Myriad Genetics reports first-quarter 2026 revenue of $200.4 million, reflecting a 2% year-over-year increase driven by stable test volumes of 385,000 and 2% growth in average revenue per test.8283
Financial Highlights
The company posted a GAAP net loss of $34.1 million, or $0.36 per share, compared to nearly breakeven in the prior-year period. Adjusted net loss per share stands at $0.09, with adjusted EBITDA at $(4.5) million. Gross margin improved slightly to 68.7%, up 20 basis points year-over-year.8283
Operating expenses rose to $168.3 million, primarily due to higher sales and marketing costs. Operating cash flow used totaled $15.7 million, with adjusted free cash flow at $(19.9) million.82
Segment Performance
Cancer Care Continuum revenue reached $120.2 million, up 5% year-over-year, fueled by 13% volume growth in hereditary cancer testing and 3% growth in Prolaris.82
Prenatal Health revenue declined 15% to $41.9 million amid a 12% drop in volumes linked to order management disruptions. Mental Health revenue surged 24% to $38.3 million, supported by 7% volume growth and better reimbursement.8283
Balance Sheet and Liquidity
As of March 31, 2026, cash and equivalents totaled $124.4 million, down from $149.6 million at year-end. Total assets stood at $673.7 million, with stockholders’ equity at $337.4 million.83
2026 Guidance Reiterated
Myriad Genetics maintains its full-year 2026 outlook, projecting revenue of $860 million to $880 million, adjusted gross margin of 68% to 69%, and adjusted EBITDA of $37 million to $49 million. Executives anticipate stronger performance in the second half of the year.82
Strategic Updates and CEO Commentary
Key milestones include the limited launch of the Precise MRD assay, FDA approval of myChoice CDx as a companion diagnostic for Zejula in ovarian cancer, and Japan MHLW approval for myChoice CDx with Lynparza in prostate cancer.
President and CEO Samraat Raha stated, “We are seeing strong performance across a number of key areas, including the Cancer Care Continuum as we begin to realize a return on our focused strategy… We are confident these tests will be important drivers of our growth in 2027 and beyond.”82
The earnings conference call featured participation from CEO Samraat Raha, CFO Ben Wheeler, Chief Commercial Officer Brian Donnelly, Senior VP of Investor Relations Matthew Scalo, and Chief Operating Officer Mark Verratti, alongside analysts from TD Cowen, Jefferies, Leerink Partners, Wells Fargo, Guggenheim, and Stephens.
