Myriad Genetics Reports Q3 2025 Revenue Decline and Increased Net Loss

Myriad Genetics, Inc. reported a revenue of $205.7 million for the third quarter of 2025, a decrease of 3.6% from $213.3 million in the same period last year. For the nine months ending September 30, 2025, total revenue was $614.7 million, down from $627.0 million in the prior year. The decline in revenue was primarily attributed to a significant one-time revenue recognition of $8.6 million in the previous year for tests performed in prior periods, which did not recur in the current quarter. The company also faced challenges in its Pharmacogenomics segment, which saw a revenue drop of $9.0 million due to a 25% decrease in average revenue per test and changes in coverage policies from UnitedHealthcare.

In terms of profitability, Myriad reported a net loss of $27.4 million for the third quarter of 2025, compared to a loss of $22.1 million in the same quarter of 2024. The nine-month net loss increased to $358.0 million from $84.8 million in the prior year, largely due to a goodwill impairment charge of $234.7 million and additional long-lived asset impairments totaling $82.0 million. The company's total operating expenses remained relatively stable at $167.1 million for the third quarter, with research and development expenses slightly decreasing to $28.2 million.

Operationally, Myriad's customer engagement metrics showed a mixed performance. The volume of Hereditary Cancer tests increased by 11% year-over-year, while Tumor Profiling and Prenatal tests experienced declines in volume. The company reported a total of 386,000 tests performed in the third quarter, up from 376,000 in the previous year. Myriad's cash and cash equivalents rose to $145.4 million as of September 30, 2025, compared to $102.4 million at the end of 2024, primarily due to proceeds from a new credit facility.

Strategically, Myriad announced a collaboration with SOPHiA Genetics in September 2025 to develop a global liquid biopsy companion diagnostic test. Additionally, the company appointed Benjamin R. Wheeler as Chief Financial Officer in August 2025. Looking ahead, Myriad aims to enhance its focus on the Cancer Care Continuum market and expand its offerings in Prenatal Health and Mental Health. The company anticipates that ongoing changes in reimbursement policies and competitive pressures will continue to impact its revenue and profitability in the near term.