Myriad Genetics reported first-quarter 2026 revenue of $200.4 million, up 2% from $195.9 million a year earlier, as gains in cancer care continuum and mental health offset a drop in prenatal health.
Test volume was flat at 385,000 tests, but the mix shifted sharply by business line. Cancer care continuum volume rose 13% to 96,000 tests from 85,000, mental health volume increased 7% to 136,000 from 127,000, and prenatal health volume fell 12% to 153,000 from 173,000.
Revenue followed a similar pattern. Cancer care continuum revenue climbed 4% to $120.2 million from $115.6 million. Mental health revenue jumped 24% to $38.3 million from $31.0 million. Prenatal health revenue declined 15% to $41.9 million from $49.3 million.
Gross margin was 68.7%, up 20 basis points from the first quarter of 2025.
Operating expenses rose to $168.3 million from $163.2 million, an increase of $5.1 million. Adjusted operating expenses increased $7.9 million to $148.5 million. The company posted an operating loss of $30.7 million, compared with an operating loss of $26.0 million in the prior-year quarter.
Net loss was $34.1 million, or $0.36 per share, versus a net loss of $28.9 million, or $0.31 per share, a year earlier. Adjusted loss per share was $0.09, and adjusted EBITDA was a loss of $4.5 million.
Cash used in operations was $15.7 million, compared with $9.1 million in the first quarter of 2025. Adjusted operating cash outflow was $13.4 million, and capital expenditures plus capitalized internal-use software totaled $6.5 million, resulting in adjusted free cash flow of negative $19.9 million. Cash and cash equivalents stood at $124.4 million at quarter-end.
Within cancer care continuum, hereditary cancer testing revenue increased 5% year over year, driven by a 14% rise in volume. Prolaris testing revenue grew 3%. In April, the company also received FDA approval for myChoice CDx as a companion diagnostic for Zejula in advanced ovarian cancer, and approval in Japan for use of myChoice CDx in prostate cancer patients as a companion diagnostic for Lynparza.
In prenatal health, revenue fell 15% as the company said volume was still affected by disruption from the second-quarter 2025 order management system rollout. In mental health, GeneSight revenue rose 24% on 7% volume growth and improved reimbursement trends.
For full-year 2026, Myriad reiterated revenue guidance of $860 million to $880 million, adjusted gross margin of 68% to 69%, and adjusted EBITDA of $37 million to $49 million. Following these announcements, the company's shares moved 1.22%, and are now trading at a price of $5.00. For more information, read the company's full 8-K submission here.
