SALT LAKE CITY - Myriad Genetics , Inc. (NASDAQ: NASDAQ:MYGN) announced today a collaboration with Flatiron Health to integrate its MyRisk Hereditary Cancer Test into Flatiron's OncoEMR platform. This marks the first time a hereditary cancer test has been incorporated into the cloud-based Electronic Medical Record (EMR) system, which is used by over 4,200 providers at more than 800 community-based cancer care locations across the United States.
The integration streamlines the process for clinicians who can now order, receive, and review the MyRisk test results directly through OncoEMR, aiming to facilitate personalized treatment decisions at the point of care. This new feature is expected to reduce administrative burdens and improve the speed at which results are delivered.
George Daneker Jr, MD, President and Chief Clinical Officer of Oncology at Myriad Genetics, emphasized the potential enhancement to access and usability of germline testing for patient care. Stephen Speicher, MD, Senior Medical Director at Flatiron Health, echoed the sentiment, noting the importance of germline testing in advancing personalized medicine and improving patient outcomes.
The partnership between Myriad Genetics and Flatiron Health is now operational, allowing OncoEMR users to access the integrated MyRisk testing. Myriad Genetics, a pioneer in genetic testing and precision medicine, anticipates expanding the availability of its genomic testing solutions on the OncoEMR platform in the future.
This collaboration is based on a press release statement and reflects the companies' forward-looking views on the potential benefits of integrating genetic testing into everyday clinical workflows. These statements are subject to risks and uncertainties that could cause actual results to differ materially. Myriad Genetics has made it clear that it does not undertake any obligation to update these forward-looking statements except as required by law.
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. Scotiabank maintained its positive outlook for Myriad Genetics, reiterating its Sector Outperform rating, reflecting confidence in the company's strategic direction and potential for growth.
In contrast, JPMorgan (NYSE:JPM) reiterated its Underweight rating on Myriad Genetics, maintaining a $20 price target, while BofA Securities held an Underperform rating for the company. Leerink Partners increased their price target for Myriad Genetics to $40, maintaining an Outperform rating on the shares.
Myriad Genetics also announced collaborations 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 anticipated 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 the recent developments for Myriad Genetics.
InvestingPro Insights
The collaboration between Myriad Genetics and Flatiron Health comes at a time when Myriad's financial performance shows promising signs of growth. According to InvestingPro data, Myriad Genetics has demonstrated strong revenue growth, with a 14.78% increase over the last twelve months as of Q2 2024, reaching $802.2 million. This growth trajectory aligns well with the company's strategic move to integrate its MyRisk Hereditary Cancer Test into Flatiron's OncoEMR platform, potentially expanding its market reach and service accessibility.
InvestingPro Tips highlight that Myriad Genetics has experienced a high return over the last year, with a remarkable 72.63% price total return. This significant uptick suggests that investors are optimistic about the company's strategic direction and growth potential. The integration with Flatiron Health's widely-used EMR system could further bolster this positive sentiment.
While the company is currently not profitable over the last twelve months, with an operating income of -$103.3 million, InvestingPro Tips indicate that analysts predict Myriad Genetics will be profitable this year. This forecast, coupled with the new collaboration, may signal a turning point for the company's financial performance.
For investors seeking a more comprehensive analysis, InvestingPro offers additional tips and insights. Currently, there are 6 more InvestingPro Tips available for Myriad Genetics, which could provide valuable context for understanding the company's market position and future prospects.
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