Dale Muzzey
MYRIAD GENETICSAbout Dale Muzzey
Dale Muzzey, Ph.D., is Chief Scientific Officer (CSO) of Myriad Genetics (appointed April 14, 2022). He holds a BA in Biochemical Sciences and a Ph.D. in Biophysics from Harvard University; age 45 as of April 8, 2025 . His tenure at Myriad spans scientific, clinical, bioinformatics, and R&D leadership roles since 2014, culminating in CSO responsibility for pipeline execution and clinical evidence generation . During his CSO tenure, Myriad achieved 2024 revenue growth of 11% to $838M and positive adjusted EBITDA of $40.4M, reflecting improved profitability and operational execution .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Myriad Women’s Health (predecessor) | Computational Scientist I; Senior Scientist; Staff Scientist, Computational Biology; Director, Scientific Affairs | 2014–2018 | Built computational and scientific capabilities underpinning women’s health genetic testing |
| Myriad Genetics | Senior Director, Clinical Development | Aug 2018–Sep 2019 | Advanced clinical development to support product launches and evidence generation |
| Myriad Genetics | Vice President, Bioinformatics | Oct 2019–Dec 2021 | Led bioinformatics powering test performance, interpretation, and analytics |
| Myriad Genetics | SVP, R&D; Interim CSO | Jan 2022–Apr 2022 | Guided R&D transition to full CSO; aligned pipeline and labs-of-the-future initiatives |
| Myriad Genetics | Chief Scientific Officer | Apr 2022–Present | Accountable for scientific strategy; clinical evidence for MRD; portfolio unification |
External Roles
No public external directorships or committee roles disclosed for Muzzey.
Fixed Compensation
| Metric | FY 2023 | FY 2024 |
|---|---|---|
| Base Salary ($) | $443,750 | $499,350 (reported salary paid in FY2024) |
| Base Salary Rate (as set for FY) ($) | $450,000 (effective Feb 1, 2023) | $506,400 (effective Feb 1, 2024) |
| Target Bonus (% of Base) | 50% | 50% |
| Actual Annual Bonus Paid ($) | $250,650 | $265,100 |
Additional one-time cash: $111,039 retention bonus paid Nov 3, 2023 .
Performance Compensation
| Component | Design | Metric Weighting (Muzzey) | Targets (2024) | Actual (2024) | Payout |
|---|---|---|---|---|---|
| Short-term incentive (cash) | Formulaic with financials + engagement + NPS + MBOs | Revenue 30%; Adjusted Operating Income 20%; Engagement 5%; Customer NPS 5%; Individual MBOs 40% | Revenue target $830.0M; AOI target $7.2M; Engagement target 77th percentile; NPS target 65th percentile | Revenue $837.6M (109%); AOI $21.8M (150%); Engagement 79th percentile (107%); NPS 71.6th percentile (133%) | Revenue payout 32.7%; AOI 30.0%; Engagement 5.4%; NPS 6.7%; MBOs 30.0%; Total 104.7% |
| Long-term incentive (equity) | 50% RSUs (3-year ratable vesting); 50% PSUs (3-year cliff) | PSUs: Revenue 34%; Adjusted EPS 33%; Relative TSR vs IXHC 33% | Revenue/EPS measured on FY2026; TSR measured Jan 1, 2024–Dec 31, 2026; cap at target if absolute TSR negative | N/A (in-flight) | PSUs vest Mar 14, 2027 if goals met; RSUs vest 33.3% annually (Mar 14, 2025/2026/2027) |
2022 PSU plan (vested Mar 22, 2025) paid at 66% of target (Revenue 98%; Adjusted EPS 0%; Relative TSR 100% capped due to negative absolute TSR) .
2024 equity grants to Muzzey: 49,250 RSUs (grant-date fair value $1,050,010) and 49,249 PSUs (grant-date fair value $1,172,691) on Mar 14, 2024 .
Equity Ownership & Alignment
- Beneficial ownership: 46,820 shares (less than 1%) as of April 8, 2025 .
- Anti-hedging and anti-pledging: Hedging, derivative transactions, margin purchases, and pledging prohibited for all insiders; no waivers granted .
- Ownership guidelines (Feb 2025): Other executive officers 2x base salary; must hold 50% of net shares from RSU vesting/option exercise until guideline met; compliance measured annually; all directors/executives in compliance or within phase-in as of Dec 31, 2024 .
- 2024 RSU/PSU vesting schedule: RSUs vest 33.3% annually over 3 years; PSUs vest after 3-year performance period if metrics achieved .
Outstanding unvested awards (as of Dec 31, 2024):
| Category | 2021 Grants | 2022 Grants | 2023 Grants | 2024 Grants |
|---|---|---|---|---|
| Unvested RSUs (#) | 1,083 ; 1,586 ; 1,500 | 8,008 ; 3,750 | 18,972 | 49,250 |
| RSU Market Value ($) | $14,848 ; $21,744 ; $20,565 | $109,790 ; $51,413 | $260,106 | $675,218 |
| Unearned PSUs (#) | — | 16,016 | 28,459 | 49,249 |
| PSU Market/Payout Value ($) | — | $219,579 | $390,173 | $675,204 |
Notes: Market values use $13.71 closing price on Dec 31, 2024 as per proxy methodology .
Employment Terms
- Standard employment agreement: At-will; confidentiality and restrictive covenants; participation in standard benefits; governed by company policies .
- Severance & Change-of-Control (double-trigger): For executive officers (including Muzzey), cash severance of 1x salary + target bonus; COBRA up to 12 months; equity acceleration of RSUs scheduled within 2 years; PSUs eligible for two more years if metrics achieved; immediate full vesting upon change of control + qualifying termination .
- Potential payments (as of Dec 31, 2024):
- Change of control + involuntary termination: Total $3,484,421 (Base $506,400; Bonus $506,400; RSU/PSU acceleration $2,438,639; COBRA $32,982) .
- Involuntary termination (no change of control): Total $2,752,951 (Base $506,400; Bonus $506,400; RSU/PSU acceleration $1,707,169; COBRA $32,982) .
- Death/Disability: Total $605,300 (Bonus $253,200; RSU/PSU acceleration $352,100) .
Compensation Structure Analysis
- Cash vs equity mix: Muzzey’s compensation is predominantly equity and performance-based (2024 stock awards $2.22M vs salary $0.50M, bonus $0.27M), aligning incentives with long-term value creation .
- Pay-for-performance rigor: Short-term plan paid near target (104.7%) with heavier weight on financials (50%) and substantial MBOs (40%) for Muzzey tied to product development, regulatory readiness, clinical studies, and launches .
- Equity program risk alignment: 50% PSUs with revenue/EPS/relative TSR metrics; cap on TSR when absolute TSR negative mitigates windfalls ; three-year vesting promotes retention.
- Changes YoY: Base salary increased 12.5% effective Feb 1, 2024 to align to market (still below 50th percentile per Mercer benchmarking) ; continued emphasis on PSUs and formulaic bonus mechanics .
Performance & Track Record
- Product and pipeline leadership: Integration and clinical evidence for Precise MRD; multiple collaborations with leading institutions; U.S. patents issued; oncology portfolio unified .
- Company performance tailwinds/headwinds: 2024 double-digit revenue growth and adjusted profitability, but 2025 headwind from UnitedHealthcare’s PGx policy change affecting GeneSight coverage .
- Scientific leadership signals: Public statements positioning panel updates (MyRisk) aligned to NCCN/ASCO guidance and evidence; GeneSight post-hoc analysis shows faster remission/response .
Governance, Policies, and Peer Benchmarking
- CHCC oversight and best practices: Independent committee; Mercer as independent consultant; 50% PSU grant practice; clawback; no single-trigger equity vesting; no option repricing; robust ownership guidelines .
- Peer group for benchmarking: 2024 peer group includes Veracyte, Natera, Bio-Techne, Exact Sciences, Neurocrine, United Therapeutics, among others ; prior 2023 peer group similar (with bluebird bio, Invitae) .
- Say-on-pay: 95% approval in 2024; indicates strong shareholder support for plan design .
Equity Ownership & Alignment Table
| Item | Status |
|---|---|
| Beneficial ownership | 46,820 shares, <1% |
| Ownership guidelines | Other executives = 2x salary; 50% hold of net vested shares until compliance; measured annually |
| Hedging/pledging | Prohibited for all insiders; no waivers |
| Compliance | Directors/executives in compliance or within phase-in as of Dec 31, 2024 |
Investment Implications
- Alignment: High proportion of at-risk pay (PSUs with revenue/EPS/TSR) and strict anti-hedging/pledging policies support shareholder alignment; ownership guidelines with mandatory holding requirements reduce near-term selling pressure .
- Retention: Three-year cliff PSUs and multi-year RSU vesting across sizable outstanding awards (RSUs 49,250; PSUs 49,249 for 2024 grants) create meaningful retention hooks; severance economics (1x salary+bonus; equity acceleration) are moderate vs peers, limiting overhang .
- Performance sensitivity: Bonus and PSUs tied to revenue and EPS introduce sensitivity to reimbursement and volume trends, notably the GeneSight policy reversal; TSR cap mitigates windfall risk in adverse markets .
- Trading signals: Required 50% post-vesting share retention and guideline compliance reduce discretionary selling; absence of options for Muzzey limits forced exercises; monitor Form 4s around March annual vest dates (RSUs) and PSU outcomes in 2026–2027 for potential supply events .