Myriad Genetics Reports Strong Q2 2025 Results, Pivots Strategy to Focus on Cancer Care Continuum
核心洞察
Myriad Genetics (搜索) delivered second quarter 2025 revenue of $213.1 million, beating analyst estimates by 5.5% and raising full-year revenue guidance to $823 million at the midpoint.
The company announced a strategic pivot to focus investments on the Cancer Care Continuum, including plans for an early access launch of its proprietary ultra-sensitive MRD (搜索) test in the first half of 2026.
Hereditary cancer testing showed strong momentum with 14% year-over-year growth in MyRisk (搜索) with RiskScore (搜索) testing volume in oncology, while gross margin improved 140 basis points to 71.5%.
Myriad Genetics (搜索) delivered solid second-quarter 2025 financial results while announcing a strategic pivot to focus on the Cancer Care Continuum, positioning the molecular diagnostics company for accelerated growth in oncology applications.
The Salt Lake City-based company reported second quarter 2025 revenue of $213.1 million, representing a 1% increase year-over-year and beating analyst estimates of $202 million by 5.5%. Excluding previously discussed headwinds of $9.5 million, revenue increased 5% year-over-year. Adjusted earnings per share reached $0.05, significantly outperforming analyst estimates of -$0.01.
Strategic Transformation Focuses on Cancer Care
Myriad announced a comprehensive strategy update designed to drive accelerated growth and profitability by focusing on the Cancer Care Continuum. The company identified three strategic pillars for its transformation.
The first pillar centers on expanding within the Cancer Care Continuum while leveraging Myriad's leadership in hereditary cancer testing. The company plans to expand its test portfolio into other attractive cancer segments, potentially including therapy selection, immuno-oncology therapy response monitoring, and Molecular Residual Disease (MRD (搜索)). Notably, Myriad plans an early access launch of its proprietary, ultra-sensitive MRD test in the first half of 2026.
"We have made significant progress on updating our strategy and intend to accelerate growth by focusing future investments on more comprehensively serving screening and diagnostic applications across the Cancer Care Continuum," said Sam Raha, President and CEO of Myriad Genetics (搜索).
The second strategic pillar aims to grow revenue at or above market for Prenatal Health and Mental Health. For prenatal health, Myriad plans to leverage recently launched tests, including the Prequel NIPS (搜索) test that can be performed 8 weeks into pregnancy, and commercially launch FirstGene Multiple Prenatal Screen (搜索) in 2026. The company expects to grow Mental Health revenue by focusing on high-value GeneSight (搜索) accounts and leveraging state biomarker laws.
Strong Oncology Performance Drives Results
The Oncology business delivered revenue of $85.5 million in the second quarter of 2025. Hereditary cancer testing revenue and volume in oncology grew 9% and 10% year-over-year, respectively, with MyRisk (搜索) with RiskScore (搜索) testing volume in oncology growing 14% year-over-year.
New clinical data regarding Myriad's ultra-sensitive Precise MRD (搜索) test was presented at the American Society of Clinical Oncology (ASCO) annual meeting in May 2025. The MONSTAR-SCREEN 3 study, conducted in collaboration with the National Cancer Center Hospital East in Japan, showed 100% sensitivity at baseline with 60% of patients testing positive one month after surgery having tumor fractions only detectable via ultra-sensitive MRD (搜索).
Second quarter 2025 Prolaris (搜索) test revenue grew 4% year-over-year as Myriad continues to educate clinicians on its prostate cancer portfolio. The company continues making progress on its first AI-driven prostate cancer test, developed in partnership with PATHOMIQ (搜索), with plans for commercial launch in the first quarter of 2026.
Financial Performance and Guidance
Myriad's adjusted gross margin increased 140 basis points to 71.5%, driven by favorable test mix, expanding payer coverage, and laboratory efficiencies. The company slightly lifted its revenue guidance for the full year to $823 million at the midpoint from $815 million, while EBITDA guidance for the full year reached $30 million at the midpoint, above analyst estimates of $20.53 million.
Test volumes totaled 384,000 in the second quarter of 2025, decreasing 1% year-over-year. Hereditary cancer testing volumes grew 7% year-over-year to 78,000 tests, while prenatal testing volumes decreased 8% to 159,000 tests due to friction from new order management system implementation. Pharmacogenomics volumes grew 5% to 135,000 tests.
The Women's Health business delivered revenue of $89.8 million in the second quarter of 2025. Hereditary cancer testing revenue and volume for the unaffected population increased 1% and 3% year-over-year, respectively, as the company continues developing electronic medical records solutions and expanding breast cancer risk assessment programs.
Financing and Future Outlook
On July 31, 2025, Myriad entered into a new $200 million credit facility that replaced its current asset-based credit facility, providing enhanced financial flexibility to support the company's growth strategy. The financing was structured as a partnership with OrbiMed (搜索) in a non-dilutive arrangement.
The company aims to grow revenue in the high single digit to low double digit range and increase profitability over the next five years. Myriad expects to fund near and longer-term revenue growth by maintaining an industry-leading gross margin profile, enabled by low costs per test and stable pricing through strong revenue cycle capabilities.
GeneSight (搜索) test revenue was $37.8 million in the second quarter of 2025, with volume growing 5% year-over-year. However, revenue continues to reflect the impact of UnitedHealthcare (搜索)'s decision to discontinue coverage of multi-gene panel pharmacogenetic testing, including GeneSight, effective in the first quarter of 2025.