Myriad Genetics Inc.
) continues to progress on the reimbursement front for its
well-regarded tests as the Noridian Administrative Services
recently priced the new molecular pathology codes for 2013.
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Noridian is the administrative contractor for Jurisdiction F
which includes Utah. Given that Myriad's entire gamut of tests
menu reimbursed by Medicare are carried out in its Utah
laboratory, the new pricing will be relevant for the company's
Medicare reimbursement in the ongoing year.
For the integrated Bracanalysis test, Noridian pricing of $3,382
compares with the average private insurance reimbursement of
$3,680. The four elements of the legislated gap-fill process
justify Bracanalysis pricing in the band of $3,100 to $3,300.
Thus, the Noridian pricing reflects an upside of $82 for 2013.
For Colaris, Noridian pricing of $4,343 compares with the
private-payer reimbursement of $3,800.
Myriad currently envisages fiscal 2013 revenues towards the
higher end of the guidance range of $575−$585 million (reflecting
over 18% growth). The current Zacks Consensus Estimate of $585
million is in agreement with the revised projections.
The company expects that fiscal 2013 earnings per share is likely
to be at the high end of the range of $1.55−$1.58 (reflecting 21%
growth). The current Zacks Consensus Estimate of $1.58 tallies
with Myriad's expectations, thanks to a majority of upward
revisions of earnings estimates.
Earnings momentum for Myriad has been on the rise ever since this
molecular diagnostic company released its encouraging
second-quarter fiscal 2013 results. With a history of posting
positive earnings beat and the agreement among analysts, the
stock carries a Zacks Rank #2 (Buy).
Besides Myriad, we are bullish on
). Each of these stocks carries a Zacks Rank #1 (Strong Buy).