Myriad Genetics, Inc. Q3 2026 Earnings Recap

Myriad’s shares rose 4.5% after earnings, with investors likely responding to a modestly higher 2026 revenue outlook, sequential improvement in average revenue per test and the $210 million agreement to sell its Prenatal Health business. The quarter still showed pressure in Prenatal Health volumes and year-over-year declines in Cancer Care average revenue per test.

Key Takeaways

• Q3 revenue was $202.7 million. Cancer Care Continuum and Mental Health test volumes grew 4% and 3% year over year, respectively; Prenatal Health volume fell 11%.
• Average revenue per test increased 1% year over year, versus a 9% decline in Q2. HCT revenue per test was down 6% year over year but up 9% sequentially.
• Cancer Care Continuum revenue was $124 million, up 1% year over year. Test volume rose 4% to 98,000, while average revenue per test declined 3%.
• Gross margin improved 130 basis points from Q2 to 67.9%. Adjusted EBITDA improved by $5.3 million quarter over quarter to negative $5.3 million; adjusted EPS was negative $0.11.
• Myriad raised the midpoint of 2026 revenue guidance modestly, to a range of $780 million to $790 million. The Prenatal Health sale to Labcorp is an all-cash deal for $210 million plus inventory.