SALT LAKE CITY - Myriad Genetics Inc. (NASDAQ: NASDAQ:MYGN), a company specializing in genetic testing and precision medicine, has announced a strategic partnership with jscreen™, an organization known for its educational initiatives and access to preventive genetic testing targeting high-risk groups. This collaboration aims to leverage Myriad's genetic testing products alongside jscreen's education and genetic care programs to reach a broad audience across the United States.
The partnership focuses on using Myriad's hereditary cancer and reproductive genetics tests, including MyRisk® with RiskScore® and Foresight® Carrier Screen, in conjunction with jscreen's efforts to educate and navigate genetic care. The initiative is set to conduct targeted outreach, educational events, and in-person screenings, particularly among high-risk adults, to promote informed medical decision-making and personalized care.
Melissa Gonzales, President of Women's Health at Myriad Genetics, highlighted the shared commitment to patient care and the importance of equitable access to genetic testing, which is vital for understanding individual risks for hereditary cancers or reproductive issues. The collaboration is also poised to address the needs of individuals of Jewish descent, a group often at a higher risk for certain genetic conditions.
Dr. Matt Goldstein, CEO of jscreen, expressed gratitude for the partnership, emphasizing the alignment of both organizations' missions to provide preventive genetic care universally. He also noted jscreen's decade-long history of promoting genetic testing awareness and access through telegenetics, a method that has significantly increased the reach of genetic testing services.
The partnership also introduces a convenient consumer-initiated platform via jscreen.org, where individuals can order genetic test kits to be completed at home. The process involves ordering a kit online, providing a saliva sample, and sending it back to Myriad's lab for processing.
Myriad Genetics has a reputation for developing genetic tests that assess disease risk, progression, and inform treatment decisions across various medical specialties. This partnership is based on a press release statement and aims to enhance the company's service offerings and reach within the Jewish community and beyond. The forward-looking nature of this announcement is subject to the usual risks and uncertainties that could affect the anticipated outcomes.
In other recent news, Myriad Genetics reported third-quarter revenue figures between $210-212 million, surpassing the Street's expectation of $210 million. The company also reaffirmed its 2024 revenue guidance of $835-845 million. On the analyst front, Scotiabank maintained its Sector Outperform rating for Myriad Genetics, while JPMorgan (NYSE:JPM) held an Underweight rating, and Leerink Partners increased their price target to $40, maintaining an Outperform rating.
In terms of collaborations, Myriad Genetics announced partnerships with The University of Texas MD Anderson Cancer Center and The University of Rochester Medical Center, focusing on breast cancer molecular residual disease testing research. The company's Precise MRD test is expected to launch commercially in 2026. Despite discontinuing part of its GeneSight study, Wells Fargo (NYSE:WFC) listed Myriad Genetics among its high-conviction ideas for sustained growth into 2025.
These are recent developments involving Myriad Genetics. The company's collaboration with Flatiron Health to integrate its MyRisk Hereditary Cancer Test into Flatiron's OncoEMR platform marks the first time a hereditary cancer test has been incorporated into a cloud-based Electronic Medical Record system. The partnership is now operational, with Myriad Genetics looking forward to expanding the availability of its genomic testing solutions on the OncoEMR platform.
InvestingPro Insights
Myriad Genetics' strategic partnership with jscreen aligns well with the company's recent financial performance and market position. According to InvestingPro data, Myriad has shown strong revenue growth, with a 14.78% increase in the last twelve months as of Q2 2024, reaching $802.2 million. This growth trajectory supports the company's expansion efforts through partnerships like the one with jscreen.
Despite the revenue growth, it's worth noting that Myriad is currently not profitable, with an operating income margin of -12.88% over the same period. However, an InvestingPro Tip suggests that analysts predict the company will be profitable this year, which could be partly due to strategic initiatives like the jscreen collaboration.
The market seems to be optimistic about Myriad's prospects, as evidenced by the stock's significant price appreciation. InvestingPro data shows a remarkable 60.72% price total return over the past year. This aligns with another InvestingPro Tip indicating a high return over the last year, reflecting investor confidence in the company's strategic direction.
For investors considering Myriad Genetics, it's important to note that the company operates with a moderate level of debt, according to an InvestingPro Tip. This financial position may provide flexibility for future growth initiatives and partnerships.
These insights are just a sample of the valuable information available on InvestingPro. The platform offers 6 additional tips for Myriad Genetics, providing a more comprehensive analysis for investors looking to make informed decisions.
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