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SALT LAKE CITY - Myriad Genetics , Inc. (NASDAQ: NASDAQ:MYGN), a company specializing in genetic testing and precision medicine with annual revenues of $824 million, has announced the issuance of two new patents by the United States Patent and Trademark Office, enhancing its molecular residual disease (MRD) assay capabilities. According to InvestingPro data, the company has maintained strong revenue growth of 12.15% over the last twelve months, despite challenging market conditions. The patents, US No. 12,215,391 and No. 12,215,392, cover automated MRD analysis methods and patient journey aspects of MRD, respectively.
The automated MRD analysis patent focuses on systems interfacing with laboratory equipment, while the patient journey patent is relevant to MRD methods applied throughout a patient’s treatment and remission phases. These patents build on three foundational MRD technology patents awarded to Myriad Genetics in 2024, which relate to cell-free DNA preparation methods and enable highly sensitive tumor-informed sequencing-based MRD assays. The company maintains a healthy current ratio of 1.9, indicating strong operational capability to support its technological developments.
According to Paul J. Diaz, President and CEO of Myriad Genetics, the company’s proprietary technology, exemplified by the Precise® MRD test, is poised to enhance treatment strategies and improve patient outcomes. The test aims to address critical clinical questions regarding the effectiveness of cancer treatments and the recurrence of the disease.
The Precise MRD test uses whole-genome sequencing to target 1,000 sites specific to the tumor genome, facilitating the detection of low tumor levels. Currently available for research studies, the test has been integrated into several high-impact studies and recently moved to Myriad’s advanced laboratory facility in Salt Lake City.
Myriad Genetics continues to focus on advancing health through its genetic and tumor genomic testing services. The company’s tests are designed to assess disease risk, guide treatment decisions, and potentially reduce healthcare costs.
This information is based on a press release statement from Myriad Genetics, which also contains forward-looking statements about the anticipated benefits of the Precise MRD assay and the company’s ongoing development efforts to meet the needs of patients with cancer, academic partners, and biopharma companies. While currently operating at a loss, InvestingPro analysis shows analysts expect the company to return to profitability this year, with three analysts recently revising their earnings estimates upward. For deeper insights into Myriad Genetics’ financial health and growth prospects, investors can access the comprehensive Pro Research Report, available exclusively to InvestingPro subscribers. These statements are subject to risks and uncertainties that could cause actual results to differ from expectations. Myriad Genetics has committed to updating the public should any significant changes occur as required by law.
In other recent news, Myriad Genetics has been in the spotlight due to several key developments. The company reported an 11% year-over-year revenue growth and positive adjusted earnings per share (EPS) in its third-quarter 2024 earnings call. However, a potential policy change by UnitedHealthcare could restrict access to Myriad’s GeneSight test, impacting the company’s future revenue.
Analysts’ perspectives on Myriad Genetics were mixed. UBS initiated coverage of Myriad Genetics with a Neutral rating, noting an improvement in the company’s growth profile but expressing concerns about GeneSight reimbursement. Leerink Partners downgraded Myriad Genetics from Outperform to Market Perform, citing a deteriorating market environment and competitive pressures. Meanwhile, Scotiabank (TSX:BNS) maintained its Sector Outperform rating on the stock, despite lowering the price target in response to UnitedHealth (NYSE:UNH)’s policy change.
Myriad Genetics also reached a settlement in a series of shareholder derivative lawsuits, agreeing to implement specified corporate governance reforms and pay up to $950,000 in attorneys’ fees and expenses. This settlement allows the company to focus on its core mission within the life sciences sector.
These are the recent developments for Myriad Genetics, a company that continues to navigate market challenges while maintaining a focus on growth and profitability. The company’s proactive approach to expanding its product offerings and enhancing digital capabilities positions it to capitalize on opportunities in the evolving healthcare landscape.
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