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SALT LAKE CITY - Myriad Genetics , Inc. (NASDAQ: NASDAQ:MYGN), a company specializing in molecular diagnostics and precision medicine, announced leadership changes with Sam Raha set to become President and CEO starting April 30, 2025. Raha, currently the COO of Myriad, will also join the Board of Directors, succeeding Paul J. Diaz, who is departing to become a Managing Partner at private equity firm Cressey & Company. Diaz will continue to advise Raha and the board for an additional year.
The company’s Board of Directors expressed confidence in Raha’s ability to lead Myriad, citing his significant role in developing the company’s long-term growth strategy since his arrival in December 2023. Chair S. Louise Phanstiel praised Raha’s contributions and leadership experience in the diagnostics industry as vital for Myriad’s ongoing expansion and mission fulfillment.
Raha expressed his honor in taking over the leadership role and acknowledged Diaz’s efforts in transforming Myriad and setting a profitable growth foundation. He looks forward to driving further growth and profitability, leveraging the company’s multi-year investment program, and focusing on patient and healthcare provider needs. While the company reported a revenue growth of 12% in the last twelve months to $823.6 million, InvestingPro analysis indicates the company maintains a strong gross profit margin of 69% and operates with a moderate level of debt. Three analysts have recently revised their earnings estimates upward for the upcoming period.
Diaz reflected on his tenure as President and CEO, highlighting the transformation of Myriad’s business and the company’s focus on improving patient access and the quality of genetic testing. He expressed his belief in the company’s strong positioning for future innovation and growth under Raha’s leadership.
Concurrent with Raha’s appointment, Mark S. Verratti, currently the Chief Commercial Officer, will be promoted to COO. Myriad has initiated a search for a new CCO.
About Sam Raha: Before joining Myriad as COO, Raha was President of Agilent (NYSE:A)’s Diagnostics and Genomics Group, overseeing strategy, business, and financial outcomes. He also served as Vice President of Global Marketing at Illumina (NASDAQ:ILMN) and holds an MBA from Santa Clara University, along with a bachelor’s degree in molecular and cell biology from the University of California, Berkeley.
Myriad Genetics focuses on developing molecular tests that assess disease risk, progression, and guide treatment decisions across various medical specialties, aiming to improve patient care and reduce healthcare costs. The company maintains a healthy current ratio of 1.9, and InvestingPro analysis shows an overall Financial Health score of "GOOD." While currently trading below its Fair Value, analysts project profitability for the company this year, with multiple additional ProTips and detailed financial metrics available through InvestingPro’s comprehensive research platform.
This leadership transition announcement is based on a press release statement and contains forward-looking statements subject to risks and uncertainties that could cause actual results to differ materially from those anticipated. These risks are detailed in the company’s SEC filings, including its Annual Report on Form 10-K and subsequent reports. Myriad disclaims any obligation to update forward-looking statements except as required by law.
In other recent news, Myriad Genetics has been the focus of several significant developments. Leerink Partners downgraded the company’s stock rating from Outperform to Market Perform, reducing the price target to $21.00 from $30.00 due to concerns about competitive pressures and reimbursement challenges. Meanwhile, UBS initiated coverage with a Neutral rating, highlighting potential growth in certain business areas but noting risks related to GeneSight reimbursement. Craig-Hallum offered a contrasting perspective, initiating a Buy rating and setting a price target of $29.00, suggesting the stock is undervalued and has significant potential for appreciation.
Additionally, Myriad Genetics announced the issuance of two new patents that enhance its molecular residual disease assay capabilities, further advancing its genetic testing services. The company has also settled a series of shareholder derivative lawsuits, agreeing to implement corporate governance reforms and pay up to $950,000 in attorneys’ fees and expenses. These recent developments reflect a complex landscape for Myriad Genetics, with both challenges and opportunities on the horizon.
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