Illumina, Inc. ( ILMN Quick Quote ILMN - Free Report) announced that its wholly-owned subsidiary, GRAIL expanded the partnership with Intermountain Healthcare to provide Galleri — a multi-cancer early detection (MCED) blood test — to eligible patients in Utah. Galleri, which is GRAIL’s MCED blood test, will be offered in addition to the existing single cancer screenings to accelerate cancer care delivery through early detection. Few Words on Intermountain Healthcare
Intermountain Healthcare, based in Utah, is a not-for-profit health system with 33 hospitals and more than 3,800 physicians. The company is dedicated to enhancing community health by using evidence-based best practices to consistently deliver high-quality outcomes at sustainable costs.
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Beginning in May 2022, Intermountain Healthcare will provide the Galleri MCED test to eligible health system patients at high risk for cancer, such as adults of more than 50 years old or with additional risk factors. Apart from this, the test will be accessible to eligible employees and their families who are enrolled in a company-sponsored health plan.
Moreover, Intermountain Healthcare is a partner in the interventional PATHFINDER study, assessing the implementation and performance of the Galleri test in a clinical care setting. The initial results from PATHFINDER were presented at the 2021 American Society of Clinical Oncology, highlighting the potential real-world ability of the Galleri test to find deadly cancers earlier.
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As it is known that early detection can improve cancer outcomes and both companies are taking proactive measures through preventive screening to enhance health outcomes. Through the sustained partnership, both companies will be able to provide additional resources to detect cancer in its early, more treatable stages, directly aligning with the companies’ commitment to helping people live the healthiest lives possible.
Industry Prospects Per Reports and Data, the global cancer diagnostics market size was $163.84 billion in 2020 and is expected to reach $268.10 billion by 2028, witnessing a CAGR of 6.3%.
The growing prevalence of various types of cancer across the globe, rising public awareness about the importance of early cancer diagnosis, and technological developments in diagnostic systems are the major factors driving the market.
In February 2022, GRAIL entered an agreement with Point32Health to partner on a two-phased pilot of Galleri multi-cancer early detection blood test. Per GRAIL management, by working with Point32Health, GRAIL is making considerable progress aligning with forward-looking companies to detect cancer early when treatments are more effective and there is the potential for a cure.
In January 2022, Illumina collaborated with National Cancer Center Japan for an international joint research project that will utilize Illumina's high-throughput DNA sequencing to assess the blood-based genomic profile and clinical information of patients living with nasopharyngeal carcinoma. The study will be referred to as part of the Asian Multicenter Prospective Study of Circulating Tumor DNA Sequencing.
Shares of Illumina have lost 37.1% in a year compared with the
industry's decline of 36.1%. Zacks Rank and Key Picks
Illumina currently carries a Zacks Rank #3 (Hold).
A few better-ranked stocks in the broader medical space are
UnitedHealth Group Incorporated ( UNH Quick Quote UNH - Free Report) , Medpace Holdings, Inc. ( MEDP Quick Quote MEDP - Free Report) and Alkermes plc ( ALKS Quick Quote ALKS - Free Report) .
UnitedHealth, with a Zacks Rank #2 (Buy), reported first-quarter 2022 earnings per share (EPS) of $5.49, which beat the Zacks Consensus Estimate by 1.7%. Revenues of $80.1 billion outpaced the consensus mark by 14.2%.
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the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
UnitedHealth has an estimated long-term growth rate of 14.8%. UNH’s earnings surpassed estimates in the trailing four quarters, the average surprise being 3.7%.
Medpace reported first-quarter 2022 adjusted EPS of $1.69, which surpassed the Zacks Consensus Estimate by 34.1%. Revenues of $330.9 million outpaced the Zacks Consensus Estimate by 1.1%. It currently has a Zacks Rank #2.
Medpace has a historical growth rate of 27.3%. MEDP’s earnings surpassed estimates in the trailing four quarters, the average surprise being 17.1%.
Alkermes reported first-quarter 2022 adjusted EPS of 12 cents, which surpassed the Zacks Consensus Estimate of a penny. Revenues of $278.6 million outpaced the Zacks Consensus Estimate by 6.2%. It currently sports a Zacks Rank #1.
Alkermes has an estimated long-term growth rate of 25.1%. ALKS’ earnings surpassed estimates in the trailing four quarters, the average surprise being 350.5%.