Myriad Genetics (MYGN) Q2 2026 earnings summary

Executive summary

• Q2 2026 revenue was $190.7 million, down 11% year-over-year, driven by a 1% decline in volume and a 9% decrease in average revenue per test, mainly due to payer reimbursement friction and lower prenatal testing volume.

• Cancer Care Continuum test volume grew 6% year-over-year, but revenue declined 11% due to a 15% drop in average revenue per test; Prenatal Health volume declined 9% and revenue fell 16%; Mental Health volume rose 4% but revenue declined 3%.

• Key launches included the AI-enhanced Prolaris prostate cancer test, expanded Precise MRD availability for multiple cancer types, and the commercial launch of FirstGene prenatal screen.

• Strategic initiatives to address reimbursement pressure and improve operational efficiency (Ascend) are underway, supported by a professional services firm.

• Revised full-year 2026 guidance reflects lower Prenatal Health volumes and more conservative assumptions for average revenue per test.

Financial highlights

• Q2 2026 revenue: $190.7 million, down 11% year-over-year.

• Gross margin for Q2 2026 was 66.6%, down 460 basis points year-over-year; adjusted gross margin was 66.9%.

• Adjusted operating expenses for Q2 2026 were $150.5 million, up $6.7 million year-over-year.

• Adjusted EBITDA loss: $16.9 million; adjusted EPS loss: $0.25; net loss: $43.2 million.

• Ended Q2 2026 with $115.2 million in cash and $190 million in available liquidity.

Outlook and guidance

• Full-year 2026 revenue guidance lowered to $770–$790 million, a $90 million reduction from prior outlook.

• Gross margin guidance revised to 66%–67%.

• Adjusted EBITDA guidance for 2026 suspended due to uncertainty around timing and impact of operational initiatives.

• Q3 2026 revenue expected to be at or slightly above Q2 2026 levels.