Myriad Genetics, Inc. (MYGN): history, ownership, mission, how it works & makes money

A Brief History of Myriad Genetics, Inc. (MYGN)

Founding and Early Years

Myriad Genetics, Inc. was founded in 1991. The company emerged from research conducted at the University of Utah, focusing on the discovery and development of molecular diagnostic tests. Myriad became publicly traded on the NASDAQ under the ticker symbol MYGN in 1995.

Key Developments and Product Launches

In 1996, Myriad launched its first major product, the BRACAnalysis test, used to assess the risk of breast and ovarian cancer. This test was pivotal in the field of genetic testing and quickly established the company as a leader in personalized medicine.

Financial Performance and Growth

By 2012, Myriad Genetics reported revenues of approximately $492 million, primarily driven by the sales of BRACAnalysis. The company’s net income for the same year was reported at around $178 million.

Legal Challenges

In 2013, the U.S. Supreme Court ruled that human genes cannot be patented, which directly affected Myriad’s BRCA gene patents. Following this landmark decision, the company’s stock price fell, impacting its market valuation which was approximately $1.5 billion at the time.

Recent Developments and Market Position

As of 2023, Myriad Genetics has expanded its portfolio to include tests for other conditions, including psychiatric disorders and cardiovascular health. The company's total revenue for fiscal year 2022 was reported at $237 million.

Stock Performance

Myriad’s stock price in October 2023 is approximately $16.45, reflecting a market capitalization of around $1.3 billion.

Table of Key Financial Metrics

Current Operations and Services

Myriad Genetics continues to develop innovative testing solutions in oncology, women’s health, and hereditary cancer. The company's offerings are critical in guiding treatment decisions for patients.

Research and Development Investments

In 2022, Myriad allocated approximately $60 million to research and development, emphasizing their commitment to advancing genetic testing technology and expanding their testing menu.

Partnerships and Collaborations

Myriad has formed numerous partnerships with healthcare organizations to enhance patient access to genetic testing. Notably, collaborations with health systems and insurers aim to integrate genetic testing into routine care.

Conclusion

Myriad Genetics has significantly influenced the genetic testing landscape. Its commitment to innovation and personalized medicine continues to shape its growth trajectory.

A Who Owns Myriad Genetics, Inc. (MYGN)

Current Ownership Structure

As of the last reporting period, Myriad Genetics, Inc. (MYGN) has a diverse ownership structure comprising institutional investors, mutual funds, and individual shareholders.

Top Institutional Shareholders

The top institutional shareholders play a crucial role in influencing Myriad Genetics' governance and decision-making processes.

Insider Ownership

Insider ownership is pivotal in maintaining a balance between shareholder interests and management decisions.

Recent Share Price and Market Capitalization

The financial performance of Myriad Genetics can be summarized by its recent stock price and market capitalization.

Shareholder Meetings and Votes

Shareholder engagement is vital for corporate governance, impacting decision-making through votes during annual meetings.

• Date of Last Annual Meeting: June 15, 2023
• Voting Outcome for Board Members: 95% approval
• Voting Outcome for Executive Compensation: 85% approval
• Number of Proposals Voted On: 5

Future Ownership Trends

Emerging trends indicate shifts in ownership dynamics influenced by market conditions and strategic decisions.

• Increased retail investor participation due to the rise of online trading platforms.
• Potential for increased institutional investment driven by expansion into new markets.
• Focus on ESG criteria affecting institutional investment decisions.

Myriad Genetics, Inc. (MYGN) Mission Statement

Corporate Mission

The mission statement of Myriad Genetics, Inc. focuses on improving patient health through innovative genetic testing and personalized medicine. The company aims to provide actionable insights that empower healthcare providers and patients in their decision-making processes. Myriad emphasizes the integration of genetic information into clinical care.

Core Values

• Innovation: Commitment to developing cutting-edge technologies.
• Integrity: Upholding ethical standards in all business practices.
• Collaboration: Partnering with healthcare providers and researchers.
• Patient-Centric: Focusing on improving patient outcomes and experiences.

Recent Financial Performance

As of the end of fiscal year 2023, Myriad Genetics reported financial results demonstrating robust growth and stability. Key figures include:

Market Position

Myriad Genetics is recognized as a leader in the genetic testing market. They provide a wide range of tests including, but not limited to:

• BRAFV600E and BRAF mutation testing
• Colon cancer risk assessment
• Endometrial cancer risk testing

Customer Impact

According to company reports, Myriad's genetic tests have influenced treatment decisions in over 1.5 million patients. The accessibility of genetic information has contributed to tailored treatment plans, improving therapeutic outcomes.

Research and Development Investments

In 2023, Myriad Genetics allocated approximately $50 million towards research and development, underscoring their commitment to innovation in genetic testing and precision medicine.

Partnerships and Collaborations

Myriad Genetics has formed strategic alliances with several healthcare systems and pharmaceutical companies to expand its testing capabilities and improve clinical outcomes. Notable partnerships include:

• Partnership with the University of Utah Health
• Collaboration with pharmaceutical companies for companion diagnostics

Future Goals

Looking ahead, Myriad Genetics aims to enhance its product offerings and expand its market reach, focusing on:

• Development of new genetic tests
• Expansion into international markets
• Increasing patient education on genetic health

Conclusion on Mission Focus

Myriad Genetics remains dedicated to its mission of advancing health and wellness through genetics, ensuring that the latest advancements in science are utilized for improved patient care and outcomes.

How Myriad Genetics, Inc. (MYGN) Works

Overview of Myriad Genetics

Myriad Genetics, Inc. is a molecular diagnostics company based in Salt Lake City, Utah, specializing in genetic testing and precision medicine. The company focuses on uncovering the genetic basis of diseases and enabling personalized treatment options.

Business Segments

Myriad operates through several key business segments:

• Oncology
• Women’s Health
• Mental Health

Financial Performance

For the fiscal year 2022, Myriad reported the following financial figures:

Key Tests and Services

Myriad offers a variety of genetic tests, including:

• BRACAnalysis: Tests for BRCA1 and BRCA2 gene mutations associated with breast and ovarian cancer.
• MyRisk: A comprehensive multi-gene panel test for hereditary cancer.
• EndoPredict: A test for predicting the risk of breast cancer recurrence.
• Myriad myChoice: A test for assessing tumor HRD status.

Market Position

As of 2023, Myriad Genetics held a significant position within the genetic testing market:

• Market Share: Approximately 15% of the hereditary cancer testing market.
• Growth Rate: Approximately 20% annual growth projected for the oncology segment.

Recent Developments

In 2023, Myriad announced several strategic initiatives:

• Acquisition of a key diagnostics company to enhance their oncology portfolio.
• Expansion of testing services into international markets.
• Investment in artificial intelligence technology to improve genetic analysis.

Research and Development

In the fiscal year 2022, Myriad invested significantly in R&D:

Partnerships and Collaborations

Myriad has engaged in various partnerships to enhance its research capabilities:

• Partnership with pharmaceutical companies: Focused on companion diagnostics.
• Collaborations with academic institutions: For advanced research in genetics.

Future Outlook

The company's future initiatives focus on:

• Expanding test offerings in mental health and autoimmune diseases.
• Enhancing patient accessibility to genetic testing.
• Innovating through technology to streamline testing processes.

How Myriad Genetics, Inc. (MYGN) Makes Money

Revenue Streams

Myriad Genetics generates revenue primarily from its genetic testing services. The company offers a range of tests that provide insights into hereditary cancer, cardiovascular disease, and other medical conditions. In fiscal year 2022, Myriad reported revenues of approximately $900 million. The breakdown of the revenue sources is as follows:

Key Products and Services

The key products driving Myriad's revenue include:

• Myriad myRisk: A hereditary cancer test that assesses a patient’s risk of developing cancer.
• EndoPredict: A test used to predict the risk of breast cancer recurrence.
• BRACAnalysis: A genetic test for assessing the risk of breast and ovarian cancer.
• Myriad Neuroscience: Offers tests for psychiatric conditions, including depression and anxiety.

Market Position and Growth

Myriad holds a significant market share in the genetic testing sector. Its dominance is reflected in its CAGR (Compound Annual Growth Rate) of 10% over the last five years. The oncology segment is particularly strong, contributing to around 53% of total revenues.

Cost Structure

The cost of revenues for Myriad Genetics was reported at approximately $400 million in 2022. Key components of the cost structure include:

• Laboratory costs: $200 million
• Research and development: $100 million
• Sales and marketing: $100 million

Profitability Metrics

Myriad Genetics reported a gross profit margin of approximately 55% in 2022. Their EBITDA (Earnings Before Interest, Taxes, Depreciation, and Amortization) stood at $150 million for the same period, leading to an EBITDA margin of 16.67%.

Future Growth Strategies

Myriad Genetics aims to expand its market reach through:

• Introduction of new tests
• Strategic acquisitions
• Partnerships with healthcare providers

Recent Financial Performance

In the most recent quarter (Q2 2023), Myriad reported revenues of approximately $230 million, with a net income of $25 million. Adjusted EPS (Earnings Per Share) for the quarter was approximately $0.30.

Stock Performance

As of October 2023, Myriad Genetics (MYGN) trades at around $21 per share, with a market capitalization of approximately $1.75 billion and a P/E (Price to Earnings) ratio of 25.

Investment and Funding

Myriad has raised funds through various channels, including:

• Public offerings
• Private placements
• Debt financing

In the last 12 months, Myriad raised $100 million through secondary offerings to support R&D initiatives.

Conclusion on Financial Stability

With a strong balance sheet, Myriad maintains cash reserves of approximately $200 million and has a debt-to-equity ratio of 0.5, indicating a stable financial position for future growth.