Myriad Genetics

Myriad Genetics is a molecular diagnostic company focused on single-gene and multigene panel testing for diseases in women's health, oncology, and mental health. A leader in hereditary cancer testing, Myriad launched its first product BRACAnalysis for breast cancer risk in 1996. It operates a B2B2C model and the test kits are offered to healthcare providers.  In addition, Myriad develops companion diagnostics and pharmacogenomic tests while offering biomarker discovery, and clinical services to pharmaceutical, biotechnology, and medical research organizations.

By May 2023, the company had 9 commercialized products across risk detection, diagnosis, prognosis, and treatment selection. This includes companion diagnostics like BRACAnalysis CDx and pharmacogenomic tests like GeneSight for mental health. 

Key partnerships and customers

To expand access to its testing portfolio, Myriad has formed strategic partnerships with Illumina, Clarified Precision Medicine, Epic Systems, and Intermountain Precision Genomics.

Notable collaborations include co-developing a new liquid biopsy therapy selection test with Intermountain expected to launch in 2023, and a research alliance with MD Anderson Cancer Center focused on treatment selection for metastatic renal cell carcinoma.

In January 2023, Myriad Genetics, agreed to acquire select assets from Intermountain Precision Genomics’ (IPG) laboratory business to expand its oncology portfolio. The acquisition deal was set to close on February 1, 2024, for an undisclosed sum.

In February 2024, Myriad Genetics acquired specific assets from Intermountain Precision Genomics (IPG)’s laboratory business, a subsidiary of Intermountain Health. The assets included the Precise Tumor Test, Precise Liquid Test and IPG’s CLIA-certified laboratory in Utah.

Funding and financials

The company went public in 1995 to trade under the ticker symbol “MYGN” on Nasdaq. In July 2023 , Myriad secured a USD 90 million asset-based credit facility, with an option to increase to USD 115 million, allocated towards providing the company with additional financial flexibility to support its growth strategy.

For the year 2022, the company reported a revenue of USD 678.4 million (down 1.8% YoY), while net losses increased significantly by 312% YoY to USD 112 million. In 1H 2023, the company reported a revenue of USD 364.7 million (up 6% YoY), and net losses increased significantly by more than 4x YoY to USD 170.8 million.  In terms of guidance for FY2023, Myriad Genetics maintained its revenue expectations to