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Myriad Genetics, Inc. (MYGN)

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28.25+1.39 (+5.17%)
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Previous Close26.86
Open27.15
Bid27.97 x 800
Ask30.00 x 1000
Day's Range27.15 - 28.82
52 Week Range10.54 - 33.97
Volume390,611
Avg. Volume660,017
Market Cap2.177B
Beta (5Y Monthly)1.64
PE Ratio (TTM)N/A
EPS (TTM)-0.41
Earnings DateMay 03, 2021
Forward Dividend & YieldN/A (N/A)
Ex-Dividend DateN/A
1y Target Est26.86
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  • Myriad Genetics CEO Paul J. Diaz to Present at Bank of America Securities 2021 Virtual Health Care Conference
    GlobeNewswire

    Myriad Genetics CEO Paul J. Diaz to Present at Bank of America Securities 2021 Virtual Health Care Conference

    SALT LAKE CITY, May 05, 2021 (GLOBE NEWSWIRE) -- Paul J. Diaz, president and CEO of Myriad Genetics, Inc. (NASDAQ: MYGN), a leader in genetic testing and precision medicine, will discuss the company’s transformation plan and growth initiatives during a fireside chat at the Bank of America Securities 2021 Virtual Health Care Conference at 2:45 p.m. EDT on May 12, 2021. The presentation will be available via a live audio webcast accessible at the following direct link (link) or through the investor information section of Myriad’s website at www.myriad.com. About Myriad Genetics Myriad Genetics Inc., is a leading genetic testing and precision medicine company dedicated to improving and transforming patient lives worldwide. Myriad discovers and commercializes molecular diagnostic tests that: determine the risk of developing disease, accurately diagnose disease, assess the risk of disease progression, and guide treatment decisions across medical specialties where molecular diagnostics can significantly improve patient care and lower healthcare costs. For more information, please visit the company's website: www.myriad.com. Myriad, the Myriad logo, BART, BRACAnalysis, Colaris, Colaris AP, myPath, myRisk, Myriad myRisk, myRisk Hereditary Cancer, myChoice, myPlan, BRACAnalysis CDx, Tumor BRACAnalysis CDx, myChoice CDx, Vectra, Prequel, Foresight, GeneSight, riskScore and Prolaris are trademarks or registered trademarks of Myriad Genetics, Inc. or its wholly owned subsidiaries in the United States and foreign countries. MYGN-F, MYGN-G. Media Contact: Jared Maxwell Investor Contact:Scott Gleason (801) 505-5027 (801) 584-1143 jmaxwell@myriad.com sgleason@myriad.com

  • Myriad Genetics (MYGN) Beats on Q1 Earnings and Revenues
    Zacks

    Myriad Genetics (MYGN) Beats on Q1 Earnings and Revenues

    Strength in Myriad Genetics' (MYGN) Molecular Diagnostic segment has managed to drive Q1 sales despite pandemic-led business challenges.

  • Myriad Genetics Stock Is Jumping. Earnings Were Great.
    Barrons.com

    Myriad Genetics Stock Is Jumping. Earnings Were Great.

    Revenues for the genetic testing company were higher than expected, and the per-share loss was smaller.

  • Myriad Genetics (MYGN) Reports Q1 Loss, Tops Revenue Estimates
    Zacks

    Myriad Genetics (MYGN) Reports Q1 Loss, Tops Revenue Estimates

    Myriad (MYGN) delivered earnings and revenue surprises of 40.00% and 11.54%, respectively, for the quarter ended March 2021. Do the numbers hold clues to what lies ahead for the stock?

  • Myriad Genetics Delivers 12% Sequential Revenue Growth in March 2021 Quarter, Company Executes on Strategic Transformation Initiatives
    GlobeNewswire

    Myriad Genetics Delivers 12% Sequential Revenue Growth in March 2021 Quarter, Company Executes on Strategic Transformation Initiatives

    Highlights: Revenue of $173.1 million increases 12% sequentiallyGAAP earnings per share of ($0.52), adjusted EPS of ($0.06) improves $0.06 sequentiallyTotal test volumes increase 5% sequentially despite typical seasonality, with average revenue per test also increasing relative to the Dec. quarterExpect to close on the sale of the three planned business unit divestitures by the end of 3Q21 for total gross proceeds of approximately $375 millionCompany to host Investor Day on May 4th at 11 am EDT Paul J. Diaz, President and Chief Executive Officer:“Myriad Genetics returned to year-over-year top line growth in the March quarter through improved operational execution amidst the challenges of the COVID-19 pandemic. We saw strong sequential increases in test volumes and overall average selling prices despite the typical seasonality we experience in the March quarter. We also continued to execute on our strategic transformation plan and launched major strategic initiatives focused on improving customer experience, building new tech-enabled commercial capabilities, reducing complexity and cost, and elevating the potential of our products. “I am exceptionally proud of our 2,700 Myriad Genetics teammates who continue to embrace change and remain dedicated to our mission of improving health and wellbeing for all while expanding access to vital genetic insights. Together with the leadership team, I look forward to sharing an update on our strategy, transformation plan and growth initiatives, at our Investor Day tomorrow.” SALT LAKE CITY, May 03, 2021 (GLOBE NEWSWIRE) -- Myriad Genetics, Inc. (NASDAQ: MYGN), a leader in genetic testing and precision medicine, today announced financial results for its quarter ended March 31, 2021 and provided an update on recent business performance. Financial Highlights:Myriad Genetics delivered total revenue in the quarter of $173.1 million which grew 6% year-over-year and increased 12% sequentially from the fiscal quarter ending December 31, 2020. Total test volumes of 236,000 declined 1% year-over-year but increased 5% sequentially. Average U.S. revenue per test increased 2% sequentially, reflecting an increasingly stable pricing environment. Average selling prices benefitted in the quarter from Medicare back pay revenue for the Prolaris® test for prostate cancer.GAAP gross margin was 70.9% and adjusted gross margin was 71.5%. Adjusted gross margin improved 140 basis points sequentially, impacted positively by test pricing and negatively by increased revenue mix from prenatal testing and lower margin pharmaceutical and clinical service revenue.GAAP total operating expenses were $169.5 million. Total adjusted operating expenses increased $1.3 million year-over-year to $127.0 million.GAAP operating loss in the quarter was ($46.7) million; adjusted operating loss of ($3.3) million.GAAP earnings per share (EPS) were ($0.52); adjusted EPS were ($0.06) which improved by $0.06 sequentially.Free cash flow in the quarter was $64.7 million and was driven by a significant federal tax refund of approximately $90 million. The company ended the quarter with $188.0 million in cash, cash equivalents and investments and $157.0 million drawn on its revolving credit facility. Business Performance and Highlights Women’s HealthThe Myriad Women’s Health business -- which serves women assessing their risk of cancer, and those who are pregnant or planning a family -- recorded revenue of $55.2 million in the quarter, a decline of 15% year-over-year. Elective testing for hereditary cancer has been negatively impacted by the COVID-19 pandemic due to delayed elective office visits. The company’s prenatal business continued to demonstrate strong growth trends with test volumes increasing 9% year-over-year and 7% sequentially. Myriad myRisk® Hereditary Cancer myRisk® Hereditary Cancer test volumes for the Women’s Health business in the U.S. declined 25% year-over-year largely due to the impact of the pandemic. Myriad Foresight® Carrier Screen and Myriad Prequel® Prenatal Screen Myriad’s proprietary AMPLIFY™ technology, which further increases the performance of its Prequel™ noninvasive prenatal screening (NIPS) test, is leading to increased new prenatal users and test utilization. Since the launch of the AMPLIFY™ technology in July, Myriad has seen an increase of 12% in the total number of ordering providers for prenatal testing services, including Prequel and Foresight, with 11% growth in total test utilization per provider. OncologyThe Myriad Oncology business provides hereditary cancer testing for patients who have cancer, and products such as the EndoPredict® breast cancer prognostic test, the Prolaris prostate cancer test, and the myChoice CDx and BRACAnalysis CDx companion diagnostic tests for predicting response to PARP inhibitors. The Oncology business delivered total revenue of $75.6 million, up 39% relative to revenue in the March quarter of last year. Myriad myRisk® Hereditary Cancer myRisk® Hereditary Cancer test volumes for the Oncology business in the U.S. declined 9% year-over-year. Myriad Prolaris® Prostate Cancer Presented new data at the American Society of Clinical Oncology Genitourinary Conference demonstrating the Prolaris test can accurately predict which patients will benefit from multi-modality therapy. Using the newly established threshold, 27% of men with newly diagnosed high-risk disease and 73% with unfavorable intermediate-risk disease could avoid multimodality therapy. Myriad BRACAnalysis® CDx and myChoice® CDx Saw significant increases in BRACAnalysis CDx and myChoice CDx test volume in Japan with total revenue from the country increasing more than four-fold year-over-year to $11.9 million.Received new reimbursement for the myChoice® diagnostic system in Japan effective January 1, 2021. New Tumor Profiling Product: Announced new partnership with Intermountain Precision Genomics, powered by technology from Illumina (NASDAQ: ILMN), for a comprehensive offering of germline and somatic tumor testing services. The strategic collaboration combines germline genetic testing, next-generation tumor sequencing and world-class testing capabilities to elevate global precision oncology care. Mental HealthMyriad’s Mental Health business -- which consists of the GeneSight® psychotropic test that helps physicians understand how genetic alterations impact response to antidepressant and other psychotropic medications -- saw revenue of $17.6 million in the quarter compared to $20.4 million in the same period last year. Test volume for GeneSight was up 17% sequentially. Myriad GeneSight Saw a strong increase in new ordering providers with over 2,600 physicians ordering GeneSight for the first time in the quarter, up 24% sequentially. Overall, the number of ordering physicians increased 10% sequentially and test utilization per provider increased 4% sequentially despite the strong growth in new ordering providers.Published a new study in Psychiatry Research demonstrating that the combinatorial approach available in the GeneSight® Psychotropic test is better than single-gene testing at predicting patient outcomes and medication blood levels. AutoimmuneMyriad’s Autoimmune business -- which consists of the Vectra test for measuring disease activity in rheumatoid arthritis -- generated revenue of $10.7 million in the quarter compared to $10.5 million in the same period last year. Vectra® Signed a definitive agreement to sell select operating assets and intellectual property (IP), including the Vectra® test, from Myriad Autoimmune’s business unit to Laboratory Corporation of America Holdings (NYSE: LH) for $150.0 million in cash. The deal is expected to close by the end of the third quarter of calendar year 2021. OtherOther revenue – comprised of Myriad RBM contract research services for the pharmaceutical industry and the myPath Melanoma diagnostic test in dermatology -- was $14.0 million in the March quarter versus $14.0 million in the same period in the prior year. Signed a definitive agreement to sell the Myriad myPath®, LLC, Laboratory, which is the laboratory that offers the myPath Melanoma test, to Castle Biosciences, Inc. for $32.5 million in cash. The transaction is expected to close in the second quarter of calendar year 2021.The company generated $2.5 million in the quarter from COVID-19 testing services. Given the declining demand for testing in the United States, Myriad does not expect to have significant COVID-19 testing revenue going forward. Investor DayMyriad will host an Investor Day tomorrow, May 4, 2021 at 11:00 am EDT, to provide an update on its transformation plan and growth initiatives. The Investor Day will be a virtual event hosted on the company’s website. The link to the Investor Day event and registration is under the investor relations section of the website. Financial GuidanceGiven the continued unpredictability surrounding the COVID-19 pandemic and the impact it has had on the healthcare environment, customer behavior and the ability to market tests to physicians, the company will not provide financial guidance for the quarter ending June 30, 2021 or fiscal year 2021. About Myriad GeneticsMyriad Genetics Inc., is a leading genetic testing and precision medicine company dedicated to improving and transforming patient lives worldwide. Myriad discovers and commercializes molecular diagnostic tests that: determine the risk of developing disease, accurately diagnose disease, assess the risk of disease progression, and guide treatment decisions across medical specialties where molecular diagnostics can significantly improve patient care and lower healthcare costs. For more information, please visit the company's website: www.myriad.com. Myriad, the Myriad logo, BART, BRACAnalysis, Colaris, Colaris AP, myPath, myRisk, Myriad myRisk, myRisk Hereditary Cancer, myChoice, myPlan, BRACAnalysis CDx, Tumor BRACAnalysis CDx, myChoice CDx, Vectra, Prequel, Foresight, GeneSight, riskScore and Prolaris are trademarks or registered trademarks of Myriad Genetics, Inc. or its wholly owned subsidiaries in the United States and foreign countries. MYGN-F, MYGN-G. Revenue by Product (Unaudited): Three months ended March 31, 2021 2020 (in millions)WHONCMHAIOtherTotal WHONCMHAIOtherTotal % ChangeMolecular diagnostic revenues: Hereditary Cancer Testing$31.5 $44.6 $— $— $— $76.1 $44.3 $40.9 $— $— $— $85.2 -10.7%Prenatal23.7 — — — — 23.7 20.3 — — — — 20.3 16.7%GeneSight— — 17.6 — — 17.6 — — 20.4 — — 20.4 -13.7%Vectra— — — 10.7 — 10.7 — — — 10.5 — 10.5 1.9%myChoice CDx— 8.4 — — — 8.4 — 3.3 — — — 3.3 154.5%Prolaris— 18.5 — — — 18.5 — 6.8 — — — 6.8 172.1%EndoPredict— 4.1 — — — 4.1 — 3.5 — — — 3.5 17.1%Other— — — — 0.5 0.5 — — — — 0.5 0.5 0.0%Total molecular diagnostic revenue55.2 75.6 17.6 10.7 0.5 159.6 64.6 54.5 20.4 10.5 0.5 150.5 6.0%Pharmaceutical and clinical service revenue— — — — 13.5 13.5 — — — — 13.5 13.5 0.0%Total revenue$55.2 $75.6 $17.6 $10.7 $14.0 $173.1 $64.6 $54.5 $20.4 $10.5 $14.0 $164.0 5.5% WH = Women’s HealthONC = OncologyMH = Mental Health AI = Autoimmune MYRIAD GENETICS, INC. AND SUBSIDIARIESCondensed Consolidated Statements of Operations (Unaudited)(In Millions, except per share amounts) Three months ended March 31, 2021 2020 Molecular diagnostic testing$159.6 $150.5 Pharma and clinical services 13.5 13.5 Total revenue 173.1 164.0 Costs and expenses: Cost of molecular diagnostic testing 44.1 43.1 Cost of pharmaceutical and clinical services 6.2 7.0 Research and development expense 23.1 19.7 Change in the fair value of contingent consideration0.9 (3.4) Selling, general, and administrative expense 145.5 132.9 Goodwill and intangible asset impairment charges- 98.4 Total costs and expenses 219.8 297.7 Operating loss (46.7) (133.7) Other income (expense): Interest income 0.2 0.8 Interest expense (3.0) (2.3) Other (0.1) 4.1 Total other income (expense), net (2.9) 2.6 Loss before income tax (49.6) (131.1) Income tax benefit (10.1) (15.9) Net loss$(39.5) $(115.2) Net loss attributable to non-controlling interest- - Net loss attributable to Myriad Genetics, Inc. stockholders$(39.5) $(115.2) Loss per share: Loss per share - basic$(0.52) $(1.55) Loss per share - diluted (0.52) (1.55) Weighted average shares outstanding: Basic 76.0 74.5 Diluted 76.0 74.5 MYRIAD GENETICS, INC. AND SUBSIDIARIES Condensed Consolidated Balance Sheets (in millions) March 31,December 31, 20212020 (unaudited) ASSETS Current assets: Cash and cash equivalents$148.9 $117.0 Marketable investment securities 27.2 33.7 Prepaid expenses 14.0 11.7 Inventory 24.6 27.1 Trade accounts receivable 94.1 89.5 Prepaid taxes 18.1 108.4 Other receivables 2.3 2.0 Total current assets 329.2 389.4 Property, plant and equipment, net 45.1 40.7 Operating lease right-of-use assets 58.9 59.7 Long-term marketable investment securities 11.9 21.0 Intangibles, net 559.9 576.5 Goodwill 328.3 329.2 Other assets 3.6 2.3 Total assets$1,336.9 $1,418.8 LIABILITIES AND STOCKHOLDERS' EQUITY Current liabilities: Accounts payable$20.8 $20.5 Accrued liabilities 83.1 79.1 Current maturities of operating lease liabilities14.0 13.6 Deferred revenue 31.1 32.7 Total current liabilities 149.0 145.9 Unrecognized tax benefits 30.8 30.5 Long-term deferred taxes 59.2 71.3 Long-term debt 154.0 224.8 Noncurrent operating lease liabilities 49.4 50.6 Other long-term liabilities 19.3 14.7 Total liabilities 461.7 537.8 Commitments and contingencies Stockholders' equity: Common stock, 76.7 and 75.4 shares outstanding at March 31, 2021 and December 31, 2020, respectively0.8 0.8 Additional paid-in capital 1,144.5 1,109.5 Accumulated other comprehensive loss(3.6) (2.3) Accumulated deficit (266.5) (227.0) Total Myriad Genetics, Inc. stockholders' equity875.2 881.0 Non-controlling interest - - Total stockholders' equity 875.2 881.0 Total liabilities and stockholders' equity$1,336.9 $1,418.8 MYRIAD GENETICS, INC. AND SUBSIDIARIES Condensed Consolidated Statements of Cash Flows (unaudited) (in millions) Three months ended March 31, 2021 2020 CASH FLOWS FROM OPERATING ACTIVITIES: Net loss attributable to Myriad Genetics, Inc. stockholders $ (39.5) $(115.2) Adjustments to reconcile net loss to net cash provided by operating activities: Depreciation and amortization 18.4 17.9 Non-cash interest expense 0.5 0.1 Gain on deconsolidation of subsidiary - (1.0) Gain on disposition of assets (0.3) (0.1) Share-based compensation expense 9.0 7.5 Non-cash lease expense 3.5 - Deferred income taxes (11.8) (16.0) Unrecognized tax benefits 0.3 (0.1) Impairment of goodwill and intangible assets - 98.4 Change in fair value of contingent consideration 0.9 2.1 Changes in assets and liabilities: Prepaid expenses (2.1) 3.6 Trade accounts receivable (4.7) 15.9 Other receivables (0.3) 1.2 Inventory 2.4 (2.6) PrepaidtTaxes 90.3 (0.7) Other assets (1.2) - Accounts payable 0.3 9.2 Accrued liabilities 7.7 (3.6) Deferred revenue (1.6) 0.2 Net cash provided by operating activities 71.8 16.8 CASH FLOWS FROM INVESTING ACTIVITIES: Capital expenditures (7.1) (3.0) Proceeds from sale of subsidiary - 21.3 Purchase of marketable investment securities - (15.8) Proceeds from maturities and sales of marketable investment securities 15.3 20.7 Net cash provided by investing activities 8.2 23.2 CASH FLOWS FROM FINANCING ACTIVITIES: Proceeds from common stock issued under share-based compensation plans 26.5 0.3 Payment of tax withheld for common stock issued under share-based comp plan (0.5) (0.1) Payment of contingent consideration recognized at acquisition (3.3) - Fees associated with refinancing of revolving credit facility (1.2) - Repayment of revolving credit facility (70.0) - Net cash provided by (used in) financing activities (48.5) 0.2 Effect of foreign exchange rates on cash and cash equivalents 0.4 (1.9) Change in cash and cash equivalents classified as held for sale - 1.5 Net increase in cash and cash equivalents 31.9 38.3 Cash and cash equivalents at beginning of the period 117.0 81.2 Cash and cash equivalents at end of the period $ 148.9 $121.0 Safe Harbor StatementThis press release contains “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995, including statements relating to an increasingly stable pricing environment, AMPLIFYTM leading to new prenatal users and increased text utilization; the exploration of strategic alternatives for the Myriad RBM business; plans to host an Investor Day to provide an update on the company’s strategic transaction plan on May 4, 2021; and the Company’s strategic imperatives under the caption “About Myriad Genetics.” These “forward-looking statements” are management’s present expectations of future events and are subject to a number of risks and uncertainties that could cause actual results to differ materially and adversely from those described or implied in the forward-looking statements. These risks include, but are not limited to: uncertainties associated with COVID-19, including its possible effects on the Company’s operations and the demand for its products and services; risks related to the Company’s ability to efficiently and flexibly manage its business amid uncertainties associated with COVID-19; the risk that sales and profit margins of the Company’s existing molecular diagnostic tests and pharmaceutical and clinical services may decline or that the Company may not be able to operate its business on a profitable basis; risks related to the Company’s ability to generate sufficient revenue from its existing product portfolio or in launching and commercializing new tests; risks related to changes in the governmental or private insurers’ coverage and reimbursement levels for the Company’s tests or the Company’s ability to obtain reimbursement for its new tests at comparable levels to its existing tests; risks related to increased competition and the development of new competing tests and services; the risk that the Company may be unable to develop or achieve commercial success for additional molecular diagnostic tests and pharmaceutical and clinical services in a timely manner, or at all; the risk that the Company may not successfully develop new markets for its molecular diagnostic tests and pharmaceutical and clinical services, including the Company’s ability to successfully generate revenue outside the United States; the risk that licenses to the technology underlying the Company’s molecular diagnostic tests and pharmaceutical and clinical services tests and any future tests are terminated or cannot be maintained on satisfactory terms; risks related to delays or other problems with operating the Company’s laboratory testing facilities; risks related to public concern over genetic testing in general or the Company’s tests in particular; risks related to regulatory requirements or enforcement in the United States and foreign countries and changes in the structure of the healthcare system or healthcare payment systems; risks related to the Company’s ability to obtain new corporate collaborations or licenses and acquire new technologies or businesses on satisfactory terms, if at all; risks related to the Company’s ability to successfully integrate and derive benefits from any technologies or businesses that it licenses or acquires; risks related to the Company’s projections about the potential market opportunity for the Company’s products; the risk that the Company or its licensors may be unable to protect or that third parties will infringe the proprietary technologies underlying the Company’s tests; the risk of patent-infringement claims or challenges to the validity of the Company’s patents; risks related to changes in intellectual property laws covering the Company’s molecular diagnostic tests and pharmaceutical and clinical services, or patents or enforcement, in the United States and foreign countries; risks of new, changing and competitive technologies and regulations in the United States and internationally; the risk that the Company may be unable to comply with financial operating covenants under the Company’s credit or lending agreements; the risk that the Company will be unable to pay, when due, amounts due under the Company’s credit or lending agreements; risks related to the material weakness identified in the Company’s internal control over financial reporting, including the impact thereof and the Company’s remediation plan; and other factors discussed under the heading “Risk Factors” contained in Item 1A of the Company’s Transition Report on Form 10-K filed with the Securities and Exchange Commission on March 16, 2021, as well as any updates to those risk factors filed from time to time in the Company’s Quarterly Reports on Form 10-Q or Current Reports on Form 8-K. Statement regarding use of non-GAAP financial measuresIn this press release, the Company’s financial results and financial guidance are provided in accordance with accounting principles generally accepted in the United States (GAAP) and using certain non-GAAP financial measures. Management believes that presentation of operating results using non-GAAP financial measures provides useful supplemental information to investors and facilitates the analysis of the Company’s core operating results and comparison of operating results across reporting periods. Management also uses non-GAAP financial measures to establish budgets and to manage the Company’s business. A reconciliation of the GAAP financial results to non-GAAP financial results is included in the attached schedules. The Company encourages investors to carefully consider its results under GAAP, as well as its supplemental non-GAAP information and the reconciliation between these presentations, to more fully understand its business. Non-GAAP financial results are reported in addition to, and not as a substitute for, or superior to, financial measures calculated in accordance with GAAP. Reconciliation of GAAP to Non-GAAP Financial Measures for the three month ended March 31, 2021 and 2020 (Unaudited data in millions, except per share amount) Three months endedMarch 31, 2021 Three months endedMarch 31, 2020Adjusted Gross Margin GAAP Gross Profit (1) 122.8 113.9 Equity compensation 0.3 0.4 Other adjustments 0.6 - Adjusted Gross Profit$123.7 $114.3 Adjusted Gross Margin 71.5% 69.7%(1) Consists of total revenues less cost of molecular diagnostic testing and cost of pharmaceutical and clinical services from the condensed consolidated statements of operations. Three months endedMarch 31, 2021 Three months endedMarch 31, 2020Adjusted Operating Expenses GAAP Operating Expenses (2) 169.5 247.6 Acquisition - amortization of intangible assets (15.2) (15.1)Impairment of goodwill and intangibles - (98.4)Equity compensation (8.5) (7.9)Transformation initiatives (7.5) (2.8)Other adjustments (11.3) 2.3 Adjusted Operating Expenses$127.0 $125.7 (2) Consists of research and development expense, change in the fair value of contingent consideration, selling, general, and administrative expense, and goodwill and intangible asset impairment charges from the condensed consolidated statements of operations. Adjusted Operating LossThree months endedMarch 31, 2021 Three months endedMarch 31, 2020Operating loss$(46.7) $(133.7)Acquisition - amortization of intangible assets 15.2 15.1 Impairment of goodwill and intangibles - 98.4 Equity compensation 8.8 7.5 Transformation initiatives 7.5 2.8 Other adjustments 11.9 (2.3)Adjusted operating loss$(3.3) $(12.2) Adjusted Net Loss Net loss$(39.5) $(115.2)Acquisition - amortization of intangible assets 15.2 15.1 Impairment of goodwill and intangibles - 98.4 Equity compensation 8.8 7.5 Transformation initiatives 7.5 2.8 Other adjustments 11.9 (3.3)Tax impact of non-GAAP adjustments (8.8) (11.6)Adjusted net loss$(4.9) $(6.3)Weighted average shares outstanding 76.0 74.5 Adjusted net loss per shares$(0.06) $(0.08) Three months endedMarch 31, 2021 Three months endedMarch 31, 2020Cash flows from operations$71.8 $16.8 Capital expenditures (7.1) (3.0)Free cash flow 64.7 13.8 Transformation initiative costs 7.1 2.8 Other adjustments 0.2 - Tax effect associated with non-GAAP adjustments (1.8) (0.8)Adjusted Free cash flow $70.2 $15.8 Following is a description of the adjustments made to GAAP financial measures: Acquisition – amortization of intangible assets: Represents recurring amortization charges resulting from the acquisition of intangible assets, including developed technology and database rights.Impairment of goodwill and intangible: One-time impairment charges on intangible assets and goodwill tied to company acquisitions from prior years.Equity compensation – non-cash equity-based compensation provided to Myriad employees.Transformation initiatives – transitory costs such as consulting and professional fees related to Myriad’s Elevate 2020 program and transformation initiatives.Other adjustments – Other one-time non-recurring expenses including expenses related to leadership transition, expenses related to non-recurring severance and retention agreements, non-recurring legal expenses and potential future consideration related to acquisitions from prior years. Tax impact associated with non-GAAP adjustments –Tax expense/(benefit) due to non-GAAP adjustments, differences between stock compensation recorded for book purposes as compared to the allowable tax deductions, and CARES Act legislation. Media Contact: Jared Maxwell Investor Contact: Scott Gleason (801) 505-5027 (801) 584-1143 jmaxwell@myriad.com sgleason@myriad.com

  • Myriad Genetics Signs Definitive Agreement to Sell Myriad Autoimmune’s Vectra Testing Business to Labcorp
    GlobeNewswire

    Myriad Genetics Signs Definitive Agreement to Sell Myriad Autoimmune’s Vectra Testing Business to Labcorp

    SALT LAKE CITY, May 03, 2021 (GLOBE NEWSWIRE) -- Myriad Genetics, Inc. (NASDAQ: MYGN), a leader in genetic testing and precision medicine, announced that it has entered into a definitive agreement to sell select operating assets and intellectual property (IP), including the Vectra® test, from Myriad Autoimmune’s business unit to Labcorp (NYSE: LH) for $150 million in cash. Labcorp is a leading global life sciences company and one of the nation’s largest laboratory service providers. “Our agreement with Labcorp meets our goals of ensuring broad access to the Vectra® test for patients, ensuring a good home for our teammates, and delivering strong value for our shareholders,” said Paul J. Diaz, president and CEO of Myriad Genetics. “While we are strong believers in the future growth prospects for Vectra, this divestiture will allow us to increase operational focus and better execute in our core strategic businesses of Women’s Health, Oncology, and Mental Health.” The Vectra test has been used by over one million patients to help better understand their rheumatoid arthritis disease activity and has been ordered by the majority of rheumatologists in the country. The deal is subject to regulatory clearance and customary closing conditions, and Myriad expects the transaction to close by the end of the third quarter. Guggenheim Securities, LLC is acting as exclusive financial advisor and Katten Muchin Rosenman LLP is acting as legal advisor to Myriad Genetics. About Myriad Genetics Myriad Genetics Inc., is a leading genetic testing and precision medicine company dedicated to advancing health and wellbeing for all, empowering individuals with vital genetic insights and enabling healthcare providers to better detect, treat and prevent disease. Myriad discovers and commercializes genetic tests that: determine the risk of developing disease, accurately diagnose disease, assess the risk of disease progression, and guide treatment decisions across medical specialties where genetic testing can significantly improve patient care and lower healthcare costs. For more information on how Myriad fulfills its purpose, please visit the Company's website: www.myriad.com. Myriad, the Myriad logo, BART, BRACAnalysis, Colaris, Colaris AP, myPath, myRisk, Myriad myRisk, myRisk Hereditary Cancer, myChoice, myPlan, BRACAnalysis CDx, Tumor BRACAnalysis CDx, myChoice CDx, Vectra, Prequel, Foresight, GeneSight, riskScore and Prolaris are trademarks or registered trademarks of Myriad Genetics, Inc. or its wholly owned subsidiaries in the United States and foreign countries. MYGN-F, MYGN-G. Safe Harbor StatementThis press release contains "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995, including statements related to the divestiture of select operating assets and intellectual property, including the Vectra® test, from Myriad Autoimmune’s business unit to Labcorp and the expected closing of the transaction by the end of third quarter; and the Company’s strategic directives under the caption "About Myriad Genetics." These "forward-looking statements" are based on management's current expectations of future events and are subject to a number of risks and uncertainties that could cause actual results to differ materially and adversely from those set forth in or implied by forward-looking statements. These risks and uncertainties include, but are not limited to: the risk that a condition to closing of the proposed transaction may not be satisfied; that either party may terminate the definitive agreement or that the closing of the proposed transaction may be delayed or not occur at all; potential adverse reactions or changes to business or employee relationships, including those resulting from the announcement or consummation of the proposed transaction; diversion of management and employee time on transaction-related issues and completing the transaction; uncertainties associated with COVID-19, including its possible effects on our operations and the demand for our products and services; risks related to our ability to efficiently and flexibly manage our business amid uncertainties associated with COVID-19; the risk that sales and profit margins of our existing molecular diagnostic tests and pharmaceutical and clinical services may decline or that we may not be able to operate our business on a profitable basis; risks related to our ability to generate sufficient revenue from our existing product portfolio or in launching and commercializing new tests; risks related to changes in governmental or private insurers’ coverage and reimbursement levels for our tests or our ability to obtain reimbursement for our new tests at comparable levels to our existing tests; risks related to increased competition and the development of new competing tests and services; the risk that we may be unable to develop or achieve commercial success for additional molecular diagnostic tests and pharmaceutical and clinical services in a timely manner, or at all; the risk that we may not successfully develop new markets for our molecular diagnostic tests and pharmaceutical and clinical services, including our ability to successfully generate revenue outside the United States; the risk that licenses to the technology underlying our molecular diagnostic tests and pharmaceutical and clinical services tests and any future tests are terminated or cannot be maintained on satisfactory terms; risks related to delays or other problems with operating our laboratory testing facilities; risks related to public concern over genetic testing in general or our tests in particular; risks related to regulatory requirements or enforcement in the United States and foreign countries and changes in the structure of the healthcare system or healthcare payment systems; risks related to our ability to obtain new corporate collaborations or licenses and acquire new technologies or businesses on satisfactory terms, if at all; risks related to our ability to successfully integrate and derive benefits from any technologies or businesses that we license or acquire; risks related to our projections about the potential market opportunity for our products; the risk that we or our licensors may be unable to protect or that third parties will infringe the proprietary technologies underlying our tests; the risk of patent-infringement claims or challenges to the validity of our patents; risks related to changes in intellectual property laws covering our molecular diagnostic tests and pharmaceutical and clinical services, or patents or enforcement, in the United States and foreign countries; risks of new, changing and competitive technologies and regulations in the United States and internationally; the risk that we may be unable to comply with financial operating covenants under our credit or lending agreements; the risk that we will be unable to pay, when due, amounts due under our credit or lending agreements; and risks related to the material weakness identified in our internal control over financial reporting, including the impact thereof and our remediation plan; and other factors discussed under the heading "Risk Factors" contained in Item 1A of our Transition Report on Form 10-K for the six month transition period ended December 31, 2020, which has been filed with the Securities and Exchange Commission on March 16, 2021, as well as any updates to those risk factors filed from time to time in our Quarterly Reports on Form 10-Q or Current Reports on Form 8-K. All information in this press release is as of the date of the release, and Myriad undertakes no duty to update this information unless required by law. Media Contact:Jared Maxwell(801) 505-5027jmaxwell@myriad.comInvestor Contact: Scott Gleason(801) 584-1143sgleason@myriad.com

  • Myriad Genetics to Update Progress on Transformation Plan and Growth Initiatives, Share Long-Term Financial Outlook at 2021 Investor Day
    GlobeNewswire

    Myriad Genetics to Update Progress on Transformation Plan and Growth Initiatives, Share Long-Term Financial Outlook at 2021 Investor Day

    Company continues to focus on expanding its reach and organic growth, expense control, and laying foundation for advancing leadership position in genetic testing and precision medicineSALT LAKE CITY, May 03, 2021 (GLOBE NEWSWIRE) -- At its 2021 Investor Day, Myriad Genetics, Inc. (NASDAQ: MYGN), today will provide a strategic business update, including an overview of initiatives to expand its reach and solidify its position as a leading partner in genetic testing and precision medicine. The webcast, from 11 am-1:30 pm EDT, will include commentary on the company’s long-term financial outlook and a progress report on the execution of its transformation plan, and growth initiatives and planned divestitures. Paul J. Diaz, president and CEO of Myriad Genetics, and the executive leadership team will share announcements that span Myriad’s core businesses in Women’s Health, Oncology and Mental Health, supported by new tech-enabled enterprise and commercial capabilities to better serve patients and healthcare providers. “Over the last nine months, we conducted an extensive strategic review of our businesses and support functions. We developed and began to executed a transformative agenda to advance our leadership and fulfill our mission of improving health and well-being for all. We are committed to illuminating the path to better health by providing patients with vital genetic insights and enabling healthcare providers to better detect, treat and prevent disease,” Diaz said. “We have substantially completed the reset of the base of our organization and operations allowing us to increase our focus, reduce complexity and cost as we work to create a more customer-centric culture dedicated to operational excellence, accountability, and teammate engagement,” he added. “We are now implementing enterprise capabilities including a new commercial model designed to improve the end-to-end customer experience together with focused research and technology initiatives, enhanced reimbursement, and revenue cycle management. This will provide a foundation for consistent, long-term growth and profitability. Looking to the future, we will deploy capital and expand strategic partnerships with other healthcareleaders to deliver value for patients, providers, payors and shareholders.” Beginning this quarter, Myriad Genetics began to implement the second phase of its transformation plan. This will be discussed in greater detail at its Investor Day. Key themes will include: Best-in-class quality, service, and accessibility: Myriad Genetics has leading products with differentiating scientific advantages across its portfolio of products and services in hereditary cancer, precision oncology and companion diagnostics, prenatal screening, and mental health. Myriad has invested significantly in improving its customer experience and pricing models to elevate its products to full potential and make them more accessible. Tech-enabled enterprise capabilities to support growth: Myriad Genetics recently launched a new commercial organization supported by customerfacing technology solutions. The company also has begun to invest in a“Lab of the Future” with highly automated tools and testing processes that improve accuracy, increase productivity, reduce turnaround time, and lower cost of goods sold. Leveraging data and genetic insights to broaden product offerings: Myriad Genetics curates approximately one million samples per year from patients facing some of the most burdensome disease states in healthcare such as mental illness and cancer. The company will further leverage these assets to enhance product offerings, develop new products and supportive technologies, and create potential for new partnerships. Execution to drive long-term growth and profitability: Myriad Genetics is focused on returning to long-term organic growth and profitability, and expects to be profitable by Q421. As part of its Investor Day, the company will discuss operational efficiencies and growth enablers coupled with long-term organic growth targets. To watch the company’s Investor Day event, including executive presentations and live Q&A, please visit the investor portal on company’s website or simply click on the link here. A replay also will be available. About Myriad Genetics Myriad Genetics Inc., is a leading genetic testing and precision medicine company dedicated to improving and transforming patient lives worldwide. Myriad discovers and commercializes molecular diagnostic tests that: determine the risk of developing disease, accurately diagnose disease, assess the risk of disease progression, and guide treatment decisions across medical specialties where molecular diagnostics can significantly improve patient care and lower healthcare costs. For more information, please visit the company's website: www.myriad.com.Myriad, the Myriad logo, BART, BRACAnalysis, Colaris, Colaris AP, myPath, myRisk, Myriad myRisk, myRisk Hereditary Cancer, myChoice, myPlan, BRACAnalysis CDx, Tumor BRACAnalysis CDx, myChoice CDx, Vectra, Prequel, Foresight, GeneSight, riskScore and Prolaris are trademarks or registered trademarks of Myriad Genetics, Inc. or its wholly owned subsidiaries in the United States and foreign countries. MYGN-F, MYGN-G. Safe Harbor StatementThis press release contains “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995, including statements relating to creating a more customer focused culture and one dedicated to operational excellence, accountability, and teammate engagement; long-term growth and profitability; deploying capital and expanding strategic partnerships with other healthcare industry leaders to deliver value for patients, providers, payors and shareholders; investments in our “Lab of the Future” to improve accuracy, increase productivity, reduce turnaround time and lower cost of goods sold; leveraging data to enhance product offerings, develop new products and supportive technologies and create potential for new partnerships; achieving profitability by Q421; and the Company’s strategic directives under the caption “About Myriad Genetics.” These “forward-looking statements” are management’s present expectations of future events and are subject to a number of risks and uncertainties that could cause actual results to differ materially and adversely from those described or implied in the forward-looking statements. These risks include, but are not limited to: uncertainties associated with COVID-19, including its possible effects on our operations and the demand for our products and services; risks related to our ability to efficiently and flexibly manage our business amid uncertainties associated with COVID-19; the risk that sales and profit margins of our existing molecular diagnostic tests and pharmaceutical and clinical services may decline or that we may not be able to operate our business on a profitable basis; risks related to our ability to generate sufficient revenue from our existing product portfolio or in launching and commercializing new tests; risks related to changes in governmental or private insurers’ coverage and reimbursement levels for our tests or our ability to obtain reimbursement for our new tests at comparable levels to our existing tests; risks related to increased competition and the development of new competing tests and services; the risk that we may be unable to develop or achieve commercial success for additional molecular diagnostic tests and pharmaceutical and clinical services in a timely manner, or at all; the risk that we may not successfully develop new markets for our molecular diagnostic tests and pharmaceutical and clinical services, including our ability to successfully generate revenue outside the United States; the risk that licenses to the technology underlying our molecular diagnostic tests and pharmaceutical and clinical services and any future tests are terminated or cannot be maintained on satisfactory terms; risks related to delays or other problems with operating our laboratory testing facilities; risks related to public concern over genetic testing in general or our tests in particular; risks related to regulatory requirements or enforcement in the United States and foreign countries and changes in the structure of the healthcare system or healthcare payment systems; risks related to our ability to obtain new corporate collaborations or licenses and acquire new technologies or businesses on satisfactory terms, if at all; risks related to our ability to successfully integrate and derive benefits from any technologies or businesses that we license or acquire; risks related to our projections about the potential market opportunity for our products; the risk that we or our licensors may be unable to protect or that third parties will infringe the proprietary technologies underlying our tests; the risk of patent-infringement claims or challenges to the validity of our patents; risks related to changes in intellectual property laws covering our molecular diagnostic tests and pharmaceutical and clinical services, or patents or enforcement, in the United States and foreign countries; risks of new, changing and competitive technologies and regulations in the United States and internationally; the risk that we may be unable to comply with financial operating covenants under our credit or lending agreements; the risk that we will be unable to pay, when due, amounts due under our credit or lending agreements; risks related to the material weakness identified in our internal control over financial reporting, including the impact thereof and our remediation plan; and other factors discussed under the heading “Risk Factors” contained in Item 1A of our Transition Report on Form 10-K filed with the Securities and Exchange Commission on March 16, 2021, as well as any updates to those risk factors filed from time to time in our Quarterly Reports on Form 10-Q or Current Reports on Form 8-K. All information in this press release is as of the date of the release, and Myriad undertakes no duty to update this information unless required by law. Media Contact:Jared MaxwellInvestor Contact:Scott Gleason (801) 505-5027 (801) 584-1143 jmaxwell@myriad.com sgleason@myriad.com

  • Depression Disconnect: GeneSight® Mental Health Monitor Shows Misunderstanding of Depression and Treatment
    GlobeNewswire

    Depression Disconnect: GeneSight® Mental Health Monitor Shows Misunderstanding of Depression and Treatment

    New poll shows 83% of people with depression agree life would be easier if others could understand their depressionSALT LAKE CITY, April 28, 2021 (GLOBE NEWSWIRE) -- In a new nationwide poll, the GeneSight® Mental Health Monitor found that 83% of people with depression agree that life would be easier if others could understand their depression. Yet, most people who have not experienced depression may not be able to understand the challenges, including its treatment. “Depression is one of the most misunderstood disorders. When people misinterpret patients with depression as ‘lazy’ or ‘dramatic,’ they are vastly underestimating and misunderstanding the debilitating symptoms of major depressive disorder,” said Mark Pollack, M.D., chief medical officer for the GeneSight test at Myriad Genetics. “That is why we are working with the Depression and Bipolar Support Alliance, so that loved ones can offer more empathetic support and people with depression won’t feel so alone.” For Mental Health Awareness Month (May), GeneSight and the Depression and Bipolar Support Alliance (DBSA) have partnered to raise awareness and understanding for how a person who has major depressive disorder feels, and why it can be so hard to seek treatment. Lack of Understanding and Empathy about Depression Three out of four people living with depression said they desire support from their loved ones including just listening or saying supportive things like: “How can I help?” or “Do you want to talk about it?”. Instead, nearly half of those with depression said they were more likely to hear statements like: “You need to get over it/snap out of it” or “We all get sad sometimes”. “Depression is a serious but treatable medical condition that affects how a person feels, thinks, and acts. Though typically characterized by feelings of sadness, depression symptoms may appear as irritability or apathy,” said Michael Thase, M.D., professor of psychiatry, Perelman School of Medicine and the Corporal Michael J. Crescenz VA Medical Center, and DBSA scientific advisory board member. “We must work together – providers, patients, family and friends – to continue to reduce the impact of stigma. Misunderstanding the disorder may lead to people feeling embarrassed and/or unwilling to seek the treatment they need.” Nearly half of those either diagnosed with depression or concerned they may have depression say they feel ashamed/embarrassed when others found out they were suffering from depression, according to the GeneSight Mental Health Monitor. Pandemic Prompts Search for New Treatment More than half of those diagnosed with depression indicated in the poll that they started a new medication since the start of the pandemic. Nevertheless, for some, starting a new depression medication doesn’t guarantee success. More than half of people diagnosed with depression said they have tried four or more depression medications in their lifetime, with nearly 1 in 4 respondents reporting they have tried six or more medications to try to find relief. “I couldn’t get out of bed to take care of my children, much less go to the doctor multiple times to try new medicines that ‘might’ help,” said Amanda, a 25-year-old woman who was diagnosed with major depressive disorder. “The years of trial and error were so frustrating and discouraging. You feel like you are stuck living that way.” Those who indicated in the GeneSight Mental Health Monitor that they had experienced the trial-and-error process described the experience as: “On a rollercoaster” (51%)“I’m just waiting for the next side effect” (45%)“Walking through a maze blindfolded” (44%)“Playing a game of darts, only I’m the dartboard” (42%) While 4 in 10 of those diagnosed with depression say they are not confident that their depression medications will work for them, 7 in 10 would feel “hopeful” if their doctor recommended genetic testing as part of their treatment plan. Genetic testing, like the GeneSight Psychotropic test, analyzes how a patient’s genes may affect their outcomes with medications commonly prescribed to treat depression, anxiety and other psychiatric conditions. “With just a simple cheek swab, the GeneSight test provides your clinician with information about which medications may require dose adjustments, be less likely to work, or have an increased risk of side effects based on a patient’s genetic makeup,” said Dr. Pollack. “It’s one of many tools in a physician’s toolbox that may help get patients on the road to feeling more like themselves again.” Conquering the Depression Disconnect While 7 in 10 adults said that they are more conscious about their own or others’ mental health challenges than they were before the pandemic began, less than half of adults are very confident they can recognize if a loved one is suffering from depression, according to the GeneSight Mental Health Monitor. For a better understanding of depression and treatment, visit KnowMentalHealth.com. For more information on how genetic testing can help inform clinicians in depression treatment, please visit genesight.com. The GeneSight® Mental Health MonitorThe GeneSight Mental Health Monitor is a nationwide survey of U.S. adults conducted by ACUPOLL Precision Research, Inc. in March 2021. The survey was conducted among a statistically representative sample of U.S. adults age 18+, including a U.S. representative sample of adults who have been diagnosed with depression. The margin of error in survey results for the total base population at a 95% confidence interval is +/- 3%. Myriad GeneticsMyriad Genetics, Inc. is a leading genetic testing and precision medicine company dedicated to advancing health and wellbeing, empowering individuals with vital genetic insights and enabling healthcare providers to better detect, treat and prevent disease. Myriad discovers and commercializes genetic tests that determine the risk of developing disease, accurately diagnose disease, assess the risk of disease progression, and guide treatment decisions across medical specialties where genetic testing can significantly improve patient care and lower healthcare costs. For more information on how Myriad fulfills its purpose, please visit the company’s website: www.myriad.com. Myriad, the Myriad logo, BART, BRACAnalysis, Colaris, Colaris AP, myPath, myRisk, Myriad myRisk, myRisk Hereditary Cancer, myChoice, myPlan, BRACAnalysis CDx, Tumor BRACAnalysis DCx, myChoice CDx, Vectra, Prequel, Foresight, GeneSight, riskScore and Prolaris are trademarks or registered trademarks of Myriad Genetics, Inc. or its wholly owned subsidiaries in the United States and foreign countries. MYGN-F, MYGN-G. The GeneSight® TestThe GeneSight Psychotropic test from Myriad Genetics is the category-leading pharmacogenomic test for certain medications commonly prescribed for depression, anxiety and other psychiatric conditions. The GeneSight test can help inform doctors about how a patient’s genes may impact how they metabolize or respond to certain psychiatric medications. It has been given to more than one million patients by tens of thousands of clinicians to provide genetic information that is unique to each patient. The GeneSight test supplements other information considered by a doctor as part of a comprehensive medical assessment. Learn more at GeneSight.com. Depression and Bipolar Support AllianceThe Depression and Bipolar Support Alliance (DBSA) is a not-for-profit, 501(c)(3) organization that provides hope, help, support and education to serve the estimated 21 million people throughout the U.S. who live with mood disorders. Programs and resources are offered through our website, dbsalliance.org, and through our 500+ support groups and 150+ chapters across the country. DBSA emphasizes the value of peer support as a crucial resource for wellness. The term peer describes someone who lives with a mood disorder. DBSA believes in the strength and resilience of each person and supports the individual’s right to create his/her/their own path to wellness. DBSA also serves caregivers, families and friends of people living with mood disorders because family and social support are central to wellness. Contact Marie MountDenise Suttmanmarie.mount@myriad.comdenise@rickmillercommunications.com(513) 317-9672(513) 456-0960

  • Myriad Genetics to Release March 2021 Quarterly Financial Results on May 3, 2021, Host Investor Day on May 4, 2021
    GlobeNewswire

    Myriad Genetics to Release March 2021 Quarterly Financial Results on May 3, 2021, Host Investor Day on May 4, 2021

    SALT LAKE CITY, April 27, 2021 (GLOBE NEWSWIRE) -- Myriad Genetics, Inc. (NASDAQ: MYGN), a leader in genetic testing and precision medicine, announced that it will release its financial results for the quarter ended March 31, 2021 at 4:05 pm EDT on May 3, 2021. The company will not be hosting a quarterly earnings call given it will be holding an Investor Day event the morning of May 4, 2021 at 11:00 am EDT. The link to the Investor Day event and registration will be under the investor relations section of our corporate website. About Myriad GeneticsMyriad Genetics, Inc. is a leading genetic testing and precision medicine company dedicated to improving health and transforming patient lives worldwide. Myriad discovers and commercializes genetic tests that: determine the risk of developing disease, accurately diagnose disease, assess the risk of disease progression, and guide treatment decisions across six major medical specialties where critical genetic insights can significantly improve patient care and lower healthcare costs. For more information, visit the Company's website: www.myriad.com. Myriad, the Myriad logo, BART, BRACAnalysis, Colaris, Colaris AP, myPath, myRisk, Myriad myRisk, myRisk Hereditary Cancer, myChoice, myPlan, BRACAnalysis CDx, Tumor BRACAnalysis CDx, myChoice CDx, Vectra, Prequel, Foresight, GeneSight, riskScore and Prolaris are trademarks or registered trademarks of Myriad Genetics, Inc. or its wholly owned subsidiaries in the United States and foreign countries. MYGN-F, MYGN-G. Media Contact:Jared Maxwell(801) 505-5027jmaxwell@myriad.com Investor Contact:Scott Gleason(801) 584-1143sgleason@myriad.com

  • Myriad Genetics Signs Definitive Agreement to Sell  Myriad myPath® Melanoma, LLC, Laboratory to Castle Biosciences
    GlobeNewswire

    Myriad Genetics Signs Definitive Agreement to Sell Myriad myPath® Melanoma, LLC, Laboratory to Castle Biosciences

    SALT LAKE CITY, April 27, 2021 (GLOBE NEWSWIRE) -- Myriad Genetics, Inc. (NASDAQ: MYGN), a leader in genetic testing and precision medicine, announced that it has signed a definitive agreement to sell the Myriad myPath Melanoma, LLC, Laboratory, which is the laboratory that offers the myPath Melanoma test, to Castle Biosciences for $32.5 million in cash. Castle Biosciences is a specialty laboratory focused on advanced diagnostics for dermatologic cancers. “We are pleased to sign an agreement with Castle Biosciences that meets our objective of ensuring patients continue to have access to this important test and providing value for our shareholders,” said Paul J. Diaz, president and CEO of Myriad Genetics. “The divestiture of Myriad myPath Melanoma will allow Myriad to focus on it’s core businesses in Women’s Health, Oncology, and Mental Health and provide growth capital for future investment.” myPath Melanoma has been used by almost 40,000 patients to guide treatment decisions and has been ordered by approximately 20% of dermatopathologists in the country. The deal is subject to customary closing requirements and Myriad expects the transaction to close in its fiscal second quarter. About Castle BiosciencesCastle Biosciences develops and commercializes diagnostic and prognostic tests for dermatologic cancers. The company’s tests provide clinically actionable, tumor-specific genomic information to enable more accurate treatment plan decisions. Castle Biosciences believes that the traditional approach to developing a treatment plan for dermatologic cancers using clinical and pathology factors alone is inadequate, and can be improved by incorporating personalized genomic information. About Myriad Genetics Myriad Genetics Inc., is a leading genetic testing and precision medicine company dedicated to advancing health and wellbeing, empowering individuals with vital genetic insights and enabling healthcare providers to better detect, treat and prevent disease. Myriad discovers and commercializes genetic tests that: determine the risk of developing disease, accurately diagnose disease, assess the risk of disease progression, and guide treatment decisions across medical specialties where genetic testing can significantly improve patient care and lower healthcare costs. For more information on how Myriad fulfills its purpose, please visit the Company's website: www.myriad.com.Myriad, the Myriad logo, BART, BRACAnalysis, Colaris, Colaris AP, myPath, myRisk, Myriad myRisk, myRisk Hereditary Cancer, myChoice, myPlan, BRACAnalysis CDx, Tumor BRACAnalysis CDx, myChoice CDx, Vectra, Prequel, Foresight, GeneSight, riskScore and Prolaris are trademarks or registered trademarks of Myriad Genetics, Inc. or its wholly owned subsidiaries in the United States and foreign countries. MYGN-F, MYGN-G. Safe Harbor StatementThis press release contains "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995, including statements related to the divestiture of myPath Melanoma and the expected closing of the transaction in the Company’s fiscal second quarter; and the Company’s strategic directives under the caption "About Myriad Genetics." These "forward-looking statements" are based on management's current expectations of future events and are subject to a number of risks and uncertainties that could cause actual results to differ materially and adversely from those set forth in or implied by forward-looking statements. These risks and uncertainties include, but are not limited to: the risk that a condition to closing of the proposed transaction may not be satisfied, the length of time necessary to consummate the proposed transaction, which may be longer than anticipated for various reasons, the potential impact of the announcement or consummation of the proposed transaction on relationships with customers, suppliers, competitors, management and other employees; uncertainties associated with COVID-19, including its possible effects on our operations and the demand for our products and services; our ability to efficiently and flexibly manage our business amid uncertainties related to COVID-19; the risk that sales and profit margins of our molecular diagnostic tests and pharmaceutical and clinical services may decline; risks related to our ability to transition from our existing product portfolio to our new tests, including unexpected costs and delays; risks related to decisions or changes in governmental or private insurers’ reimbursement levels for our tests or our ability to obtain reimbursement for our new tests at comparable levels to our existing tests; risks related to increased competition and the development of new competing tests and services; the risk that we may be unable to develop or achieve commercial success for additional molecular diagnostic tests and pharmaceutical and clinical services in a timely manner, or at all; the risk that we may not successfully develop new markets for our molecular diagnostic tests and pharmaceutical and clinical services, including our ability to successfully generate revenue outside the United States; the risk that licenses to the technology underlying our molecular diagnostic tests and pharmaceutical and clinical services and any future tests and services are terminated or cannot be maintained on satisfactory terms; risks related to delays or other problems with operating our laboratory testing facilities and our healthcare clinic; risks related to public concern over genetic testing in general or our tests in particular; risks related to regulatory requirements or enforcement in the United States and foreign countries and changes in the structure of the healthcare system or healthcare payment systems; risks related to our ability to obtain new corporate collaborations or licenses and acquire new technologies or businesses on satisfactory terms, if at all; risks related to our ability to successfully integrate and derive benefits from any technologies or businesses that we license or acquire; risks related to our projections about our business, results of operations and financial condition; risks related to the potential market opportunity for our products and services; the risk that we or our licensors may be unable to protect or that third parties will infringe the proprietary technologies underlying our tests; the risk of patent-infringement claims or challenges to the validity of our patents or other intellectual property; risks related to changes in intellectual property laws covering our molecular diagnostic tests and pharmaceutical and clinical services and patents or enforcement in the United States and foreign countries, such as the Supreme Court decisions in Mayo Collab. Servs. v. Prometheus Labs., Inc., 566 U.S. 66 (2012), Ass’n for Molecular Pathology v. Myriad Genetics, Inc., 569 U.S. 576 (2013), and Alice Corp. v. CLS Bank Int’l, 573 U.S. 208 (2014); risks of new, changing and competitive technologies and regulations in the United States and internationally; the risk that we may be unable to comply with financial operating covenants under our credit or lending agreements; the risk that we will be unable to pay, when due, amounts due under our credit or lending agreements; and other factors discussed under the heading "Risk Factors" contained in Item 1A of our Transition Report on Form 10-K for the six month transition period ended December 31, 2020, which has been filed with the Securities and Exchange Commission, as well as any updates to those risk factors filed from time to time in our Quarterly Reports on Form 10-Q or Current Reports on Form 8-K. All information in this press release is as of the date of the release, and Myriad undertakes no duty to update this information unless required by law. Media Contact:Jared Maxwell Investor Contact:Scott Gleason (801) 505-5027 (801) 584-1143 jmaxwell@myriad.com sgleason@myriad.com