Summary
Molecular diagnostics genetic testing boosted Myriad Genetics' (NASDAQ:MYGN) 2Q profit by 49% compared to the same period in 2008. This performance was driven by an expanded sales force and Direct to Consumer (DTC) advertising. Molecular diagnostics is creating several new high growth/high profit businesses.
Analysis
Myriad Genetics (NASDAQ:MYGN) reported stellar 2Q results with revenue advancing 49% compared with the same period in 2008. Myriad explained that this significant sales increase was a result of its strategy to expand its sales force to over 100 representatives and Direct to Consumer (DTC) advertising program for its proprietary BRAC1/BRAC2 breast cancer assay.
Breast cancer is the 6th leading cause of death in women in the United States. Aside from non-melanoma skin cancer, breast cancer is the most common form of cancer in women. Breast cancer is the number one cause of cancer death in Hispanic women. Over 200,000 women are diagnosed with breast cancer each year in the US and over 40,000 die from the disease.
Several other companies offer various types of breast cancer tests. These include Genomic Health (NASDAQ:GHDX) Oncotype Dx(r), Clarient (NASDAQ:CLRT), DiaGenic ASA(OSL:DIAG)(OSL:DIAG), InterGenetics, Inc., bioTheranostics and others.
For more information on the companies mentioned above and the high growth molecular diagnostics market, please contact your GLG representative to schedule an individual consult.
