Myriad Genetics (MYGN) Q1 2025 earnings summary

Executive summary

• Q1 2025 revenue was $196 million, down 3% year-over-year, mainly due to GeneSight and hereditary cancer test softness, but grew 5% year-over-year excluding UnitedHealthcare's GeneSight impact, EndoPredict divestiture, and one-time benefits.

• Prenatal and oncology MyRisk test volumes grew 10% and 11% year-over-year, respectively, while GeneSight volume grew 2% but revenue declined 20% due to payer policy changes.

• Net loss for Q1 2025 was $0.1M, aided by a $29.3M income tax benefit; adjusted EPS was $(0.03).

• Updated 2025 guidance reflects a $35 million reduction in annual revenue and $25 million reduction in OpEx from prior midpoint.

• Focus remains on oncology and new product launches (FirstGene, AI-enabled Prolaris, Precise MRD) with leadership transitions announced.

Financial highlights

• Q1 revenue was $196M, down 3% year-over-year; test volume up 1%, average revenue per test down 4%.

• Gross margin improved to 69%, up 40–50 basis points year-over-year, reflecting lab efficiencies.

• Adjusted operating expenses were $140.6M, up 1% year-over-year; adjusted EBITDA near break-even.

• Adjusted operating cash flow usage was ~$10M; adjusted free cash flow was $(18.7)M.

• Q1 ended with $92M in cash and $42M available under the revolver/ABL facility.

Outlook and guidance

• 2025 annual revenue guidance updated to $807–$823M, gross margin 68.5%–69.5%, adjusted OpEx $555–$565M.

• Adjusted EPS expected between a loss of $0.02 and a gain of $0.02; adjusted EBITDA $19–$27M.

• Guidance reflects GeneSight headwinds, slower ramp in hereditary cancer testing, and EMR integration challenges.

• Modest sequential revenue increases expected each quarter in 2025.

• Capital resources are sufficient for at least the next 12 months, but additional financing may be sought if needed.