Myriad Genetics, Inc. (NASDAQ:MYGN) Q4 2019 Earnings Conference Call Transcript

Aug 13, 2019 • 04:30 pm ET

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Myriad Genetics, Inc. (NASDAQ:MYGN) Q4 2019 Earnings Conference Call Transcript

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Q & A
Operator
Operator

Thank you. [Operator Instructions] And first question is from Sung Ji Nam with BTIG. Please go ahead.

Analyst
Sung Ji Nam

Hi. Thanks for taking the question. Mark, for GeneSight, are there still other payers that are currently reviewing the dossier and might still make the decision -- coverage decision in this cycle -- I guess, this year's cycle?

Executive
Mark C. Capone

Yeah. Thanks, Sung Ji. Yeah, there are a number of payers that are still in the tech assessment process for GeneSight. Obviously, we never speculate on when those decisions might come, but certainly we are still in those review cycles. I think we are confident in this fiscal year that we will see additional coverage decisions for GeneSight. Obviously, there's also the Medicare LCD that would potentially provide expansion into primary care that we're excited about and we feel optimistic about that as well, which would be another significant opportunity.

And so, we continue to see very positive feedback. I think one of the interesting things to note is, on the day of the UnitedHealthcare policy decision, there were significant numbers of payers that have access now that policy decision, and so it's very helpful as others are in the review process to have a template from one of the most widely respected large volume payers in the country that they can now use as a potential template. So we have seen a lot of interest in that policy decision and I think timing was perfect in that it can now fall right into the latter stages where we have others that are doing the review.

I also call attention that not only do we potentially see that pathway for payers, but as I mentioned in our comments that employers, we think, we are very confident we will see additional employers sign on to GeneSight coverage like we've seen with Kroger. And as I noted, our pharmacy benefit managers, we think, are another very interesting opportunity for both GeneSight and Vectra. And we're anticipating the ability to sign some agreements with them this fiscal year as well. So I think when you combine all of that, tech assessments, the PBMs, employers, we are still very confident that we're going to see increased coverage opportunities for new products and specifically GeneSight this year.

Analyst
Sung Ji Nam

Okay. Thank you. And then just one for Bryan. Did you -- sorry, if I missed that, but have you guys broken out what the cost savings could be from Elevate 2020 for fiscal year 2020?

Executive
Bryan Riggsbee

Yeah. We haven't provided any update on Elevate 2020 for next year.

Analyst
Sung Ji Nam

Okay. Thank you.

Executive
Bryan Riggsbee

Welcome.

Operator
Operator

Next question is from Patrick Donnelly with Goldman Sachs. Please go ahead.

Analyst
Patrick Donnelly

Great, thanks. Mark, maybe just one for you on the guidance philosophy. I guess, with UNH relatively set, I guess why didn't you guys roll that into guides? Are there more variables that need to play out? So maybe just talk us through kind of the process. I'm sure you guys deliberated back and forth why that isn't rolled into