Myriad Genetics Inc (MYGN) · Nov 4, 2026 · Earnings
Beat — Adjusted EPS $(0.11) vs approximately $(0.17) consensus
Myriad Genetics earnings beat Q3 estimates and lifted the 2026 revenue midpoint, but core growth remains modest and profitability is still negative.
Myriad is repositioning around its Cancer Care Continuum and Mental Health businesses after deciding to sell Prenatal Health, following a Q2 reset driven by payer friction, weaker prenatal volumes, and more conservative assumptions for the second half of 2026.
The quarter beat a lowered bar. Revenue of $202.7 million exceeded the published consensus of approximately $191.3 million, while adjusted EPS of $(0.11) was better than the roughly $(0.17) consensus. Revenue also rose 6% sequentially, although it was still down 1% year over year.
| Figure | Reported | Prior year | Consensus / prior guide |
|---|---|---|---|
| Revenue (Financial Highlights) | $202.7M | $205.7M | ~$191.3M |
| Adjusted EPS (Adjusted Net Income table) | $(0.11) | — | ~$(0.17) |
| CCC + Mental Health revenue (Product revenues) | $163.4M | $161.2M | — |
| Adjusted EBITDA (Adjusted EBITDA table) | $(5.3)M | $10.3M | — |
| FY2026 revenue guidance (Financial Guidance) | $780–$790M | — | Prior midpoint: $780M |
The continuing business is growing, but only barely at the revenue line. Cancer Care Continuum and Mental Health revenue increased 1% year over year, while their combined test volume rose 3%; better revenue per test, including early progress in payer and revenue-cycle initiatives, is doing more work than demand growth. Prenatal Health revenue fell 12% and volume fell 11%, reinforcing why the divestiture was already part of the standing story. 〔0〕
The profitability signal is weaker than the headline beat. Adjusted EBITDA swung to a $5.3 million loss from a $10.3 million profit last year, adjusted operating expenses rose $9.9 million, and nine-month adjusted free cash flow remained negative at $29.2 million. The quarter produced only $1.6 million of adjusted free cash flow, while reported operating cash flow was negative $6.5 million.
Guidance moved modestly higher, not decisively. The full-year revenue midpoint rose to $785 million from $780 million, reflecting the quarter’s upside but also the pending Prenatal Health sale. That is a small improvement rather than evidence that the underlying business has entered a high-growth phase; the company still guides to a 66%–67% adjusted gross margin and does not provide adjusted EBITDA guidance. 〔1〕
The Prenatal sale remains the larger strategic change, but it is not new in this filing. Myriad had already announced the planned $210 million cash sale to Labcorp on October 19, 2026, so this release mainly quantifies the business being exited and frames the proceeds as future balance-sheet support. Completion remains subject to customary conditions and is expected by early 2027.
Bottom line: Myriad delivered a real earnings and revenue beat and nudged guidance higher, but the underlying story is still mixed: its retained businesses are growing modestly while adjusted profitability and cash generation remain strained. The quarter improves execution credibility, but does not yet rewrite the turnaround story.
Prenatal Health sale closing, expected by early 2027
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