Myriad Genetics (NASDAQ:MYGN) executives highlighted fourth quarter and full-year 2025 results alongside a slate of planned product launches and commercial investments as the company enters 2026. Management emphasized improving execution, a recovery plan in prenatal testing, and preparations for an early commercial rollout of its Precise MRD offering, while reiterating full-year 2026 guidance issued in January.
Fourth quarter results and key business trends
Chief Executive Officer Sam Raha said fourth quarter revenue was $210 million, above the high end of the company’s pre-announced range from January. Chief Financial Officer Ben Wheeler reported consolidated revenue of $209.8 million, consistent with the year-ago period. Myriad delivered 382,000 test results in the quarter.
Raha highlighted volume growth in several areas, including MyRisk in oncology, with affected volumes up 14% and unaffected volumes up 11% year-over-year. He also pointed to an acceleration in Prolaris test volume growth to 12% year-over-year in the quarter, which he attributed to actions taken over the past two quarters, including incremental commercial investments focused on urologists.
Segment performance: Oncology, women’s health, and GeneSight
Chief Operating Officer Mark Verratti said fourth quarter oncology revenue was $84.7 million, up 2% over the fourth quarter of 2024. He reiterated that MyRisk continued to gain share, citing 14% year-over-year volume growth in the affected market and 11% growth in the unaffected market.
In prostate cancer, Verratti said Prolaris revenue growth accelerated to 16% year-over-year in the fourth quarter, compared with 3% year-over-year in the third quarter. He attributed the fourth quarter revenue increase to 12% volume growth and said the company is investing in its commercial channel and related programs to grow and regain share.
In women’s health, Verratti reported fourth quarter revenue of $88.5 million, up 2% year-over-year. He noted another consecutive quarter of improvement in hereditary cancer testing in the unaffected market, with revenue growth of 3% and volume growth of 11% year-over-year. Verratti cited workflow improvements, including the September integration of the MyGeneHistory assessment into Epic, aimed at identifying patients who qualify for hereditary testing and improving the provider experience.
Prenatal volumes declined year-over-year in the fourth quarter, which management attributed largely to disruption stemming from a second-quarter implementation of a new test ordering system. Raha said the issue has been resolved and that the business is in an “active rebuild phase,” including reactivating accounts, expanding access, and pursuing new customer wins. Verratti added that first quarter 2026 prenatal volume growth will face a difficult year-over-year comparison and is likely to decline, with improvement expected to begin later in the year.
In mental health, Verratti said GeneSight fourth quarter revenue was $36.6 million, supported by 9% year-over-year volume growth. He said the ordering provider base expanded to over 38,000 ordering clinicians in the fourth quarter, a record for the company. Verratti also said Myriad secured positive coverage policies across 12 payers for GeneSight in 2025 related to biomarker laws, including California Medicaid’s Medi-Cal program, and said the company has been optimizing revenue cycle workflows to maximize reimbursement.
Margins, profitability, and liquidity
Wheeler reported fourth quarter gross margin of 70%, in line with the third quarter but down about 190 basis points year-over-year, which he attributed to the GeneSight revenue headwind tied to UnitedHealthcare’s coverage policy change. Fourth quarter adjusted operating expenses decreased by $7 million year-over-year, which Wheeler said reflected disciplined cost management and the timing of investment as resources were redirected toward commercial and R&D initiatives expected to ramp in the first quarter.
Myriad reported adjusted EBITDA of $14.3 million, adjusted operating cash flow of $17.9 million, and adjusted EPS of $0.04 for the quarter. Wheeler said the company had access to $225 million in capital and noted that Myriad intends to file a universal shelf registration to replace its existing shelf, describing it as a “prudent corporate housekeeping measure.”
Pipeline updates: Precise MRD, AI-enabled Prolaris, and FirstGene
Management repeatedly framed 2026 as an active year for product catalysts, while emphasizing that some launches are expected to have little to no impact on near-term revenue guidance.
- Precise MRD: Raha said Myriad expects to begin commercial testing of Precise MRD for breast cancer for a select set of customers in an “alpha launch” starting the week after the call. He said the early launch is intended to gather feedback on the end-to-end experience—ordering, reporting, repeat orders, operational efficiency, and order volume—while remaining disciplined about the number of participating centers. Verratti said the initial rollout will be limited to a number of oncology centers representing a range of community oncology needs and that expansion will be controlled until full commercial launch. Management said the company plans to submit to MolDx and expand commercial testing for early access customers for renal and colorectal cancer in the second half of 2026, with commercial launches for breast, renal, and colorectal planned for 2027. Wheeler later clarified that the company is not assuming MolDx coverage until sometime in 2027 and is assuming “really no revenue from MRD” in 2026 guidance.
- AI-enhanced Prolaris: Raha said Myriad plans to launch its first AI-enhanced Prolaris prostate cancer test in the second quarter of 2026, combining molecular and AI analysis through its partnership with PATHOMIQ. Verratti added that Myriad expects to be the only company offering AI, biomarker, germline, and tumor profile testing when it launches the AI-enabled Prolaris test.
- FirstGene prenatal screen: Verratti said the analytical validation of FirstGene was published in Clinical Chemistry and described FirstGene as an integrated solution across multiple pillars of prenatal testing. He said Myriad continues early access clinical testing with its CONNECTOR study, noting positive enrollment momentum, turnaround times, assay performance, and early customer feedback. Management reaffirmed a full commercial launch in the second half of 2026 and said the company plans to deploy a focused prenatal health sales team beginning in the second quarter.
2026 guidance and reporting changes
Wheeler reaffirmed full-year 2026 guidance of revenue between $860 million and $880 million, adjusted gross margin between 68% and 69%, and adjusted EBITDA between $37 million and $49 million. For the first quarter, Myriad expects revenue of $200 million to $203 million, representing 2% to 4% growth over the year-ago period. Wheeler said first quarter average revenue per test typically runs lower than the fourth quarter due to items such as resetting insurance deductibles, and he also flagged the expected year-over-year decline in prenatal in the first quarter. He said the company expects quarterly revenue to grow sequentially from the first quarter through the rest of 2026, consistent with a typical pattern of stronger second-half revenue.
Management also said it will change how it reports results starting in the first quarter. Wheeler said the company will organize reporting around three strategic areas: cancer care continuum (including hereditary cancer testing for affected and unaffected populations and tumor profile testing), prenatal health (including NIPS, carrier screening, and SneakPeek), and mental health. Raha added during Q&A that the company is also shifting to more focused sales organizations, including a dedicated prenatal team selling prenatal products and a team focused on serving breast cancer, rather than broader product “bags” across legacy business-unit structures.
About Myriad Genetics (NASDAQ:MYGN)
Myriad Genetics (NASDAQ: MYGN) is a molecular diagnostics company that develops and commercializes genetic tests designed to assess an individual’s risk for various hereditary conditions and to guide personalized treatment decisions. The company’s core business centers on predictive medicine, with a focus on hereditary cancer risk assessment through its flagship BRACAnalysis® test for BRCA1 and BRCA2 gene mutations. In addition to oncology, Myriad offers tests in women’s health, neurology and pharmacogenomics to support more informed clinical decision-making.
Among its product offerings are the myRisk® Hereditary Cancer test, which screens for mutations across multiple cancer-related genes, and Prequel®, a non-invasive prenatal test for assessing fetal chromosomal abnormalities.
