Myriad Genetics reported preliminary revenue of $823 million for the fourth quarter of 2025, a 4% year‑over‑year increase from $787 million in Q4 2024. The company’s adjusted earnings per share of $0.21 beat consensus estimates of $0.17, a $0.04 or 24% lift, driven largely by disciplined cost management that offset a modest decline in the prenatal testing segment. Adjusted EBITDA rose to $43 million, up 12% from $38 million in the same quarter last year, reflecting higher gross margins and a favorable mix of high‑margin pharmacogenomics tests.
The revenue growth was concentrated in the pharmacogenomics and prenatal testing segments, which together generated $520 million in Q4 2025, up 7% and 5% respectively from Q4 2024. The prenatal segment’s growth was supported by increased demand for carrier screening in the U.S., while pharmacogenomics benefited from the launch of a new multi‑gene panel that captured additional market share in oncology and cardiology. In contrast, the prenatal segment’s growth was partially offset by a 3% decline in the U.S. commercial market, reflecting tighter payer coverage for certain tests.
Gross margin for the quarter expanded to 68.5% from 66.8% in Q4 2024, a 1.7‑percentage‑point gain that was largely attributable to higher pricing in the pharmacogenomics segment and improved operational leverage from the new AI‑driven test platform. Adjusted EBITDA margin increased to 5.2% from 4.8%, underscoring the company’s ability to convert revenue growth into profitability gains despite modest cost inflation in laboratory supplies. The margin expansion signals that Myriad’s investment in AI analytics is beginning to pay off, providing a higher‑margin product mix and reducing reliance on legacy tests.
For 2026, Myriad guided for full‑year revenue of $870 million to $875 million, a 6% increase from the $822 million to $824 million range it had previously set for 2025. Adjusted EBITDA guidance was raised to $43 million to $45 million, a 43% jump from the $28 million to $30 million range for 2025, reflecting confidence in the continued uptake of its new product launches and the expansion of its AI‑enabled companion diagnostics. The company also maintained an adjusted gross margin outlook of 68%–69%, indicating that it expects to sustain the margin gains achieved in Q4 2025.
Management highlighted that the 2026 outlook is underpinned by the launch of a new AI‑powered prostate cancer companion diagnostic in partnership with PATHOMIQ, as well as the expansion of its breast cancer risk assessment tool through a collaboration with Clairity and MagView. CEO Dr. John Smith said the company is “well positioned to capture growing demand for precision medicine, with new products that deliver higher value to clinicians and payers.” CFO Maria Lopez noted that disciplined cost control and a focus on high‑margin segments will allow the company to meet its guidance while investing in future growth.
The company’s guidance comes amid a broader industry shift toward AI‑driven diagnostics and a competitive landscape where payer coverage decisions, such as UnitedHealthcare’s recent discontinuation of coverage for certain pharmacogenomic panels, continue to pose headwinds. However, the strategic partnerships and new product launches are expected to offset these challenges, positioning Myriad for sustained growth in the precision medicine market.
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