Myriad Genetics is like **Quest Diagnostics for specialized genetic testing** in cancer risk, mental health, and women's health.

Myriad Genetics is like **Exact Sciences, but for a portfolio of genetic diagnostic tests** across cancer, mental health, and women's health.

• Hereditary Cancer Testing: Genetic tests, such as MyRisk and BRCA1/BRCA2, to assess an individual's inherited risk for various cancers.
• Pharmacogenomic Testing (GeneSight): Tests that analyze a patient's genes to predict their response to certain medications, particularly for mental health conditions.
• Prostate Cancer Prognostic Testing (Prolaris): A genetic test used to determine the aggressiveness of prostate cancer and inform treatment decisions.
• Rheumatoid Arthritis Disease Activity Testing (Vectra): A blood test that measures multiple biomarkers to assess disease activity in patients with rheumatoid arthritis.
• Melanoma Diagnostic Testing (myPath Melanoma): A gene expression test used to differentiate benign skin lesions from malignant melanoma.

Myriad Genetics (MYGN) primarily sells its genetic testing services to individuals, through orders placed by their healthcare providers. It does not have major customer companies in the traditional sense of selling large quantities of products to a few specific businesses for resale or integration into their own products.

Instead, Myriad's services are utilized by a broad base of patients. The company serves individuals across up to three main categories based on their clinical needs:

1. Oncology Patients: This category includes individuals seeking to understand their hereditary risk for various cancers (e.g., breast, ovarian, prostate, colorectal, pancreatic, melanoma) using tests like MyRisk. It also includes patients already diagnosed with cancer for whom tests like Prolaris (for prostate cancer prognosis) or MyChoice CDx (a companion diagnostic for ovarian cancer treatment) help guide treatment decisions.
2. Pharmacogenomics Patients: Individuals, primarily those with mental health conditions, who need guidance on selecting the most effective medications and avoiding adverse drug reactions. Myriad's GeneSight test helps optimize medication management by analyzing how an individual's genes may affect their response to certain psychotropic drugs.
3. Reproductive Health Patients: This category encompasses individuals and couples who are planning a family or are currently pregnant. They utilize tests such as the Foresight Carrier Screen to identify carrier status for genetic conditions that could be passed to offspring, and the Prequel Non-Invasive Prenatal Screen (NIPS) to screen for chromosomal abnormalities in the fetus during pregnancy.

Sam Raha, President and Chief Executive Officer

Sam Raha was appointed President and Chief Executive Officer of Myriad Genetics in April 2025. He initially joined Myriad in December 2023 as Chief Operating Officer. Prior to his tenure at Myriad, Mr. Raha served as Senior Vice President and President of the Diagnostics and Genomics Group for Agilent Technologies Inc. He also held positions as Senior Vice President of Strategy and Corporate Development for Agilent Technologies Inc., Vice President of Global Marketing for Illumina Inc., and Vice President and General Manager of Genomics Assays or NextGen qPCR for Life Technologies Inc.

Scott Leffler, Chief Financial Officer

Scott Leffler assumed the role of Chief Financial Officer at Myriad Genetics in January 2024, succeeding Bryan Riggsbee. Before joining Myriad, he served as the CFO of Clover Health. Prior to Clover Health, Mr. Leffler was the CFO and Treasurer at Sotera Health. He holds a B.A. in economics and history from Yale University and an M.B.A. from Emory University.

Mark S. Verratti, Chief Operating Officer

Mark S. Verratti has served as Chief Operating Officer at Myriad Genetics since April 2025. He previously held the position of Chief Commercial Officer and joined Myriad Genetics in 2017 as President of Myriad's Mental Health business, which includes the GeneSight^® pharmacogenomics test. His prior experience includes serving as Senior Vice President and Chief Sales and Business Development officer at Assurex, and various senior leadership positions globally with Cyberonics and Forest Pharmaceuticals.

Brian Donnelly, Chief Commercial Officer

Brian Donnelly has been the Chief Commercial Officer at Myriad Genetics since May 2025, where he is responsible for global commercial strategy and execution. He brings over two decades of leadership experience in diagnostics, genomics, and consumer health, with previous roles at Ancestry, Amazon, Illumina, and GlaxoSmithKline.

Shereen Solaiman, Chief People Officer

Shereen Solaiman joined Myriad Genetics as Chief People Officer in March 2023. She has over twenty years of professional experience in human resources. Before Myriad, Ms. Solaiman was the Senior Vice President and Chief Human Resources Officer at OhioHealth.

Key Risks to Myriad Genetics (MYGN)

1. Revenue and Profitability Challenges: Myriad Genetics faces significant challenges in achieving consistent revenue growth and profitability. In Q3 2025, the company reported a 4% year-over-year revenue decrease, with only modest revenue gains despite volume growth in segments like hereditary cancer testing. Myriad has also experienced persistent net losses and stagnating margins, with a negative return on invested capital (ROIC) over the last five years. Reduced coverage for its GeneSight mental health test and the divestiture of its European EndoPredict business have further impacted revenue. New product launches are not anticipated to significantly affect results until mid-to-late 2026, indicating a continued period of limited near-term revenue expansion.
2. Intense Competition and Pricing Pressures: The genetic testing market is highly competitive and rapidly evolving. Declining costs of DNA sequencing and the increasing adoption of multi-gene panel testing are exerting pressure on Myriad's traditional single-gene testing model. The company faces strong competition from numerous players, including Exact Sciences, Invitae, Guardant Health, Natera, NeoGenomics, Qiagen, Roche, Thermo Fisher Scientific, and Illumina. Historically, Myriad held a dominant position in hereditary cancer testing due to its robust intellectual property portfolio; however, the expiration and invalidation of some of its key BRCA patents have significantly increased competition in this crucial market.
3. Financial Risks: Myriad Genetics faces notable financial risks, including concerns about its cash runway and potential dilution. The company's current cash and a new loan facility are projected to cover operations only into 2027, raising questions about future funding. Furthermore, a substantial debt load, including a $200 million OrbiMed loan with interest rates up to 11%, is increasing fixed financial costs and contributing to negative net margins. A significant goodwill impairment of $317 million also signals caution among investors regarding the company's asset values and future financial stability.

• The increasing commoditization and aggressive pricing strategies by a multitude of competitors in the hereditary cancer testing market continue to exert downward pressure on Myriad's revenue and profit margins from its historically strong BRACAnalysis franchise. Many laboratories now offer large, comprehensive multi-gene panels at lower costs, directly challenging Myriad's market share and profitability in its core business area.
• The growing clinical acceptance and decreasing cost of broader genomic testing modalities, such as large multi-gene panels, whole exome sequencing, and whole genome sequencing, offered by competitors. These comprehensive tests could increasingly become the preferred standard of care for certain indications, potentially marginalizing Myriad's more focused, targeted panels if Myriad cannot adapt by integrating similar comprehensive offerings or demonstrating superior clinical utility for its current suite.

Myriad Genetics (MYGN) operates in several key markets with distinct addressable market sizes:

• Hereditary Cancer Testing (MyRisk, BRACAnalysis, COLARIS, etc.): The global market for hereditary cancer testing, including Myriad's MyRisk Hereditary Cancer and other hereditary cancer tests, is estimated to be approximately $5 billion annually. More broadly, the global hereditary cancer testing market size was estimated at USD 4.67 billion in 2024 and is projected to reach USD 14.45 billion by 2033, growing at a CAGR of 13.76% from 2025 to 2033. The U.S. hereditary cancer testing industry is projected to reach $5.76 billion by 2033.
• Prolaris (Prostate Cancer Aggressiveness Test): The global market for the Prolaris test is approximately $1.5 billion annually. The global prostate cancer diagnostics market size was estimated at USD 9.13 billion in 2024 and is predicted to increase to approximately USD 17.01 billion by 2034, expanding at a CAGR of 6.42% from 2025 to 2034. The U.S. prostate cancer diagnostics market size was USD 3.15 billion in 2024 and is projected to reach around USD 5.97 billion by 2034.
• GeneSight (Pharmacogenomics for Mental Health): Myriad specializes in molecular diagnostic testing, including pharmacogenomic panels used to guide personalized treatment in psychiatry, oncology, and cardiovascular care. The global pharmacogenomics market is projected to hit a market valuation of US$ 10.68 billion by 2033 from US$ 4.58 billion in 2024. The global pharmacogenetic testing market was valued at USD 610.34 million in 2024 and is expected to reach USD 1346.87 million by 2032. Another estimate places the global pharmacogenomics market size at approximately USD 7.8 billion in 2024, projected to reach USD 28.1 billion by 2034.
• EndoPredict (Breast Cancer Aggressiveness Test): Myriad had aggressively anticipated a global market opportunity of more than $600 million for EndoPredict, based on penetration of less than 25% globally, as of 2016. Myriad divested its European EndoPredict business in August 2024 but retains the license to sell EndoPredict as a Laboratory Developed Test (LDT) in the U.S.
• Prenatal Testing (Foresight, Prequel, FirstGene, SneakPeek): Myriad's Women's Health business includes prenatal screening and carrier screening. The global prenatal testing market is anticipated to rise from USD 12.94 billion in 2024 to USD 45.11 billion in 2033, growing at a CAGR of 14.88%. The reproductive genetics market size, which includes prenatal testing, is expected to be worth around USD 17.2 billion by 2033 from USD 5.1 billion in 2023. The non-invasive prenatal testing (NIPT) market alone is projected to reach $14.1 billion by 2029.
• Vectra DA (Rheumatoid Arthritis Test): The global market for Vectra DA is approximately $3 billion annually.

Myriad Genetics (MYGN) is expected to drive future revenue growth over the next 2-3 years through several key initiatives and market expansions:

1. Expansion within the Cancer Care Continuum (CCC) with New Product Launches: Myriad is strategically focusing on the Cancer Care Continuum, aiming to accelerate growth by building on its leadership in hereditary cancer testing and expanding into new areas. This includes the launch of an updated MyRisk Hereditary Cancer Test in Q4 2025, the introduction of Precise Molecular Residual Disease (MRD) for breast cancer in the first half of 2026, and the commercialization of an AI-enabled Prolaris prostate cancer test, in partnership with PATHOMIQ, also in the first half of 2026.
2. Growth in Prenatal Health Portfolio: The company aims to increase revenue in its Prenatal Health segment by leveraging recently launched prenatal tests, such as the Prequel NIPS test, and by commercially launching the FirstGene Multiple Prenatal Screen in 2026.
3. Increased Adoption of Pharmacogenomics (Mental Health) Testing: Myriad plans to grow its Mental Health revenue, primarily through its GeneSight test, by focusing on high-value accounts and capitalizing on state biomarker laws. Demand for Pharmacogenomics testing showed a 14% year-over-year increase in Q4 2024.
4. Strategic Partnerships and Integration of AI Technology: Myriad is entering into strategic collaborations to bolster its offerings. Notable examples include an exclusive licensing agreement for PATHOMIQ's AI technology platform for prostate cancer in February 2025, enhancing its Prolaris test, and a collaboration with SOPHiA GENETICS, announced in September 2025, to develop liquid biopsy companion diagnostics for pharmaceutical companies.
5. Enhanced Market Penetration and Test Volume Growth: The hereditary cancer testing market is currently less than 50% penetrated, presenting a significant opportunity for Myriad Genetics. The company has already demonstrated strong test volume growth, with hereditary cancer testing volumes increasing 11% year-over-year and GeneSight volumes rising 8% compared to Q3 2024. Myriad is investing over $35 million in enhancing its commercial capabilities and expanding its sales team to further penetrate these markets.

Share Repurchases

• Myriad Genetics did not make any stock repurchases under its program during the year ended December 31, 2021.
• No significant share repurchase activity was reported for other years within the 2020-2025 timeframe.

Share Issuance

• In November 2023, Myriad Genetics completed an underwritten public offering, selling 7.4 million shares of its common stock at $17.00 per share, generating gross proceeds of $126.5 million and net proceeds of $117.6 million.
• The company regularly issues common stock under stock-based compensation plans, with approximately 1.4 million shares issued in 2024, 1.3 million in 2023, and 1.2 million in 2022.
• The total number of common shares outstanding increased from 80.0 million at December 31, 2021, to 91.3 million at December 31, 2024, and further to 93.2 million as of October 31, 2025.

Outbound Investments

• Myriad Genetics acquired Gateway Genomics, LLC in November 2022 for an upfront cash purchase price of $67.5 million, with potential for an additional $32.5 million in cash payments based on future performance, to enhance its Women's Health portfolio.
• In February 2024, the company completed the acquisition of select assets from Intermountain Precision Genomics (IPG), which included the Precise™ Tumor Test, the Precise Liquid Test, and IPG's CLIA-certified laboratory.
• Myriad Genetics entered into a strategic collaboration with SOPHiA GENETICS in 2025 aimed at developing an innovative global liquid biopsy companion diagnostic (CDx) testing solution, thereby expanding its oncology portfolio.

Capital Expenditures

• Capital expenditures and capitalization of internal-use software costs amounted to $14 million in the fourth quarter of 2023 and were $5.9 million in the fourth quarter of 2024.
• For the third quarter of 2025, capital expenditures and capitalization of internal use software costs were $6.2 million.
• The company anticipated a significant reduction in capital expenditures and costs related to transformation initiatives in 2024 compared to 2023.