Myriad Genetics Inc (MYGN) Stock Analysis and Metrics

Myriad Genetics

NASDAQ: MYGN

$5.88 ▲ +0.05 (+0.77%)

At close: Jul 13, 2026 · 3:59 PM UTC

Financial Ratios

Market Cap562.20 Mn

P/E-1.41

P/S0.68

Div. Yield0.00

ROIC (Qtr)-0.01

Total Debt (Qtr)120.30 Mn

Revenue Growth (1y) (Qtr)2.30

Add ratio to table…

About

Myriad Genetics is a leading molecular diagnostics and precision medicine company that develops and commercializes molecular tests to help patients and providers uncover genetic insights. The company’s tests assess disease risk, guide treatment decisions, and support earlier detection across medical specialties such as oncology, women’s health, and mental health. By integrating genetic and genomic data, Myriad aims to improve patient care, enable precise treatment, and lower healthcare costs.

Myriad generates revenue primarily through the sale of its diagnostic tests to healthcare providers, laboratories, and patients. Revenue is derived from a diverse portfolio including hereditary cancer tests, tumor profiling assays, prenatal screening products, and pharmacogenomic tests. The company serves customers in the United States and internationally through direct sales forces, partnerships, and distribution channels, with a focus on community medicine and integrated healthcare systems.

The company operates through the following segments:

• Oncology: This segment focuses on cancer risk assessment, treatment selection, and monitoring through genetic and genomic tests. Key products include MyRisk for hereditary cancer risk, BRACAnalysis CDx and MyChoice CDx as companion diagnostics for PARP inhibitor therapy, Prolaris for prostate cancer prognosis, EndoPredict for breast cancer prognosis, and Precise Tumor for comprehensive genomic profiling. The segment also includes Precise MRD for minimal residual disease detection and is expanding through collaborations such as the partnership with PATHOMIQ for AI-driven prostate cancer diagnostics and SOPHiA GENETICS for liquid biopsy companion diagnostics.

• Women’s Health: This segment provides genetic insights and prenatal solutions for reproductive health and cancer risk assessment. Core products include Prequel for non-invasive prenatal screening, Foresight for expanded carrier screening, SneakPeek for early fetal gender detection, and FirstGene as a multi-modal prenatal risk assessment. The segment leverages technologies such as AMPLIFY to improve test performance across diverse populations and supports early intervention for chromosomal disorders and inherited conditions.

• Mental Health: This segment uses pharmacogenomics to guide psychotropic medication selection for conditions such as depression, anxiety, and ADHD. The primary offering is the GeneSight test, which analyzes patient genes to inform treatment decisions and reduce adverse drug reactions. GeneSight covers over 60 psychiatric medications and is supported by clinical studies showing improved patient outcomes when used to guide therapy.

Myriad holds a leading position in the molecular diagnostics industry, particularly in hereditary cancer testing where it is a pioneer and trusted provider across eleven cancer types. The company faces competition from firms such as Natera, Foundation Medicine, Tempus, Guardant Health, Quest Diagnostics, and Laboratory Corporation of America in oncology; Natera, BillionToOne, and Fulgent Genetics in women’s health; and Genomind and Tempus in mental health. Its competitive advantages include a broad test menu, strong clinical validity, extensive commercial reach, and strategic partnerships that enhance innovation and market access.

Myriad serves a diverse customer base including oncologists, obstetricians, gynecologists, primary care physicians, psychiatrists, hospitals, clinics, and laboratory networks. The company also partners with biopharma firms for biomarker identification and companion diagnostic development. Patients benefit from testing through improved risk assessment and personalized treatment guidance across oncology, prenatal, and mental health care settings.

Myriad has invested in innovation through sustained research and development, with a focus on expanding its oncology portfolio and enhancing prenatal and mental health offerings. The company maintains a strong intellectual property portfolio, with patents covering key technologies such as Precise MRD expected to last until 2037. Operational improvements, including the transition to next-generation laboratory facilities, support scalability and cost efficiency. These efforts reinforce Myriad’s strategy to drive profitable growth through differentiated diagnostics and integrated precision medicine solutions.

Investment Thesis

▲ Bull case

Myriad Genetics, Inc. is positioned for a significant reacceleration in growth through its strategic focus on the cancer care continuum, where its pipeline of new products and commercial execution initiatives are expected to drive sustained high single-digit to low double-digit revenue growth starting in 2027. Despite near-term headwinds in prenatal and modest ASP pressure, the company is leveraging strong underlying demand in hereditary cancer testing, with MyRisk volume growing 14% in the affected market and 11% in the unaffected market year-over-year in Q4 FY25, supported by EMR workflow improvements and expanded panel launches. The acceleration in Prolaris test volume, which grew 12% year-over-year in Q4 FY25 and is being enhanced with AI integration via the PathomIQ partnership for a Q2 FY26 launch, reflects regained momentum in the prostate cancer market and positions Myriad as the only provider offering AI, biomarker, germline, and tumor profile testing—a differentiated capability that could unlock premium pricing and expanded reimbursement pathways. Furthermore, the company’s disciplined approach to the PRECISE MRD alpha launch, limiting initial rollout to select community oncology centers to gather real-world evidence and user feedback, demonstrates a prudent commercialization strategy that prioritizes long-term adoption over short-term volume, with MolDX submissions planned for breast cancer in H2 FY26 and renal/colorectal in H2 FY26, paving the way for a broad commercial launch in 2027. Concurrently, the upcoming FirstGene multiple prenatal screen launch in H2 FY26, backed by strong analytical validation published in Clinical Chemistry and early enrollment momentum in the CONNECTOR study, is expected to expand the addressable prenatal market and drive wallet share growth through cross-selling opportunities with existing hereditary cancer and women’s health tests. Management’s $35,000,000+ investment over the next few years to strengthen commercial capabilities—particularly in oncology and community-based settings—includes targeted hiring of experienced personnel from advanced diagnostics and molecular profiling backgrounds, which will enhance sales effectiveness and relationships with the nearly 3,500 oncologists served in 2025. This operational rigor, combined with the shift to strategic area-based reporting (cancer care continuum, prenatal health, mental health), improves transparency and aligns incentives with high-growth segments, while the prenatal portfolio’s expected recovery beginning in Q2 FY26—supported by a dedicated sales team and resolution of prior order management issues—suggests the current year-over-year decline is temporary and not indicative of structural demand weakness.

Myriad Genetics, Inc. is positioned for a significant reacceleration in growth through its strategic focus on the cancer care continuum, where its pipeline of new products and commercial execution initiatives are expected to drive sustained high single-digit to low double-digit revenue growth starting in 2027. Despite near-term headwinds in prenatal and modest ASP pressure, the company is leveraging strong underlying demand in hereditary cancer testing, with MyRisk volume growing 14% in the affected market and 11% in the unaffected market year-over-year in Q4 FY25, supported by EMR workflow improvements and expanded panel launches. The acceleration in Prolaris test volume, which grew 12% year-over-year in Q4 FY25 and is being enhanced with AI integration via the PathomIQ partnership for a Q2 FY26 launch, reflects regained momentum in the prostate cancer market and positions Myriad as the only provider offering AI, biomarker, germline, and tumor profile testing—a differentiated capability that could unlock premium pricing and expanded reimbursement pathways. Furthermore, the company’s disciplined approach to the PRECISE MRD alpha launch, limiting initial rollout to select community oncology centers to gather real-world evidence and user feedback, demonstrates a prudent commercialization strategy that prioritizes long-term adoption over short-term volume, with MolDX submissions planned for breast cancer in H2 FY26 and renal/colorectal in H2 FY26, paving the way for a broad commercial launch in 2027. Concurrently, the upcoming FirstGene multiple prenatal screen launch in H2 FY26, backed by strong analytical validation published in Clinical Chemistry and early enrollment momentum in the CONNECTOR study, is expected to expand the addressable prenatal market and drive wallet share growth through cross-selling opportunities with existing hereditary cancer and women’s health tests. Management’s $35,000,000+ investment over the next few years to strengthen commercial capabilities—particularly in oncology and community-based settings—includes targeted hiring of experienced personnel from advanced diagnostics and molecular profiling backgrounds, which will enhance sales effectiveness and relationships with the nearly 3,500 oncologists served in 2025. This operational rigor, combined with the shift to strategic area-based reporting (cancer care continuum, prenatal health, mental health), improves transparency and aligns incentives with high-growth segments, while the prenatal portfolio’s expected recovery beginning in Q2 FY26—supported by a dedicated sales team and resolution of prior order management issues—suggests the current year-over-year decline is temporary and not indicative of structural demand weakness.

▼ Bear case

Myriad Genetics, Inc. faces significant near-term headwinds and structural challenges that the market may be underestimating, particularly in its prenatal and mental health segments, where recovery is uncertain and competitive pressures are intensifying, despite management’s optimism about a rebound in 2026. The prenatal business continues to suffer from residual effects of the Q2 FY25 order management system disruption, with Q4 FY25 volume declining sequentially and year-over-year comparisons expected to remain unfavorable through at least Q1 FY26, leading to a projected decline in prenatal revenue for the quarter—a trend that could persist if customer trust is not fully restored or if competitors capitalize on the disruption to gain permanent share. Although management highlights the upcoming FirstGene launch as a growth catalyst, the product’s success hinges on overcoming practical barriers to adoption, including clinical confidence, workflow integration, and payer coverage, none of which have been demonstrated at scale in real-world settings via the CONNECTOR study, which remains in enrollment and will not yield results until H2 FY26; relying on prospectively collected sample data from a limited set of 500 patients introduces significant risk that real-world performance may not translate to broad clinical adoption or reimbursement support. In mental health, GeneSight’s growth remains fragile, having grown only 9% year-over-year in Q4 FY25 despite lapping a period still affected by UnitedHealthcare’s January 2025 coverage policy change, and the company’s reliance on state-level biomarker bills—while positive—has not yet produced sizable, annualized ASP benefits, leaving the segment vulnerable to further payer policy shifts or reimbursement delays that could undermine the modest stability management assumes for 2026. Additionally, the company’s ASP guidance assumes only a modest 1%-2% enterprise-wide headwind in 2026, but this fails to fully account for the growing proportion of lower-margin unaffected hereditary cancer test volume (which carries ~10% lower ASP than affected tests) and the potential for continued payer mix shifts away from higher-reimbursing plans, especially as MyRisk expands into broader population screening where reimbursement rates are historically lower and more variable. Finally, while the PRECISE MRD platform holds long-term promise, the explicit assumption of zero revenue contribution in FY26 guidance, coupled with the delayed MolDX submission timeline (breast cancer in H2 FY26, renal/colorectal later in H2 FY26, with commercial launch not expected until 2027), means that near-term growth will depend entirely on legacy segments, which are showing only low single-digit growth in oncology (2% total oncology revenue growth in Q4 FY25) and are increasingly exposed to pricing pressure and commoditization risks in hereditary cancer testing, where Myriad has not demonstrated an ability to raise contracted rates despite volume growth, suggesting that its pricing power is limited and subject to payer-driven constraints that could persist indefinitely.

Myriad Genetics, Inc. faces significant near-term headwinds and structural challenges that the market may be underestimating, particularly in its prenatal and mental health segments, where recovery is uncertain and competitive pressures are intensifying, despite management’s optimism about a rebound in 2026. The prenatal business continues to suffer from residual effects of the Q2 FY25 order management system disruption, with Q4 FY25 volume declining sequentially and year-over-year comparisons expected to remain unfavorable through at least Q1 FY26, leading to a projected decline in prenatal revenue for the quarter—a trend that could persist if customer trust is not fully restored or if competitors capitalize on the disruption to gain permanent share. Although management highlights the upcoming FirstGene launch as a growth catalyst, the product’s success hinges on overcoming practical barriers to adoption, including clinical confidence, workflow integration, and payer coverage, none of which have been demonstrated at scale in real-world settings via the CONNECTOR study, which remains in enrollment and will not yield results until H2 FY26; relying on prospectively collected sample data from a limited set of 500 patients introduces significant risk that real-world performance may not translate to broad clinical adoption or reimbursement support. In mental health, GeneSight’s growth remains fragile, having grown only 9% year-over-year in Q4 FY25 despite lapping a period still affected by UnitedHealthcare’s January 2025 coverage policy change, and the company’s reliance on state-level biomarker bills—while positive—has not yet produced sizable, annualized ASP benefits, leaving the segment vulnerable to further payer policy shifts or reimbursement delays that could undermine the modest stability management assumes for 2026. Additionally, the company’s ASP guidance assumes only a modest 1%-2% enterprise-wide headwind in 2026, but this fails to fully account for the growing proportion of lower-margin unaffected hereditary cancer test volume (which carries ~10% lower ASP than affected tests) and the potential for continued payer mix shifts away from higher-reimbursing plans, especially as MyRisk expands into broader population screening where reimbursement rates are historically lower and more variable. Finally, while the PRECISE MRD platform holds long-term promise, the explicit assumption of zero revenue contribution in FY26 guidance, coupled with the delayed MolDX submission timeline (breast cancer in H2 FY26, renal/colorectal later in H2 FY26, with commercial launch not expected until 2027), means that near-term growth will depend entirely on legacy segments, which are showing only low single-digit growth in oncology (2% total oncology revenue growth in Q4 FY25) and are increasingly exposed to pricing pressure and commoditization risks in hereditary cancer testing, where Myriad has not demonstrated an ability to raise contracted rates despite volume growth, suggesting that its pricing power is limited and subject to payer-driven constraints that could persist indefinitely.

Geographical Breakdown of Revenue (2025)

Peer Comparison

Companies in the Diagnostics & Research

S.No.	Ticker	Company	Market Cap	P/E	P/S	Total Debt (Qtr)
1	WAT	Waters Corp /De/	31,055.11 Bn	69,126.88	8,236.16	4.86 Bn
2	TMO	Thermo Fisher Scientific Inc.	191.02 Bn	27.63	4.23	43.16 Bn
3	DHR	Danaher Corp /De/	137.16 Bn	37.32	5.54	18.48 Bn
4	IDXX	Idexx Laboratories Inc /De	42.82 Bn	39.09	9.63	0.83 Bn
5	NTRA	Natera, Inc.	39.09 Bn	-172.71	15.63	0.02 Bn
6	A	Agilent Technologies, Inc.	37.61 Bn	26.60	5.20	0.30 Bn
7	IQV	Iqvia Holdings Inc.	34.23 Bn	35.84	2.06	15.83 Bn
8	ILMN	Illumina, Inc.	28.14 Bn	32.98	6.40	1.49 Bn

Research Tools

Developers

About

Investment Thesis

Geographical Breakdown of Revenue (2025)

Geographical Breakdown of Revenue (2025)

Peer Comparison

Research Tools

Developers

About

Investment Thesis

Geographical Breakdown of Revenue (2025)

Geographical Breakdown of Revenue (2025)

Peer Comparison

Create an account

Sign In

Reset Password