Myriad Genetics (MYGN) Earnings Date & Reports

Key Takeaways

• Third quarter 2026 revenue came in at $202.7 million, down 1% year over year but ahead of the S&P consensus estimate of roughly $191 million.
• Adjusted loss per share of $0.11 beat the consensus estimate of about -$0.20, while GAAP (Generally Accepted Accounting Principles) net loss widened to $43.9 million, or $0.46 per share.
• Myriad Genetics raised the midpoint of its full-year 2026 revenue guidance to $785 million, with a range of $780 million to $790 million.
• The company agreed to sell its Prenatal Health business to Labcorp for $210 million in cash, refocusing on the Cancer Care Continuum and Mental Health.
• Adjusted EBITDA (earnings before interest, taxes, depreciation, and amortization) was a loss of $5.3 million, improving sequentially from the prior quarter.
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Earnings Context and Why It Matters

Myriad Genetics' quarterly earnings carry outsized weight because the company is navigating a strategic reset. Management is narrowing its focus toward the Cancer Care Continuum (CCC), which spans hereditary cancer risk testing, treatment selection, and residual disease monitoring, while moving away from a declining Prenatal Health segment. The quarter also tested the durability of the company's recovery after a difficult second quarter that saw revenue miss expectations and shares fall sharply. Investors were watching closely for signs that payer engagement and revenue cycle improvements were translating into better revenue per test, as well as for clarity on the company's path toward profitability.

Reported Results

For the third quarter ended September 30, 2026, Myriad Genetics reported revenue of $202.7 million, a 6% sequential increase but a 1% decline year over year. The result exceeded the S&P consensus estimate of about $191 million. Adjusted loss per share of $0.11 was narrower than the consensus estimate of approximately -$0.20, while GAAP net loss was $43.9 million, or $0.46 per share, compared with a net loss of $27.4 million, or $0.29 per share, a year earlier.

Segment results were mixed. Cancer Care Continuum revenue rose 1% to $123.9 million, and Mental Health revenue grew 2% to $39.5 million. Prenatal Health revenue declined 12% to $39.3 million, reflecting the segment the company plans to divest. Gross margin was 67.9%, down 200 basis points year over year, and the operating loss widened to $39.9 million. Management raised the midpoint of full-year 2026 revenue guidance to $785 million, a range of $780 million to $790 million.

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Market Reaction and Investor Sentiment

Investors responded positively to the report, with shares jumping roughly 10.7% in after-hours trading to about $6.66 following the release. The upbeat reaction reflected a revenue beat, a narrower-than-expected adjusted loss, and the clarity provided by the Prenatal Health divestiture. Sentiment was also supported by sequential improvement in average revenue per test, which management attributed to early progress on payer engagement and revenue cycle management. Still, the company remains unprofitable on a GAAP basis, and hereditary cancer testing revenue continues to face reimbursement pressure, keeping a note of caution in the broader narrative.

Forward Outlook and Key Factors to Monitor

Looking ahead, the Prenatal Health sale to Labcorp is the defining catalyst. The transaction is expected to close by early 2027, and management expects the divestiture to improve Myriad's revenue growth rate, gross margin, and liquidity. Investors will be watching for updates on the timing and use of the $210 million in proceeds, which the company has said could go toward debt repayment, growth investments, or general corporate purposes.

Reimbursement remains a central variable. Hereditary cancer testing volume grew 6% year over year, but average revenue per test stayed below prior-year levels, and management expects a medium-to-long-term decline of roughly 1% to 5% annually. Progress on revenue cycle initiatives and payer-by-payer market access efforts will be a key gauge of commercial execution.

Finally, the company's Precise MRD (molecular residual disease) test is a longer-term growth lever. Management expects reimbursement for breast cancer to begin in the first half of 2027, with colorectal and renal cancer reimbursement later that year. Until coverage is established, the company plans to manage testing demand prudently, making reimbursement milestones and clinical data readouts important signals for the investment story.

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