic clear-cell renal cell carcinoma (ccRCC) at the AACR Annual Meeting, highlighting its potential in precision medicine [1][4] Group 1: Clinical Data and Findings - The study indicates that metastasis-directed radiation therapy (MDT) can delay or avoid systemic treatments without compromising overall survival, with survival rates of 94% at two years and 87% at three years [4] - The Precise MRD test identified over 50% of patients as MRD-positive at baseline, which is significant given the low tumor fractions typical in ccRCC that often evade detection by earlier MRD tests [4][3] - Patients who tested negative on Precise MRD maintained MDT for a median of 54 months, compared to 27 months for those who tested positive, suggesting a longer duration before initiating aggressive therapy [4] Group 2: Technology and Methodology - Myriad's Precise MRD test is an ultrasensitive, tumor-informed assay that detects circulating tumor DNA (ctDNA) in plasma, utilizing large panels to enhance sensitivity [3][5] - The test employs a novel ranking algorithm to select up to 1,000 high-confidence targets, optimizing panel design for residual disease detection [4] - Including insertion/deletion (INDEL) mutations in MRD panels improves the likelihood of detecting low abundance ctDNA, enhancing sensitivity at low tumor concentrations [4] Group 3: Future Directions and Applications - Myriad continues to develop the Precise MRD assay for various applications, with ongoing evaluations in high-impact studies [4][5] - The company aims to meet the needs of cancer patients, academic partners, and biopharma companies through its advanced testing solutions [6][7]

Core Insights - A study published in the Journal of Clinical Psychopharmacology indicates that the GeneSight Psychotropic Test may lead to fewer psychiatric hospitalizations for patients with major depressive disorder [1][2] Study Findings - The study analyzed data from over 21,000 patients with major depressive disorder who underwent GeneSight testing, linking it to administrative insurance claims [4] - There was a 39% relative reduction in psychiatric-related hospitalizations and a 29% relative reduction in hospitalizations for any reason after GeneSight testing [6] - Patients switched to medications with no or moderate gene-drug interactions experienced a 44% relative reduction in psychiatric hospitalizations [6] GeneSight Test Overview - The GeneSight Psychotropic Test assesses how a patient's genes may affect their response to over 60 commonly prescribed psychiatric medications [5] - The test aims to assist healthcare providers in personalizing medication selection, potentially reducing the trial-and-error process in prescribing [2][5] Company Background - Myriad Genetics is a leader in molecular diagnostics and precision medicine, focusing on improving patient care and reducing healthcare costs through genetic insights [7]

Core Insights - The genetic screening testing market for preventive health is experiencing rapid growth due to technological advancements, increased consumer interest in personalized medicine, and a rise in preventive healthcare strategies [2][3][5]. Market Overview - The market is driven by improvements in genetic testing technologies, such as next-generation sequencing (NGS), which have made tests more accessible, cost-effective, and accurate [3][5]. - Growing consumer awareness of early detection benefits, rising healthcare costs, and a focus on prevention are fueling demand [3][6]. Market Dynamics - The increasing availability of direct-to-consumer genetic tests empowers individuals to manage their health and gain insights into genetic predispositions [4][5]. - Stakeholders include genetic testing companies, healthcare providers, hospitals, diagnostic laboratories, and wellness organizations [4]. Regional Analysis - North America holds the largest market share, driven by technological advancements and high consumer awareness, with the U.S. being a key player [8]. - Europe is characterized by high demand for genetic tests related to cancer and cardiovascular diseases, with significant investments in preventive healthcare [9]. - The Asia-Pacific region is experiencing significant growth due to rising healthcare awareness and investment in healthcare infrastructure, with China and India emerging as key markets [10]. - The Middle East and Africa show emerging opportunities for genetic screening, particularly in the UAE, Saudi Arabia, and South Africa [11]. Competitive Landscape - Key players in the market include Exact Science, Labcorp Genetics Inc., Blueprint Genetics, Ambry Genetics, and others [7]. - The competitive landscape is marked by strategies such as funding activities, mergers and acquisitions, regulatory approvals, and partnerships [18].

SALT LAKE CITY, April 08, 2025 (GLOBE NEWSWIRE) -- Myriad Genetics, Inc. (NASDAQ: MYGN), a leader in molecular diagnostics testing and precision medicine, announced today that in connection with the hiring of Mr. Donnelly as chief commercial officer, previously announced on April 7, 2025, the Board of Directors of Myriad Genetics authorized the grant to Mr. Donnelly of restricted stock units equal to $3.75 million, comprising (i) time-based restricted stock units (RSUs) equal to $2 million and (ii) performa ...

Core Insights - Myriad Genetics, Inc. has appointed Brian Donnelly as chief commercial officer, effective May 1, 2025, to enhance its leadership team and drive growth [1][2][3] Company Overview - Myriad Genetics is a leader in molecular diagnostics testing and precision medicine, focusing on advancing health and well-being through innovative molecular tests that assess disease risk and guide treatment decisions [4] Leadership Appointment - Brian Donnelly brings over 20 years of experience in healthcare, diagnostics, and medical technology, with a strong track record in managing multi-billion-dollar P&Ls and driving growth through innovative strategies [2][3] - Donnelly has held senior roles at notable organizations such as Ancestry, Amazon, and Illumina, where he successfully drove business growth across global markets [3] Strategic Vision - The incoming president and CEO of Myriad Genetics, Sam Raha, emphasized Donnelly's strategic vision and operational excellence, highlighting his role in scaling the business and accelerating product adoption [3] - Donnelly expressed enthusiasm for joining Myriad Genetics, focusing on expanding the company's impact and fostering innovation while adhering to its mission [3]

Myriad Genetics, Inc.’s (MYGN) Oncology growth strategy, which focuses on expanding companion diagnostics and market growth through new clinical guidelines, is poised to drive growth in the upcoming quarters. The company’s innovative product launches and upgrades look encouraging. Yet, unfavorable currency fluctuations and competitive disadvantages may hurt Myriad Genetics’ operations.In the past year, this Zacks Rank #3 (Hold) company’s shares have lost 56.8% compared with the industry’s 11.9% decline. The ...

Medical equipment stock Myriad Genetics Inc (NASDAQ:MYGN) was last seen up 9.8% at $11.25, after an upgrade from Piper Sandler to "overweight" from "neutral," with a price-target hike to $12.50 from $11.50. The firm noted an attractive entry point following the stock's extended pullback, and cited the CEO change, as Sam Raha will replace Paul Diaz on April 30. Today's surge builds on MYGN’s 6.8% gain in the previous session, following its March 10 five-year low of $9.24. The stock broke below support at $12 ...

Revenue Performance - Total revenue for the year ended December 31, 2024, was $837.6 million, representing an 11% increase from $753.2 million in 2023[293][306] - Revenue growth was driven by a 23% increase in Pharmacogenomics, a 17% increase in Prenatal, and an 11% increase in Hereditary Cancer[295] - The average revenue per test increased, contributing to the overall revenue growth, alongside a rise in testing volume across most product categories[306][307] - Revenue for 2024 increased to $837.6 million, a 11.2% increase from $753.2 million in 2023[364] - Revenue from Hereditary Cancer products increased to $364.5 million in 2024, up from $327.8 million in 2023, marking an increase of 11.5%[405] - The total revenue from Pharmacogenomics products was $170.2 million in 2024, an increase from $138.5 million in 2023, representing a growth of 22.9%[405] - Revenue from GeneSight testing recognized from UnitedHealthcare was approximately $45.0 million in 2024, with anticipated negative impacts from changes in coverage in 2025[322] Financial Performance - The company reported a net loss of $127.3 million for the year, with a basic and diluted loss per share of $1.41[293] - Net loss for 2024 decreased to $127.3 million from $263.3 million in 2023, showing improved financial performance[364] - Basic and diluted net loss per share improved to $1.41 in 2024 from $3.18 in 2023, indicating a positive trend for shareholders[364] - Operating loss improved to $123.5 million in 2024 from $257.4 million in 2023, suggesting operational efficiencies[364] - The company reported an accumulated deficit of $756.8 million as of December 31, 2024, compared to $629.5 million in 2023[362] Expenses and Costs - Cost of revenue increased by $16.0 million to $252.2 million, with the cost of revenue as a percentage of total revenue decreasing to 30.1% from 31.4%[308] - Research and development expense increased by $24.7 million to $113.4 million in 2024, representing a 28% increase compared to 2023[309] - Sales and marketing expense decreased by $5.1 million to $284.1 million in 2024, a 2% decline from the previous year[310] - General and administrative expense decreased by $7.8 million to $275.9 million in 2024, a 3% decrease compared to 2023[311] - Stock-based compensation expense increased to $49.8 million in 2024 from $40.7 million in 2023, reflecting higher employee compensation costs[373] Cash Flow and Liquidity - Cash and cash equivalents decreased by $29.7 million to $102.4 million as of December 31, 2024, compared to $132.1 million in 2023[323] - Cash flows used in operating activities improved by $102.2 million, with a cash outflow of $8.7 million in 2024 compared to $110.9 million in 2023[324] - Total cash, cash equivalents, and restricted cash at the end of 2024 was $111.9 million, down from $140.9 million in 2023[384] - Proceeds from the revolving credit facility increased to $120.0 million in 2024, compared to $80.0 million in 2023, showing enhanced liquidity[373] Asset Management - Total assets decreased to $1,027.6 million in 2024 from $1,146.5 million in 2023, primarily due to a reduction in intangible assets[362] - Long-lived assets decreased from $832.9 million in 2023 to $729.5 million in 2024, with U.S. assets at $728.1 million[483] - As of December 31, 2024, total intangible assets amounted to $591.2 million, with a net value of $262.4 million after accumulated amortization of $328.8 million[435] Impairments and Legal Matters - Goodwill and long-lived asset impairment charges were $56.8 million in 2024, with no corresponding charges in 2023[313] - An impairment charge of $43.0 million was recognized for the developed technology intangible asset, reducing its carrying value to an estimated fair value of $89.0 million[334] - The Company recognized an impairment charge of $43.0 million for developed technology, reducing its carrying value to an estimated fair value of $89.0 million[435] - The Company received a civil investigative demand from the U.S. Department of Justice concerning potential violations of the False Claims Act[471] Future Outlook and Strategic Initiatives - The company anticipates a negative impact on Pharmacogenomics revenue in 2025 due to changes in UnitedHealthcare's coverage policy for the GeneSight test[294][307] - The company plans to transition all laboratory activities to next-generation facilities by early 2025 to enhance operational efficiency[292] - The Company plans to complete the transition of its remaining laboratory facilities to next-generation laboratory facilities in early 2025[473] Tax and Regulatory Matters - The total income tax expense for 2024 was $3.8 million, compared to $1.1 million in 2023[461] - The Company had net unrecognized tax benefits of $51.7 million as of December 31, 2024, an increase from $48.1 million in 2023[463] - The Company has a federal net operating loss carryforward of $32.2 million, expiring in 2033, and a federal research credit of $10.5 million, expiring in 2027[463] Stock and Shareholder Information - Common stock issued and outstanding increased from 89.9 million in 2023 to 91.3 million in 2024, reflecting a growth of 1.6%[449] - The weighted-average shares outstanding used to compute basic earnings per share increased to 90.6 million in 2024 from 82.8 million in 2023[416] - The total unrecognized stock-based compensation expense as of December 31, 2024, was $70.9 million, to be recognized over a weighted-average period of 2.0 years[457]

Core Insights - Myriad Genetics, Inc. has announced a collaboration with Gabbi to provide an integrated offering for breast cancer risk assessment and specialist care services [1][2] - The partnership aims to enhance patient access to genetic testing and personalized care plans through Gabbi's telehealth solution and Myriad's MyRisk with RiskScore Hereditary Cancer Test [2][4] Company Overview - Myriad Genetics is a leader in molecular diagnostics testing and precision medicine, focusing on advancing health and well-being through molecular tests that assess disease risk and guide treatment decisions [5] - Gabbi is a telehealth solution designed to empower women in understanding and managing their breast cancer risks, providing immediate access to clinicians and personalized action plans [4][5] Product and Service Details - The MyRisk with RiskScore Hereditary Cancer Test enables 53% of patients to qualify for a medical management change, such as more frequent mammograms or MRI imaging [3] - Gabbi's solution includes logistics and educational support, ensuring a seamless experience for patients identified as high risk [2][4]