Myriad Genetics 8-K
NegativeEarningsGuidance lowered
Lower Prenatal Health volumes and payer friction drive a revenue outlook cut and suspension of Adjusted EBITDA guidance.
Filed 2026-07-30 16:07 ET
- 2.02 Results of Operations
- 9.01 Financial Statements and Exhibits
Summary
Q2 2026 results with revised FY2026 guidance. Revenue fell 11% Y/Y as lower Prenatal Health volumes and payer friction pressured average revenue per test; management lowered its full-year revenue range and suspended Adjusted EBITDA guidance. Myriad is also advancing an efficiency initiative and reviewing its product portfolio.
Key Figures
| Metric | Q2 2026 | Q2 2025 | Y/Y |
|---|---|---|---|
| Revenue | $190.7M | $213.1M | -10.5% |
| Gross margin | 66.6% | 71.2% | -460 bp |
| Adjusted gross margin (non-GAAP) | 66.9% | 71.5% | -460 bp |
| Operating loss | $(38.9)M | $(329.2)M | n/m |
| Net loss | $(43.2)M | $(330.5)M | n/m |
| Adjusted net loss (non-GAAP) | $(23.4)M | $4.8M | n/m |
| Diluted EPS | $(0.46) | $(3.57) | n/m |
| Adjusted diluted EPS (non-GAAP) | $(0.25) | $0.05 | n/m |
| Net cash used in operating activities | $(8.3)M | $(13.6)M | n/m |
| Total test volume | 379,000 | 384,000 | -1% |
- Average revenue per test declined 9%; the quarter included an $11.0M revenue reduction from updated cash-collection estimates on tests completed in prior periods. Cancer Care Continuum volume grew 6%, while Prenatal Health volume fell 9%.
- Adjusted operating expenses rose $6.7M Y/Y to $150.5M, partly reflecting investment in the expanded commercial team. Q2 2025 operating expenses included $316.7M of impairment charges.
- Adjusted operating cash outflow was $7.7M and adjusted free cash flow was $(10.9)M. Cash and cash equivalents were $115.2M at quarter-end; long-term debt was $120.7M.
Guidance
| Metric | Period | Guidance | Prior | Direction |
|---|---|---|---|---|
| Revenue (GAAP) | FY2026 | $770M-$790M | — | Lowered |
| Adjusted gross margin (non-GAAP) | FY2026 | 66%-67% | — | — |
| Adjusted EBITDA (non-GAAP) | FY2026 | Suspended | — | Suspended |
Investor Takeaways
- Track revenue, Prenatal Health volumes and average revenue per test against the revised FY2026 outlook.
- Watch progress on payer actions and the Ascend efficiency initiative, including whether they support the company’s stated optimism about its 2027 financial profile.
- The MolDX coverage decision for Precise MRD in breast cancer is a future commercial milestone.
The summary is written by an AI model reading the filing.
Model 005 · prompt 01d34d48e3