Myriad Genetics (MYGN) Q4 2025 earnings summary

Executive summary

• Q4 2025 revenue reached $210 million, flat year-over-year but up 4% excluding an $8.1 million GeneSight headwind, with strong test volume growth in oncology (MyRisk up 14% affected, 11% unaffected), Prolaris up 12%, and GeneSight up 9%.

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

• Adjusted gross margin for Q4 was 70–70.1%, adjusted EBITDA $14.3 million, and adjusted EPS $0.04.

• Robust product pipeline with major launches planned for 2026, including expanded MyRisk, AI-enabled Prolaris, Precise MRD, and FirstGene prenatal screen.

• Entered FY 2026 with positive momentum, improved execution, and strategic focus on the Cancer Care Continuum.

Financial highlights

• Q4 2025 revenue: $209.8 million; full year 2025 revenue: $824.5 million.

• Q4 adjusted gross margin: 70–70.1%, down year-over-year due to GeneSight payer mix.

• Q4 adjusted operating expenses: $139.0 million; FY 2025: $563.4 million.

• Q4 adjusted EBITDA: $14.3 million; adjusted operating cash flow: $17.9 million.

• Liquidity at year-end 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 growth through the year.

• No material MRD revenue assumed in 2026 guidance; MRD contributions expected post-2026.

• Q1 2026 adjusted EPS expected between $(0.05) and $(0.10); adjusted EBITDA near breakeven.

• 2026 adjusted operating cash flow targeted at $10–20 million, with net outflows in 1H and inflows in 2H.