Myriad Genetics Reports Revenue Decline and Improved Operating Loss in Q2 2026

Myriad Genetics, Inc. reported a decline in financial performance for the second quarter of 2026, with total revenue of $190.7 million, down from $213.1 million in the same period last year. The decrease of $22.4 million was attributed to a reduction in revenue from the Cancer Care Continuum segment, which fell by $13.6 million due to a 15% decrease in revenue per test, alongside unfavorable changes in estimates related to prior period orders. The Prenatal Health segment also saw a decline, with revenue dropping by $7.8 million, while the Mental Health segment experienced a slight decrease of $1.0 million. For the first half of 2026, total revenue was $391.1 million, down from $409.0 million in the prior year.

The company's operating loss for the second quarter was $38.9 million, a significant improvement compared to an operating loss of $329.2 million in the same quarter of 2025, which included substantial goodwill and long-lived asset impairment charges. Myriad reported no impairment charges in the current quarter, contributing to a net loss of $43.2 million, compared to a net loss of $330.5 million in the prior year. The company’s total assets decreased to $638.9 million as of June 30, 2026, down from $706.6 million at the end of 2025, primarily due to a reduction in cash and cash equivalents.

In terms of strategic developments, Myriad Genetics has made several organizational changes, including the appointment of Raj Jampa as Chief Technology Officer in June 2026. The company also launched Prolaris + AI, a prostate cancer test that integrates genomics with artificial intelligence, and expanded the availability of its Precise MRD test for various cancers. These initiatives are part of Myriad's strategy to enhance its product offerings and improve market penetration.

Operationally, Myriad reported a total of 379,000 tests performed in the second quarter, a slight decrease from 384,000 tests in the same period last year. The company’s employee headcount remained stable, with no significant changes reported. Myriad's cash and cash equivalents stood at $115.2 million at the end of the quarter, down from $149.6 million at the end of 2025, reflecting cash used in operations and capital expenditures.

Looking ahead, Myriad Genetics aims to leverage its strengths in molecular diagnostics to drive growth, focusing on expanding its testing portfolio and enhancing customer engagement. The company is committed to maintaining financial discipline while navigating market challenges, including reimbursement dynamics and competition. Myriad's management believes that its existing capital resources will be sufficient to meet operational needs for at least the next 12 months, although they acknowledge potential risks related to cash flow and market conditions.