Press Release (ePRNews.com) - WINSTON-SALEM, N.C. - Feb 08, 2017 - Myriad Genetics (MYGN) is a biopharmaceutical with a low debt to assets ratio and a very promising pipeline. The company has been hit hard over the last year and has been shorted quite heavily. With earnings out, the stock is looking to rebound off its 52 week low and and we feel that a classic short squeeze will be in for the near term.
MYGN Investor Highlights
Earnings: Reported fiscal second-quarter earnings of $5.9 million and net income of 9 cents per share.
Revenues – Total Revenues of $196.5 Million.
Share Buyback – During the quarter, the Company repurchased approximately 600,000 shares, or $10 million, of common stock under its share repurchase program and ended the quarter with approximately $161 million remaining on its current share repurchase authorization.
Product Development – GeneSight – Volume grew 61 percent year-over-year to approximately 57,000 tests performed in the fiscal second-quarter. Prolaris- Volume grew 33 percent year-over-year with approximately 4,700 tests ordered. EndoPredict- Revenues grew 78 percent year-over-year to $1.6 million in the fiscal second-quarter. myPath Melanoma- The third clinical validation study and second clinical utility study were accepted for publication. Vectra DA- Volume declined three percent in the second-quarter year-over-year with approximately 37,000 tests performed. Companion Diagnostics- Completed the submission of the myChoice HRD pre-market approval (PMA) application to the FDA for review in conjunction with niraparib. International- International revenue grew to five percent of total product revenue.
Insurance – Announced that multiple Blue Cross Blue Shield affiliate plans have issued positive coverage determinations.
Innovation – Announced results of a large head-to-head study comparing the efficacy of six tests used to predict the recurrence of breast cancer. A key finding was that EndoPredict (EPclin), a second-generation test, was superior to Oncotype Dx (RS), a first-generation test, in predicting the long-term recurrence of breast cancer.
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