Myriad Genetics Reports $330.5 Million Net Loss and $213.1 Million Revenue for Q2 2025

Myriad Genetics, Inc. reported a net loss of $330.5 million for the three months ended June 30, 2025, compared to a loss of $36.7 million in the same period last year. The company's revenue for the quarter was $213.1 million, a slight increase from $211.5 million in the prior year. For the first half of 2025, Myriad's revenue totaled $409.0 million, down from $413.7 million in the first half of 2024. The increase in revenue for the quarter was primarily attributed to a rise in average revenue per test, despite a 1% decrease in volume. The company experienced significant impairment charges totaling $316.7 million, which included $234.7 million related to goodwill and $82.0 million for intangible assets.

In terms of operational metrics, Myriad's customer engagement showed mixed results. The volume of hereditary cancer tests increased by 7% to 78,000 tests, while tumor profiling tests decreased by 14% to 12,000 tests. Prenatal tests saw a decline in volume to 159,000, down from 173,000, while pharmacogenomics tests increased by 5% to 135,000. The company’s total assets decreased to $677.3 million as of June 30, 2025, down from $1.03 billion at the end of 2024, largely due to the impairment charges and a reduction in cash and cash equivalents.

Strategically, Myriad has made significant changes, including the launch of the FirstGene Multiple Prenatal Screen in June 2025 and the closing of a $125 million secured term debt financing with OrbiMed in July 2025. The company also reported a decrease in general and administrative expenses by $5.3 million, reflecting cost management efforts. However, Myriad's financial position remains under pressure due to changes in coverage policies from major insurers, particularly UnitedHealthcare, which has negatively impacted revenues from pharmacogenomics tests.

Looking ahead, Myriad Genetics aims to enhance its growth by focusing on the Cancer Care Continuum market and expanding its prenatal health offerings. The company plans to leverage strategic partnerships and improve its commercial capabilities to drive revenue growth. However, management has acknowledged ongoing risks, including potential declines in sales and profit margins, challenges in obtaining reimbursement for tests, and the impact of market competition. The company remains committed to maintaining financial discipline and is closely monitoring its operational cash needs and capital expenditures to ensure sufficient liquidity in the coming months.