Myriad Genetics CEO Paul Diaz further discussed the company's strategy to reorganize its business after several quarters of declining revenues and negative impact from the COVID-19 pandemic. After a review of its business, the company recently announced that it would focus on growing its leadership position in the women's health, hereditary cancer, and mental health segments, and concentrate on growing its presence in certain international markets, such as Germany, France, and Japan. Meanwhile, the company will sell its autoimmune business, including the Vectra DA rheumatoid arthritis test, the Myriad RBM pharmaceutical contract research services business, and the myPath Melanoma dermatology test.
As part of its international growth strategy, the company announced on Monday that it was collaborating with Illumina to create a kit-based version of its myChoice CDx for international markets. The partnership will leverage Illumina's customer base for its TruSight Oncology 500 NGS test, and Myriad's experience advancing its homologous recombination repair deficiency lab-developed test, which gauges BRCA1/2 mutations and a genomic instability score based on analysis of three DNA damage biomarkers.
Diaz said this will hopefully be one of many partnerships that will grow Myriad's international presence. Historically Myriad has taken a "go it alone" approach, he acknowledged, but as part of its reorganization, the firm will look for partnership opportunities with other companies, health systems, employers, and payors.
He highlighted the GeneSight PGx test, which helps doctors guide treatments for patients with depression and other psychiatric conditions, as another growth opportunity, particularly during the COVID-19 pandemic when people are struggling with mental health issues. The company began shipping at-home sample collection kits for the test over the summer and has noted growing interest among payors for strategies to address the mental health crisis.
Meanwhile, due to the pandemic, the company is remaining conservative and holding off on providing future revenue guidance. "Given the resurgence of COVID, and [the fact that] the last couple of days have been just horrific, one should be prepared … for a pretty flat couple of quarters," Diaz said. Even though the company has implemented new sales strategies to mitigate the impact of the pandemic, he acknowledged that "even hanging on to the gains we have made requires a lot of work."
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