Eighteen months ago, we launched a bold transformation and growth plan for Myriad Genetics. The plan involved change in virtually every part of our business. One thing we knew wouldn’t change was our commitment to empowering patients with vital genetic insights about their health. But we examined everything else: Where could we make the greatest impact for patients and healthcare providers to improve their experience? How can we re-energize our brand mission and value proposition? What could we do to elevate our products to their full potential? Where can we use new tech-enabled tools to extend our reach, break down barriers and make genetic testing easier and more accessible for everyone? How do we address these challenges and opportunities while navigating the pandemic and keeping faith with our teammates?

I want to thank our 2,300 teammates who embraced change and pursued answers to these questions, plus many more.  Earlier this month, at the J.P. Morgan Health Care Conference, I shared an update on our transformation journey, including a recap of milestones to date, as well as our growth strategy and path forward.

Focus Forward

In 2021, we sharpened our focus on three high-growth segments where we have deep expertise: mental health, oncology, and women’s health. Across each of these areas, our products already are making a meaningful difference for patients.  More than 60,000 active physicians order more than 1 million Myriad Genetics tests each year.

In mental health, there is a pressing need to address depression, anxiety and other conditions made worse by the pandemic. The GeneSight® Mental Health Medication Test helps physicians reduce trial-and-error so they can better match patients to specific antidepressant medications most likely to be effective. This test is based on seven clinical studies, and we have helped more than 1.7 million patient so far. Last year, we expanded GeneSight to provide insights on ADHD medications as well. Moving forward we are exploring the extension of GeneSight in potential areas including postpartum depression through our Women’s Health channel. Separately, based on the market need, we are exploring new partnerships to develop tests for early detection and treatment of degenerative neurological conditions such as Alzheimer’s disease and dementia.

In oncology, we help physicians provide answers that guide treatment decisions through genetic testing for patients with cancer and companion diagnostic tests that work with corresponding drugs.  We do this through several tests, including MyRisk™ for hereditary cancer; EndoPredict® for breast cancer prognosis; Prolaris® for prostate cancer prognosis; BRACAnalysis CDx® for germline BRCA 1 and BRCA 2 testing; and MyChoice® CDx for HRD (Homologous Recombination Deficiency) testing to match patients with cancer to certain treatments. Now, we are combining our strength in germline / hereditary cancer testing and companion diagnostics. Our newest test: Precise™ Tumor, for molecular profiling launches in early 2022. We are also expanding Precise Oncology Solutions across the care continuum with a suite of offerings in one convenient, integrated experience that provides oncologists with the single service they want. Going forward, we plan to bring our expertise in genetic testing for cancer applications into the liquid biopsy and MRD (Measurable Residual Disease) spaces with new products, solutions and services. These offerings will be based on our own capabilities and industry partnerships with other healthcare innovators.

In women’s health, we serve healthcare providers and the women who rely on them. The new MyRisk Hereditary Cancer Test with RiskScore® for all ancestries is a significant step forward in increasing health equity and access to genetic testing. It is the first and only breast cancer risk assessment of its kind validated for women of all ancestries.  In prenatal genetic testing and screening, we offer the Foresight® carrier screen and the Prequel® prenatal screen to help prospective or expecting parents make informed decisions for the health of the next generation. In 2023, we plan to launch the FirstGene™ test for comprehensive prenatal screening. It combines the power of noninvasive prenatal screening plus carrier screening with deeper insights on fetal health – all with a single maternal blood draw that simplifies the testing processes and helps reduce unnecessary amniocentesis.

Tech-enabled, customer centric capabilities

Our new enterprise commercial model builds on the scope and scale of our field resources which include more than 800 sales, customer service and medical affairs representatives. We are investing more than $50 million in technology to improve the customer experience. Last year with GeneSight, we expanded inside sales and digital marketing to reach new patients and providers, enabling our direct sales reps to better serve large clients. We are now rolling out similar initiatives to other businesses. Direct-to-consumer outreach is helping to extend the reach of genetic testing. With the Myriad Complete™ suite of services, we are developing a new unified online portal to streamline workflow from test ordering to EMR integration, results reporting and billing. We are also in the process of implementing new sequencing capabilities, powered by advanced robotics and data analytics, in our state-of-the-art Lab of the Future.

Fulfilling our mission 

For more than 30 years, Myriad Genetics has helped illuminate the path to better health through genetic insights. Our purpose and value proposition revolves around scientific innovation that improves clinical outcomes and making genetic testing easier and more accessible for all. By revealing the answers inside each of us, we help patients take control of their health and enable providers to improve how diseases are detected, treated, and prevented.

Looking back on a year filled with change and challenge, our mission is more relevant than ever! I am inspired by all we achieved together. Looking forward, I see a new opportunity to unlock the true potential of genetic testing and precision medicine for every individual.

Investor Day

Live webcast from August 11, 2022