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Myriad Genetics Inc MYGN

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Myriad Genetics Reports Strong Q3 Results; Raising Our FVE to $15.10 From $11

Karen Andersen, CFA Sector Strategist

Analyst Note

| Karen Andersen, CFA |

No-moat Myriad Genetics reported third-quarter results that surpassed our expectations, posting overall revenue of about $173 million, representing roughly 6% growth compared with the previous year. So far, the company has delivered on its long-term transformation plan, resetting its cost base and core operations. We are raising our fair value estimate to $15.10 per share from $11 as we reflect this strength and stronger demand for its core products in our model. 

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Company Profile

Business Description

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 35-gene panel with the capability to identify the elevated risk of developing eight types of cancer. Other diagnostic products include BRACAnalysisCDx, the FDA-approved companion diagnostic for PARP inhibitors; GeneSight, which helps improve responses to psychotropic drugs for patients suffering from depression; Vectra DA, which predicts disease progression in rheumatoid arthritis to optimize drug treatment; and Prolaris, which identifies prostate cancer patients that can pursue active surveillance. The firm offers biomarker discovery and companion diagnostic services to pharma and biotech companies.

320 Wakara Way
Salt Lake City, UT, 84108
T +1 801 584-3600
Sector Healthcare
Industry Diagnostics & Research
Most Recent Earnings Mar 31, 2021
Fiscal Year End Dec 31, 2021
Stock Type Distressed
Employees 2,700