Myriad Genetics began 2026 with results that fell short of Wall Street’s expectations, as the company posted modest year-over-year sales growth but missed on both revenue and adjusted earnings. Management attributed these results mainly to continued investments in new product launches and an expanded commercial team, as well as ongoing challenges in the prenatal business. CEO Samraat Raha described the quarter as a period of “solid growth of our mental health business” and highlighted double-digit hereditary cancer testing volume gains, but acknowledged the need for improved execution and further operational discipline to deliver on profitability targets.
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Myriad Genetics (MYGN) Q1 CY2026 Highlights:
- Revenue: $200.4 million vs analyst estimates of $202.3 million (2.3% year-on-year growth, 1% miss)
- Adjusted EPS: -$0.09 vs analyst expectations of -$0.07 (34.7% miss)
- Adjusted EBITDA: -$4.5 million vs analyst estimates of $682,830 (-2.2% margin, significant miss)
- The company reconfirmed its revenue guidance for the full year of $870 million at the midpoint
- EBITDA guidance for the full year is $43 million at the midpoint, above analyst estimates of $39.64 million
- Operating Margin: -15.3%, in line with the same quarter last year
- Market Capitalization: $397.6 million
While we enjoy listening to the management's commentary, our favorite part of earnings calls are the analyst questions. Those are unscripted and can often highlight topics that management teams would rather avoid or topics where the answer is complicated. Here is what has caught our attention.
Our Top 5 Analyst Questions From Myriad Genetics’s Q1 Earnings Call
- Kyle Boucher (TD Cowen) asked about the drivers of the expected second-half revenue ramp. CEO Samraat Raha highlighted hereditary cancer momentum, GeneSight strength, prenatal improvement, and the anticipated impact of new sales hires.
- Tycho Peterson (Jefferies) inquired about the contributions of dedicated sales teams versus new MyRisk panels. Raha clarified that the new sales teams began after the quarter’s end, while MyRisk and disease-specific panels drove current growth.
- Puneet Souda (Leerink Partners) pressed for details on commercial team investments and sales rep productivity. CCO Brian Donnelly explained the focus on targeted hiring, dedicated product portfolios, and a multi-quarter ramp in rep productivity.
- Brandon Couillard (Wells Fargo) questioned the confidence in prenatal volume recovery. Management cited a focused sales approach, the differentiated FirstGene product, and no ongoing internal operational issues as reasons for optimism.
- Subhalaxmi Nambi (Guggenheim) asked about FirstGene reimbursement and margin impact. CFO Ben Wheeler stated that current reimbursement uses existing codes and that FirstGene is expected to be accretive to prenatal gross margins.
Catalysts in Upcoming Quarters
In the coming quarters, our team will be watching (1) the pace of adoption and expansion for the Precise MRD and AI-enabled Prolaris tests, (2) stabilization and recovery in the prenatal segment, particularly following the FirstGene launch, and (3) the realization of incremental sales productivity from the expanded commercial team. Execution on these milestones will be critical for supporting the company’s growth and margin improvement objectives.
Myriad Genetics currently trades at $4.26, down from $5.03 just before the earnings. Is there an opportunity in the stock?See for yourself in our full research report (it’s free).
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