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Myriad Genetics Q1 2025 Earnings Report
Myriad Genetics reported its first quarter 2025 financial results, showing a slight revenue decline but improved gross margin, while updating its full-year 2025 financial guidance.
Key Takeaways
Myriad Genetics reported first quarter 2025 revenue of $196 million, a 3% year-over-year decline, primarily due to reduced coverage of GeneSight. Despite this, the company achieved a gross margin of 69% and a GAAP net loss of $0.1 million, benefiting from a significant tax benefit. The company updated its full-year 2025 financial guidance, lowering revenue expectations.
First quarter 2025 revenue was $196 million, a 3% year-over-year decline, but increased 5% year-over-year excluding $16 million in headwinds.
Prenatal revenue grew 11% year-over-year, while Pharmacogenomics revenue declined 20% due to UnitedHealthcare's reduced coverage of GeneSight.
Gross margin increased 40 basis points year-over-year to 69%, driven by greater laboratory efficiencies.
The company reported a GAAP net loss of $0.1 million, or $0.00 EPS, due to a $29 million tax benefit, and an adjusted EPS of $(0.03).
Revenue by Segment
Revenue by Geographic Location
Forward Guidance
Myriad Genetics updated its full-year 2025 financial guidance, lowering revenue expectations to a range of $807 - $823 million and adjusted EPS to $(0.02) - $0.02, reflecting first quarter results and the current business outlook.
Positive Outlook
- Gross margins are expected to fluctuate within a range of 68.5% - 69.5%, indicating continued efficiency.
- Adjusted operating expenses are projected to moderate, ranging from $555 million to $565 million, reflecting disciplined cost management.
- The company is prioritizing investment in new product development and programs to drive revenue growth.
- A new leadership team is focused on unlocking potential through a compelling strategy and improved execution.
- Myriad continues to make progress and intends to commercially launch its first AI-driven prostate cancer test by the end of 2025.
Challenges Ahead
- Full-year 2025 revenue guidance was lowered by $35 million at the mid-point, now ranging from $807 million to $823 million.
- Adjusted EPS guidance was updated to a range of $(0.02) - $0.02, reflecting the challenging first quarter.
Revenue & Expenses
Visualization of income flow from segment revenue to net income
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Avg. Return Before/After Earnings
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