Myriad Genetics 8-K

Summary

Q3 2026 results with raised FY2026 revenue guidance. Revenue increased 6% Q/Q as average revenue per test rose 7% Q/Q, driven by Cancer Care Continuum product mix and progress on payer engagement and revenue-cycle initiatives; lower test volume partly offset the increase. Myriad agreed to sell its Prenatal Health business to Labcorp, refocusing on Cancer Care Continuum and Mental Health; management expects the sale to improve revenue growth, profitability and liquidity.

For FY2026, Myriad raised the midpoint of its revenue guidance, balancing Q3 results and current trends with the expected timing of the Prenatal Health sale.

Developments

• New MONSTAR-SCREEN-3 data presented in late October supported the use of molecular residual disease (MRD) testing after curative-intent surgery for resectable colorectal and pancreatic cancers, where earlier insight into recurrence risk may inform monitoring and treatment.
• Myriad is engaging Medicare’s Molecular Diagnostics Program on a Local Coverage Determination for Precise MRD, its breast cancer test.
• Myriad, SOPHiA GENETICS and AstraZeneca are collaborating to advance a prostate cancer-specific genomic instability score (PrGIS) for clinical trials and potential companion diagnostic solutions.
• Memorial Sloan Kettering Cancer Center researchers published findings supporting germline testing beyond conventional age-based criteria, citing hereditary risk among people with late-onset cancers.

Key Figures

• Cancer Care Continuum and Mental Health generated $163.4M in revenue, up 1% Y/Y, as their combined test volume rose 3% to 239,000. Prenatal Health revenue fell 12% to $39.3M as volume declined 11% to 138,000.
• Gross margin decreased 200 bp Y/Y, reflecting lower total test volumes and added laboratory personnel. Operating expenses increased to $177.6M from $167.1M; adjusted operating expenses rose to $149.9M from $140.0M, reflecting investment in strategic areas.
• The Q3 adjusted net loss was $10.7M and adjusted diluted loss per share was $0.11, versus a GAAP net loss of $43.9M and diluted loss per share of $0.46. The largest exclusions included $12.6M of strategic realignment costs, $9.2M of equity compensation and $6.5M of acquired-intangible amortization.
• Q3 cash used in operations was $6.5M; adjusted operating cash flow was $3.7M, and adjusted free cash flow was $1.6M after $2.1M of capital expenditures and capitalized internal-use software costs. Cash was $107.1M at 9/30/2026. The $210M cash consideration for the Prenatal Health sale is ≈2.0x that cash balance (Q3 2026 results, 9/30/2026); inventory value is additional. The sale is subject to customary closing conditions, including regulatory approvals, and is expected to close by early 2027.

Guidance