mygn-20260331

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

_________________________________________

FORM 10-Q

_________________________________________

(Mark One)


☒			QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended March 31, 2026


☐			TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from to

Commission file number: 0-26642

_________________________________________

MYRIAD GENETICS, INC.

(Exact name of registrant as specified in its charter)

_________________________________________

Delaware

(State or other jurisdiction

of incorporation or organization)

322 North 2200 West, Salt Lake City, UT

(Address of principal executive offices)

87-0494517

(I.R.S. Employer Identification No.)

84116

(Zip Code)

Registrant's telephone number, including area code: (801) 584-3600

Not applicable

(Former name or former address, if changed since last report)

_________________________________________

Securities registered pursuant to Section 12(b) of the Act:

Title of each class

Trading
Symbol(s)

Name of each exchange on which registered

Common Stock, $0.01 par value

MYGN

Nasdaq Global Select Market

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes x No ¨

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes x No ¨

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

Large accelerated filer

☐

Accelerated filer

Non-accelerated filer

☐

Smaller reporting company

☐

Emerging growth company

☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ¨

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No x

As of May 1, 2026, the registrant had 94,448,210 shares of $0.01 par value common stock outstanding.

MYRIAD GENETICS, INC.

INDEX TO FORM 10-Q


		Page
	PART I - Financial Information

Item 1.	Financial Statements

	Condensed Consolidated Balance Sheets as of March 31, 2026 and December 31, 2025 (unaudited)	4

	Condensed Consolidated Statements of Operations for th e three months ended March 31, 2026 and 2025 (unaudited)	5

	Condensed Consolidated Statements of Comprehensive Income (L oss ) for the three months ended March 31, 2026 and 2025 (unaudited)	6

	Condensed Consolidated Statements of Stockholders’ Equity for the three months ended March 31, 2026 and 2025 (unaudited)	7

	Condensed Consolidated Statements of Cash Flows for the three months ended March 31, 2026 and 2025 (unaudited)	8

	Notes to Condensed Consolidated Financial Statements (unaudited)	9

Item 2.	Management's Discussion and Analysis of Financial Condition and Results of Operations	19

Item 3.	Quantitative and Qualitative Disclosures About Market Risk	26

Item 4.	Controls and Procedures	26

	PART II - Other Information

Item 1.	Legal Proceedings	27

Item 1A.	Risk Factors	27

Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	27

Item 3.	Defaults Upon Senior Securities	27

Item 4.	Mine Safety Disclosures	27

Item 5.	Other Information	27

Item 6.	Exhibits	28

	Signatures	29


	March 31, 2026		December 31, 2025
ASSETS
Current assets:
Cash and cash equivalents	$	124.4	$	149.6

Trade accounts receivable	123.8		115.3
Inventory	27.9		30.6
Prepaid taxes	2.0		12.0
Prepaid expenses and other current assets	34.7		25.1

Total current assets	312.8		332.6
Operating lease right-of-use assets	51.0		49.4

Property, plant and equipment, net	111.5		114.0
Intangible assets, net	145.7		153.4
Goodwill	47.1		51.6
Other assets	5.6		5.6
Total assets	$	673.7	$	706.6
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
Accounts payable	$	32.6	$	30.0
Accrued liabilities	90.5		96.9
Current maturities of operating lease liabilities	7.1		6.9


Total current liabilities	130.2		133.8


Long-term debt	120.3		119.9
Noncurrent operating lease liabilities	84.1		83.0
Other long-term liabilities	1.7		1.9
Total liabilities	336.3		338.6
Commitments and contingencies
Stockholders’ equity:
Common stock, 94.4 and 93.5 shares outstanding at March 31, 2026 and December 31, 2025, respectively	0.9		0.9
Additional paid-in capital	1,492.6		1,489.0
Accumulated other comprehensive income	0.7		0.8
Accumulated deficit	(1,156.8)		(1,122.7)


Total stockholders' equity	337.4		368.0
Total liabilities and stockholders’ equity	$	673.7	$	706.6


	Three months ended March 31,
		2026		2025
Revenue		$	200.4	$	195.9
Cost of revenue		62.8		61.7
Gross profit		137.6		134.2

Costs and expenses:
Research and development expense		27.1		27.5
Sales and marketing expense		73.6		69.2
General and administrative expense		62.2		66.5

Goodwill and long-lived asset impairment charges		5.4		—
Total operating expenses		168.3		163.2
Operating loss		(30.7)		(29.0)
Other income (expense):
Interest income		0.7		0.3
Interest expense		(4.1)		(0.8)
Other		—		0.1
Total other expense, net		(3.4)		(0.4)
Loss before income tax		(34.1)		(29.4)
Income tax benefit		—		29.3
Net loss		$	(34.1)	$	(0.1)
Net loss per share:
Basic and diluted		$	(0.36)	$	—

Weighted average shares outstanding:
Basic and diluted		93.7		91.4


	Common stock		Additional paid-in capital		Accumulated other comprehensive income (loss)		Accumulated deficit		Myriad Genetics, Inc. Stockholders’ equity
BALANCES AT DECEMBER 31, 2024	$	0.9	$	1,457.8	$	(0.8)	$	(756.8)	$	701.1
Issuance of common stock under stock-based compensation plans, net of shares exchanged for withholding tax	—		(5.8)		—		—		(5.8)
Stock-based compensation expense	—		9.5		—		—		9.5
Net loss	—		—		—		(0.1)		(0.1)
Other comprehensive income, net of tax	—		—		0.2		—		0.2
BALANCES AT MARCH 31, 2025	$	0.9	$	1,461.5	$	(0.6)	$	(756.9)	$	704.9











BALANCES AT DECEMBER 31, 2025	$	0.9	$	1,489.0	$	0.8	$	(1,122.7)	$	368.0
Issuance of common stock under stock-based compensation plans, net of shares exchanged for withholding tax	—		(2.9)		—		—		(2.9)
Stock-based compensation expense	—		6.5		—		—		6.5
Net loss	—		—		—		(34.1)		(34.1)
Other comprehensive loss, net of tax	—		—		(0.1)		—		(0.1)
BALANCES AT MARCH 31, 2026	$	0.9	$	1,492.6	$	0.7	$	(1,156.8)	$	337.4


	Three months ended March 31,
	2026		2025
CASH FLOWS FROM OPERATING ACTIVITIES:
Net loss	$	(34.1)	$	(0.1)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation and amortization	12.5		14.4
Non-cash lease expense	1.0		2.8
Stock-based compensation expense	6.5		9.5

Unrecognized tax benefits	—		(31.3)

Impairment of goodwill and long-lived assets	5.4		—


Other non-cash adjustments	1.2		0.5
Changes in assets and liabilities:
Prepaid expenses and other current assets	(9.7)		(2.2)
Trade accounts receivable	(8.7)		0.8
Inventory	2.7		(0.9)
Prepaid taxes	10.0		2.1
Other assets	(0.5)		0.5
Accounts payable	5.4		—
Accrued liabilities	(7.4)		(12.4)
Net cash used in operating activities	(15.7)		(16.3)
CASH FLOWS FROM INVESTING ACTIVITIES:
Capital expenditures	(5.4)		(5.3)
Capitalization of intangible assets	(1.1)		(3.0)


Net cash used in investing activities	(6.5)		(8.3)
CASH FLOWS FROM FINANCING ACTIVITIES:


Payment of tax withheld for common stock issued under stock-based compensation plans	(2.9)		(5.8)
Proceeds from revolving credit facility	—		40.0
Repayment of revolving credit facility	—		(20.5)



Payment on finance leases	(0.1)		(0.1)
Net cash (used in) provided by financing activities	(3.0)		13.6
Effect of foreign exchange rates on cash, cash equivalents, and restricted cash	(0.1)		0.1

Net decrease in cash, cash equivalents, and restricted cash	(25.3)		(10.9)
Cash, cash equivalents, and restricted cash at beginning of the period	151.3		111.9
Cash, cash equivalents, and restricted cash at end of the period	$	126.0	$	101.0


(in millions)	March 31, 2026		December 31, 2025
Leasehold improvements	$	80.5	$	80.4
Equipment	121.5		121.5
Property, plant and equipment, gross	202.0		201.9
Less accumulated depreciation	(90.5)		(87.9)
Property, plant and equipment, net	$	111.5	$	114.0


(in millions)	Total
Beginning balance	$	51.6
Goodwill impairment	(4.5)
Ending balance	$	47.1


(in millions)	Gross Carrying Amount		Accumulated Amortization		Net
At March 31, 2026
Developed technologies	$	475.0	$	(358.7)	$	116.3
Internal-use software	21.9		(5.5)		16.4
Trademarks	2.0		(1.6)		0.4
Licensed technologies	4.5		(0.5)		4.0
Internal-use software (in-process)	8.6		—		8.6
Total intangible assets	$	512.0	$	(366.3)	$	145.7


(number of shares in millions)	Number of Shares	Weighted Average Exercise Price
Options outstanding at December 31, 2025	0.7	$	13.38




Options outstanding at March 31, 2026	0.7	$	13.38
Options exercisable at March 31, 2026	0.5	$	13.38


(number of shares in millions)	Number of Shares	Weighted Average Grant Date Fair Value
RSUs unvested and outstanding at December 31, 2025	7.1	$	11.27
RSUs granted	3.7	$	4.83
Less:
RSUs vested	(1.6)	$	17.28
RSUs canceled	(0.3)	$	13.20
RSUs unvested and outstanding at March 31, 2026	8.9	$	7.34


	March 31,
(in millions)	2026		2025
Cash and cash equivalents	$	124.4	$	91.8
Restricted cash	1.6		9.2
Total cash, cash equivalents, and restricted cash	$	126.0	$	101.0


	Three months ended March 31,
	2026						2025
(in millions)	U.S.		RoW		Total		U.S.		RoW		Total
Cancer Care Continuum	$	106.8	$	13.4	$	120.2	$	101.4	$	14.2	$	115.6
Prenatal Health	41.9		—		41.9		49.2		0.1		49.3
Mental Health	38.3		—		38.3		31.0		—		31.0
Total revenue	$	187.0	$	13.4	$	200.4	$	181.6	$	14.3	$	195.9


	Three months ended March 31,						% of Total Revenue
(in millions)	2026		2025		Change		2026	2025
Cancer Care Continuum	$	120.2	$	115.6	$	4.6	60%	59%
Prenatal Health	41.9		49.3		(7.4)		21%	25%
Mental Health	38.3		31.0		7.3		19%	16%
Total revenue	$	200.4	$	195.9	$	4.5	100%	100%


	Three months ended March 31,
(in thousands)	2026	2025	% Change
Volume:
Cancer Care Continuum	96	85	13%
Prenatal Health	153	173	(12)%
Mental Health	136	127	7%
Total	385	385	—%


(in millions)
Ending balance December 31, 2025	$	0.8
Period translation adjustments	(0.1)
Ending balance March 31, 2026	$	0.7




10.2			First Amendment to Credit Agreement, dated January 5, 2026, among Myriad Genetics, Inc., the lenders party thereto and Orbimed Royalty & Credit Opportunities IV, LP, as administrative agent (incorporated by reference to Exhibit 10.26 to the Company's Annual Report on Form 10-K, File No. 000-26642, filed with the SEC on February 24, 2026).

31.1			Certification of Principal Executive Officer pursuant to Section 302(a) of the Sarbanes-Oxley Act of 2002.

31.2			Certification of Principal Financial Officer pursuant to Section 302(a) of the Sarbanes-Oxley Act of 2002.

32.1*			Certification pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.

101.INS			Inline XBRL Instance Document - the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document.

101.SCH			Inline XBRL Taxonomy Extension Schema Document.

101.CAL			Inline XBRL Taxonomy Extension Calculation Linkbase Document.

101.DEF			Inline XBRL Taxonomy Extension Definition Linkbase Document.

101.LAB			Inline XBRL Taxonomy Extension Label Linkbase Document.

101.PRE			Inline XBRL Taxonomy Extension Presentation Linkbase Document.

104			The cover page from the Company's Quarterly Report on Form 10-Q for the quarter ended March 31, 2026 has been formatted in Inline XBRL.


	MYRIAD GENETICS, INC.

Date: May 6, 2026	By:	/s/ Samraat S. Raha
		Samraat S. Raha
		President and Chief Executive Officer
		(Principal executive officer)



Date: May 6, 2026	By:	/s/ Benjamin R. Wheeler
		Benjamin R. Wheeler
		Chief Financial Officer
		(Principal financial officer and principal accounting officer)

SEC Form 10-Q filed by Myriad Genetics Inc.