8-K: Myriad Genetics Q1 2026 Results Show Revenue Growth, Guidance Reaffirmed

Myriad Genetics reported first quarter 2026 revenue of $200.4 million, a 2% increase year-over-year, driven by growth in Cancer Care Continuum and Mental Health, while reiterating full-year 2026 financial guidance.

Summary

• Myriad Genetics announced its financial results for the first quarter ended March 31, 2026.
• Total revenue for the quarter was $200.4 million, a 2% increase compared to $195.9 million in the first quarter of 2025.
• Test volume remained stable year-over-year at 385,000.
• Cancer Care Continuum saw a 13% increase in test volume and a 4% revenue increase.
• Mental Health experienced a 7% increase in test volume and a 24% revenue increase.
• Prenatal Health test volume decreased by 12% and revenue by 15%.
• The company launched Precise Molecular Residual Disease (MRD) and received FDA approval for MyChoice CDx as a companion diagnostic for Zejula.
• Full-year 2026 financial guidance was reiterated, with expected revenue between $860 - $880 million and adjusted EBITDA of $37 - $49 million.

Sentiment

Score: 5

Explanation: StockSavvy.ai views this as a neutral to slightly positive report, with revenue growth and reaffirmed guidance being positive, but offset by a widening GAAP net loss and negative adjusted EBITDA.

Positives

• Revenue grew 2% year-over-year to $200.4 million.
• Cancer Care Continuum revenue increased by 4% year-over-year, driven by a 14% increase in hereditary cancer testing volume.
• Mental Health revenue grew 24% year-over-year, supported by 7% GeneSight volume growth and improved reimbursement.
• Gross margin improved slightly to 68.7% from 68.5% in Q1 2025.
• Launched Precise Molecular Residual Disease (MRD) assay.
• Received FDA approval for MyChoice CDx as a companion diagnostic for Zejula.
• Reiterated full-year 2026 revenue guidance of $860 - $880 million.
• Reiterated full-year 2026 adjusted EBITDA guidance of $37 - $49 million.

Negatives

• GAAP net loss was $34.1 million, or $0.36 per share, compared to a net loss of $0.1 million in Q1 2025.
• Adjusted loss per share was $0.09, a wider loss than the $0.03 in Q1 2025.
• Adjusted EBITDA was $(4.5) million, a decrease from $(0.1) million in Q1 2025.
• Prenatal Health test volume declined 12% year-over-year, leading to a 15% revenue decrease in that segment.
• Operating expenses increased by $5.1 million year-over-year.
• Adjusted operating expenses increased by $7.9 million year-over-year.
• Cash flow used in operations was $15.7 million.
• Adjusted free cash flow was $(19.9) million.

Risks

• Sales and profit margins of existing tests may decline.
• The company may not be able to operate profitably.
• Risks related to achieving revenue growth targets and commercializing new tests.
• Changes in government or private insurer coverage and reimbursement levels.
• Increased competition and development of new competing tests.
• Inability to develop or achieve commercial success for additional tests in a timely manner.
• Inability to secure additional financing if needed.
• Risks related to regulatory requirements and changes in healthcare payment systems.

Future Outlook

Myriad Genetics reiterated its full-year 2026 financial guidance, expecting revenue between $860 - $880 million and adjusted EBITDA between $37 - $49 million. The company anticipates the second half of 2026 revenue to be greater than the first half. They are confident that new tests launched in 2026 will be important growth drivers in 2027 and beyond.

Management Comments

• "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 have implemented a dedicated hereditary cancer sales force and other key programs designed to support the expected continued growth in germline testing."
• "And with decisive steps taken to address our Prenatal Health business, we expect improved performance in the remainder of 2026."
• "Our limited launch of Precise MRD for breast cancer patients has received positive early feedback and we remain on track with our other planned launches in 2026, as part of our milestone-rich year."
• "We are confident these tests will be important drivers of our growth in 2027 and beyond."

Industry Context

StockSavvy.ai notes that Myriad Genetics' Q1 2026 results reflect ongoing strategic shifts within the molecular diagnostics industry, particularly the emphasis on specialized testing areas like cancer care and mental health, while navigating challenges in more mature segments like prenatal screening. The company's focus on companion diagnostics and advanced assays like MRD aligns with broader industry trends towards precision medicine and earlier disease detection.

Comparison to Industry Standards

• The 2% year-over-year revenue growth is modest compared to some high-growth biotech companies, but stable within the established diagnostics sector.
• The decline in Prenatal Health revenue mirrors broader market trends where competition and evolving technologies are impacting older product lines.
• The growth in Cancer Care Continuum and Mental Health segments aligns with industry focus on expanding precision medicine applications.
• The company's adjusted EBITDA guidance of $37-$49 million for FY2026 places it in a range that requires careful management of operating expenses to achieve profitability targets, a common challenge in the sector.

Legal Proceedings

• The filing mentions "current and future investigations, claims or lawsuits, including derivative claims, product or professional liability claims" as a risk factor, but provides no specific details.

Stakeholder Impact

• Shareholders: Reaffirmed guidance and modest revenue growth may provide some stability, but the net loss and negative adjusted EBITDA could be a concern.
• Employees: Continued investment in strategic areas and new product launches may indicate future growth opportunities.
• Customers: Introduction of new diagnostic tools like Precise MRD and MyChoice CDx could lead to improved patient outcomes and treatment decisions.
• Payors: Updated medical policies for expanded carrier screening tests could positively impact revenue for related products.

Next Steps

• Launch of the first AI-enabled prostate cancer test in partnership with PATHOMIQ in Q2 2026.
• Continued progress on the multi-site CONNECTOR study for the FirstGene Multiple Prenatal Screen.
• Continued focus on growth drivers in 2027 and beyond from new tests.

Key Dates

Recommendation

The company is showing signs of strategic progress with growth in key segments and reaffirmed guidance, but the continued net losses and negative adjusted EBITDA, coupled with a decline in the Prenatal Health business, warrant a cautious approach. A 'hold' recommendation reflects the balance between potential future growth and current financial challenges.

Keywords

Myriad Genetics, 8-K, Financial Results, Q1 2026, Cancer Care Continuum, Prenatal Health, Mental Health, Molecular Diagnostics