MYRIAD GENETICS INC delivers advanced genomic sequencing services and consumer genetic testing kits to support personalized medicine and preventative health strategies globally.
Investors may view MYGN as a high-growth opportunity in the expanding direct-to-consumer genetic testing market with a proven track record of revenue expansion and technological innovation that could yield future profitability once scale is achieved.
The stock carries substantial risk due to consistent net losses exceeding $300M over the last four years, heavy reliance on third-party reimbursement rates, and a debt structure that includes $119.9M in long-term obligations against negative retained earnings of $1.12B.
MYRIAD GENETICS INC (MYGN) is a leading genetic testing company offering medical-grade diagnostics and consumer health products across the US, Canada, Australia, New Zealand, and Europe. The firm leverages proprietary technologies to provide actionable insights for cancer risk assessment, hereditary disease detection, and reproductive health solutions.
While revenue grew to $824.5M in 2025 following a strong upward trajectory from $678.4M in 2022, the company reported a substantial net loss of $365.9M, reflecting high operating expenses of $963.8M against revenue. Cash flow from operations remained positive at $1.8M despite the net income deficit, supported by significant cash reserves of $149.6M.
The global genetic testing industry is experiencing rapid expansion driven by advances in next-generation sequencing technology and increasing consumer awareness of personalized health risks, yet it faces challenges from commoditization and regulatory fragmentation across different jurisdictions.
| Metric | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|
| Revenue | $678.4M | $753.2M | $837.6M | $824.5M |
| Cost of Revenue | $0 | $0 | $252.2M | $247.9M |
| Gross Profit | $678.4M | $753.2M | $585.4M | $576.6M |
| Operating Expenses | $819.0M | $1.01B | $708.9M | $963.8M |
| Operating Income | $-140.6M | $-257.4M | $-123.5M | $-387.2M |
| R&D | $85.4M | $88.7M | $113.4M | $106.8M |
| G&A | $514.7M | $572.9M | $275.9M | $256.8M |
| Marketing | — | — | $284.1M | $280.8M |
| Stock-Based Comp | $38.1M | $40.7M | $49.8M | $35.2M |
| D&A | $52.7M | $61.9M | $61.2M | $53.7M |
| Depreciation | $11.6M | $19.1M | $19.5M | $19.5M |
| Amortization | $41.1M | $42.8M | $42.1M | $34.7M |
| Other OpEx | $218.9M | $349.0M | $35.5M | $319.4M |
| Non-Operating Income | $0 | $-4.8M | $0 | $-7.9M |
| Interest Expense | $3.2M | $2.9M | — | — |
| Interest Income | $2.6M | $2.5M | $1.7M | $1.8M |
| Pre-Tax Income | $-140.6M | $-262.2M | $-123.5M | $-395.1M |
| Income Tax | $-28.6M | $1.1M | $3.8M | $-29.2M |
| Continuing Ops | $-112.0M | $-263.3M | $-127.3M | $-365.9M |
| Discontinued Ops | $0 | $0 | $0 | $0 |
| Net Income | $-112.0M | $-263.3M | $-127.3M | $-365.9M |
| Minority Interest | $0 | $0 | $0 | $0 |
| Net to Common | $-112.0M | $-263.3M | $-127.3M | $-365.9M |
| Metric | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|
| Current Assets | $274.6M | $313.6M | $298.0M | $332.6M |
| Cash & Equivalents | $56.9M | $132.1M | $102.4M | $149.6M |
| Marketable Securities | $58.0M | $8.8M | $0 | — |
| Accounts Receivable | $101.6M | $114.3M | $121.2M | $115.3M |
| Inventory | $20.1M | $22.0M | $27.5M | $30.6M |
| Prepaid Expenses | $20.4M | $19.4M | $30.5M | $25.1M |
| Other Current Assets | $17.6M | $17.0M | $16.4M | $12.0M |
| Long-Term Assets | $924.1M | $832.9M | $729.6M | $374.0M |
| PP&E (Net) | $83.4M | $119.0M | $117.4M | $114.0M |
| Intangibles | $379.7M | $349.5M | $262.4M | $153.4M |
| Goodwill | $286.8M | $287.4M | $286.3M | $51.6M |
| Operating Leases | $103.9M | $61.6M | $55.0M | $49.4M |
| LT Securities | $54.8M | $0 | — | — |
| Other LT Assets | $15.5M | $15.4M | $8.5M | $5.6M |
| Total Assets | $1.20B | $1.15B | $1.03B | $706.6M |
| Current Liabilities | $137.2M | $155.9M | $164.1M | $133.8M |
| Accounts Payable | $28.8M | $25.8M | $32.3M | $30.0M |
| Current Leases | $14.1M | $16.2M | $12.8M | $6.9M |
| Deferred Revenue | $600.0K | $500.0K | — | — |
| Other Current Liab | $-600.0K | $-500.0K | $0 | $0 |
| Long-Term Liabilities | $175.7M | $207.4M | $162.4M | $204.8M |
| Long-Term Debt | — | $38.5M | $39.6M | $119.9M |
| LT Operating Leases | $130.9M | $97.4M | $87.9M | $83.0M |
| Other LT Liab | $44.8M | $71.5M | $34.9M | $1.9M |
| Total Liabilities | $312.9M | $363.3M | $326.5M | $338.6M |
| Shareholders' Equity | $885.8M | $783.2M | $701.1M | $368.0M |
| Retained Earnings | $-366.2M | $-629.5M | $-756.8M | $-1.12B |
| AOCI | $-8.9M | $-3.7M | $-800.0K | $800.0K |
| Total L&E | $1.20B | $1.15B | $1.03B | $706.6M |
| Metric | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|
| Net Income (CFO) | $-112.0M | $-263.3M | $-127.3M | $-365.9M |
| Non-Cash Adjustments | $52.8M | $116.1M | $136.8M | $406.2M |
| Working Capital Changes | $-47.1M | $36.3M | $-18.2M | $-38.5M |
| Cash from Operations | $-106.3M | $-110.9M | $-8.7M | $1.8M |
| Cash from Investing | $-77.5M | $31.9M | $-11.9M | $-27.4M |
| Cash from Financing | $-8.0M | $152.9M | $-7.4M | $64.2M |
| FX Effect | $-600.0K | $600.0K | $-1.0M | $800.0K |
| Net Change in Cash | $-192.4M | $74.5M | $-29.0M | $39.4M |
| Beginning Cash | $258.8M | $66.4M | $140.9M | $111.9M |
| Ending Cash | $66.4M | $140.9M | $111.9M | $151.3M |
The company operates through three primary revenue streams: medical diagnostics serving oncology and hereditary disease markets, direct-to-consumer genetic testing for ancestry and wellness, and research collaborations with pharmaceutical and biotechnology partners.
Significant headwinds include intense competition from lower-cost sequencing providers, regulatory scrutiny on direct-to-consumer genetic data privacy, potential reimbursement rate cuts by payers for diagnostic services, and high R&D costs impacting profitability in a capital-intensive sector.
MYRIAD GENETICS possesses a robust proprietary technology platform enabling high-accuracy sequencing, a first-mover advantage in specific cancer biomarker detection niches, and an extensive global laboratory network ensuring rapid turnaround times.
Not financial advice. All content is for informational purposes only. Data may contain errors. Consult a qualified financial advisor before making investment decisions.