Yahoo Finance Myriad Genetics' (MYGN) New Pact to Boost Precision Medicine
Myriad Genetics, Inc. MYGN recently launched a new hereditary cancer assessment program, developed in collaboration with SimonMed Imaging. The program combines diagnostic imaging, genetic risk assessment leveraging Myriad’s MyRisk with RiskScore tools. Along with increased access to affordable genetic testing the latest program will also help to identify and elevate high-risk patient care.
The recent move is likely to fortify Myriad Genetics’ Oncology business.
More on Collaboration
Myriad and SimonMed will start a gradual deployment of the programme to patients at specific SimonMed women's imaging locations early next month. By this year end, the programme is anticipated to be operational in all 86 of SimonMed's women's imaging locations. It will assist all SimonMed patients in their remaining 85 locations and service lines going forward.
To more accurately identify those at higher risk, the American College of Radiology and the Society of Breast Imaging both advise that all women be assessed for breast cancer risk no later than age 30. In accordance with guidelines, women at increased risk for breast cancer based on genetic testing should start having annual breast MRI screenings between the ages of 25 and 30. They are advised to get annual mammograms after turning 30.
Image Source: Zacks Investment Research
The programme is anticipated to provide personalised insights to help influence clinical decisions for the millions of patients and families served at SimonMed by leveraging a specially constructed Myriad tool created in conjunction with SimonMed.
Strategic Efforts
The partnership will combine the benefits of Myriad's hereditary cancer test, risk assessment tools, MyRisk with RiskScore, and SimonMed's extensive experience in the field of medical imaging.
This cutting-edge technology platform will offer patients and their healthcare professionals a more specific picture of the cancer risk. Also, it will be able to take the appropriate action, such as genetic screening or further imaging like MRI and ultrasound, as needed. Better results are expected to come from early diagnosis using the most recent diagnostic techniques.
This collaboration is crucial for identification and screening of younger high-risk patients, and providing proper supplemental screening and medical management options to best manage their elevated risk. Moreover, it supports recent clinical guidelines from a variety of professional societies regarding genetic risk assessment beginning as early as age 25–30 have been developed.
Industry Prospects
Per a report by Precedence Research, the global precision medicine market size was $66.1 billion in 2021 and is expected to reach $175.64 billion by 2030 at a CAGR of 11.5%.
Considering the market opportunities, Myriad Genetics’ latest move seems well-timed.
Progress With Oncology Business
Per a report by Grand View Research on Medium, the breast-cancer-screening market in the United States is expected to reach a value of roughly $6.8 billion by 2028.
MYGN is well positioned to cash on the huge potential of the market. In fourth-quarter 2022, Myriad Genetics’ Oncology business generated $75.9 million in revenues. Reported test volumes were approximately 50,000. Prolaris continued to see strong demand as fourth-quarter testing volumes grew 17% year over year.
During fourth-quarter earnings update, the company noted that FirstGene is complementary to its current prenatal portfolio and targets over 1 million patients in the United States. It is preparing for a launch in the fourth quarter of this year.
Moreover, the company is planning to launch its liquid biopsy for tumor profiling in the second half of 2023. With this new test offering as part of the suite of precise oncology solutions, Myriad Genetics’ provider partners will benefit from a seamless customer experience and a unified interpretation of results.
Price Performance
The stock has lost 6.8% in the past year compared with the industry’s fall of 14.3%.
Zacks Rank and Key Picks
Myriad Genetics carries a Zacks Rank #3 (Hold).
Some better-ranked stocks in the broader medical space are Hologic, Inc. HOLX, Henry Schein, Inc. HSIC and Avanos Medical, Inc. AVNS, each carrying a Zacks Rank #2 (Buy) at present. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Hologic has an estimated long-term growth rate of 15.2%. HOLX’s earnings surpassed the Zacks Consensus Estimate in all the trailing four quarters, the average beat being 30.6%.
Hologic has inched up 3.1% against the industry’s 16% fall in the past year.
Henry Schein has an estimated long-term growth rate of 8.1%. HSIC’s earnings surpassed estimates in three of the trailing four quarters and matched once, the average beat being 2.9%.
Henry Schein has lost 7.7% compared with the industry’s 5.5% decline in the past year.
Avanos has an estimated growth rate of 1.8% for 2023. AVNS’ earnings surpassed estimates in all the trailing four quarters, the average beat being 11%.
Avanos has lost 11.8% compared with the industry’s 15.9% decline in the past year.
Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report
Hologic, Inc. (HOLX) : Free Stock Analysis Report
Henry Schein, Inc. (HSIC) : Free Stock Analysis Report
Myriad Genetics, Inc. (MYGN) : Free Stock Analysis Report
AVANOS MEDICAL, INC. (AVNS) : Free Stock Analysis Report
