Myriad Genetics (MYGN) Q4 2025 earnings summary

Executive summary

• Q4 2025 revenue reached $210 million, exceeding guidance, with underlying business growth of 4% year-over-year excluding UnitedHealthcare's GeneSight headwind; test volumes grew in oncology, mental health, and hereditary cancer.

• Full year 2025 revenue was $824.5 million, with over 1.5 million test reports delivered to more than 55,000 healthcare providers.

• Strategic focus on high-growth market segments, operational efficiency, and multiple new product launches in 2026, including AI-enabled and MRD tests.

• Entered FY 2026 with positive momentum, robust pipeline, and improved execution across the organization.

• Positive momentum in core areas, with three significant new test launches planned for 2026.

Financial highlights

• Q4 2025 revenue: $209.8 million, flat year-over-year; underlying growth of 4% excluding GeneSight headwind.

• Adjusted gross margin: 70–70.1% in Q4; adjusted EBITDA: $14.3 million; adjusted EPS: $0.04.

• Q4 adjusted operating expenses decreased by $7 million year-over-year due to disciplined cost management; Q4 adjusted operating expenses: $139.0 million.

• Full year 2025 adjusted EBITDA: $38.9 million; adjusted net income: $5.8 million; adjusted EPS: $0.06.

• Liquidity position as of December 31, 2025: $225 million, including $150 million cash and $75 million available under term loan.

Outlook and guidance

• Reaffirmed 2026 revenue guidance of $860–$880 million, adjusted gross margin of 68–69%, and adjusted EBITDA of $37–$49 million.

• Q1 2026 revenue expected at $200–$203 million, with sequential revenue growth anticipated throughout the year.

• Little to no MRD revenue contribution expected in 2026; major MRD revenue expected post-MolDx coverage in 2027.

• Prenatal portfolio expected to recover starting Q2 2026 after Q1 decline.

• Three major test launches planned for 2026: Precise MRD (alpha launch in March), AI-enabled Prolaris (Q2), and FirstGene prenatal screen (2H 2026).