Myriad’s Second Quarter Shows Solid Results; Maintaining Our $20 Fair Value Estimate
Myriad Genetics reported fourth-quarter results largely in line with our expectations, as Myriad topped guidance and posted the highest quarterly revenue in three years, yet experienced a year-over-year decline in gross margins down to 77.4%. We expect margin pressure to persist in the near term for two reasons. First, hereditary cancer fixed costs are spread over a smaller base and product mix is impacted by growth in the lower-margin pharmaceutical and clinical testing segment. Second, operati...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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Morningstar provides data on approximately 530,000 investment offerings, including stocks, mutual funds, and similar vehicles, along with real-time global market data on more than 18 million equities, indexes, futures, options, commodities, and precious metals, in addition to foreign exchange and Treasury markets. Morningstar also offers investment management services through its investment advisory subsidiaries and had approximately $185 billion in assets under advisement and management as of June 30, 2016.
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