By Zacks Equity Research | Zacks – Fri, Mar 8, 2013 9:18 AM EST..
On Mar 5, 2013, we reaffirmed our long-term Outperform recommendation on Myriad Genetics Inc. (MYGN) following its strong second-quarter fiscal 2013 results and upward revision in the fiscal outlook.
Why the Reiteration?
On Feb 5, Myriad reported another positive earnings surprise when its second-quarter earnings per share rose 27% on a year-over-year basis to 42 cents, reflecting a beat of 10.5% over the Zacks Consensus Estimate. Revenues climbed 21% to $149.1 million, surpassing the Zacks Consensus Estimate. The quarter showed sign of balanced growth as Myriad’s mainstay franchise of molecular diagnostic test was supported by the relatively minor companion diagnostic segment.
While Bracanalysis test remains Myriad’s flagship product, the BART (Bracanalysis Rearrangement Technology) test continues to gain traction. The positive momentum of the BART test is reflected in the massive five time increase of its revenues to $15.8 million.
Apart from these, Myriad has a gamut of other tests to drive growth. The company’s strong pipeline, with certain tests that will serve a billion-dollar market, is another upside.
On the other hand, Myriad’s focus on the companion diagnostic market is encouraging. The company’s agreements with several pharmaceutical companies like Sanofi (SNY) is likely to boost revenues for the companion diagnostic franchise going forward.
Myriad’s new share buyback program should provide earnings upside in the coming quarters. Meanwhile, the company has made commendable progress with respect to its expansion in Europe.
Although there is no dearth of growth catalysts for Myriad, margin pressure and reimbursement price cuts for its tests might sour its momentum. We also remain watchful of the patent litigation (to decide whether isolated human genes can be patented), which might affect Myriad’s patent landscape for its flagship product. The decision is anticipated in Jun 2013.
Recent MYGN News
- Myriad Genetics to Release First Quarter 2024 Financial Results on May 7, 2024 • GlobeNewswire Inc. • 04/30/2024 08:05:00 PM
- Nearly Half of Americans Say They’ve Lost Time in Their Lives Due to Poor Mental Health, According to the GeneSight Mental Health Monitor • GlobeNewswire Inc. • 04/17/2024 12:00:00 PM
- New Myriad Genetics Study Published in Prenatal Diagnosis Shows High Positive Predictive Value for 22q11.2 Microdeletion Syndrome Using Prequel® Prenatal Screen • GlobeNewswire Inc. • 04/16/2024 01:15:00 PM
- Myriad Genetics Research Shows Reduction in Hospitalizations for Patients with Depression after GeneSight Testing • GlobeNewswire Inc. • 04/09/2024 12:00:00 PM
- Myriad Genetics Announces Foundational Patent Granted for Molecular Residual Disease (MRD) with Early Priority Date • GlobeNewswire Inc. • 03/22/2024 01:40:00 AM
- Myriad Genetics Announces Patent Granted for SneakPeek® Snap Device • GlobeNewswire Inc. • 03/20/2024 08:05:00 PM
- Form 4 - Statement of changes in beneficial ownership of securities • Edgar (US Regulatory) • 03/04/2024 09:18:02 PM
- Form 10-K - Annual report [Section 13 and 15(d), not S-K Item 405] • Edgar (US Regulatory) • 02/28/2024 01:31:31 PM
- Form 8-K - Current report • Edgar (US Regulatory) • 02/27/2024 09:05:47 PM
- Myriad Genetics Reports Strong Fourth Quarter and Full-Year 2023 Financial Results; Fourth Quarter Revenue of $197 Million and Full-Year Revenue of $753 Million Each Grew 11% Year-Over-Year; Delivered GAAP EPS of $(0.36) and Adjusted EPS of $0.04 in the Fo • GlobeNewswire Inc. • 02/27/2024 09:05:00 PM
- Myriad Genetics and National Cancer Center Hospital East in Japan Collaborate on Pan-Cancer MRD Monitoring Clinical Trial, SCRUM-MONSTAR-SCREEN-3 • GlobeNewswire Inc. • 02/27/2024 02:15:00 PM
- Form 4 - Statement of changes in beneficial ownership of securities • Edgar (US Regulatory) • 02/26/2024 09:12:36 PM
- Form 4 - Statement of changes in beneficial ownership of securities • Edgar (US Regulatory) • 02/26/2024 09:09:56 PM
- Myriad Genetics to Release Fourth Quarter and Full Year 2023 Financial Results on February 27, 2024 • GlobeNewswire Inc. • 02/21/2024 09:05:00 PM
- Myriad Genetics Appoints Dallas Reed, MD, FACOG, FACMG as Principal Medical Advisor of Women’s Health • GlobeNewswire Inc. • 02/15/2024 09:05:00 PM
- Form SC 13G/A - Statement of acquisition of beneficial ownership by individuals: [Amend] • Edgar (US Regulatory) • 02/14/2024 09:47:48 PM
- Form SC 13G/A - Statement of acquisition of beneficial ownership by individuals: [Amend] • Edgar (US Regulatory) • 02/14/2024 01:24:26 PM
- Form SC 13G/A - Statement of acquisition of beneficial ownership by individuals: [Amend] • Edgar (US Regulatory) • 02/08/2024 03:14:32 PM
- Myriad Genetics Completes Acquisition of Precise Tumor, Precise Liquid and Laboratory from Intermountain Precision Genomics • GlobeNewswire Inc. • 02/01/2024 02:25:00 PM
- Form 4 - Statement of changes in beneficial ownership of securities • Edgar (US Regulatory) • 01/31/2024 09:15:23 PM
- Myriad Genetics Names George Daneker Jr., MD, as President and Chief Clinical Officer of Oncology • GlobeNewswire Inc. • 01/30/2024 10:00:00 PM
- Form 4 - Statement of changes in beneficial ownership of securities • Edgar (US Regulatory) • 01/29/2024 09:27:38 PM
- Form 3 - Initial statement of beneficial ownership of securities • Edgar (US Regulatory) • 01/29/2024 09:21:59 PM
- Form SC 13G/A - Statement of acquisition of beneficial ownership by individuals: [Amend] • Edgar (US Regulatory) • 01/23/2024 09:31:19 PM
- Form SC 13G/A - Statement of acquisition of beneficial ownership by individuals: [Amend] • Edgar (US Regulatory) • 01/22/2024 07:03:13 PM
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