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1. Company Snapshot

1.a. Company Description

Myriad Genetics, Inc., a genetic testing and precision medicine company, develops and commercializes genetic tests in the United States and internationally.The company offers molecular diagnostic tests for use in oncology, and women's and mental health applications.It provides MyRisk Hereditary Cancer Test, a DNA sequencing test for assessing the risks for hereditary cancers; BRACAnalysis CDx Germline Companion Diagnostic Test, a DNA sequencing test to help determine the therapy for patients with metastatic breast, ovarian, metastatic pancreatic, or metastatic prostate cancer with deleterious or suspected deleterious germline BRCA variants; and MyChoice CDx Companion Diagnostic Test, a tumor test that determines homologous recombination deficiency status in patients with ovarian cancer.


The company also offers Prolaris Prostate Cancer Prognostic Test, a RNA expression tumor analysis for assessing the aggressiveness of prostate cancer; EndoPredict Breast Cancer Prognostic Test, a RNA expression test for assessing the aggressiveness of breast cancer; Precise Tumor, a solution for precision oncology; and Prequel Prenatal Screen, a non-invasive prenatal screening test conducted using maternal blood to screen for severe chromosomal disorders in a fetus.In addition, it provides Foresight Carrier Screen, a prenatal test for future parents to assess their risk of passing on a recessive genetic condition to their offspring; and GeneSight Psychotropic Mental Health Medication Test, a DNA genotyping test to aid psychotropic drug selection for patients suffering from depression, anxiety, ADHD, and other mental health conditions.Myriad Genetics, Inc.


has a strategic collaboration with Illumina, Inc.and Intermountain Precision Genomics for an offering of germline and somatic tumor testing services.The company was founded in 1991 and is headquartered in Salt Lake City, Utah.

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1.b. Last Insights on MYGN

Myriad Genetics' recent performance was negatively impacted by the loss of UnitedHealthcare coverage for its GeneSight test, effective in the first half of 2025. This change will likely result in reduced revenue for the company. Additionally, the company's recent announcement of inducement awards to its new Chief Commercial Officer, Brian Donnelly, may be seen as a negative signal, as it may indicate increased compensation costs.

1.c. Company Highlights

2. Myriad Genetics' Q3 2025 Earnings: A Mixed Bag

Myriad Genetics reported revenue of $206 million, a 4% decrease year-over-year, with test volumes up 3% but average revenue per test down 7%. The company's adjusted gross margin remained healthy at 70.1%, reflecting a favorable test mix and operational efficiencies. Adjusted EBITDA came in at $10.3 million, and adjusted EPS was -$0.13, missing estimates of -$0.01. The company's strong adjusted free cash flow of $18.6 million was driven by the timing of collections from certain payers.

Publication Date: Nov -23

📋 Highlights
  • Revenue Decline with Stable Adjusted Gross Margin: Q3 revenue fell 4% YoY to $206M, but adjusted gross margin held at 70.1% due to favorable test mix and operational efficiencies.
  • MyRisk Oncology Volume Growth Accelerates: MyRisk test volume surged 16% in affected markets and 11% in unaffected markets YoY, driven by expanded panel and NCCN alignment.
  • Healthy Adjusted EBITDA and Free Cash Flow: Generated $10.3M adjusted EBITDA and $18.6M adjusted free cash flow in Q3, supported by strong margins and cost discipline.
  • Expanded MyRisk Panel Launch: Launched updated MyRisk panel in November 2025, covering all NCCN high-risk genes, expected to boost 2026 growth.
  • GeneSight Provider Base Expansion: Exceeded 37,000 ordering clinicians in Q3, with 8% volume growth YoY despite ASP headwinds from payer policies.

Segment Performance

In oncology, total revenue was $81.8 million, a decline of 1% year-over-year. MyRisk test volume grew 16% in the affected market and 11% in the unaffected market. The women's health business saw revenue growth of 3% to $85.2 million, driven by hereditary cancer testing. GeneSight revenues were $38.7 million, with volume growth of 8% year-over-year. As Samraat Raha mentioned, "We're pleased with the progress of our commercial team and payer team, and we expect to continue to have support for ASP."

Guidance and Outlook

Myriad reaffirmed its full-year 2025 financial guidance, with revenue expected to be between $818 million and $828 million. The company is focused on driving sustained profitable growth and has launched a multiyear program to invest more than $35 million in strengthening commercial capabilities. Analysts estimate revenue growth of 5.2% next year, which is a positive sign.

Valuation

With a P/S Ratio of 0.83 and EV/EBITDA of -2.15, the stock appears to be reasonably valued. However, the negative EPS and ROE raise concerns. The company's commitment to investing in commercial capabilities and its strong balance sheet with access to $220 million in capital are positives. As the company looks to accelerate growth with the launch of its updated MyRisk panel and FirstGene, a combined 2-in-1 screen for NIPS and carrier screening, investors will be watching closely.

3. NewsRoom

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Clairity, Myriad Genetics, and MagView Launch the First Integrated AI and Genetic Risk Platform for Personalized Breast Health

Nov -25

Source: globenewswire.com

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969,127 Shares in Myriad Genetics, Inc. $MYGN Acquired by Acadian Asset Management LLC

Nov -14

Source: defenseworld.net

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Myriad Genetics to Participate in Upcoming Investor Healthcare Conferences

Nov -11

Source: globenewswire.com

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Myriad Genetics: Downgrading To "Hold" Rating On Break-Even Q3 Earnings

Nov -05

Source: seekingalpha.com

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Myriad Genetics (MYGN) Reports Break-Even Earnings for Q3

Nov -04

Source: zacks.com

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Myriad Genetics Reports Third Quarter 2025 Financial Results; Reiterates 2025 Financial Guidance Following Continued Solid Execution

Nov -03

Source: globenewswire.com

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Myriad Genetics, Inc. $MYGN Stock Position Raised by Cwm LLC

Nov -01

Source: defenseworld.net

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New Post-Hoc Analysis Shows Patients Whose Clinicians Had Access to GeneSight Results for Depression Treatment Are More Likely to Feel Better Sooner

Oct -31

Source: globenewswire.com

4. Business Breakdown

4.a. Revenues by Country

4.b. Revenues by Segment

5. Expected revenues mid-term growth (4.35%)

6. Segments

Hereditary Cancers

Expected Growth: 4%

Hereditary Cancers from Myriad Genetics, Inc. growth driven by increasing adoption of genetic testing, rising cancer incidence, and growing demand for personalized medicine. Expanding product portfolio, strategic partnerships, and increasing reimbursement coverage also contribute to growth.

Prenatal

Expected Growth: 3%

Prenatal segment growth driven by increasing adoption of non-invasive prenatal testing (NIPT) and expanding market share in the reproductive health space. Growing demand for early detection and prevention of genetic disorders, coupled with Myriad's strong brand reputation and expanding test menu, contribute to 3% growth.

Pharmacogenomics

Expected Growth: 6%

Myriad Genetics' Pharmacogenomics segment growth is driven by increasing adoption of genetic testing, rising demand for personalized medicine, and expansion into new markets. Additionally, strategic partnerships, investments in R&D, and a strong pipeline of new products contribute to the 6% growth rate.

Tumor Profiling

Expected Growth: 5%

Myriad Genetics' Tumor Profiling segment growth is driven by increasing adoption of precision medicine, rising cancer incidence, and growing demand for personalized treatment. Expanding test menu, strategic partnerships, and investments in AI-powered analytics also contribute to growth. Additionally, increasing reimbursement coverage and regulatory approvals for novel indications further fuel growth.

7. Detailed Products

GeneSight

A pharmacogenomic test that helps healthcare providers make informed treatment decisions for patients with mental health conditions

Prolaris

A genetic test that predicts the aggressiveness of prostate cancer

EndoPredict

A genetic test that predicts the risk of recurrence in breast cancer patients

PrenatalSafe

A non-invasive prenatal screening test for chromosomal abnormalities

Foresight

A carrier screening test for inherited genetic disorders

MyRisk

A hereditary cancer test that identifies genetic mutations associated with increased cancer risk

8. Myriad Genetics, Inc.'s Porter Forces

Forces Ranking

Threat Of Substitutes

Myriad Genetics, Inc. operates in a niche market with limited substitutes, but the threat of substitutes is still present due to the ongoing research and development in the genetic testing industry.

Bargaining Power Of Customers

Myriad Genetics, Inc. has a diverse customer base, which reduces the bargaining power of individual customers. Additionally, the company's products are specialized, making it difficult for customers to switch to alternative providers.

Bargaining Power Of Suppliers

Myriad Genetics, Inc. has a diversified supplier base, which reduces the bargaining power of individual suppliers. The company's suppliers are also relatively small, which further reduces their bargaining power.

Threat Of New Entrants

The genetic testing industry has high barriers to entry, including significant capital requirements and regulatory hurdles. This makes it difficult for new entrants to enter the market and compete with established players like Myriad Genetics, Inc.

Intensity Of Rivalry

The genetic testing industry is highly competitive, with several established players competing for market share. However, Myriad Genetics, Inc. has a strong brand reputation and a diversified product portfolio, which helps to mitigate the intensity of rivalry.

9. SWOT Analysis

Strength

Weaknesses

Opportunities

Threats

10. Capital Structure

10.a. Balance Sheet

10.b. Weighted Average Cost of capital

Value
Debt Weight 14.07%
Debt Cost 3.95%
Equity Weight 85.93%
Equity Cost 13.78%
WACC 12.40%
Leverage 16.37%

11. Quality Control: Myriad Genetics, Inc. passed 2 out of 9 key points

12.a Historical Valuation

12.b Price/Earnings Ratio

12.c Margin Valuation

12.d Peers Valuation

Peers Group Analysis

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Neuronetics

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A-Score: 4.2/10

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A-Score: 3.2/10

Value: 9.6

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Quality: 3.4

Yield: 0.0

Momentum: 1.5

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Myriad Genetics

A-Score: 2.9/10

Value: 8.6

Growth: 1.9

Quality: 4.8

Yield: 0.0

Momentum: 0.5

Volatility: 1.3

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Peers Metrics

12.e Scoring Insights

12.f DCF BETA

Parameters

Short Term Growth

Short term Time

Long-Term Growth

WACC

Target Price

7.12$

Current Price

7.12$

Potential

-0.00%

Expected Cash-Flows