Myriad Genetics, Inc. (MYGN - Free Report) recently announced that the first prospective outcomes data on EndoPredict test was presented by the academic researchers from the Technical University of Munich at the San Antonio Breast Cancer Symposium in San Antonio, TX.
Per the company, the data from the prospective study demonstrated that EndoPredict high-risk patients with adjuvant chemotherapy got superior results in comparison with only endocrine therapy. The tests also confirmed EndoPredict’s ability to predict disease-free survival. The study data also support the test’s ability to guide decision of adjuvant chemotherapy use in hormone receptor positive, HER2-negative breast cancer.
Solid Market Prospects
Per a report by DPI Research on Medium, the breast cancer screening market in the United States is expected to reach a value of roughly $5.8 billion by 2022.
We believe that an ageing population, rising awareness and healthcare expenditure will continue to drive growth in the breast cancer screening market. Notably, this market is dominated by a number of well-established players, with Quest Diagnostics (DGX - Free Report) being a very prominent one. In this space, Quest Diagnostics’ Quest Vantage services help in the discovery of genetic variants related to the hereditary risk of 15 types of cancer, including breast, colorectal, pancreatic and renal.
Developments in EndoPredict Tests
Myriad Genetics has been gaining from strong Molecular Diagnostics performance, led by solid contributions from the GeneSight and EndoPredict tests. EndoPredict testing revenues rose 33.3% year over year to $2.4 million in the first quarter of fiscal 2019. The increase in EndoPredict revenues was led by growing adoption of the test and increasing reimbursement in the U.S. market, as well as strength in global markets.
In order to boost global adoption of the test, Myriad Genetics is awaiting a final guidance document from the National Institute for Health and Care Excellence in the United Kingdom for EndoPredict by the end of 2018. Also, the company has switched its focus on a kit-based strategy in order to grow globally. In this regard, Myriad Genetics’ EndoPredict, Prolaris and myPath Melanoma tests can be performed on Thermo Fisher’s QuantStudio 5.
Share Price Performance
Myriad Genetics has been gaining investor confidence on consistently positive results. Over the past year, the company’s shares have outperformed its industry. The stock has declined 3% in comparison with the industry’s 19.4% fall.
Zacks Rank & Other Key Picks
Myriad Genetics currently carries a Zacks Rank #2 (Buy).
Other top-ranked stocks in the broader medical space include Integer Holdings Corporation (ITGR - Free Report) and Veeva Systems (VEEV - Free Report) .
Integer Holdings has a Zacks Rank #2 and an earnings growth rate of 31.2% for the next quarter.
Veeva Systems’ long-term earnings growth rate is estimated at 19.5%. The stock sports a Zacks Rank #1 (Strong Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.
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