Myriad Genetics (MYGN) Q1 2026 earnings summary

Executive summary

• Q1 2026 revenue reached $200.4 million, up 2% year-over-year, driven by strong growth in Cancer Care Continuum and Mental Health, partially offset by a decline in Prenatal Health.

• Gross margin improved to 68.7%, up 20 basis points year-over-year.

• Adjusted EBITDA was $(4.5) million and adjusted EPS was $(0.09) for Q1 2026; GAAP net loss was $34.1 million due to higher impairment and sales costs.

• Significant developments included the launch of Precise MRD for breast cancer, FDA approval and commercial launch of MyChoice CDx, and expansion into new markets.

• Liquidity remains solid with $124.4 million in cash and $199 million in capital resources at quarter-end.

Financial highlights

• Q1 2026 revenue: $200.4 million, up 2% year-over-year, with hereditary cancer and mental health segments driving growth.

• Gross profit was $137.6 million; gross margin was 68.7% (GAAP), 68.8% (adjusted).

• Adjusted operating expenses rose to $148.5 million, reflecting commercial and R&D investments.

• Adjusted net loss was $8.2 million ($0.09 per share); GAAP net loss was $34.1 million ($0.36 per share).

• Adjusted free cash flow for Q1 2026 was $(19.9) million.

Outlook and guidance

• Full-year 2026 revenue guidance reaffirmed at $860–$880 million, with adjusted gross margin expected at 68–69% and adjusted EBITDA at $37–$49 million.

• Second half 2026 revenue anticipated to exceed first half, driven by new product launches and expanded sales force productivity.

• Management expects continued growth in Cancer Care Continuum and Mental Health, with a focus on expanding test adoption and commercial execution.