Myriad Genetics (MYGN) AI Stock Analysis

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Myriad Genetics

(NASDAQ:MYGN)

Select Model

Neutral 48 (OpenAI - 5.2)

Rating:48Neutral

Price Target:

$4.50

▼(-10.18% Downside)

Action:ReiteratedDate:02/26/26

The score is held back primarily by weak fundamentals (persistent losses, 2025 profitability deterioration, and uneven cash generation) and bearish technicals (price below key moving averages with negative MACD). These are partly offset by a constructive earnings-call outlook with reaffirmed 2026 guidance and improving product volume trends, while valuation is mixed due to a loss-driven negative P/E and no dividend support.

Positive Factors

Gross margin durability

Sustained gross margins near 70% indicate durable unit economics and strong lab cost control. That margin cushion supports investment in commercialization and R&D while absorbing ASP or mix pressure, helping long-term path to profitability as volumes scale.

Scale and provider reach

A large testing scale and broad clinician network provide durable commercial advantages: repeat ordering, cross-sell potential across oncology and pharmacogenomics, and leverage in payer negotiations. Scale also generates data assets that can differentiate offerings long-term.

Robust product pipeline & clinical data

Clinical validation and new product launches (Precise MRD alpha, Prolaris AI, FirstGene) expand addressable markets across cancer care. Ongoing evidence generation strengthens clinical adoption potential and creates durable differentiation if reimbursement follows and commercialization scales.

Negative Factors

Persistent net losses

Deep and recurring net losses erode equity and limit retained-capital financing. Prolonged unprofitability increases reliance on external capital or shelf financing, constrains strategic flexibility, and makes long-term success contingent on converting volume gains into operating leverage.

Volatile, fragile cash generation

While 2025 showed small positive free cash flow, historical cash burn and erratic operating cash make self‑funding uncertain. Fragile cash flow limits the company's ability to sustain multi-year commercialization investments without drawing on credit or equity, raising execution risk.

Payer & reimbursement dependency

Revenue and ASPs are materially exposed to payer coverage decisions; a single large payer action and modest ASP compression already dented results. Long‑term growth depends on securing stable reimbursement for MRD and key tests, making revenue realization contingent on external policy outcomes.

Myriad Genetics (MYGN) vs. SPDR S&P 500 ETF (SPY)

Market Cap

$468.48M

Dividend YieldN/A

Average Volume (3M)1.21M

Price to Earnings (P/E)―

Beta (1Y)1.68

Revenue Growth0.21%

EPS Growth-233.51%

CountryUS

Employees2,700

SectorHealthcare

Sector Strength45

IndustryMedical - Diagnostics & Research

Share Statistics

EPS (TTM)0.04

Shares Outstanding93,508,160

10 Day Avg. Volume1,786,232

30 Day Avg. Volume1,214,057

Financial Highlights & Ratios

PEG Ratio>-0.01

Price to Book (P/B)1.56

Price to Sales (P/S)0.70

P/FCF Ratio318.77

Enterprise Value/Market Cap1.18

Enterprise Value/Revenue0.67

Enterprise Value/Gross Profit0.96

Enterprise Value/Ebitda-1.39

Forecast

1Y Price Target

$6.58

Price Target Upside31.34% Upside

Rating ConsensusHold

Number of Analyst Covering8

EPS Forecast (FY)0.05

Revenue Forecast (FY)$864.32M

Myriad Genetics Business Overview & Revenue Model

Company DescriptionMyriad Genetics, Inc., a genetic testing and precision medicine company, develops and commercializes genetic tests in the United States and internationally. The company offers molecular diagnostic tests for use in oncology, and women's and mental health applications. It provides MyRisk Hereditary Cancer Test, a DNA sequencing test for assessing the risks for hereditary cancers; BRACAnalysis CDx Germline Companion Diagnostic Test, a DNA sequencing test to help determine the therapy for patients with metastatic breast, ovarian, metastatic pancreatic, or metastatic prostate cancer with deleterious or suspected deleterious germline BRCA variants; and MyChoice CDx Companion Diagnostic Test, a tumor test that determines homologous recombination deficiency status in patients with ovarian cancer. The company also offers Prolaris Prostate Cancer Prognostic Test, a RNA expression tumor analysis for assessing the aggressiveness of prostate cancer; EndoPredict Breast Cancer Prognostic Test, a RNA expression test for assessing the aggressiveness of breast cancer; Precise Tumor, a solution for precision oncology; and Prequel Prenatal Screen, a non-invasive prenatal screening test conducted using maternal blood to screen for severe chromosomal disorders in a fetus. In addition, it provides Foresight Carrier Screen, a prenatal test for future parents to assess their risk of passing on a recessive genetic condition to their offspring; and GeneSight Psychotropic Mental Health Medication Test, a DNA genotyping test to aid psychotropic drug selection for patients suffering from depression, anxiety, ADHD, and other mental health conditions. Myriad Genetics, Inc. has a strategic collaboration with Illumina, Inc. and Intermountain Precision Genomics for an offering of germline and somatic tumor testing services. The company was founded in 1991 and is headquartered in Salt Lake City, Utah.

How the Company Makes MoneyMyriad Genetics generates revenue primarily through the sale of its genetic testing services, which are offered to healthcare providers and patients. The company operates on a fee-for-service model, whereby it bills insurance companies and patients for the tests performed. Key revenue streams include molecular diagnostic tests, which are often reimbursed by health insurance plans, and companion diagnostic tests that are developed in collaboration with pharmaceutical companies to inform treatment decisions for specific drugs. Significant partnerships with healthcare providers, academic institutions, and pharmaceutical companies enhance Myriad's market presence and contribute to its revenue growth. Additionally, the company invests in research and development to expand its test offerings and improve existing services, thereby increasing its revenue potential.

Myriad Genetics Key Performance Indicators (KPIs)

Any

Revenue by Segment

Revenue by Segment
Shows how revenue is split across the company’s business lines—clinical genetic testing, women's health and oncology tests, and any partner or pharmaceutical-related income. Reveals which products drive growth, where pricing or reimbursement risk is concentrated, and whether Myriad is diversifying away from dependence on a single offering.

Chart InsightsHereditary Cancer remains the company’s revenue backbone, posting steady, resilient growth while Prenatal has staged a clear recovery to become a meaningful secondary driver before a modest recent pullback. Pharmacogenomics shows pronounced volatility—revenue fell even as volumes recovered, consistent with payer mix and UnitedHealthcare coverage headwinds that pressure average revenue per test. Tumor profiling is largely flat. Management’s emphasis on margin expansion, cost discipline and upcoming MyRisk/Prolaris product launches implies the company is trading near-term top-line pain for a leaner, product-driven recovery.

Data provided by:

The Fly

Myriad Genetics Earnings Call Summary

Earnings Call Date:Feb 23, 2026

(Q4-2025)

% Change Since: |

Next Earnings Date:Apr 30, 2026

Earnings Call Sentiment Positive

The call conveyed clear operational momentum: revenue above guidance in Q4, accelerating volumes in key products (MyRisk, Prolaris, GeneSight), profitable Q4 results and strong cash generation, plus a robust product pipeline and reaffirmed 2026 guidance. Key challenges include a material UnitedHealthcare headwind for GeneSight, prenatal order-system disruption and near-term reimbursement uncertainty for MRD; management presented concrete mitigation actions, cautious commercialization plans for MRD, and targeted investments to accelerate growth. On balance, the positive operational and product-development progress and reaffirmed guidance outweigh the identifiable near-term headwinds.

Q4-2025 Updates

Positive Updates

Quarterly and Annual Revenue Above Expectations

Q4 2025 revenue of $209.8M (CEO rounded to $210M) came in above the high end of the preannounced range. Full year 2025 revenue was $824.5M.

Strong Test Volume and Provider Reach

Delivered ~382,000 test results in Q4 and over 1.5 million test reports for the full year 2025, serving more than 55,000 health care providers.

Hereditary Cancer (MyRisk) Volume Growth

MyRisk oncology volume gains: 14% year-over-year growth in the affected market and 11% year-over-year growth in the unaffected market; hereditary cancer testing grew 9% in Q4 and 7% for full year 2025.

Prolaris Momentum

Prolaris revenue accelerated to 16% year-over-year growth in Q4, driven by 12% test volume growth year-over-year after recent commercial investments.

GeneSight Recovery and Provider Expansion

GeneSight volume grew 9% year-over-year in Q4, revenue of $36.6M for the quarter, and a record >38,000 ordering clinicians in Q4; secured positive coverage policies across 12 payers (including Medi-Cal) in 2025.

Profitability and Cash Generation

Q4 adjusted gross margin ~70% (70% reported), adjusted EBITDA $14.3M, adjusted EPS $0.04, and adjusted operating cash flow $17.9M; maintained access to $225M in capital.

Robust Product and Commercial Roadmap with Confirmed Guidance

Launched expanded MyRisk panel (Q4); Prolaris AI-enhanced test planned for Q2 2026; Precise MRD alpha launch for breast cancer starting next week (select centers); FirstGene analytical validation published with commercial launch planned H2 2026. Reaffirmed full year 2026 guidance: revenue $860–$880M, adjusted gross margin 68–69%, adjusted EBITDA $37–$49M. Q1 2026 revenue guidance $200–$203M (2–4% growth).

Negative Updates

UnitedHealthcare GeneSight Coverage Headwind

UnitedHealthcare's coverage decision negatively impacted Q4 results with a reported net impact of $8.1M; average revenue per test declined ~2% year-over-year, and management cited this as a driver of margin pressure.

Gross Margin and ASP Pressure

Q4 adjusted gross margin declined approximately 190 basis points year-over-year to ~70%. Management expects a modest enterprise ASP headwind (~1–2%) in 2026 driven by mix and payer dynamics.

Prenatal Order System Disruption and Volume Decline

Prenatal volume declined year-over-year (Q4 decline tied to a Q2 order management disruption); company is in a rebuild phase, expects Q1 2026 prenatal comparisons to be unfavorable and anticipates a year-over-year decline in prenatal volume in Q1 before recovering in Q2.

Limited Near-Term Revenue from MRD and Reimbursement Uncertainty

Precise MRD alpha launch is limited to select centers; management emphasized little to no revenue contribution from MRD in 2026. MolDX review/timing and payer reimbursement remain out of the company's control and are key gating factors for scale and commercial revenue.

Q1 Profitability Pressure and OpEx Step-Up

Management expects Q1 adjusted EBITDA to be near breakeven with margin pressure due to deductible resets, prenatal headwinds, seasonal patterns, and a modest step-up in operating expenses (part of $35M+ planned investments).

ASP and Payer Mix Effects on Revenue per Test

Although volumes grew, average revenue per test fell ~2% in Q4; management attributes much of the ASP compression to payer mix shifts and biopharma revenue changes rather than lower contracted rates, but expects continued modest ASP headwinds in 2026.

Operational Execution Issue in Prior Quarter

Company acknowledged a self-induced ordering/system error in Q2 that created friction with prenatal accounts; while resolved, management is rebuilding accounts and tightening pre-launch testing/go-live rigor to prevent recurrence.

Company Guidance

Myriad reaffirmed full‑year 2026 guidance of $860–$880 million in revenue, adjusted gross margin of 68–69% and adjusted EBITDA of $37–$49 million, with Q1 revenue expected at $200–$203 million (up 2–4% YoY); management noted MRD tests will have little‑to‑no revenue contribution in 2026 and plans to invest over $35 million over the next few years to support launches. For context, Q4 2025 revenue was ~$210 million with 382,000 test results (consolidated volume +2% YoY, average revenue per test -2% YoY), adjusted gross margin 70%, adjusted EBITDA $14.3M, adjusted operating cash flow $17.9M and adjusted EPS $0.04; full‑year 2025 revenue was $824.5M with >1.5M test reports and >55,000 providers served. Operational highlights tied to the guidance include MyRisk Q4 volume growth of +14% (affected) and +11% (unaffected), Prolaris Q4 volume +12% (revenue +16%), GeneSight Q4 revenue $36.6M with volume +9% and >38,000 ordering clinicians, an expected modest enterprise ASP headwind (~1–2%), prenatal facing a Q1 headwind with recovery anticipated in Q2, and $225M of available capital.

Myriad Genetics Financial Statement Overview

Summary

Strong and steady gross margin (~69–71%), but persistent net losses with a sharp deterioration in 2025 (net margin -44% vs. -15% in 2024). Cash flow improved to modest positive FCF in 2025, yet remains small and historically volatile. Balance sheet leverage is still moderate, but rising debt-to-equity and shrinking equity/asset base reduce financial flexibility if losses continue.

Income Statement

Negative

Revenue has been relatively stable over the last few years but inconsistent, with growth in 2023–2024 followed by a decline in 2025 (-9.7%). Gross margin remains strong and steady around ~69–71%, indicating solid pricing and/or cost of goods control. However, profitability is the key weakness: the company has posted net losses every year shown, and 2025 profitability deteriorated materially (net margin -44% vs. -15% in 2024), signaling elevated operating costs and weak operating leverage.

Balance Sheet

Neutral

Leverage is moderate overall, with debt-to-equity mostly low-to-reasonable historically, though it rose sharply in 2025 (~0.57) as equity declined and debt increased. Total assets have trended down from 2020–2025, and equity has compressed meaningfully versus prior years, which reduces financial flexibility. Despite these pressures, the company is not highly levered in absolute terms, but the balance sheet trajectory (shrinking equity base) is a notable risk if losses persist.

Cash Flow

Negative

Cash generation has been volatile. The company produced positive operating cash flow and free cash flow in 2025 (~$1.8M), a step up from negative levels in 2022–2024, but the magnitude is very small relative to ongoing losses and appears fragile. Prior years show sizable cash burn (e.g., 2022–2023 deeply negative free cash flow), and 2025 free cash flow growth is sharply negative, highlighting inconsistency and limited self-funding capacity.

Breakdown	Dec 2025	Dec 2024	Dec 2023	Dec 2022	Dec 2021
Income Statement
Total Revenue	824.50M	837.60M	753.20M	678.40M	690.60M
Gross Profit	576.60M	585.40M	517.00M	476.40M	493.00M
EBITDA	-397.40M	-59.50M	-197.40M	-84.70M	12.30M
Net Income	-365.90M	-127.30M	-263.30M	-112.00M	-27.20M
Balance Sheet
Total Assets	706.60M	1.03B	1.15B	1.20B	1.32B
Cash, Cash Equivalents and Short-Term Investments	149.60M	102.40M	140.90M	114.90M	339.80M
Total Debt	209.80M	140.30M	152.10M	145.00M	92.30M
Total Liabilities	338.60M	326.50M	363.30M	312.90M	352.90M
Stockholders Equity	368.00M	701.10M	783.20M	885.80M	967.80M
Cash Flow
Free Cash Flow	1.80M	-38.40M	-184.20M	-151.60M	600.00K
Operating Cash Flow	1.80M	-8.70M	-110.90M	-106.30M	18.60M
Investing Cash Flow	-27.40M	-11.90M	31.90M	-77.50M	274.40M
Financing Cash Flow	64.20M	-7.40M	152.90M	-8.00M	-150.60M

Myriad Genetics Technical Analysis

Technical Analysis Sentiment

Neutral

Last Price5.01

Price Trends

50DMA

5.65

Negative

100DMA

6.50

Negative

200DMA

6.06

Negative

Market Momentum

MACD

-0.29

Negative

RSI

49.10

Neutral

STOCH

45.13

Neutral

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For MYGN, the sentiment is Neutral. The current price of 5.01 is above the 20-day moving average (MA) of 4.80, below the 50-day MA of 5.65, and below the 200-day MA of 6.06, indicating a neutral trend. The MACD of -0.29 indicates Negative momentum. The RSI at 49.10 is Neutral, neither overbought nor oversold. The STOCH value of 45.13 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Neutral sentiment for MYGN.

Myriad Genetics Risk Analysis

Myriad Genetics disclosed 50 risk factors in its most recent earnings report. Myriad Genetics reported the most risks in the "Finance & Corporate" category.

Finance & Corporate - Financial and accounting risks. Risks related to the execution of corporate activity and strategy

Latest Risks Added 0 New Risks

Myriad Genetics Peers Comparison

Overall Rating

UnderperformOutperform

Sector (51)

Financial Indicators

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
CSTL	60 Neutral	$832.18M	-33.04	-5.21%	―	10.15%	-295.52%
CDNA	56 Neutral	$960.05M	-47.54	24.11%	―	14.46%	―
PSNL	53 Neutral	$947.96M	-9.97	-35.02%	―	-21.02%	47.74%
NEO	52 Neutral	$1.23B	-11.26	-12.42%	―	10.10%	-44.29%
Sector *	51 Neutral	$7.86B	-0.30	-43.30%	2.27%	22.53%	-2.21%
FLGT	49 Neutral	$443.47M	-7.22	-5.39%	―	13.60%	74.64%
MYGN	48 Neutral	$468.48M	-1.27	-68.45%	―	0.21%	-233.51%

* Healthcare Sector Average

Performance Comparison

MYGN

Myriad Genetics

5.01

-5.41

-51.92%

NEO

NeoGenomics

9.50

0.16

1.71%

CDNA

CareDx

18.75

-1.55

-7.66%

FLGT

Fulgent Genetics

14.20

-1.32

-8.51%

PSNL

Personalis

9.06

4.95

120.44%

CSTL

Castle Biosciences

27.99

5.76

25.91%

Glossary

BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.

HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.

SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.

Disclaimer

This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.Date of analysis: Feb 26, 2026