Business
Myriad Genetics Reports First Quarter 2025 Financial Results; Updates 2025 Financial Guidance
Highlights First quarter 2025 revenue of $196 million declined by 3% year-over-year. Excluding headwinds1 of $16 million, revenue increased 5%
About this update from Myriad Genetics, Inc.
[{"type":"text","content":"Highlights First quarter 2025 revenue of $196 million declined by 3% year-over-year. Excluding headwinds1 of $16 million, revenue increased 5% year-over-year.First quarter 2025 Prenatal revenue grew 11% year-over-year, while Pharmacogenomics revenue declined by 20% year-over-year due to UnitedHealthcare (UNH) reducing coverage of GeneSight®. MyRisk®testing volume in the affected population grew 11% year-over-year. First quarter 2025 gross margin of 69% increased 40 basis points year-over-year, benefiting from greater laboratory efficiencies. First quarter 2025 GAAP net loss of $0.1 million, or $0.00 EPS, driven by $29 million tax benefit. Adjusted EPS was $(0.03) in the first quarter 2025. Updated 2025 financial guidance with revenue in a range of $807 - $823 million and adjusted EPS range of $(0.02) - $0.02,2 reflecting first quarter 2025 results and the current business outlook. SALT LAKE CITY, May 06, 2025 (GLOBE NEWSWIRE) -- Myriad Genetics, Inc. (NASDAQ: MYGN), a leader in molecular diagnostic testing and precision medicine, today announced financial results for its first quarter ended March 31, 2025 and updated its previously issued financial guidance on business performance for the full-year 2025. “We had a challenging first quarter of 2025 with strength in our prenatal and oncology MyRisk tests offset by softness in GeneSight and unaffected hereditary cancer tests. While we are actively working on initiatives to re-accelerate testing volumes, this will take time; therefore we are lowering our 2025 financial guidance. We are taking immediate steps to reduce overall expenditures while prioritizing investment in new product development and programs intended to drive revenue growth,” said Sam Raha, President and CEO, of Myriad Genetics. “As a new leadership team we are focused on unlocking Myriad Genetics' potential by implementing a compelling strategy, strengthening our organizational capabilities, and improving execution.” Financial and Operational Highlights Test volumes of 385,000 in the first quarter of 2025 increased 1% year-over-year.The following table summarizes year-over-year testing volume changes in the company's core product categories: Three Months Ended March 31,(in thousands)2025 2024 % ChangeProduct volumes: Hereditary cancer73 71 3%Tumor profiling(1)12 14 (14)%Prenatal173 172 1%Pharmacogenomics127 124 2%To...