Myriad Genetics, Inc.

Myriad reported first-quarter 2026 revenue of $200.4 million, up 2% year over year. Adjusted EPS was a loss of $0.09, adjusted EBITDA was a loss of about $5 million, and gross margin was 68.7%, up approximately 20 basis points year over year. Hereditary cancer testing volume grew 14% year over year, GeneSight revenue was $38.3 million and up 24% year over year on 7% volume growth, and prenatal revenue was $41.9 million, down 15% year over year. Management reaffirmed full-year 2026 guidance for revenue of $860 million to $880 million, adjusted gross margin of 68% to 69%, and adjusted EBITDA of $37 million to $49 million, and said it expects Q2 revenue to grow sequentially in the low single-digit range before accelerating through the rest of the year.

Samraat Raha framed the quarter as evidence that the company’s strategy is taking hold, with Cancer Care Continuum as the core priority, heavier investment in commercialization and R&D, and a simpler organization aimed at faster execution. He said the company is encouraged by hereditary cancer share gains, GeneSight momentum, and early Precise MRD feedback, and he emphasized that the business is tracking to plan even with prenatal softness. His tone was confident and upbeat, but he repeatedly tied the outlook to disciplined execution and the timing of new launches.

Ben Wheeler highlighted that the quarter was driven by stronger hereditary cancer volumes and GeneSight reimbursement gains, while overall test volumes were flat because prenatal offset the growth elsewhere. He said average revenue per test improved 2% year over year, gross margin reached 68.7%, and adjusted operating expenses were up $8 million year over year due to targeted commercial and R&D investment. He also noted $199 million in capital access, reiterated profitable-growth discipline, and said OpEx will need to be phased through the year to support the guided EBITDA range.

Analysts focused on the implied second-half revenue ramp, and management said confidence comes from hereditary cancer strength, GeneSight demand, prenatal improvement, and the contribution of more than 100 added account executives. On the launch cycle, management said they are balancing launch spending with profitability by timing investments carefully and keeping most sales hiring focused on the Cancer Care Continuum. Questions on prenatal weakness prompted management to say the issue is commercial, not operational, and that FirstGene plus a dedicated prenatal sales force should help drive a return to growth. They also said moving Precise MRD for colorectal and renal into Q3 was driven by customer interest and should not materially accelerate personnel expense.