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Myriad Genetics Inc MYGN

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Stock XNAS Rating as of
$24.86 +0.92 (3.84%)
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As of Cboe BZX Real-Time Price Open
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Company Report

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Myriad Genetics Earnings: Improved Pricing Dynamics and Healthy Margins Lead Positive Start to 2024

Karen Andersen, Ava Gams

No-moat Myriad Genetics delivered strong first-quarter results ahead of expectations, with sales up roughly 12% year over year, composed of high-single-digit volume growth and about 2% pricing growth. The stock rose significantly on what we view as investor optimism at the contribution from pricing growth following a period of tough pricing dynamics. Nevertheless, we are holding our $21 fair value estimate steady, as our 2024 estimates remain intact and in line with unchanged guidance, and our longer-term outlook for the firm has not changed. Even with the positive rally, shares remain relatively fairly valued.

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Price vs Fair Value

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MYGN is trading at a 14% premium.
Price
$23.95
Fair Value
$21.00
Uncertainty
High
1-Star Price
$79.68
5-Star Price
$61.80
Economic Moat
Dckx
Capital Allocation
Xxsggwn

Bulls Say, Bears Say

Bulls

Myriad is gaining payer coverage for GeneSight, and its aggressive salesforce expansion plan increases testing volume and sales.

Bears

Myriad’s product portfolio faces limited innovation cycles due to its risk of patent losses. Competitors may enter the market, steal share, and ultimately drive pricing down.

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Trading Information

Previous Close Price
$23.94
Day Range
$23.77–25.18
52-Week Range
$13.78–25.18
Bid/Ask
$24.76 / $24.83
Market Cap
$2.25 Bil
Volume/Avg
586,158 / 692,601

Key Statistics

Price/Earnings (Normalized)
—
Price/Sales
2.17
Dividend Yield (Trailing)
—
Dividend Yield (Forward)
—
Total Yield
—

Company Profile

Myriad Genetics is a molecular diagnostics company that provides testing services designed to assess an individual’s risk of developing a disease. The firm produces MyRisk, a 48-gene panel with the capability to identify the elevated risk of developing 11 types of cancer. Other diagnostic products include BRACAnalysis CDx, the FDA-approved companion diagnostic for PARP inhibitors; GeneSight, which helps improve responses to psychotropic drugs for patients suffering from depression; and Prequel, a noninvasive prenatal test. Precise Oncology Solutions, launched in 2022, combines Precise Tumor with companion diagnostic and prognostic tests such as MyChoice CDx, Prolaris, and EndoPredict. The firm offers biomarker discovery and companion diagnostic services to pharma and biotech companies.
Sector
Healthcare
Industry
Diagnostics & Research
Stock Style Box
Small Core
Total Number of Employees
2,700
Website
https://www.myriad.com

Competitors

Valuation

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Metric
MYGN
RHHBY
DGX
Price/Earnings (Normalized)
 —11.1715.63
Price/Book Value
 2.275.562.35
Price/Sales
 2.172.911.65
Price/Cash Flow
 —10.7010.88
Price/Earnings
MYGN
RHHBY
DGX

Financial Strength

Metric
MYGN
RHHBY
DGX
Quick Ratio
 1.640.990.78
Current Ratio
 2.011.350.97
Interest Coverage
 −90.2814.937.31
Quick Ratio
MYGN
RHHBY
DGX

Profitability

Metric
MYGN
RHHBY
DGX
Return on Assets (Normalized)
 −1.93%17.03%7.33%
Return on Equity (Normalized)
 −2.88%53.42%15.76%
Return on Invested Capital (Normalized)
 −2.33%26.30%9.73%
Return on Assets
MYGN
RHHBY
DGX
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