Myriad Genetics (MYGN) Q3 2026 earnings summary

Executive summary

• Q3 revenue was $202.7M, up 6% sequentially and down 1% YoY; average revenue per test rose 1% YoY as Cancer Care Continuum and Mental Health gains partly offset prenatal declines.

• The planned $210M-plus-inventory Prenatal Health sale to Labcorp and Ascend program support a sharper focus on Cancer Care Continuum and future operating improvements.

Financial highlights

• Q3 revenue was $202.7M versus $205.7M a year earlier; operating loss was $39.9M and net loss was $43.9M.

• Adjusted EBITDA loss narrowed to $5.3M from $16.9M in Q2; adjusted net loss was $10.7M, or $0.11 per diluted share.

• Adjusted operating expenses rose $9.9M YoY to $149.9M, reflecting strategic investments; they were flat sequentially.

• Adjusted operating cash flow was $3.7M and adjusted free cash flow was $1.6M; GAAP operating cash flow was negative $6.5M.

Outlook and guidance

• FY2026 revenue guidance is $780M-$790M, raised from $770M-$790M; midpoint increased to $785M from $780M, with $620M-$630M from Cancer Care Continuum and Mental Health.

• Adjusted gross margin guidance remains 66%-67%; Prenatal Health contributes approximately $160M to guidance through the expected early-2027 close.

• In the first 12 months after the Prenatal Health sale, expected benefits include 100+ bps of revenue growth and 500+ bps of gross-margin improvement; meaningful bottom-line progress is expected in 2027.

• Ascend is a multi-year effort; actions have begun, with further details and expected impact planned for 2027.