On Apr 11, 2016, we issued an updated research report on Salt Lake City, UT-based molecular diagnostic test developer – Myriad Genetics, Inc. MYGN. The company’s current long-term business strategy includes expansion of the hereditary cancer market, a diversifying product portfolio and expanding the company’s global presence.In its last reported fiscal second quarter, Myriad topped the Zacks Consensus Estimate on both lines. Further, the timely and successful conversion of its hereditary cancer business to myRisk buoys optimism. However, challenges remain in the form of foreign exchange headwinds, increasing competition as well as failure to gain substantial profits from the newly introduced test.During the second quarter, Myriad initiated the early access launch of its myChoice HRD test for platinum-based chemotherapy. The early access physician group has already been fully enrolled with excellent academic thought leaders, and the company has started processing commercial samples through its CLIA laboratory. Moving forward, Myriad expects to serve a worldwide market size of $18.5 billion (compared with the current market size of $5.6 billion).Also, during the quarter, Myriad received the first major reimbursement decision in Europe from Helsana – the largest payer in Switzerland, which announced the coverage decision for prostate cancer patients in all risk categories. Management expects this reimbursement to significantly contribute to Myriad’s revenue growth in the second half of calendar year 2016, in the international market.With regard to Myriad’s reference laboratory tests outside the U.S., management continues to expect additional growth in the second half of fiscal 2016, based upon the positive impact of the German Clinic acquisition and its ability to sign partnerships with hospitals and physician networks in the German market.On the flip side, Myriad receives a considerable portion of its revenues and pays a portion of its expenses in foreign currencies. As a result, the company remains at risk of foreign exchange fluctuations, since its management does not currently utilize hedging strategies. In addition, emerging competitors and pricing pressure may also plague Myriad’s stock in the near future; while macroeconomic uncertainty and higher expenses owing to extensive pipeline of some tests still remain a matter of concern. Currently, Myriad carries a Zacks Rank #3 (Hold).Key Picks in the SectorSome better-ranked stocks in the medical sector are Orthofix International N.V. OFIX, LeMaitre Vascular, Inc. LMAT and Baxter International Inc. BAX. While Orthofix sports a Zacks Rank #1 (Strong Buy), LeMaitre Vascular and Baxter hold a Zacks Rank #2 (Buy).Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report >>Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report BAXTER INTL (BAX): Free Stock Analysis Report ORTHOFIX INTL (OFIX): Free Stock Analysis Report LEMAITRE VASCLR (LMAT): Free Stock Analysis Report MYRIAD GENETICS (MYGN): Free Stock Analysis Report To read this article on Zacks.com click here. Zacks Investment Research