Myriad Genetics Misses Q2 Revenue by $15.3M, Slashes Guidance, and Suspends EBITDA Outlook
MYGN is trading near its 52-week low of $3.53 (8.7% above the low).
Summary
Myriad Genetics missed Q2 revenue estimates by $15.3M, cut full-year revenue guidance, and suspended its EBITDA outlook amid declining test reimbursement and Prenatal Health volumes.
Key Events · Earnings and Guidance · MYGN
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Q2 Revenue Miss and Decline
Revenue of $190.7M fell 11% YoY and missed consensus by $15.3M, driven by a 9% drop in average revenue per test and an $11M reduction from prior-period collection estimate changes.
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Full-Year Guidance Cut
2026 revenue guidance was revised down to $770–$790M from a prior implied ~$800M+, and adjusted EBITDA guidance was suspended entirely, reflecting lower Prenatal Health volumes and conservative reimbursement assumptions.
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Cash Burn and Liquidity
Cash and equivalents dropped to $115.2M from $149.6M at year-end 2025, with adjusted free cash outflow of $10.9M in Q2 and $30.8M in the first half of 2026.
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Strategic Efficiency Initiative
Management launched 'Ascend,' an efficiency and scalability program supported by a leading professional services firm, alongside a rigorous product portfolio evaluation to optimize capital allocation.
Analysis · MYGN · Life Sciences
A sharp 11% year-over-year revenue decline to $190.7 million missed consensus by $15.3 million, driven by a 9% drop in average revenue per test—including an $11 million hit from prior-period collection estimate changes—and a 9% volume decline in Prenatal Health. The GAAP net loss widened to $43.2 million, while cash reserves fell to $115.2 million from $149.6 million at year-end. Management slashed full-year revenue guidance to $770–$790 million and suspended adjusted EBITDA guidance entirely, signaling deep uncertainty about near-term profitability. An 'Ascend' efficiency program with outside consultants is now underway, but the combination of top-line weakness, reimbursement pressure, and suspended profit guidance raises serious questions about the pace of any turnaround.
At the time of this filing, MYGN was trading at $3.84 on NASDAQ in the Life Sciences sector, with a market capitalization of approximately $507.2M. The 52-week trading range was $3.53 to $8.59. This filing was assessed with negative market sentiment and an importance score of 8 out of 10.