Fourth quarter 2025 revenue of $209.8 million was consistent with fourth quarter 2024 revenue, but grew 4% year-over-year when excluding the previously discussed headwind1 of $8.1 million.
Full year 2025 revenue of $824.5 million decreased 2% year-over-year. Excluding headwinds2, full year 2025 revenue grew 2% year-over-year.
Drivers of fourth quarter 2025 test volume growth year-over-year include Prolaris prostate cancer test at 12%, Hereditary cancer testing at 9%, and GeneSight at 9%.
Fourth quarter 2025 gross margin was 70.0% and in-line with third quarter 2025.
Fourth quarter 2025 GAAP net loss of $7.9 million, or $0.08 per share, while adjusted EPS was $0.04 per share and adjusted EBITDA was $14.3 million.
SALT LAKE CITY, Feb. 23, 2026 (GLOBE NEWSWIRE) -- Myriad Genetics, Inc. (NASDAQ:MYGN), a leader in molecular diagnostic testing and precision medicine, today announced financial results for its fourth quarter ended December 31, 2025, and reaffirmed its financial guidance on business performance for the full-year 2026.
"We ended 2025 with positive momentum in a number of key areas, including within the Cancer Care Continuum where we drove another quarter of high single-digit volume growth in Hereditary cancer testing year-over-year and recognized improving volume growth for our Prolaris prostate cancer test. I'm also pleased to report improving volume growth in our GeneSight mental health test. We attribute this momentum to strengthened execution across the commercial team and the enterprise overall. Prenatal testing has been uneven through 2025 but we continue to make progress and expect growth to reaccelerate in the coming quarters," said Sam Raha, President and CEO, of Myriad Genetics. "2026 is a milestone year for Myriad Genetics, with three significant new test launches, including Precise MRD, starting with a targeted alpha launch for breast cancer expected in March 2026, and full commercial launches of our AI-enabled Prolaris prostate cancer test in partnership with PATHOMIQ expected in the second quarter of 2026, and the multiple prenatal screen test, FirstGene, expected in the second half of 2026. We are looking forward to these tests supporting clinical decisions starting in 2026 and being important components of our growth in 2027 and beyond."
_________________________________
1 Attributable to UNH discontinuation of coverage (commercial and managed Medicaid) of GeneSight. 2 Attributable to UNH discontinuation of coverage (commercial and managed Medicaid) of GeneSight and the divestiture of the European EndoPredict business.
Financial and Operational Highlights
Test volumes of 382,000 in the fourth quarter of 2025 increased 2% year-over-year.
The following table summarizes year-over-year testing volume changes in the company's core product categories:
Three months ended December 31,
Twelve Months Ended December 31,
(in thousands)
2025
2024
% Change
2025
2024
% Change
Product volumes:
Hereditary cancer
82
75
9
%
315
294
7
%
Tumor profiling(1)
12
12
—
%
48
53
(9
)%
Prenatal
150
160
(6
)%
637
666
(4
)%
Mental Health
138
127
9
%
537
507
6
%
Total
382
374
2
%
1,537
1,520
1
%
(1) Tumor Profiling decreased for the twelve months ended December 31, 2025 compared to the same period in the prior year due primarily to a decrease in testing volume for EndoPredict due to the sale of the company's international EndoPredict business in August 2024.
The following table summarizes year-over-year revenue changes in the company's core product categories:
Three months ended December 31,
Twelve Months Ended December 31,
(in millions)
2025
2024
% Change
2025
2024
% Change
Product revenues:
Hereditary cancer
$
96.8
$
94.3
3
%
$
372.4
$
364.5
2
%
Tumor profiling(1)
31.5
30.8
2
%
121.7
125.8
(3
)%
Prenatal
44.9
44.9
—
%
186.3
177.1
5
%
Mental Health
36.6
40.6
(10
)%
144.1
170.2
(15
)%
Total
$
209.8
$
210.6
—
%
$
824.5
$
837.6
(2
)%
(1) Tumor Profiling decreased for the twelve months ended December 31, 2025 compared to the same period in the prior year due primarily to a decrease in testing volume for EndoPredict due to the sale of the company's international EndoPredict business in August 2024.
Operating expenses in the fourth quarter of 2025 were $152.5 million, decreasing $37.4 million year-over-year. Adjusted operating expenses in the fourth quarter of 2025 decreased $7.0 million year-over-year to $139.0 million, reflecting the company's commitment to disciplined cost management while maintaining investments in key strategic areas.
Operating loss in the fourth quarter of 2025 was $5.7 million.
Cash Flow and Liquidity
Fourth quarter 2025 cash flow provided by operations was $10.6 million; adjusted operating cash flow in the fourth quarter of 2025 was $17.9 million. Capital expenditures and capitalization of internal use software costs totaled $6.0 million in the fourth quarter 2025 resulting in adjusted free cash flow of $11.9 million in the fourth quarter of 2025.
As of the end of the fourth quarter of 2025, the company had cash and cash equivalents of $149.6 million.
Business Performance and Highlights
Oncology
The Oncology business delivered revenue of $84.7 million in the fourth quarter of 2025.
Fourth quarter 2025 hereditary cancer testing revenue in Oncology increased 2% year-over-year driven by a 9% year-over-year increase in volume.
Fourth quarter 2025 Prolaris testing revenue grew 16% year-over-year. The company continues to make progress and intends to commercially launch its first AI-enabled prostate cancer test, in partnership with PATHOMIQ, in the first half of 2026.
The company advanced personalized breast cancer risk assessment through the launch of the first integrated AI and genetic risk platform, developed in partnership with Clairity and MagView. The company believes this solution enhances its leadership in precision breast health.
The company showcased nine new oncology and Molecular Residual Disease (MRD) research abstracts at the 2025 San Antonio Breast Cancer Symposium, highlighting continued progress in its precision oncology pipeline. The company believes these data reinforce the scientific strength behind the company's MRD and hereditary cancer programs and underscore Myriad Genetics' commitment to advancing clinically meaningful innovations for patients and providers.
In January 2026, at the 2026 American Society of Clinical Oncology (ASCO) Gastrointestinal Cancers Symposium, collaborators from the National Cancer Center Hospital East in Japan reported positive interim key outcomes from MONSTAR-SCREEN-3, a multi-center, prospective study of patients with resectable Stage I-IV colorectal cancer that incorporates Precise MRD. These outcomes include 100% baseline sensitivity and highly sensitive detection of residual disease post-surgery.
Women's Health
The Women's Health business delivered revenue of $88.5 million in the fourth quarter of 2025.
Fourth quarter 2025 hereditary cancer testing revenue and volume for the unaffected population increased 3% and 11% year-over-year, respectively, demonstrating progress with implementing the company's electronic medical records (EMR) solutions and breast cancer risk assessment programs.
Prenatal testing revenue in the fourth quarter of 2025 was stable year-over-year, while volume decreased 6% year-over-year reflecting transition dynamics following the second quarter 2025 implementation of the company's new order management system.
The multi-site CONNECTOR study, using the company's FirstGene Multiple Prenatal Screen, continues to see meaningful progress in enrollment and the Company expects this study to support future commercial launch activities and expand capabilities in prenatal testing.
Mental Health
GeneSight test revenue was $36.6 million in the fourth quarter of 2025.
Fourth quarter 2025 revenue continues to reflect the impact of UnitedHealthcare's discontinuation of coverage of multi-gene panel pharmacogenetic testing, including GeneSight, effective in the first quarter of 2025.
GeneSight test volume in the fourth quarter of 2025 grew 9% year-over-year, reflecting ongoing improvement in the year-over-year volume growth through 2025.
Financial Guidance
Myriad Genetics does not provide forward-looking guidance in accordance with accounting principles generally accepted in the United States (GAAP) for the measures on which it provides forward-looking non-GAAP guidance as the company is unable to provide a quantitative reconciliation of forward-looking non-GAAP measures to the most directly comparable forward-looking GAAP measure, without unreasonable effort, because of the inherent difficulty in accurately forecasting the occurrence and financial impact of the various adjusting items necessary for such reconciliations that have not yet occurred, are dependent on various factors, are out of the company's control, or cannot be reasonably predicted. Such adjustments include, but are not limited to, strategic realignment, certain litigation charges and loss contingencies, costs related to acquisitions/divestitures and the related amortization, impairment and related charges, depreciation, equity compensation, tax benefits, and other adjustments. For example, stock-based compensation may fluctuate based on the timing of employee stock transactions and unpredictable fluctuations in the company's stock price. Any associated estimate of these items and their impact on GAAP performance could vary materially.
Below is a table summarizing Myriad Genetics' full-year 2026 financial guidance*:
(in millions, except percentages)
2026 Guidance
FY 2026 Comments
Revenue
$860 - $880
Reiterate the full year 2026 revenue range. Q1'26 revenue is expected to be between $200 and $203 million, or 2% to 4% growth over Q1'25. This reflects current business trends offset by an unfavorable YOY comparison for Prenatal testing. Expect 2H'26 revenue to be greater than 1H'26
Adjusted Gross Margin %**
68% - 69%
Gross margins expected to fluctuate quarter to quarter given product mix and pricing trends.
Adjusted EBITDA***
$37 - $49
Q1'26 adjusted EBITDA is expected to be near breakeven
*
Assumes currency rates as of February 23, 2026.
**
Adjusted Gross Margin is defined as Gross Margin plus non-cash cost of sales, such as amortization of intangible assets and share-based compensation expense, and non-recurring one-time expenses.
***
Adjusted EBITDA is defined as Net income (loss) plus income tax expense (benefit), total other income (expense), non-cash operating expenses, such as amortization of intangible assets, depreciation, impairment of long-lived assets, and share-based compensation expense, and one-time expenses such as expenses from strategic realignment, legal settlements, and divestitures and acquisitions.
These projections are forward-looking statements and are subject to the risks summarized in the safe harbor statement at the end of this press release.
Conference Call and Webcast
A conference call will be held today, Monday, February 23, 2026, at 4:30 p.m. ET to discuss Myriad Genetics' financial results and business developments for the fourth quarter of 2025. A live webcast of the conference call can be accessed on Myriad Genetics' Investor Relations website at investor.myriad.com. To participate in the live conference call via telephone, please register at https://register-conf.media-server.com/register/BI5830bb581ca54ea4bd54f619ab018230. Upon registering, a dial-in number and unique PIN will be provided to join the conference call. Following the conference call, an archived webcast of the call will be available at investor.myriad.com.
About Myriad Genetics
Myriad Genetics is a leading molecular diagnostic and precision medicine company committed to advancing health and well-being for all. Myriad Genetics develops and commercializes molecular tests that help patients and providers uncover genetic insights. Our tests assess the risk of developing disease or disease progression and guide treatment decisions across medical specialties where molecular insights can significantly improve patient care, support earlier detection, enable more precise treatment and contribute to lowering healthcare costs. For more information, visit www.myriad.com.
Myriad, the Myriad logo, BRACAnalysis, BRACAnalysis CDx, Colaris, MyRisk, Myriad myRisk, MyRisk Hereditary Cancer, MyChoice, Tumor BRACAnalysis CDx, MyChoice CDx, Prequel, Prequel with Amplify, Amplify, Foresight, Foresight Universal Plus, Precise Tumor, Precise Oncology Solutions, Precise Liquid, Precise MRD, FirstGene, SneakPeek, SneakPeek Early Gender DNA Test, SneakPeek Snap, Urosuite, myGeneHistory, Health.Illuminated., RiskScore, Prolaris, and GeneSight are registered trademarks or trademarks of Myriad Genetics, Inc. All third-party marks—® and ™—are the property of their respective owners. © 2026 Myriad Genetics, Inc. All rights reserved.
Revenue by Product (Unaudited)
Three months ended December 31,
(in millions)
2025
2024
WH
ONC
MH
Total
WH
ONC
MH
Total
% Change
Hereditary Cancer
$
43.6
$
53.2
$
—
$
96.8
$
42.3
$
52.0
$
—
$
94.3
3
%
Tumor Profiling
—
31.5
—
31.5
—
30.8
—
30.8
2
%
Prenatal
44.9
—
—
44.9
44.9
—
—
44.9
—
%
Mental Health
—
—
36.6
36.6
—
—
40.6
40.6
(10
)%
Total Revenue
$
88.5
$
84.7
$
36.6
$
209.8
$
87.2
$
82.8
$
40.6
$
210.6
—
%
Twelve months ended December 31,
(in millions)
2025
2024
WH
ONC
MH
Total
WH
ONC
MH
Total
% Change
Hereditary Cancer
$
164.4
$
208.0
$
—
$
372.4
$
163.1
$
201.4
$
—
$
364.5
2
%
Tumor Profiling
—
121.7
—
121.7
—
125.8
—
125.8
(3
)%
Prenatal
186.3
—
—
186.3
177.1
—
—
177.1
5
%
Mental Health
—
—
144.1
144.1
—
—
170.2
170.2
(15
)%
Total Revenue
$
350.7
$
329.7
$
144.1
$
824.5
$
340.2
$
327.2
$
170.2
$
837.6
(2
)%
Business Units:WH = Women's HealthONC = OncologyMH = Mental Health
Product Categories:Hereditary Cancer, MyRisk, BRACAnalysis, BRACAnalysis CDxTumor Profiling, myChoice CDx, Prolaris, Precise Tumor, EndoPredictPrenatal, Foresight, Prequel, SneakPeekMental Health, GeneSight
MYRIAD GENETICS, INC.
AND SUBSIDIARIES
Condensed Consolidated Statements of Operations (unaudited)
(in millions, except per share amounts)
Three months ended December 31,
Twelve months ended December 31,
2025
2024
2025
2024
Revenue
$
209.8
$
210.6
$
824.5
$
837.6
Cost of revenue
63.0
59.7
247.9
