Myriad Falters in Q1, but Investments in Sales and Research May Create Long-Term Value
Myriad’s first-quarter performance fell short of our expectations, as tepid sales and contracting margins led to adjusted EPS falling 44% year over year. Although top-line growth was in line with our projections, with double-digit growth of Prolaris and EndoPredict offsetting continued softness in hereditary cancer testing volume, we now believe that Myriad’s efforts to remedy near-term headwinds will require higher-than-anticipated operating expenditures. Consequently, we are lowering our fair ...Myriad Genetics is a precision medicine company acting as a trusted advisor to transform patient lives through molecular diagnostics. The company's molecular diagnostic tests include: myRisk? Hereditary Cancer for assessing the risks for hereditary cancers; BRACAnalysis? for assessing the risk of developing breast and ovarian cancer; riskScore? that improves the company's myRisk Hereditary Cancer test; GeneSight? to support psychotropic drug selection for depressed patients; Vectra?DA for assessing the disease activity of rheumatoid arthritis; and Prolaris? for assessing the aggressiveness of prostate cancer. The company also provides pharmaceutical and clinical services.
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