Myriad Genetics, Inc. reported a revenue of $195.9 million for the three months ended March 31, 2025, a decrease of 3.1% from $202.2 million in the same period of the previous year. The company experienced a net loss of $0.1 million, a significant improvement compared to a net loss of $26.0 million in the prior year. The decrease in revenue was attributed to a decline in average revenue per test in several product categories, particularly in pharmacogenomics, which saw a $7.9 million drop due to changes in coverage by UnitedHealthcare for its GeneSight test. Despite the overall revenue decline, prenatal testing revenue increased by $5.0 million, reflecting a rise in average revenue per test.
In terms of operational metrics, Myriad's total operating expenses decreased slightly to $163.2 million from $165.5 million year-over-year. Research and development expenses rose by 10% to $27.5 million, indicating the company's commitment to innovation despite the overall cost management strategy. The company reported a total of 385,000 tests performed during the quarter, a modest increase from 381,000 tests in the prior year, with notable growth in hereditary cancer testing volumes.
Myriad's balance sheet showed total assets of $1.006 billion as of March 31, 2025, down from $1.028 billion at the end of 2024. Cash and cash equivalents decreased to $91.8 million from $102.4 million, primarily due to cash used in operations and capital expenditures. The company had long-term debt of $59.3 million, an increase from $39.6 million at the end of the previous year, reflecting additional borrowings under its asset-based revolving credit facility.
Strategically, Myriad announced key leadership changes, appointing Samraat Raha as President and CEO, Mark Verratti as COO, and Brian Donnelly as CCO, all effective in late April 2025. The company is focusing on expanding its product offerings and enhancing its market presence, particularly in oncology, women's health, and pharmacogenomics. Myriad aims to leverage its recent clinical data presentations and ongoing product development to drive future growth. The company anticipates continued challenges from changes in insurance coverage and reimbursement rates, particularly affecting its pharmacogenomics segment, but remains optimistic about its long-term growth strategy and operational improvements.
About MYRIAD GENETICS INC
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