Myriad Genetics Inc. (NASDAQ: MYGN) stock gains as there are few important developments

Myriad Genetics Inc. (NASDAQ: MYGN) stock went up 0.60% at last close after few important developments. Myriad Genetics is a global leader in genetic testing and precision medicine, committed to changing and shaping the lives of patients around the world.

Significant Developments

On May 3, 2021, MYGN revealed that it had reached an agreement with Labcorp to sell Myriad Autoimmune’s business unit’s operational properties and intellectual property, including the Vectra test, for $150 million in cash. Labcorp is a world leader in life sciences and one of the major laboratory service providers in the United States.

The Vectra test has been ordered by the number of rheumatologists in the world that has been used by over one million patients to fully understand their rheumatoid arthritis disease activity. Myriad plans the acquisition to close by the end of the third quarter, subject to regulatory approval and customary closing conditions. Myriad Genetics’ exclusive financial adviser is Guggenheim Securities, LLC, and its legal advisor is Katten Muchin Rosenman LLP.

Financial Result

On May 3, 2021 MYGN has released its Q1 2021 financial results. Given below is the summary:

• MYGN has generated a revenue of $173.1 million which is a rise of 12%.
• GAAP earnings per share of $0.52 and $0.06 in adjusted earnings per share, rose $0.06.
• Despite normal seasonality, total test volumes are up 5% sequentially, with average revenue per test still up 5% from the previous quarter.
• By the end of 3Q21, the three proposed business unit divestitures should be completed with a combined gross proceeds of about $375 million.

Also,

Myriad Genetics will have a strategic business update today at its 2021 Investor Day, which will provide an outline of plans to extend its presence and solidify its status as a leading partner in genetic research and precision medicine. Myriad Genetics’ president and CEO, Paul J. Diaz, and the executive leadership team will make announcements spanning MYGN’s key businesses in Women’s Wellness, Oncology, and Mental Health, as well as emerging tech-enabled enterprise and commercial capabilities to best serve patients and services.