Myriad Genetics 8-K
EarningsGuidance reaffirmedImpairment / charge
Cancer Care Continuum growth and better GeneSight reimbursement offset Prenatal Health declines tied to order-system disruption
Filed 2026-05-05 16:07 ET
- 2.02 Results of Operations
- 9.01 Financial Statements and Exhibits
Summary
Q1 2026 results with FY2026 guidance reaffirmed. Revenue rose 2% Y/Y as growth in Cancer Care Continuum and Mental Health offset lower Prenatal Health volume; Myriad reported a GAAP net loss of $34.1M. The company launched its Precise MRD test and received FDA approval for MyChoice CDx as a companion diagnostic for Zejula.
Key Figures
| Metric | Q1 2026 | Q1 2025 | Y/Y |
|---|---|---|---|
| Revenue | $200.4M | $195.9M | +2% |
| Operating loss | $(30.7)M | $(29.0)M | n/m |
| Net loss | $(34.1)M | $(0.1)M | n/m |
| Adjusted EBITDA, non-GAAP | $(4.5)M | $(0.1)M | n/m |
| Diluted EPS | $(0.36) | — | n/m |
| Adjusted loss per share, non-GAAP | $(0.09) | $(0.03) | n/m |
| Net cash used in operating activities | $(15.7)M | $(16.3)M | n/m |
| Adjusted free cash flow, non-GAAP | $(19.9)M | $(18.7)M | n/m |
| Gross margin | 68.7% | 68.5% | +20 bp |
- Test volume was 385,000, flat Y/Y: Cancer Care Continuum volume rose 13% and Mental Health 7%, while Prenatal Health fell 12%. Segment revenue was $120.2M (+4%), $38.3M (+24%) and $41.9M (-15%), respectively. Prenatal weakness reflected disruption from the Q2 2025 order-management-system implementation; GeneSight growth reflected higher volume and improved reimbursement.
- Operating expenses were $168.3M, including $5.4M of goodwill and long-lived asset impairment; adjusted operating expenses were $148.5M vs $140.6M. Cash and cash equivalents were $124.4M and long-term debt was $120.3M at 3/31/2026.
Guidance
| Metric | Period | Guidance | Prior | Direction |
|---|---|---|---|---|
| Revenue | FY2026 | $860M-$880M | — | Reaffirmed |
| Adjusted gross margin, non-GAAP | FY2026 | 68%-69% | — | — |
| Adjusted EBITDA, non-GAAP | FY2026 | $37M-$49M | — | — |
Revenue guidance reflects current business trends; the company expects 2H 2026 revenue to exceed 1H 2026. Adjusted gross margin may fluctuate by quarter with product mix and pricing. Myriad does not provide corresponding GAAP guidance because it cannot quantitatively reconcile the non-GAAP outlook without unreasonable effort.
Investor Takeaways
- Watch whether 2H 2026 revenue exceeds 1H, as expected, and remains within the FY2026 range.
- Prenatal Health volume and revenue recovery will test management’s expectation of improved performance during the remainder of 2026.
- The planned Q2 2026 launch of the AI-enabled prostate cancer test, developed with PATHOMIQ, is a near-term commercial milestone.
The summary is written by an AI model reading the filing.
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