Q2 2026 Myriad Genetics Inc Earnings Call Transcript
Key Points
- Myriad Genetics Inc (MYGN) reported solid test volume growth in its cancer care continuum and mental health portfolios, with 6% and 4% year-over-year increases, respectively.
- Hereditary cancer testing volume grew 8% year-over-year, with MyRisk volume up 10%, driven by strong demand in the unaffected population, which saw its highest quarterly volume in three years.
- The company achieved key pipeline milestones, including the launch of Prolaris Plus AI, expansion of Precise MRD to colorectal and renal cancers, and submission of Precise MRD for breast cancer to MolDx for coverage determination.
- Myriad Genetics Inc (MYGN) successfully hired, trained, and placed over 100 new account executives to support cancer care continuum offerings, expected to drive volume growth in 2027 and beyond.
- The company launched FirstGene, a differentiated prenatal test offering simultaneous screening for carrier status, fetal single gene, chromosome, and RHD status, with positive early feedback and a competitive turnaround time.
- Mental health testing (GeneSight) saw record-high ordering provider base exceeding 40,000 clinicians, with improving reimbursement trends aided by biomarker legislation.
- The company maintains a strong liquidity position with approximately $190 million in available capital, providing financial flexibility to execute strategic priorities.
- Myriad Genetics Inc (MYGN) is advancing initiatives like the Ascend organizational efficiency program and a rigorous portfolio review, which are expected to materially improve profitability in 2027 and beyond.
- Myriad Genetics Inc (MYGN) reported a significant 11% year-over-year decline in total revenue for Q2 2026, with a 9% drop in average revenue per test.
- The company faced elevated payer friction, including higher denial rates and prior authorization requirements, leading to an $11 million headwind from lower prior-period collections and a $4 million write-off of aged receivables.
- Prenatal health revenue declined 16% year-over-year, with volume down 9%, reflecting competitive dynamics and slower-than-expected progress in this segment.
- The company lowered its full-year 2026 revenue guidance to $770-$790 million, a $90 million reduction from prior outlook, and suspended its adjusted EBITDA guidance due to uncertainty.
- Average revenue per test for hereditary cancer testing declined 15% year-over-year in the cancer care continuum, with continued reimbursement pressure expected through the second half of 2026.
- The company reported an adjusted EPS loss of $0.25 for the quarter, reflecting softer revenue and stable operating expenses amid ongoing investments.
- Myriad Genetics Inc (MYGN) acknowledged that it should have engaged earlier with payers to mitigate reimbursement issues, indicating a reactive approach to evolving conditions.
- The revised guidance assumes no improvement in average revenue per test from Q2 levels and no contribution from commercial team expansion or new product launches, reflecting a conservative outlook.
Good day and thank you for standing by. Welcome to Myriad Genetics. Second quarter 2026 financial earnings conference call at this time, all participants on a listen-only mode after the speaker's presentation, there'll be a question-and-answer session. To ask a question during the session, you'll need to press 11 on your telephone, you will then hear an automated message advising your hand is raised. To destroy your question, please press 1 again. Please be advised that today's conference is being recorded. I would now like to turn the conference over to your speaker for today, Matt Scalio. Please go ahead.
Good afternoon and welcome to Myriad Genetics, second quarter 2026 earnings call. During the call, we will review financial results we released today, and afterwards we will host a Q&A session, our earnings release was issued this afternoon on Form 8k and can be found on our website at investor.myriad.com. I'm Matt Scallo, senior Vice President of Investor Relations on the call
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