Myriad Genetics Reports $200.4 Million Revenue with Increased Net Loss in Q1 2026

Myriad Genetics, Inc. reported a revenue of $200.4 million for the three months ended March 31, 2026, marking a 2.3% increase from $195.9 million in the same period of the previous year. The company's gross profit also rose to $137.6 million, up from $134.2 million, while the operating loss widened slightly to $30.7 million compared to a loss of $29.0 million in the prior year. The net loss for the quarter was $34.1 million, a significant increase from a minimal loss of $0.1 million in the same quarter of 2025. This resulted in a net loss per share of $(0.36), with a weighted average of 93.7 million shares outstanding.

In terms of operational performance, Myriad's revenue growth was driven primarily by its Mental Health segment, which saw an increase of $7.3 million due to a 15% rise in revenue per test and a 7% increase in volume. The Cancer Care Continuum segment also contributed positively, with a revenue increase of $4.6 million, although this was partially offset by an 8% decrease in revenue per test. Conversely, Prenatal Health revenue declined by $7.4 million, attributed to a 12% decrease in volume and a 4% drop in revenue per test. The total volume of tests remained stable at 385,000 tests across all categories.

The company experienced a significant impairment charge of $5.4 million related to its Women's Health reporting unit, which contributed to the overall increase in operating expenses to $168.3 million from $163.2 million year-over-year. Research and development expenses remained relatively stable at $27.1 million, while sales and marketing expenses increased by $4.4 million, reflecting higher marketing costs and sales-related events. General and administrative expenses decreased by $4.3 million, primarily due to lower amortization and rent expenses.

Myriad Genetics' total assets decreased to $673.7 million as of March 31, 2026, down from $706.6 million at the end of 2025. The decline in cash and cash equivalents was notable, dropping to $124.4 million from $149.6 million, largely due to cash used in operating activities and capital expenditures. The company’s long-term debt remained relatively stable at $120.3 million. Looking ahead, Myriad Genetics aims to leverage its strategic initiatives, including recent product launches and geographic expansions, to enhance its market position and drive future growth. The company remains focused on its long-term growth strategy, which emphasizes innovation in molecular diagnostics and precision medicine.