Myriad Genetics Revenue Stalls as New Tests Loom
Event summary
- Myriad Genetics reported fourth-quarter 2025 revenue of $209.8 million, flat year-over-year, with a 4% increase excluding an $8.1 million headwind.
- Full-year 2025 revenue decreased 2% year-over-year to $824.5 million, a 2% increase when excluding headwinds.
- Key growth drivers included Prolaris (12%), hereditary cancer testing (9%), and GeneSight (9%) test volume.
- The company expects Q1’26 revenue to be between $200 and $203 million, a 2% to 4% growth over Q1’25.
The big picture
Myriad Genetics' revenue stagnation highlights the challenges facing diagnostic companies reliant on established tests, particularly as reimbursement pressures mount. The company's pivot towards new, AI-powered offerings and MRD testing represents a strategic attempt to reignite growth, but the execution risk is significant given the company's recent struggles and the competitive landscape. The company's ability to successfully commercialize these new tests will determine its long-term viability.
What we're watching
- Execution Risk
- The success of Myriad's 2026 test launches (Precise MRD, AI-enabled Prolaris, FirstGene) will be critical to reversing the revenue decline, and the company's ability to integrate these new offerings effectively remains to be seen.
- GeneSight Dependence
- GeneSight's continued revenue contribution will be heavily influenced by payer coverage decisions, and the company must diversify its revenue streams to mitigate future coverage-related headwinds.
- Market Dynamics
- The pace at which adoption of Precise MRD and other new tests occurs will depend on physician acceptance and reimbursement rates, which are subject to evolving market dynamics and competitive pressures.
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