Myriad Genetics (MYGN) Financials

Myriad Genetics’ latest quarterly financials show a company still struggling to reach consistent profitability, but with some signs of balance sheet stabilization and improving operating cash flow versus the prior year’s worst periods. Revenue in Q1 2026 was basically flat year over year, while losses widened again and operating cash flow turned negative. Compared with the same quarter last year, the company has reduced its cash balance and still carries a meaningful debt burden, so investors should view the turnaround story as unfinished.

• Revenue in Q1 2026 was $200.4 million, slightly above Q1 2025’s $195.9 million, showing modest top-line growth.
• Gross profit margin remained healthy at about 68.7% in Q1 2026, indicating the core business still generates solid margin before overhead.
• Operating expenses came down from the extreme Q2 2025 impairment-heavy quarter, suggesting some normalization after one-time charges.
• The company ended Q1 2026 with $124.4 million in cash and equivalents, which still provides liquidity despite the losses.
• Long-term debt was reduced to $120.3 million from $119.5 million in Q3 2025 and well below the much higher debt levels seen in early 2025, showing leverage is not rising sharply.
• Net cash from financing was only a $3.0 million outflow in Q1 2026, implying the company is not relying heavily on fresh financing in the quarter.
• Accounts receivable and inventory remain substantial, which is normal for this type of business but worth monitoring for working-capital efficiency.
• Goodwill and intangible assets still make up a large portion of total assets, so the balance sheet carries notable acquisition-related assets that could face future impairment risk.
• Share count was roughly stable year over year, with diluted shares at 93.7 million in Q1 2026 versus 92.2 million in Q1 2025, so dilution has not accelerated dramatically.
• Q1 2026 net loss widened to $34.1 million from a $100,000 loss in Q1 2025, a clear deterioration in bottom-line performance.
• Operating income was a loss of $30.7 million in Q1 2026, showing the company is still far from operating breakeven.
• Operating cash flow was negative $15.7 million in Q1 2026, reversing the positive operating cash flow seen in Q4 2025.
• Cash and equivalents fell to $124.4 million from $145.4 million in Q3 2025, reflecting continued cash usage.
• Retained earnings remain deeply negative at $1.156 billion, underscoring years of accumulated losses.
• Total liabilities of $336.3 million are still sizable relative to equity, leaving the company with limited financial flexibility if losses persist.

Longer-term trend: over the past four years, Myriad Genetics has shown recurring revenue in the low-$190 million to low-$210 million quarterly range, but profitability has been inconsistent and often negative. There were occasional quarters of positive operating cash flow, especially when working capital moved favorably, but the business has not established a durable earnings base. The biggest red flag remains the heavy cost structure, which has repeatedly kept operating income negative even when gross profit has been respectable.

Bottom line: MYGN looks like a company with a stable-enough revenue base and adequate near-term liquidity, but the financial statements do not yet show a convincing path to sustained profitability. Investors may want to watch for evidence of operating expense discipline, improved cash generation, and continued reduction in debt before getting more constructive on the stock.