On July 30, 2026 Myriad Genetics, Inc. (NASDAQ: MYGN), a leader in molecular diagnostic testing and precision medicine, reported financial results for its second quarter ended June 30, 2026, new initiatives focused on driving increased efficiency, productivity and scalability, and revised financial guidance for the full-year 2026.

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"In the second quarter, we continued to make meaningful progress on the Cancer Care Continuum on a number of fronts, including 6% year-over-year volume growth supported by the ramp up of our expanded sales team, the launch of Prolaris + AI, the expansion of Precise MRD to include colorectal cancer (CRC) and renal cancers, along with the submission of Precise MRD breast to MolDX," said Sam Raha, President and CEO, Myriad Genetics. "During the quarter, we advanced work on a strategic review with the intention to identify initiatives to increase growth, profitability, and liquidity. We have activated an initiative called Ascend to increase organizational efficiency, effectivity and scalability and are being supported by a leading professional services firm. We are also doing a rigorous evaluation of our product portfolio to determine the optimal allocation of capital and enhancement of shareholder value."

"Myriad Genetics’ second quarter 2026 performance fell short of our expectations, as solid demand for our Hereditary Cancer and Mental Health tests was offset by volume challenges in Prenatal Health and increased payer friction. Mitigating average revenue per test pressure for hereditary cancer testing from this increased payer friction is a top priority, and we are executing a comprehensive action plan. The combination of these developments and the first full quarter of increased costs associated with our expanded commercial team yielded pressure on our bottom line in the quarter. While we are revising our full-year 2026 financial guidance due to lower Prenatal Health test volumes and more conservative assumptions regarding average revenue per test, we remain optimistic about our 2027 financial profile as we execute on multiple initiatives."

Financial and Operational Highlights
•Test volumes of 379,000 in the second quarter of 2026 were relatively stable year-over-year.
•Second quarter of 2026 average revenue per test decreased 9% year-over-year, in part reflecting an $11.0 million reduction to revenue resulting from changes in estimates of cash collections for tests for which the performance obligation had been satisfied in prior periods.

•The following table summarizes year-over-year testing volume changes in the company’s core product categories:
Three months ended June 30, Six months ended June 30,
(in thousands) 2026 2025 % Change 2026 2025 % Change
Product volumes:
Cancer Care Continuum 95 90 6 % 191 175 9 %
Prenatal Health 144 159 (9) % 297 332 (11) %
Mental Health 140 135 4 % 276 262 5 %
Total 379 384 (1) % 764 769 (1) %

•The following table summarizes year-over-year revenue changes in the company’s core product categories:
Three months ended June 30, Six months ended June 30,
(in millions)
2026 2025 % Change 2026 2025 % Change
Product revenues:
Cancer Care Continuum $ 114.1 $ 127.7 (11) % $ 234.3 $ 243.3 (4) %
Prenatal Health 39.8 47.6 (16) % 81.7 96.9 (16) %
Mental Health 36.8 37.8 (3) % 75.1 68.8 9 %
Total $ 190.7 $ 213.1 (11) % $ 391.1 $ 409.0 (4) %

Product Categories:
Cancer Care Continuum – MyRisk, BRACAnalysis CDx, MyChoice CDx, Prolaris + AI, Precise Tumor, Precise MRD
Prenatal Health – Foresight, Prequel, FirstGene, SneakPeek
Mental Health – GeneSight

•Second quarter 2026 gross margin was 66.6%, down 460 basis points from the second quarter 2025.
•Operating expenses in the second quarter of 2026 were $165.9 million compared to $481.0 million in the second quarter of 2025. The 2025 period included non-cash impairment charges of $316.7 million due primarily to a decline in Myriad Genetics’ market capitalization during the first six months of 2025. Adjusted operating expenses in the second quarter of 2026 increased $6.7 million year-over-year to $150.5 million, reflecting the company’s multi-year investment in key strategic areas.
•Operating loss in the second quarter of 2026 was $38.9 million.

Cash Flow and Liquidity
Second quarter 2026 cash flow used in operations was $8.3 million and adjusted operating cash outflow in the second quarter of 2026 was $7.7 million. Capital expenditures and capitalization of internal-use software costs totaled $3.2 million in the second quarter 2026 resulting in adjusted free cash flow of $(10.9) million in the second quarter of 2026.

As of the end of the second quarter of 2026, the company had cash and cash equivalents of $115.2 million.

Business Performance and Highlights
Cancer Care Continuum
The Cancer Care Continuum business delivered revenue of $114.1 million in the second quarter of 2026.
•Second quarter 2026 hereditary cancer testing revenue decreased 13% year-over-year due to decreases in reimbursement and unfavorable changes in estimates associated primarily with orders from the first quarter of 2026, partially offset by an 8% year-over-year increase in volume.
•Myriad Genetics launched Prolaris + AI, its first AI-enabled prostate cancer test, in partnership with PATHOMIQ.
•Myriad Genetics expanded availability of Precise MRD, broadening availability to patients undergoing treatment and surveillance for breast, colorectal and renal cancers.
•Results from the prospective, 949 sample, multi-center MONITOR-Breast study were published in Future Oncology, which the company believes further supports the clinical validity of Precise MRD in breast cancer. The study, which covered patients with Stage I–III breast cancer across all molecular subtypes, reported that ultrasensitive ctDNA monitoring during neoadjuvant therapy provided real-time insight into treatment response and helped identify patients at increased risk for residual disease.

•The company shared data at the American Society of Clinical Oncology (ASCO) (Free ASCO Whitepaper) Annual Meeting underscoring Myriad Genetics’ commitment to the Cancer Care Continuum and highlighting its progress in precision oncology. Multiple presentations showcased the prognostic power of Myriad Genetics’ ultrasensitive MRD assay, including several presentations that reported interim outcomes from the MONSTAR-SCREEN-3 study, led by Dr. Takayuki Yoshino, National Cancer Center Hospital East, Japan. Other presentations focused on ovarian cancer, gastric cancer, head and neck cancer, and sarcoma also demonstrated the emerging clinical utility of ctDNA as a biomarker of recurrence and therapy response. The company believes this data reinforces the scientific strength behind the company’s precision oncology programs and focus on advancing clinically meaningful innovations for patients and providers.
•In July 2026, Myriad Genetics submitted a request to the Molecular Diagnostics Program (MolDX), administered by Palmetto GBA, a Medicare Administrative Contractor (MAC) for the Centers for Medicare & Medicaid Services (CMS), for a Local Coverage Determination (LCD) to establish Medicare coverage of its Precise MRD test for breast cancer patients.
•In July 2026, Myriad Genetics announced newly published data from the largest individual-patient-data meta-analysis of Prolaris to date, involving 14 studies and more than 8,000 patients, which the company believes shows that the Prolaris Biopsy Test adds significant prognostic information beyond conventional clinical risk categories for patients with localized prostate cancer.

Prenatal Health
The Prenatal Health business delivered revenue of $39.8 million in the second quarter of 2026.
•Prenatal testing revenue in the second quarter of 2026 declined 16% year-over-year, as volume decreased 9% year-over-year.
•The multi-site CONNECTOR study, using the company’s FirstGene Multiple Prenatal Screen, continues to see progress in enrollment and the company expects this study, if successful, to support future commercial launch activities and expand capabilities in prenatal testing.
•In July 2026, Myriad Genetics launched the FirstGene Multiple Prenatal Screen, which includes four prenatal genetic screens from a single draw of blood as early as eight weeks gestation. With this launch, Myriad Genetics offers a comprehensive prenatal screening portfolio helping clinicians deliver the right product to the right patient at the right time.

Mental Health
GeneSight test revenue was $36.8 million in the second quarter of 2026.
•Second quarter 2026 revenue decreased 3% year-over-year reflecting 4% year-over-year GeneSight volume growth offset by a 6% year-over-year decline in average revenue per test, which reflects a write-off of aged receivables in the quarter.

Financial Guidance
Myriad Genetics does not provide forward-looking guidance in accordance with accounting principles generally accepted in the United States (GAAP) for the measures on which it provides forward-looking non-GAAP guidance as the company is unable to provide a quantitative reconciliation of forward-looking non-GAAP measures to the most directly comparable forward-looking GAAP measure, without unreasonable effort, because of the inherent difficulty in accurately forecasting the occurrence and financial impact of the various adjusting items necessary for such reconciliations that have not yet occurred, are dependent on various factors, are out of the company’s control, or cannot be reasonably predicted. Such adjustments include, but are not limited to, strategic realignment, costs related to amortization of intangibles from acquisitions, impairment and related charges, depreciation, equity compensation, tax benefits, and other adjustments. For example, stock-based compensation may fluctuate based on the timing of employee stock transactions and unpredictable fluctuations in the company’s stock price. Any associated estimate of these items and their impact on GAAP performance could vary materially.

Below is a table summarizing Myriad Genetics’ full-year 2026 financial guidance*:

(in millions, except percentages)
2026 Guidance
FY 2026 Comments
Revenue $770 – $790 Revised the full-year 2026 revenue range lower, reflecting Q2 results and current business trends.
Adjusted Gross Margin %**
66% – 67% Gross margins expected to fluctuate quarter to quarter given product mix and pricing trends.
*
Assumes currency rates as of July 30, 2026.
**
Adjusted Gross Margin is defined as Gross Margin plus non-cash cost of sales, such as amortization of intangible assets and share-based compensation expense, and non-recurring one-time expenses.

As a result of second quarter 2026 performance and strategic initiatives that are underway, Myriad Genetics is suspending its previous full-year 2026 Adjusted EBITDA guidance and is providing full-year 2026 financial guidance only with respect to Revenue and Adjusted Gross Margin % as set forth above.

These projections are forward-looking statements and are subject to the risks summarized in the safe harbor statement at the end of this press release.

Conference Call and Webcast
A conference call will be held today, Thursday, July 30, 2026, at 4:30 p.m. ET to discuss Myriad Genetics’ financial results and business developments for the second quarter of 2026. A live webcast of the conference call can be accessed on Myriad Genetics’ Investor Relations website at investor.myriad.com. To participate in the live conference call via telephone, please register at View Source Upon registering, a dial-in number and unique PIN will be provided to join the conference call. Following the conference call, an archived webcast of the call will be available at investor.myriad.com.

(Press release, Myriad Genetics, JUL 30, 2026, View Source [SID1234669539])