Despite maintaining gross margins near 68.7% in 2026Q1, the company continues to report operating losses, with SG&A expenses effectively consuming all gross profit.
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Jun'20 | Jun'19 | Jun'18 | Jun'17 | Jun'16 | Jun'15 | Jun'14 | Jun'13 | Jun'12 | Jun'11 | Jun'10 | Jun'09 | Jun'08 | Jun'07 | Jun'06 | Jun'05 | Jun'04 | Jun'03 | Jun'02 | Jun'01 | Jun'00 | Jun'99 | Jun'98 | Jun'97 |
|---|
| Sales/Revenue | 829M | 824.5M | 837.6M | 753.2M | 678.4M | 690.6M | 557M | 638.6M | 851.1M | 772.6M | 771.4M | 753.8M | 723.1M | 778.22M | 613.16M | 496M | 402.08M | 362.65M | 326.53M | 333.63M | 157.13M | 114.28M | 82.41M | 56.65M | 64.32M | 53.84M | 45.16M | 34.01M | 25.3M | 23.2M | 15.2M |
| Revenue Growth % | -0.28% | -1.56% | 11.21% | 11.03% | -1.77% | 23.99% | -12.78% | -24.97% | 10.16% | 0.16% | 2.33% | 4.25% | -7.08% | 26.92% | 23.62% | 23.36% | 10.87% | 11.06% | -2.13% | 112.33% | 37.49% | 38.68% | 45.47% | -11.93% | 19.47% | 19.21% | 32.78% | 34.44% | 9.05% | 52.63% | 130.3% |
| Cost of Goods Sold | 249M | 247.9M | 252.2M | 236.2M | 202M | 197.6M | 178.2M | 186.1M | 201M | 177.2M | 171.2M | 157.3M | 147.4M | 109.2M | 79.62M | 64.66M | 46.71M | 44.29M | 43.27M | 32.34M | 30.81M | 27.64M | 20.32M | 13.75M | 12.55M | 10.72M | 7.4M | 701.74K | -100K | -1.9M | -2.2M |
| COGS % of Revenue | - | 30.07% | 30.11% | 31.36% | 29.78% | 28.61% | 31.99% | 29.14% | 23.62% | 22.94% | 22.19% | 20.87% | 20.38% | 14.03% | 12.98% | 13.04% | 11.62% | 12.21% | 13.25% | 9.69% | 19.61% | 24.19% | 24.66% | 24.27% | 19.52% | 19.91% | 16.39% | 2.06% | -0.4% | -8.19% | -14.47% |
| Gross Profit | 580M | 576.6M | 585.4M | 517M | 476.4M | 493M | 378.8M | 452.5M | 650.1M | 595.4M | 600.2M | 596.5M | 575.7M | 669.01M | 533.55M | 431.35M | 355.37M | 318.36M | 283.26M | 301.29M | 126.31M | 86.64M | 62.08M | 42.9M | 51.77M | 43.12M | 37.76M | 33.31M | 25.4M | 25.1M | 17.4M |
| Gross Margin % | 69.96% | 69.93% | 69.89% | 68.64% | 70.22% | 71.39% | 68.01% | 70.86% | 76.38% | 77.06% | 77.81% | 79.13% | 79.62% | 85.97% | 87.02% | 86.96% | 88.38% | 87.79% | 86.75% | 90.31% | 80.39% | 75.81% | 75.34% | 75.73% | 80.48% | 80.09% | 83.61% | 97.94% | 100.4% | 108.19% | 114.47% |
| Gross Profit Growth % | - | -1.5% | 13.23% | 8.52% | -3.37% | 30.15% | -16.29% | -30.4% | 9.19% | -0.8% | 0.62% | 3.61% | -13.95% | 25.39% | 23.69% | 21.38% | 11.62% | 12.39% | -5.98% | 138.53% | 45.8% | 39.54% | 44.73% | -17.14% | 20.06% | 14.2% | 13.35% | 31.15% | 1.2% | 44.25% | 112.2% |
| Operating Expenses | 963.5M | 644.4M | 708.9M | 774.4M | 617M | 683.5M | 653.3M | 684.2M | 642.5M | 537.9M | 550.8M | 429.7M | 441.5M | 394.57M | 305.55M | 251.03M | 197.59M | 183.29M | 156.8M | 263.21M | 174.04M | 132.22M | 102.83M | 85.53M | 79.11M | 61.78M | 50.9M | 44.86M | 37.8M | 38.1M | 29.9M |
| OpEx % of Revenue | - | 78.16% | 84.63% | 102.81% | 90.95% | 98.97% | 117.29% | 107.14% | 75.49% | 69.62% | 71.4% | 57% | 61.06% | 50.7% | 49.83% | 50.61% | 49.14% | 50.54% | 48.02% | 78.89% | 110.76% | 115.7% | 124.78% | 150.99% | 123% | 114.75% | 112.7% | 131.89% | 149.41% | 164.22% | 196.71% |
| Selling, General & Admin | 537.7M | 537.6M | 560M | 572.9M | 514.7M | 537.8M | 500.7M | 507.3M | 556.6M | 467.1M | 476.4M | 359.1M | 366M | 327.1M | 251.84M | 208.38M | 169.84M | 161.41M | 138.88M | 123.49M | 73.33M | 48.47M | 43.59M | 34.84M | 31.52M | 25.48M | 17.08M | 13.47M | 11.1M | 11.8M | 8.8M |
| SG&A % of Revenue | - | 65.2% | 66.86% | 76.06% | 75.87% | 77.87% | 89.89% | 79.44% | 65.4% | 60.46% | 61.76% | 47.64% | 50.62% | 42.03% | 41.07% | 42.01% | 42.24% | 44.51% | 42.53% | 37.02% | 46.67% | 42.41% | 52.89% | 61.49% | 49.01% | 47.34% | 37.81% | 39.62% | 43.87% | 50.86% | 57.89% |
| Research & Development | 106.4M | 106.8M | 113.4M | 88.7M | 85.4M | 81.9M | 80.9M | 77.2M | 85.9M | 70.8M | 74.4M | 70.6M | 75.5M | 67.48M | 53.71M | 42.65M | 27.75M | 21.87M | 17.91M | 139.72M | 100.71M | 83.76M | 59.24M | 50.7M | 47.59M | 36.29M | 33.82M | 28.1M | 23.5M | 23M | 18.6M |
| R&D % of Revenue | - | 12.95% | 13.54% | 11.78% | 12.59% | 11.86% | 14.52% | 12.09% | 10.09% | 9.16% | 9.64% | 9.37% | 10.44% | 8.67% | 8.76% | 8.6% | 6.9% | 6.03% | 5.49% | 41.88% | 64.09% | 73.29% | 71.89% | 89.49% | 73.99% | 67.42% | 74.88% | 82.61% | 92.89% | 99.14% | 122.37% |
| Other Operating Expenses | 2M | 0 | 35.5M | 112.8M | 16.9M | 63.8M | 0 | 99.7M | 0 | -400K | -2.5M | 1.2M | 300K | -1.97M | -223K | -407K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 3.28M | 3.2M | 3.3M | 2.5M |
| Operating Income | -383.5M | -67.8M | -123.5M | -257.4M | -140.6M | -190.5M | -194.8M | -231.7M | 7.6M | 118.7M | 49.4M | 166.8M | 134.2M | 274.44M | 228M | 180.32M | 157.78M | 135.07M | 126.46M | 38.08M | -47.73M | -45.59M | -40.74M | -42.63M | -27.35M | -18.66M | -13.14M | -11.55M | -12.4M | -13M | -12.5M |
| Operating Margin % | -46.26% | -8.22% | -14.74% | -34.17% | -20.73% | -27.58% | -34.97% | -36.28% | 0.89% | 15.36% | 6.4% | 22.13% | 18.56% | 35.27% | 37.18% | 36.35% | 39.24% | 37.25% | 38.73% | 11.41% | -30.38% | -39.89% | -49.44% | -75.26% | -42.51% | -34.66% | -29.09% | -33.95% | -49.01% | -56.03% | -82.24% |
| Operating Income Growth % | - | 45.1% | 52.02% | -83.07% | 26.19% | 2.21% | 15.93% | -3148.68% | -93.6% | 140.28% | -70.38% | 24.29% | -51.1% | 20.37% | 26.44% | 14.29% | 16.81% | 6.81% | 232.09% | 179.79% | -4.69% | -11.89% | 4.43% | -55.91% | -46.55% | -42.05% | -13.76% | 6.88% | 4.62% | -4% | -40.45% |
| EBITDA | -344.2M | -14.1M | -62.3M | -195.5M | -87.9M | -127.7M | -123.4M | -159.7M | 80.6M | 173.1M | 97.7M | 193.5M | 159.2M | 288.26M | 236.89M | 189.39M | 165M | 142.16M | 135.91M | 46.86M | -40.18M | -38.73M | -34.65M | -36.87M | -22.07M | -14.16M | -9.41M | -8.26M | -9.2M | -9.7M | -10M |
| EBITDA Margin % | -41.52% | -1.71% | -7.44% | -25.96% | -12.96% | -18.49% | -22.15% | -25.01% | 9.47% | 22.4% | 12.67% | 25.67% | 22.02% | 37.04% | 38.63% | 38.18% | 41.04% | 39.2% | 41.62% | 14.05% | -25.57% | -33.89% | -42.05% | -65.08% | -34.31% | -26.31% | -20.83% | -24.29% | -36.36% | -41.81% | -65.79% |
| EBITDA Growth % | -432.82% | 77.37% | 68.13% | -122.41% | 31.17% | -3.48% | 22.73% | -298.14% | -53.44% | 77.18% | -49.51% | 21.55% | -44.77% | 21.69% | 25.08% | 14.78% | 16.07% | 4.6% | 190.02% | 216.62% | -3.74% | -11.78% | 6.01% | -67.05% | -55.83% | -50.55% | -13.86% | 10.19% | 5.15% | 3% | -36.99% |
| D&A (Non-Cash Add-back) | 39.3M | 53.7M | 61.2M | 61.9M | 52.7M | 62.8M | 71.4M | 72M | 73M | 54.4M | 48.3M | 26.7M | 25M | 13.82M | 8.89M | 9.07M | 7.22M | 7.08M | 9.45M | 8.78M | 7.54M | 6.86M | 6.09M | 5.77M | 5.28M | 4.5M | 3.73M | 3.28M | 3.2M | 3.3M | 2.5M |
| EBIT | -356M | -384.6M | -120.7M | -259.3M | -137.4M | -50.5M | -194.8M | -212.5M | 12M | 0 | 0 | 166.8M | 134.2M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -45.59M | 0 | -42.63M | -27.35M | 0 | 0 | 0 | -12.4M | 0 | 0 |
| Net Interest Income | -8.2M | -8.7M | -1.1M | -400K | -600K | -5.9M | 9.2M | -7.8M | -8.8M | -1.4M | -4.8M | 600K | 200K | 5.4M | 5.5M | 4.63M | 2.23M | 5.66M | 12.48M | 13.71M | 12.11M | 7.41M | 2.8M | 0 | 2.9M | 5.38M | 0 | 0 | 0 | 0 | 0 |
| Interest Income | 2.2M | 1.8M | 1.7M | 2.5M | 2.6M | 700K | 9.2M | 3M | 3.2M | 1.8M | 1.2M | 900K | 400K | 5.4M | 5.5M | 4.63M | 2.23M | 5.66M | 12.48M | 13.71M | 12.11M | 7.41M | 2.8M | 0 | 2.9M | 5.38M | 0 | 0 | 0 | 0 | 0 |
| Interest Expense | 5.6M | 10.5M | 2.8M | 2.9M | 3.2M | 6.6M | 0 | 10.8M | 12M | 3.2M | 6M | 300K | 200K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Income/Expense | -16.3M | -327.3M | 0 | -4.8M | 0 | 133.4M | -88.9M | 8.4M | -7.6M | 60.8M | -1.7M | 1.2M | 300K | -1.97M | -223K | -407K | -353K | 99K | -2.49M | -3.34M | 653K | -12K | -2.03M | -10K | 38K | -214.41K | -305.13K | -383.48K | 12.4M | 3.2M | 3.3M |
| Pretax Income | -399.8M | -395.1M | -123.5M | -262.2M | -140.6M | -57.1M | -283.7M | -223.3M | 0 | 116.9M | 42.9M | 168.9M | 134.9M | 277.87M | 233.28M | 184.54M | 159.65M | 140.83M | 136.45M | 48.45M | -34.96M | -38.19M | -39.98M | -40.62M | -24.41M | -13.49M | -6.59M | -8.72M | -10M | -9.8M | -9.2M |
| Pretax Margin % | -48.23% | -47.92% | -14.74% | -34.81% | -20.73% | -8.27% | -50.93% | -34.97% | - | 15.13% | 5.56% | 22.41% | 18.66% | 35.71% | 38.04% | 37.21% | 39.71% | 38.83% | 41.79% | 14.52% | -22.25% | -33.42% | -48.51% | -71.71% | -37.95% | -25.06% | -14.59% | -25.64% | -39.53% | -42.24% | -60.53% |
| Income Tax | 100K | -29.2M | 3.8M | 1.1M | -28.6M | -29.9M | 59.9M | -23.7M | -4.4M | -13.9M | 21.3M | 43.6M | 54.7M | 101.64M | 86.14M | 72.39M | 58.94M | -11.47M | 193K | 608K | 34.96M | -7.4M | -767K | -2.02M | 417K | 500K | 583.33K | 8.72M | 10M | 9.8M | 9.2M |
| Effective Tax Rate % | -0.03% | 7.39% | -3.08% | -0.42% | 20.34% | 52.36% | -21.11% | 10.61% | - | -11.89% | 49.65% | 25.81% | 40.55% | 36.58% | 36.92% | 39.23% | 36.92% | -8.14% | 0.14% | 1.25% | -100% | 19.38% | 1.92% | 4.96% | -1.71% | -3.71% | -8.85% | -100% | -100% | -100% | -100% |
| Net Income | -399.9M | -365.9M | -127.3M | -263.3M | -112M | -27.2M | -223.7M | -199.5M | 4.6M | 131M | 21.8M | 125.3M | 80.2M | 176.22M | 147.14M | 112.15M | 100.71M | 152.3M | 84.61M | 47.84M | -34.96M | -38.19M | -39.98M | -40.62M | -24.82M | -13.99M | -7.17M | -8.72M | -10M | -9.8M | -9.2M |
| Net Margin % | -48.24% | -44.38% | -15.2% | -34.96% | -16.51% | -3.94% | -40.16% | -31.24% | 0.54% | 16.96% | 2.83% | 16.62% | 11.09% | 22.64% | 24% | 22.61% | 25.05% | 42% | 25.91% | 14.34% | -22.25% | -33.42% | -48.51% | -71.71% | -38.6% | -25.98% | -15.89% | -25.64% | -39.53% | -42.24% | -60.53% |
| Net Income Growth % | -294.38% | -187.43% | 51.65% | -135.09% | -311.76% | 87.84% | -12.13% | -4436.96% | -96.49% | 500.92% | -82.6% | 56.23% | -54.49% | 19.77% | 31.2% | 11.36% | -33.88% | 80% | 76.85% | 236.85% | 8.45% | 4.47% | 1.58% | -63.63% | -77.46% | -94.99% | 17.74% | 12.78% | -2.04% | -6.52% | -55.93% |
| Net Income (Continuing) | -399.9M | -365.9M | -127.3M | -263.3M | -112M | -27.2M | - | -199.6M | 4.4M | - | - | 125.3M | 80.2M | 176.22M | 147.14M | 112.15M | 100.71M | 152.3M | - | 47.84M | - | - | - | - | -24.82M | -13.99M | -7.17M | - | - | - | - |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -400K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | -4.27 | -3.96 | -1.41 | -3.18 | -1.39 | -0.35 | -2.99 | -2.69 | 0.06 | 1.82 | 0.32 | 1.71 | 1.08 | 2.25 | 1.77 | 1.30 | 1.10 | 1.54 | 0.86 | 0.51 | -0.43 | -0.53 | -0.65 | -0.74 | -0.48 | -0.30 | -0.16 | -0.22 | -0.27 | -0.26 | -0.26 |
| EPS Growth % | -283.97% | -180.85% | 55.66% | -128.78% | -297.14% | 88.29% | -11.36% | -4536.19% | -96.67% | 468.75% | -81.29% | 58.33% | -52% | 27.12% | 36.15% | 18.18% | -28.57% | 79.07% | 68.63% | 218.6% | 18.87% | 18.46% | 12.16% | -54.17% | -60% | -87.5% | 27.27% | 18.52% | -3.85% | 0% | -30% |
| EPS (Basic) | - | -3.96 | -1.41 | -3.18 | -1.39 | -0.35 | -2.99 | -2.69 | 0.06 | 1.89 | 0.32 | 1.79 | 1.12 | 2.33 | 1.82 | 1.33 | 1.12 | 1.58 | 0.91 | 0.54 | -0.43 | -0.53 | -0.65 | -0.74 | -0.48 | -0.30 | -0.16 | -0.22 | -0.27 | -0.26 | -0.26 |
| Diluted Shares Outstanding | 93.7M | 93.3M | 90.6M | 82.8M | 80.6M | 78M | 74.78M | 74.3M | 76M | 72M | 68.8M | 73.4M | 74.5M | 78.18M | 83.33M | 86.47M | 91.7M | 99.15M | 98.57M | 93.41M | 82.11M | 72.56M | 61.44M | 54.65M | 51.46M | 47.32M | 45.63M | 40.44M | 37.56M | 37.22M | 35.62M |
| Basic Shares Outstanding | 93.7M | 93.3M | 90.6M | 82.8M | 80.58M | 77.71M | 74.7M | 74.3M | 73.5M | 69.4M | 68.3M | 70M | 71.3M | 75.73M | 80.95M | 84.61M | 89.79M | 96.34M | 93.49M | 88.38M | 82.11M | 72.56M | 61.44M | 54.65M | 51.46M | 47.32M | 45.63M | 40.44M | 37.56M | 37.16M | 35.62M |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
Reimbursement and regulatory volatility
According to recent financial disclosures, Myriad Genetics has struggled to maintain momentum, with revenue growth decelerating to 2.3% in 2026Q1 from double-digit peaks observed in 2024, suggesting that the company's core diagnostic pillars are facing significant headwinds in achieving consistent, scalable top-line expansion.
The transition from legacy testing to newer platforms appears to be creating friction in revenue realization, as evidenced by the inconsistent quarterly growth figures. Investors should monitor whether the company can successfully leverage its GeneSight mental health segment to offset the pricing pressures currently impacting its oncology and women's health portfolios.
As reported in quarterly filings, Myriad maintains gross margins near 70%, a figure that appears structurally stable yet fails to translate into operating profitability, indicating that the company's high-touch laboratory model remains burdened by significant overhead costs that are not scaling effectively with current test volumes.
While a 68.7% gross margin in 2026Q1 demonstrates the inherent efficiency of the sequencing process, the inability to convert this into positive operating income suggests a lack of operating leverage. The company's reliance on a specialized sales force and high-touch clinical education appears to be a persistent drag on overall margin performance.
Based on the provided income statement data, Myriad's operating expenses, particularly SG&A, continue to consume the entirety of gross profit, resulting in persistent operating losses that suggest the company has yet to achieve the necessary scale to reach a sustainable break-even point in its current configuration.
The persistent negative operating margins, which reached -12.6% in 2026Q1, highlight the difficulty of managing a high fixed-cost base in a competitive diagnostic environment. Without a meaningful reduction in SG&A intensity, the company may continue to struggle with profitability regardless of marginal improvements in test volume or pricing.
Analysis of recent income statements reveals that Myriad's net income is frequently impacted by non-operating items and restructuring charges, as evidenced by the extreme -155.1% net margin recorded in 2025Q2, which complicates the assessment of the company's underlying operational health and true earnings power.
The frequent fluctuations in net income, coupled with variable stock-based compensation, suggest that reported EPS may not accurately reflect the company's core cash-generating capabilities. Investors should exercise caution when interpreting these figures, as the 'Transformation Plan' continues to introduce significant noise into the bottom-line results.
Based on the company's reliance on estimated variable consideration, there is a distinct risk that current revenue figures may be subject to downward revisions if payer reimbursement cycles continue to tighten, potentially exposing a lack of durability in the company's reported top-line growth and cash collections.
Short-sellers may focus on the discrepancy between billed revenue and actual cash collected, which remains a critical vulnerability in the diagnostic billing model. If the company fails to secure favorable in-network status for its newer tests, the resulting 'revenue holes' could further exacerbate the existing cash-burn profile.
Quick answers to the most common questions about buying MYGN stock.
For fiscal year 2025, Myriad Genetics, Inc. (MYGN) reported total revenue of $824.5M. This represents a 5324.3% increase compared to $15.2M in 1996.
Myriad Genetics, Inc. (MYGN) reported a net loss of $365.9M for the fiscal year ending 2025.
Myriad Genetics, Inc. (MYGN) reported an operating income of $-67.8M, resulting in an operating profit margin of -8.2%. This margin reflects the operational efficiency of the business before interest and taxes.
Myriad Genetics, Inc. (MYGN) generated $576.6M in gross profit for the year, representing a gross profit margin of 69.9%. This demonstrates the company's core pricing power and production efficiency.