SALT LAKE CITY, May 03, 2021 (GLOBE NEWSWIRE) -- At its 2021 Investor Day, Myriad Genetics, Inc. (NASDAQ: MYGN), today will provide a strategic business update, including an overview of initiatives to expand its reach and solidify its position as a leading partner in genetic testing and precision medicine. The webcast, from 11 am-1:30 pm EDT, will include commentary on the company’s long-term financial outlook and a progress report on the execution of its transformation plan, and growth initiatives and planned divestitures.
Paul J. Diaz, president and CEO of Myriad Genetics, and the executive leadership team will share announcements that span Myriad’s core businesses in Women’s Health, Oncology and Mental Health, supported by new tech-enabled enterprise and commercial capabilities to better serve patients and healthcare providers. “Over the last nine months, we conducted an extensive strategic review of our businesses and support functions. We developed and began to executed a transformative agenda to advance our leadership and fulfill our mission of improving health and well-being for all. We are committed to illuminating the path to better health by providing patients with vital genetic insights and enabling healthcare providers to better detect, treat and prevent disease,” Diaz said. “We have substantially completed the reset of the base of our organization and operations allowing us to increase our focus, reduce complexity and cost as we work to create a more customer-centric culture dedicated to operational excellence, accountability, and teammate engagement,” he added. “We are now implementing enterprise capabilities including a new commercial model designed to improve the end-to-end customer experience together with focused research and technology initiatives, enhanced reimbursement, and revenue cycle management. This will provide a foundation for consistent, long-term growth and profitability. Looking to the future, we will deploy capital and expand strategic partnerships with other healthcareleaders to deliver value for patients, providers, payors and shareholders.”
Beginning this quarter, Myriad Genetics began to implement the second phase of its transformation plan. This will be discussed in greater detail at its Investor Day. Key themes will include:
Best-in-class quality, service, and accessibility: Myriad Genetics has leading products with differentiating scientific advantages across its portfolio of products and services in hereditary cancer, precision oncology and companion diagnostics, prenatal screening, and mental health. Myriad has invested significantly in improving its customer experience and pricing models to elevate its products to full potential and make them more accessible.
Tech-enabled enterprise capabilities to support growth: Myriad Genetics recently launched a new commercial organization supported by customerfacing technology solutions. The company also has begun to invest in a“Lab of the Future” with highly automated tools and testing processes that improve accuracy, increase productivity, reduce turnaround time, and lower cost of goods sold.
Leveraging data and genetic insights to broaden product offerings: Myriad Genetics curates approximately one million samples per year from patients facing some of the most burdensome disease states in healthcare such as mental illness and cancer. The company will further leverage these assets to enhance product offerings, develop new products and supportive technologies, and create potential for new partnerships.
Execution to drive long-term growth and profitability: Myriad Genetics is focused on returning to long-term organic growth and profitability, and expects to be profitable by Q421. As part of its Investor Day, the company will discuss operational efficiencies and growth enablers coupled with long-term organic growth targets.
To watch the company’s Investor Day event, including executive presentations and live Q&A, please visit the investor portal on company’s website or simply click on the link here. A replay also will be available.
About Myriad Genetics Myriad Genetics Inc., is a leading genetic testing and precision medicine company dedicated to improving and transforming patient lives worldwide. Myriad discovers and commercializes molecular diagnostic tests that: determine the risk of developing disease, accurately diagnose disease, assess the risk of disease progression, and guide treatment decisions across medical specialties where molecular diagnostics can significantly improve patient care and lower healthcare costs. For more information, please visit the company's website: www.myriad.com.Myriad, the Myriad logo, BART, BRACAnalysis, Colaris, Colaris AP, myPath, myRisk, Myriad myRisk, myRisk Hereditary Cancer, myChoice, myPlan, BRACAnalysis CDx, Tumor BRACAnalysis CDx, myChoice CDx, Vectra, Prequel, Foresight, GeneSight, riskScore and Prolaris are trademarks or registered trademarks of Myriad Genetics, Inc. or its wholly owned subsidiaries in the United States and foreign countries. MYGN-F, MYGN-G.
Safe Harbor StatementThis press release contains “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995, including statements relating to creating a more customer focused culture and one dedicated to operational excellence, accountability, and teammate engagement; long-term growth and profitability; deploying capital and expanding strategic partnerships with other healthcare industry leaders to deliver value for patients, providers, payors and shareholders; investments in our “Lab of the Future” to improve accuracy, increase productivity, reduce turnaround time and lower cost of goods sold; leveraging data to enhance product offerings, develop new products and supportive technologies and create potential for new partnerships; achieving profitability by Q421; and the Company’s strategic directives under the caption “About Myriad Genetics.” These “forward-looking statements” are management’s present expectations of future events and are subject to a number of risks and uncertainties that could cause actual results to differ materially and adversely from those described or implied in the forward-looking statements. These risks include, but are not limited to: uncertainties associated with COVID-19, including its possible effects on our operations and the demand for our products and services; risks related to our ability to efficiently and flexibly manage our business amid uncertainties associated with COVID-19; the risk that sales and profit margins of our existing molecular diagnostic tests and pharmaceutical and clinical services may decline or that we may not be able to operate our business on a profitable basis; risks related to our ability to generate sufficient revenue from our existing product portfolio or in launching and commercializing new tests; risks related to changes in governmental or private insurers’ coverage and reimbursement levels for our tests or our ability to obtain reimbursement for our new tests at comparable levels to our existing tests; risks related to increased competition and the development of new competing tests and services; the risk that we may be unable to develop or achieve commercial success for additional molecular diagnostic tests and pharmaceutical and clinical services in a timely manner, or at all; the risk that we may not successfully develop new markets for our molecular diagnostic tests and pharmaceutical and clinical services, including our ability to successfully generate revenue outside the United States; the risk that licenses to the technology underlying our molecular diagnostic tests and pharmaceutical and clinical services and any future tests are terminated or cannot be maintained on satisfactory terms; risks related to delays or other problems with operating our laboratory testing facilities; risks related to public concern over genetic testing in general or our tests in particular; risks related to regulatory requirements or enforcement in the United States and foreign countries and changes in the structure of the healthcare system or healthcare payment systems; risks related to our ability to obtain new corporate collaborations or licenses and acquire new technologies or businesses on satisfactory terms, if at all; risks related to our ability to successfully integrate and derive benefits from any technologies or businesses that we license or acquire; risks related to our projections about the potential market opportunity for our products; the risk that we or our licensors may be unable to protect or that third parties will infringe the proprietary technologies underlying our tests; the risk of patent-infringement claims or challenges to the validity of our patents; risks related to changes in intellectual property laws covering our molecular diagnostic tests and pharmaceutical and clinical services, or patents or enforcement, in the United States and foreign countries; risks of new, changing and competitive technologies and regulations in the United States and internationally; the risk that we may be unable to comply with financial operating covenants under our credit or lending agreements; the risk that we will be unable to pay, when due, amounts due under our credit or lending agreements; risks related to the material weakness identified in our internal control over financial reporting, including the impact thereof and our remediation plan; and other factors discussed under the heading “Risk Factors” contained in Item 1A of our Transition Report on Form 10-K filed with the Securities and Exchange Commission on March 16, 2021, as well as any updates to those risk factors filed from time to time in our Quarterly Reports on Form 10-Q or Current Reports on Form 8-K. All information in this press release is as of the date of the release, and Myriad undertakes no duty to update this information unless required by law.