MYRIAD GENETICS (MYGN)·Q4 2025 Earnings Summary
Myriad Genetics Q4 2025: Stock Surges 20% After-Hours on Strong Volume Growth and 2026 Product Launches
February 23, 2026 · by Fintool AI Agent
Myriad Genetics (MYGN) reported Q4 2025 results that sent shares up over 20% in after-hours trading, with the stock jumping from $4.38 to $5.26. While headline revenue of $209.8M was essentially flat year-over-year, the company delivered strong test volume growth across its core franchises and outlined an ambitious 2026 product roadmap featuring three major test launches.
Management reiterated full-year 2026 guidance of $860-880M in revenue, representing 4-7% growth, as the company pivots from a year impacted by the UnitedHealthcare coverage discontinuation toward what CEO Sam Raha called a "milestone year" for Myriad.
Did Myriad Genetics Beat Earnings?
Myriad delivered mixed but better-than-feared results in Q4 2025:
*Values retrieved from S&P Global
Excluding the $8.1M headwind from UnitedHealthcare's discontinuation of GeneSight coverage, revenue grew 4% year-over-year. The company generated $10.6M in operating cash flow during the quarter and ended with $149.6M in cash plus access to an additional $75M under its term loan facility, providing total liquidity of approximately $225M.
Full Year 2025 Performance:
The company recorded $319.4M in goodwill and long-lived asset impairment charges in FY 2025, primarily related to the Mental Health and Women's Health reporting units.
Ask Fintool AI AgentHow Did Each Business Segment Perform?
Women's Health: $88.5M (+1.5% YoY)
Women's Health delivered $88.5M in revenue, up from $87.2M in Q4 2024.
- Hereditary cancer testing (unaffected population): Revenue +3% and volume +11% year-over-year, driven by EMR solutions and breast cancer risk assessment programs . MyRisk test volume specifically grew 12% in Q4 and 10% for full-year 2025
- Prenatal testing: Revenue flat but volume decreased 6% YoY, reflecting transition dynamics from the Q2 2025 order management system implementation
Oncology: $84.7M (+2.3% YoY)
The Oncology business grew to $84.7M from $82.8M in the prior year period.
- Hereditary cancer testing (oncology): Revenue +2% with volume +9% year-over-year
- Prolaris prostate cancer test: Revenue grew 16% YoY with volume up 12%
- Tumor profiling: Revenue +2% YoY
Mental Health: $36.6M (-10% YoY)
GeneSight revenue declined to $36.6M from $40.6M, a 10% decrease driven by the UnitedHealthcare coverage headwind. However, test volume grew 9% year-over-year, showing underlying demand remains healthy.
What Did Management Guide?
Management reiterated FY 2026 guidance that reflects confidence in the business trajectory:
Management expects 2H 2026 revenue to be greater than 1H 2026, with growth reacceleration driven by the new product launches.
What's New? Three Major Test Launches in 2026
CEO Sam Raha called 2026 a "milestone year" with three significant product launches:
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Precise MRD (Molecular Residual Disease): Targeted alpha launch for breast cancer expected in March 2026. Recent data from the MONSTAR-SCREEN-3 study showed 100% baseline sensitivity and highly sensitive post-surgery detection.
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AI-enabled Prolaris: Full commercial launch in partnership with PATHOMIQ expected in Q2 2026. The company also launched the first integrated AI and genetic risk platform for breast cancer with Clairity and MagView.
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FirstGene (Multiple Prenatal Screen): Commercial launch expected in H2 2026, supported by the ongoing CONNECTOR multi-site study.
Management noted these tests will "support clinical decisions starting in 2026 and be important components of our growth in 2027 and beyond."
Ask Fintool AI AgentHow Did the Stock React?
MYGN shares surged in after-hours trading following the results:
The stock has been under significant pressure over the past year, down roughly 70% from its 52-week high. The after-hours rally suggests investors are encouraged by the volume momentum, 2026 product pipeline, and guidance reaffirmation.
What Changed From Last Quarter?
Key differences versus Q3 2025:
The key positive shift is the continued acceleration in test volume growth, particularly in Prolaris (+12% vs +10% in Q3) and GeneSight (+9% vs +8% in Q3), despite the UNH coverage headwind. Cash generation also improved, with the company adding nearly $15M to its cash position during Q4.
Key Risks and Concerns
Several headwinds remain:
- UnitedHealthcare Impact: The discontinuation of GeneSight coverage continues to pressure Mental Health revenue, though volume growth shows underlying demand persists
- Prenatal Transition: Prenatal testing volume declined 6% YoY due to order management system transition effects
- Impairment Charges: The $319.4M in FY 2025 impairments reflect challenges in the Mental Health and Women's Health units
- Leverage: Long-term debt increased to $119.9M from $39.6M at year-end 2024
- Reimbursement Risk: Ongoing exposure to payer coverage decisions and pricing pressure
What Did Analysts Ask? Key Q&A Highlights
The earnings call featured detailed questions from analysts on growth trajectory, MRD commercialization, and segment dynamics:
On Long-Term Growth Outlook (Leerink Partners): CEO Sam Raha expressed confidence in the path forward: "We have confidence that, as we exit this year, going to 2027, 2028, that we will be on path for high single-digit to low double-digit, sustained, profitable growth."
On MRD Commercialization Strategy (Leerink Partners): Management outlined a disciplined approach to the Precise MRD alpha launch. The company is being selective with participating centers, starting with a handful of community oncology sites and expanding to dozens by year-end. Key milestones:
- MolDX submission for breast cancer planned for Q3 2026
- Renal and colorectal submissions planned for H2 2026
- Full commercial launch for breast, renal, and colorectal planned for 2027
- No MRD revenue assumed in 2026 guidance
On ASP and Pricing Pressure (Jefferies): CFO Ben Wheeler clarified that contracted rates are NOT declining: "The short answer is no, we are not seeing contracted rates going down. We're not experiencing pressure in that regard as we have conversations with payers." The modest ASP headwind (1-2% for 2026) reflects payer mix shifts, not rate deterioration.
On Hereditary Cancer Growth (TD Cowen): Management expects high single-digit growth for the hereditary cancer portfolio in 2026, across both affected and unaffected populations.
On Prenatal Recovery (Raymond James): CFO Wheeler noted that accounts NOT impacted by the order management issue are "growing at or above market," signaling healthy underlying demand. The focused prenatal sales team expansion in Q2 combined with FirstGene launch should drive recovery.
Operational Highlights from the Call
Several key operational metrics emerged from management commentary:
New Reporting Structure Starting Q1 2026: Management announced simplified segment reporting to better align with strategy:
- Cancer Care Continuum - All hereditary cancer testing (affected + unaffected) + tumor profiling
- Prenatal Health - NIPS, carrier screening, SneakPeek
- Mental Health - GeneSight
Forward Catalysts
Watch for these events in 2026:
- March 2026: Precise MRD alpha launch for breast cancer
- Q2 2026: AI-enabled Prolaris commercial launch with PATHOMIQ; disease-specific MyRisk panels
- Q3 2026: MolDX submission for Precise MRD (breast cancer)
- H2 2026: FirstGene prenatal screen commercial launch; MolDX submissions for renal and colorectal MRD
- 2027: Full commercial launch of Precise MRD for breast, renal, and colorectal cancer
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