Financial Performance - First quarter 2025 revenue was $196 million, a decline of 3% year-over-year, but increased by 5% when excluding headwinds of $16 million[5]. - Revenue for the three months ended March 31, 2025, was $195.9 million, a decrease of 3.1% compared to $202.2 million in the same period of 2024[25]. - Prenatal revenue grew by 11% year-over-year, while Pharmacogenomics revenue declined by 20% due to UnitedHealthcare's reduced coverage of GeneSight[5]. - The Oncology business generated revenue of $77.7 million in the first quarter of 2025, with hereditary cancer testing volume growing by 5% year-over-year[11]. - The company reported a GAAP net loss of $0.1 million, or $0.00 EPS, with an adjusted EPS of $(0.03) for the first quarter 2025[5]. - The net loss for the three months ended March 31, 2025, was $0.1 million, a significant improvement compared to a net loss of $26.0 million in the prior year[25]. - Adjusted EBITDA for Q1 2025 was $(0.1) million, down from $4.0 million in Q1 2024, reflecting challenges in operational performance[58]. - Adjusted Free Cash Flow for Q1 2025 was $(18.7) million, slightly worse than $(17.9) million in Q1 2024, indicating ongoing cash flow pressures[64]. Margins and Expenses - First quarter 2025 gross margin was 69%, an increase of 40 basis points year-over-year, attributed to greater laboratory efficiencies[5]. - Gross profit for the same period was $134.2 million, down from $137.6 million, resulting in a gross margin of 68.4%[25]. - Adjusted gross profit for the period was $135.1 million, with an adjusted gross margin of 69.0%, compared to 68.5% in the previous year[40]. - Operating expenses for the first quarter of 2025 were $163.2 million, a decrease of $2.3 million year-over-year, while adjusted operating expenses increased to $140.6 million[8]. - Total operating expenses decreased to $163.2 million from $165.5 million year-over-year, with research and development expenses increasing to $27.5 million from $24.9 million[25]. - Real estate optimization costs for Q1 2025 were $4.0 million, down from $6.2 million in Q1 2024, showing improved cost management[64]. - Equity compensation expenses decreased to $9.5 million in Q1 2025 from $11.9 million in Q1 2024, indicating a reduction in non-cash compensation[53]. Cash Flow and Liquidity - Cash flow used in operations was $16.3 million, with adjusted cash flow used in operations at $10.4 million, a decrease of $1.1 million year-over-year[9]. - The company reported a net cash used in operating activities of $16.3 million, an improvement from $18.6 million in the same period last year[30]. - Cash and cash equivalents at the end of the period were $101.0 million, down from $105.6 million at the end of March 2024[30]. Debt and Assets - Long-term debt increased to $59.3 million from $39.6 million year-over-year, indicating a rise in financial leverage[28]. - Total assets decreased to $1,006.1 million from $1,027.6 million, reflecting a reduction in overall company resources[28]. Future Outlook - Updated financial guidance for 2025 includes revenue expectations of $807 - $823 million and adjusted EPS range of $(0.02) - $0.02[5][16]. - The company plans to commercially launch its first AI-driven prostate cancer test by the end of 2025, in partnership with PATHOMIQ[11][32]. Shareholder Impact - Weighted average shares outstanding increased to 91.4 million in Q1 2025 from 89.9 million in Q1 2024, reflecting potential dilution[53]. - The company recognized an uncertain tax benefit of $(28.7) million in Q1 2025, which was not present in Q1 2024, impacting net loss calculations[53]. Other Adjustments - The company reported $1.9 million in other adjustments for Q1 2025, compared to $1.2 million in Q1 2024, indicating increased one-time expenses[64]. - Capital expenditures for Q1 2025 were $5.3 million, down from $6.7 million in Q1 2024, reflecting a reduction in investment spending[64]. - Adjusted Operating Loss for Q1 2025 was $5.5 million, compared to $0.6 million in Q1 2024, indicating a significant increase in losses[48].

Core Insights - Myriad Genetics reported a challenging first quarter of 2025, with mixed performance across its product lines, leading to a reduction in its financial guidance for the year [3][5][17] Financial Performance - First quarter 2025 revenue was $196 million, a decline of 3% year-over-year, but a 5% increase when excluding $16 million in headwinds [5] - Gross margin for the first quarter was 69%, an increase of 40 basis points year-over-year, attributed to improved laboratory efficiencies [5] - The company reported a GAAP net loss of $0.1 million, or $0.00 EPS, influenced by a $29 million tax benefit, while adjusted EPS was $(0.03) [5][12] Product Volumes and Revenue - Total product volumes increased by 1% year-over-year to 385,000 tests, with notable growth in prenatal testing volumes, which rose by 11% [6][5] - Hereditary cancer testing revenue decreased by 2% year-over-year to $86.3 million, while tumor profiling revenue fell by 5% to $29.3 million [5][24] - Pharmacogenomics revenue saw a significant decline of 20% year-over-year, primarily due to UnitedHealthcare's reduction in coverage for GeneSight tests [5][15] Updated Financial Guidance - The updated financial guidance for 2025 includes a revenue range of $807 - $823 million, down from the initial guidance of $840 - $860 million [17] - Adjusted EPS guidance was revised to a range of $(0.02) - $0.02, reflecting the current business outlook [17] Cash Flow and Liquidity - Cash flow used in operations for the first quarter was $16.3 million, with adjusted cash flow used in operations at $10.4 million, a decrease of $1.1 million year-over-year [8] - As of March 31, 2025, the company had cash and cash equivalents of $92 million, with an additional $42 million available under its asset-based credit facility [9] Business Segment Performance - The Oncology segment generated revenue of $77.7 million, while the Women's Health segment contributed $87.2 million in revenue for the first quarter of 2025 [10][11] - MyRisk testing volume in the affected population grew by 11% year-over-year, indicating a positive trend in hereditary cancer testing despite revenue challenges [13] Operational Highlights - Operating expenses for the first quarter were $163.2 million, a slight decrease from the previous year, while adjusted operating expenses increased to $140.6 million [12] - The company is focusing on reducing overall expenditures while prioritizing investments in new product development and revenue growth initiatives [3][5]

Group 1 - Myriad Genetics (NASDAQ: MYGN) is initiated at a Buy rating, indicating a favorable investment opportunity at current stock levels [1] - The stock is trading near multi-year lows around $7, suggesting an attractive risk/reward profile [1] - The valuation implies under 1× forward sales despite the company experiencing double-digit revenue growth [1]

Core Insights - A significant majority of Americans diagnosed with depression and/or anxiety believe mental health medications are effective, yet concerns about side effects prevent over half from taking them [1][2] - Genetic testing for mental health medications is viewed positively, with 54% of patients believing it could alleviate concerns regarding side effects [2][3] Company Overview - Myriad Genetics, Inc. is a leader in molecular diagnostic testing and precision medicine, offering the GeneSight test which analyzes how a patient's genes may influence their response to mental health medications [1][11] - The GeneSight test is recognized as a category-leading pharmacogenomic test for over 60 medications commonly prescribed for psychiatric conditions [11][12] Survey Findings - The GeneSight Mental Health Monitor survey indicates that 62% of patients whose providers did not use PGx testing wished they had been informed about it [3] - The survey also revealed that 67% of Americans believe it is socially acceptable to take medications for mental health, and 66% have a positive view of others taking such medications [8][9] Patient Experience - The case of a patient, Lisa Roberts, illustrates the practical benefits of the GeneSight test in prescribing effective medication without the lengthy trial-and-error process [5][6] - The survey results show that respondents rated the effectiveness of mental health medications similarly to medications for other chronic conditions, such as high blood pressure and high cholesterol [6]

Podium presentation showcases the clinical application of Precise™ MRDSALT LAKE CITY, April 25, 2025 (GLOBE NEWSWIRE) -- Myriad Genetics, Inc. (NASDAQ: MYGN), a leader in molecular diagnostic testing and precision medicine, announced new clinical data will be shared at the American Association for Cancer Research (AACR) Annual Meeting that highlights the performance of the Precise MRD test in patients with oligometastatic clear-cell renal cell carcinoma (ccRCC). A podium presentation titled “Phase 2 trial o ...

Core Insights - A study published in the Journal of Clinical Psychopharmacology indicates that the GeneSight Psychotropic Test may lead to fewer psychiatric hospitalizations for patients with major depressive disorder [1][2] Study Findings - The study analyzed data from over 21,000 patients with major depressive disorder who underwent GeneSight testing, linking it to administrative insurance claims [4] - There was a 39% relative reduction in psychiatric-related hospitalizations and a 29% relative reduction in hospitalizations for any reason after GeneSight testing [6] - Patients switched to medications with no or moderate gene-drug interactions experienced a 44% relative reduction in psychiatric hospitalizations [6] GeneSight Test Overview - The GeneSight Psychotropic Test assesses how a patient's genes may affect their response to over 60 commonly prescribed psychiatric medications [5] - The test aims to assist healthcare providers in personalizing medication selection, potentially reducing the trial-and-error process in prescribing [2][5] Company Background - Myriad Genetics is a leader in molecular diagnostics and precision medicine, focusing on improving patient care and reducing healthcare costs through genetic insights [7]

SALT LAKE CITY, April 08, 2025 (GLOBE NEWSWIRE) -- Myriad Genetics, Inc. (NASDAQ: MYGN), a leader in molecular diagnostics testing and precision medicine, announced today that in connection with the hiring of Mr. Donnelly as chief commercial officer, previously announced on April 7, 2025, the Board of Directors of Myriad Genetics authorized the grant to Mr. Donnelly of restricted stock units equal to $3.75 million, comprising (i) time-based restricted stock units (RSUs) equal to $2 million and (ii) performa ...

SALT LAKE CITY, April 07, 2025 (GLOBE NEWSWIRE) -- Myriad Genetics, Inc. (NASDAQ: MYGN), a leader in molecular diagnostics testing and precision medicine, announced today the appointment of Brian Donnelly as chief commercial officer (CCO), effective May 1, 2025. A strategic, results-oriented leader with more than 20 years of experience in healthcare, diagnostics, and medical technology, Donnelly has a proven track record of building and leading high-performing teams, managing multi-billion-dollar P&Ls, and ...

Myriad Genetics, Inc.’s (MYGN) Oncology growth strategy, which focuses on expanding companion diagnostics and market growth through new clinical guidelines, is poised to drive growth in the upcoming quarters. The company’s innovative product launches and upgrades look encouraging. Yet, unfavorable currency fluctuations and competitive disadvantages may hurt Myriad Genetics’ operations.In the past year, this Zacks Rank #3 (Hold) company’s shares have lost 56.8% compared with the industry’s 11.9% decline. The ...

Medical equipment stock Myriad Genetics Inc (NASDAQ:MYGN) was last seen up 9.8% at $11.25, after an upgrade from Piper Sandler to "overweight" from "neutral," with a price-target hike to $12.50 from $11.50. The firm noted an attractive entry point following the stock's extended pullback, and cited the CEO change, as Sam Raha will replace Paul Diaz on April 30. Today's surge builds on MYGN’s 6.8% gain in the previous session, following its March 10 five-year low of $9.24. The stock broke below support at $12 ...