Myriad Genetics (NASDAQ: MYGN) posts Q1 2026 loss amid higher costs and impairment

Rhea-AI Filing Summary

Myriad Genetics reported modest Q1 2026 revenue growth but a larger net loss. Revenue rose to $200.4 million from $195.9 million, driven by stronger Mental Health sales and higher Cancer Care Continuum volume, partially offset by lower Prenatal Health revenue.

The company posted a net loss of $34.1 million versus near breakeven a year ago, mainly due to the absence of a prior one-time tax benefit and a $5.4 million goodwill and long‑lived asset impairment. Operating loss was $30.7 million compared with $29.0 million. Cash and cash equivalents declined to $124.4 million from $149.6 million, with operating cash outflow of $15.7 million. Long‑term debt remained around $125.0 million under a SOFR‑based term loan maturing in 2030.

Insights

Equity analyst

Q1 shows slight revenue growth, continued losses, and higher leverage costs.

Myriad Genetics grew Q1 2026 revenue to $200.4 million, up $4.5 million. Mix shifted: Cancer Care Continuum and Mental Health grew, while Prenatal Health declined in both volume and revenue per test, leaving total test volume flat at 385,000.

Operating performance was broadly similar, with an operating loss of $30.7 million versus $29.0 million prior year. The sharp swing in net loss to $34.1 million mainly reflects the absence of a prior discrete tax benefit and a $5.4 million impairment tied to the Women's Health reporting unit and certain intangibles.

Cash and cash equivalents fell to $124.4 million as operating cash outflow of $15.7 million and capital spending of $6.5 million outweighed inflows. The company carries a $125.0 million SOFR‑based term loan at a 10.2% rate and must meet escalating trailing twelve‑month revenue covenants, underscoring the importance of sustaining revenue growth.

Key Figures

Revenue: $200.4M Net loss: $34.1M Operating loss: $30.7M +5 more

8 metrics

Revenue $200.4M Three months ended March 31, 2026

Net loss $34.1M Three months ended March 31, 2026

Operating loss $30.7M Three months ended March 31, 2026

Cash and cash equivalents $124.4M Balance at March 31, 2026

Operating cash flow -$15.7M Cash used in operating activities, Q1 2026

Term loan principal $125.0M Long-term debt under Credit Facility at March 31, 2026

Goodwill and asset impairment $5.4M Q1 2026 goodwill and long-lived asset impairment charges

Total test volume 385,000 tests Aggregate volume across core product categories, Q1 2026

Key Terms

Cancer Care Continuum, goodwill impairment, Secured Overnight Financing Rate (SOFR), valuation allowance, +2 more

6 terms

Cancer Care Continuum financial

"Cancer Care Continuum (MyRisk, BRACAnalysis CDx, MyChoice CDx, Prolaris, Precise Tumor, and Precise MRD)"

goodwill impairment financial

"the Company recognized a goodwill impairment charge of $4.5 million attributable to the Women's Health reporting unit"

Goodwill impairment occurs when a company’s valued reputation or brand strength, known as goodwill, is found to be worth less than previously recorded on its financial statements. This usually happens when the company's performance declines or market conditions change, signaling that the expected benefits from acquisitions or brand value are no longer as strong. It matters to investors because it can indicate that a company's assets are less valuable than initially thought, potentially affecting its overall financial health.

Secured Overnight Financing Rate (SOFR) financial

"Loans outstanding under the Credit Facility bear interest at a rate per annum equal to (x) the greater of the one-month Secured Overnight Financing Rate (SOFR) Rate and 2.5%"

A secured overnight financing rate (SOFR) is the interest rate on very short, one‑day loans that are backed by high‑quality collateral (like government bonds), so lenders face less risk. Investors care because SOFR is a widely used benchmark that sets the cost of borrowing and the pricing of loans, bonds and derivatives; think of it as a trusted yardstick for short‑term interest costs that influences returns and valuations across markets.

valuation allowance financial

"the Company's estimated annual effective tax rate for the current year includes a valuation allowance against the current year increase in deferred tax assets"

A valuation allowance is a reserve set aside to reduce the value of certain assets on a company's financial records when there is uncertainty about whether they will generate the expected benefits. It acts like a caution sign, indicating that some assets might not be fully recoverable or worth their recorded amount. This matters to investors because it provides a more realistic picture of a company's financial health and potential risks.

minimum trailing twelve-month revenue test financial

"to comply with a minimum trailing twelve-month revenue test as of the end of each month, commencing with the month ending December 31, 2025 at $615.0 million"

False Claims Act regulatory

"received a civil investigative demand pursuant to the False Claims Act from the U.S. Department of Justice"

A False Claims Act is a law that lets the government and private whistleblowers sue companies that knowingly submit false bills or statements to obtain government money or benefits. For investors it matters because such lawsuits can trigger large fines, settlements or reputational damage—similar to a leak in a ship that can force expensive repairs and slow operations—potentially reducing cash flow, increasing legal costs, and harming stock value.

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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

OR

☐ 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

x

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 the three months ended March 31, 2026 and 2025 (unaudited)			5
			Condensed Consolidated Statements of Comprehensive Income (Loss) 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

3

Table of Contents

PART I - Financial Information

Item 1.    Financial Statements.

MYRIAD GENETICS, INC.

AND SUBSIDIARIES

Condensed Consolidated Balance Sheets (unaudited)

(in millions)

			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

See accompanying notes to Condensed Consolidated Financial Statements.

4

Table of Contents

MYRIAD GENETICS, INC.

AND SUBSIDIARIES

Condensed Consolidated Statements of Operations (unaudited)

(in millions, except per share amounts)

									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

See accompanying notes to Condensed Consolidated Financial Statements.

5

Table of Contents

MYRIAD GENETICS, INC.

AND SUBSIDIARIES

Condensed Consolidated Statements of Comprehensive Income (Loss) (unaudited)

(in millions)

									Three months ended March 31,
															2026						2025
Net loss															$	(34.1)					$	(0.1)
Change in foreign currency translation adjustment, net of tax															(0.1)						0.2
Comprehensive income (loss)															$	(34.2)					$	0.1

See accompanying notes to Condensed Consolidated Financial Statements.

6

Table of Contents

MYRIAD GENETICS, INC.

AND SUBSIDIARIES

Condensed Consolidated Statements of Stockholders’ Equity (unaudited)

(in millions)

			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

See accompanying notes to Condensed Consolidated Financial Statements.

7

Table of Contents

MYRIAD GENETICS, INC.

AND SUBSIDIARIES

Condensed Consolidated Statements of Cash Flows (unaudited)

(in millions)

			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

See accompanying notes to Condensed Consolidated Financial Statements.

8

Table of Contents

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

1.BASIS OF PRESENTATION

Myriad Genetics, Inc. (together with its subsidiaries, the “Company” or “Myriad”) is a leading molecular diagnostics and precision medicine company committed to advancing health and well-being for all. The Company develops and commercializes molecular tests that help patients and providers uncover genetic insights. Myriad tests assess the risk of developing disease or disease progression and guide treatment decisions across medical specialties where molecular insights can significantly improve patient care, support earlier detection, enable more precise treatment and contribute to lowering healthcare costs. The Company’s principal executive office is located in Salt Lake City, Utah.

The accompanying Condensed Consolidated Financial Statements for the Company have been prepared in accordance with United States ("U.S.") generally accepted accounting principles (“GAAP”) for interim financial information and pursuant to the applicable rules and regulations of the Securities and Exchange Commission (“SEC”). All intercompany accounts and transactions have been eliminated in consolidation. In the opinion of management, the accompanying financial statements contain all adjustments (consisting of normal and recurring accruals) necessary to present fairly all financial statements in accordance with GAAP. The accompanying Condensed Consolidated Financial Statements should be read in conjunction with the Company’s audited Consolidated Financial Statements and notes thereto included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2025 (the “Form 10-K”).

The preparation of financial statements in accordance with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities at the date of the financial statements, as well as the reported amounts of revenue and expenses during the reporting period.

The Company has historically experienced some seasonality in its business, including due to factors such as the timing of deductibles resetting or being met. While the Company continues to experience periodic fluctuations in quarterly revenues, these variations are increasingly influenced by other factors such as the timing of customer activity, reimbursement dynamics, and broader market conditions. As a result, the Company believes that current operating results may not be indicative of results to be expected for any other interim period or for the full year.

Recent Accounting Pronouncements

In September 2025, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") 2025-07, Derivatives and Hedging (Topic 815) and Revenue from Contracts with Customers (Topic 606): Derivatives Scope Refinements and Scope Clarification for Share-Based Noncash Consideration from a Customer in a Revenue Contract. The guidance in ASU 2025-07 refines the scope of derivative accounting under Accounting Standards Codification ("ASC") 815 by expanding an existing scope exception to exclude certain non-exchange traded contracts with underlyings based on the operations or activities of one of the contract parties from derivative classification. The ASU also provides guidance under Topic 606 on the accounting for share-based noncash consideration received from a customer in a revenue contract, including measurement and timing considerations. ASU 2025-07 is effective for annual and interim periods beginning after December 15, 2026, with early adoption permitted. The Company is currently evaluating the impact of adopting ASU 2025-07.

In September 2025, the FASB issued ASU 2025-06, Targeted Improvements to the Accounting for Internal-Use Software, which amends certain aspects of the accounting for and disclosure of software costs under ASC 350-40, Internal-Use Software Accounting & Capitalization. ASU 2025-06 makes targeted improvements to ASC 350-40 by changing the cost capitalization threshold, eliminating accounting consideration of software project development stages and enhancing the guidance around the "probable-to-complete" threshold. It also modifies the website development costs guidance by eliminating Subtopic 350-50 and relocating any remaining relevant guidance into Subtopic 350-40. ASU 2025-06 is effective for annual and interim periods beginning after December 15, 2027, with early adoption permitted. The Company is currently evaluating the impact of adopting ASU 2025-06.

In November 2024, the FASB issued ASU 2024-03, Income Statement-Reporting Comprehensive Income-Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses, requiring public entities to disclose additional information about specific expense categories in the notes to the financial statements on an interim and annual basis. ASU 2024-03 is effective for fiscal years beginning after December 15, 2026, and for interim periods within annual reporting periods beginning after December 15, 2027, with early adoption permitted. The Company is currently evaluating the impact of adopting ASU 2024-03.

Reclassifications

Certain prior period amounts have been reclassified to conform with the current period presentation. The reclassifications have no impact on the Company's total assets, total liabilities, stockholders' equity, net loss, comprehensive income (loss) or cash flows.

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2.REVENUE

The Company primarily generates revenue by performing molecular diagnostic testing, primarily derived from the following categories of products: Cancer Care Continuum (MyRisk, BRACAnalysis CDx, MyChoice CDx, Prolaris, Precise Tumor, and Precise MRD), Prenatal Health (Foresight, Prequel, FirstGene and SneakPeek), and Mental Health (GeneSight). Revenue is recorded at the estimated transaction price. Control is transferred and revenue is recognized once test results are released to the healthcare provider and/or patient.

During the current period, the Company updated the presentation of its product categories. Certain products previously presented within separate Hereditary Cancer and Tumor Profiling categories are now collectively reported within the Cancer Care Continuum category.

The following table presents details regarding the composition of the Company’s total revenue by product type and by geographical region, either U.S. or rest of world (“RoW”):

			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

In determining the transaction price, the Company includes an estimate of the expected amount of consideration to be received. The estimate of revenue is affected by, among other factors, assumptions for changes in payor mix, payor collections, current customer contractual requirements, experience with collections from third-party payors, and changes in medical policies. When assessing the total consideration for insurance carriers and patients, revenue is further constrained for estimated refunds. The Company reserves certain amounts in Accrued liabilities in the Condensed Consolidated Balance Sheets in anticipation of requests for refunds of payments made previously by insurance carriers, which are accounted for as reductions in Revenue in the Condensed Consolidated Statements of Operations and Comprehensive Income (Loss).

Cash collections for certain tests delivered may differ from rates estimated due to changes in the estimated transaction price for contractual adjustments, obtaining updated information from payors and patients that was unknown at the time the performance obligation was met, settlements with third-party payors, or as a result of third-party payors disputing bills or denying payment for tests that the Company has performed, among other reasons. As a result of this new information, the Company updates its estimate of the amounts to be recognized for previously delivered tests. During the three months ended March 31, 2026 and 2025, the impact of the amounts to be recognized for tests in which the performance obligation was met in a prior period was not material to the Condensed Consolidated Statements of Operations.

3.FAIR VALUE MEASUREMENTS

The fair value of the Company’s financial instruments reflects the amounts that the Company estimates it will receive in connection with the sale of an asset or pay in connection with the transfer of a liability in an orderly transaction between market participants at the measurement date (exit price). The fair value hierarchy prioritizes the use of inputs used in valuation techniques into the following three levels:

Level 1—quoted prices in active markets for identical assets and liabilities.

Level 2—observable inputs other than quoted prices in active markets for identical assets and liabilities; quoted prices in markets that are not active; or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities.  Some of the Company’s marketable securities primarily utilize broker quotes in a non-active market for valuation of these securities.

Level 3—unobservable inputs.

The carrying amounts of certain financial instruments—including cash and cash equivalents, accounts receivable, accounts payable, and accrued expenses—approximate their fair values due to their short-term maturities. Additionally, the carrying value of our long-term debt as of March 31, 2026, approximates its fair value due to the debt’s floating interest rate based on prevailing market rates. The Company's fair value measurements related to impairment testing for goodwill and certain intangible assets were determined using Level 3 unobservable inputs; see Note 5, "Goodwill and Intangible Assets" for further discussion.

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4.PROPERTY, PLANT AND EQUIPMENT, NET

The property, plant and equipment at March 31, 2026 and December 31, 2025 were as follows:

(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

The Company recorded depreciation during the respective periods as follows:

									Three months ended March 31,
(in millions)																		2026									2025
Depreciation expense																		$	4.7								$	5.1

5. GOODWILL AND INTANGIBLE ASSETS

Goodwill

The changes in the carrying amount of goodwill for the three months ended March 31, 2026 are as follows:

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

During the three months ended March 31, 2026, the Company experienced a sustained decline in its share price and market capitalization and identified this decline as a triggering event that required an interim goodwill impairment test.

In response to the triggering event, the Company estimated the fair values of each of its reporting units as of March 31, 2026 using both the market approach, applying an observable multiple of revenue based on guideline public companies, and the income approach. The income approach considered projected revenue and profitability of each reporting unit and a discount rate reflective of the risk-adjusted cost of capital of 17% for the Women's Health reporting unit. The Company corroborated the reasonableness of the estimated reporting unit fair values by reconciling the values to the Company's enterprise value and market capitalization, including the consideration of a control premium. Accordingly, this fair value measurement is classified as Level 3 in the fair value hierarchy because it is based primarily upon unobservable inputs that reflect management's assumptions.

As a result of the impairment test, during the three months ended March 31, 2026, the Company recognized a goodwill impairment charge of $4.5 million attributable to the Women's Health reporting unit, reducing the carrying value of goodwill for the reporting unit to its estimated fair value of zero. The goodwill impairment charge is reflected within Goodwill and long-lived asset impairment charges in the Condensed Consolidated Statements of Operations. The Company determined that the goodwill balances for the Mental Health and International reporting units were not impaired. The remaining goodwill value of $47.1 million consists of $29.8 million for the Mental Health reporting unit and $17.3 million for the International reporting unit.

Management will continue to monitor for any additional indicators of impairment in future periods. Goodwill is tested for impairment at least annually and more frequently if events or changes in circumstances indicate that it is more likely than not that the asset is impaired.

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Intangible Assets

The following tables summarize the amounts reported as intangible assets:

(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

(in millions)			Gross Carrying Amount						Accumulated Amortization						Net
At December 31, 2025
Developed technologies			$	475.9					$	(352.2)					$	123.7
Internal-use software			21.9						(4.3)						17.6
Customer relationships			2.1						(1.6)						0.5
Trademarks			4.5						(0.4)						4.1
Internal-use software (in-process)			7.5						—						7.5
Total intangible assets			$	511.9					$	(358.5)					$	153.4

The Company recorded amortization expenses during the respective periods for these intangible assets as follows:

									Three months ended March 31,
(in millions)																		2026									2025
Amortization of intangible assets																		$	7.9								$	9.4

6.ACCRUED LIABILITIES

The Company's accrued liabilities at March 31, 2026 and December 31, 2025 were as follows:

(in millions)			March 31, 2026									December 31, 2025
Employee compensation and benefits			$	39.8								$	51.2
Accrued taxes payable			6.6									5.7
Refunds payable and reserves			19.3									19.9
Accrued royalties			4.7									4.7
Other accrued liabilities			20.1									15.4
Total accrued liabilities			$	90.5								$	96.9

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7.LONG-TERM DEBT

The Company's long-term debt at March 31, 2026 and December 31, 2025 consisted of the following amounts:

(in millions)			March 31, 2026									December 31, 2025
Long-term debt			$	125.0								$	125.0
Accrued exit fee			3.8									3.8
Unamortized debt discount and issuance costs			(8.5)									(8.9)
Total long-term debt, net			$	120.3								$	119.9

On July 31, 2025 (the "Closing Date"), the Company entered into a Credit Agreement (the "Credit Agreement") with the lenders from time to time party thereto, and OrbiMed Royalty & Credit Opportunities IV, LP., as administrative agent (the "Administrative Agent") and as initial lender. The Credit Agreement consists of a $200.0 million term loan credit facility with an initial term loan of $125.0 million (the "Initial Loan"), which amount was funded on the Closing Date, and delayed draw term loans (the "Delayed Draw Loans" and together with the Initial Loan, the "Loans"), at the election of the Company, subject to the timing and terms specified in the Credit Agreement, on or prior to June 30, 2027, in a maximum principal amount of $75.0 million (the "Credit Facility"). The Company incurred debt discounts and issuance costs totaling $9.4 million. These costs are being amortized using the effective interest method. The proceeds of the Credit Facility were used to repay and terminate the Company's previous borrowing, with the remainder designated for working capital needs and general corporate purposes. On January 5, 2026, the Company and the Administrative Agent entered into the First Amendment to Credit Agreement for certain cash management matters.

The Credit Facility matures on July 31, 2030 (the "Maturity Date"). All repayments are subject to the accrued exit fee. The Company may also elect to prepay all or any portion of the amounts owed prior to the Maturity Date subject to a repayment premium, in addition to the exit fee. Loans outstanding under the Credit Facility bear interest at a rate per annum equal to (x) the greater of the one-month Secured Overnight Financing Rate (SOFR) Rate and 2.5% plus (y) an applicable margin of 6.5%. Commencing on September 30, 2029, and on the last business day of each fiscal quarter thereafter, the Company is required to make a scheduled principal payment equal to 2.5% of the unpaid principal amount of the Loans outstanding on the fourth anniversary of the Closing Date, together with any applicable exit fee and repayment premium. Any undrawn portion of the Delayed Draw Loans is subject to a fee of 0.5% per annum, payable each interest period based on the amount that remains undrawn through June 30, 2027. The interest rate for borrowings under the Credit Agreement as of March 31, 2026 and December 31, 2025 were 10.2% and 10.4%, respectively.

The Credit Facility is also subject to customary mandatory prepayments with the proceeds of indebtedness and certain asset sales and casualty events. In addition to the exit fee and repayment premium referenced above, voluntary and mandatory prepayments and all other payments of the Credit Facility must also be accompanied by payment of accrued interest on the principal amount repaid or prepaid. The Credit Facility is also subject to other customary fee arrangements.

The obligations of the Company are guaranteed by certain of the Company’s material subsidiaries (the “Credit Facility Guarantors”) pursuant to a Guarantee. The obligations of the Company and the Credit Facility Guarantors under the Credit Agreement and Guarantee are secured by substantially all of the assets of the Company and the Credit Facility Guarantors under a Pledge and Security Agreement entered into with the Administrative Agent.

The Credit Facility requires the Company and its subsidiaries, on a consolidated basis, to comply with a minimum trailing twelve-month revenue test as of the end of each month, commencing with the month ending December 31, 2025 at $615.0 million and increasing quarterly to $974.0 million beginning on December 31, 2029 and thereafter. In addition, the Credit Facility contains customary representations and warranties and affirmative and negative covenants, including covenants that limit or restrict the Company and its subsidiaries’ ability to incur liens, incur indebtedness, dispose of assets, make investments, make certain restricted payments, merge or consolidate and enter into certain speculative hedging arrangements. The Credit Facility includes a number of customary events of default, including, among other things, nonpayment defaults, covenant defaults, cross-defaults to other material indebtedness, bankruptcy and insolvency defaults, material judgment defaults and the occurrence of a change of control. If any event of default occurs (subject, in certain instances, to specified grace periods), the principal, premium, if any, interest and any other monetary obligations on all the then outstanding amounts under the Credit Facility may become due and payable immediately. The Company was in compliance with all applicable covenants under the Credit Agreement for the three months ended March 31, 2026.

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8.PREFERRED AND COMMON STOCKHOLDERS' EQUITY

The Company is authorized to issue up to 5.0 million shares of preferred stock, par value $0.01 per share. There were no shares of preferred stock outstanding at March 31, 2026.

The Company is authorized to issue up to 150.0 million shares of common stock, par value $0.01 per share. There were 94.4 million shares of common stock issued and outstanding at March 31, 2026.

Shares of Common Stock Issued and Outstanding

A summary of the changes in the issued and outstanding common stock for the three months ended March 31, 2026 and 2025 is as follows:

			Three months ended March 31,
(in millions)			2026									2025
Beginning common stock issued and outstanding			93.5									91.3
Common stock issued upon exercise of options, vesting of restricted stock units, and purchases under employee stock purchase plan			0.9									0.9
Common stock issued and outstanding at end of period			94.4									92.2

Basic earnings per share is computed based on the weighted-average number of shares of common stock outstanding. Diluted earnings per share is computed based on the weighted-average number of shares of common stock, including the dilutive effect of common stock equivalents, outstanding. In periods when the Company has a net loss, stock awards are excluded from the calculation of diluted net loss per share as their inclusion would have an antidilutive effect.

The following is a reconciliation of the denominators of the basic and diluted earnings per share (“EPS”) computations:

									Three months ended March 31,
(in millions)																		2026									2025
Denominator:
Weighted-average shares outstanding used to compute basic EPS																		93.7									91.4
Effect of dilutive shares																		—									—
Weighted-average shares outstanding and dilutive securities used to compute diluted EPS																		93.7									91.4

Certain outstanding options and restricted stock units (“RSUs”) were excluded from the computation of diluted earnings per share because the effect would have been anti-dilutive. These potential dilutive shares of common stock, which may be dilutive to future diluted earnings per share, are as follows:

									Three months ended March 31,
(in millions)																		2026									2025
Anti-dilutive options and RSUs excluded from EPS computation																		9.6									5.8

9.STOCK-BASED COMPENSATION

On November 30, 2017, the Company’s stockholders approved the adoption of the 2017 Employee, Director and Consultant Equity Incentive Plan (as amended, the “2017 Plan”). The 2017 Plan allows the Company, under the direction of the Compensation and Human Capital Committee (the "CHCC") of the Company's Board of Directors, to make grants of restricted and unrestricted stock and stock unit awards to employees, consultants and directors. Stockholders have subsequently approved amendments to the 2017 Plan increasing the shares available to grant thereunder, including most recently at the Company's annual meeting of stockholders held on June 5, 2025, when stockholders approved an amendment to the 2017 Plan to increase the aggregate number of shares of common stock available thereunder for the granting of awards by an additional 6.5 million shares. As of March 31, 2026, the Company had 1.9 million shares of common stock available for grant under the 2017 Plan. If an RSU awarded under the 2017 Plan is cancelled or forfeited without the issuance of shares of common stock, the unissued shares that were subject to the RSU will again be available for issuance pursuant to the 2017 Plan.

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On March 26, 2026, the Company's Board of Directors approved, subject to stockholder approval at the Company's Annual Meeting of Stockholders to be held on June 4, 2026 (the "2026 Annual Meeting"), the adoption of the 2026 Employee, Director and Consultant Equity Incentive Plan (the "2026 Plan"). The 2026 Plan provides for the issuance of up to 6.4 million shares of common stock, plus any shares of common stock that remain available for future grants under the 2017 Plan as of the date of the 2026 Annual Meeting that will be rolled over and become available for issuance under the 2026 Plan, up to an aggregate maximum of approximately 8.6 million shares. The 2026 Plan may also include up to a maximum of approximately 8.7 million shares of common stock that are currently subject to outstanding RSU awards under the 2017 Plan, to the extent such awards are forfeited, expire, or are cancelled without the delivery of shares on or after the date of the 2026 Annual Meeting. Upon stockholder approval of the 2026 Plan, no further awards will be granted under the 2017 Plan.

The number of shares, terms, and vesting periods are generally determined by the Company’s Board of Directors or the CHCC on an award-by-award basis. RSUs granted to employees generally vest either ratably over three or four years or as cliff vesting after three years either on the anniversary of the date on which the RSUs were granted or during the month in which such anniversary dates occur. The number of performance RSUs ("PSUs") awarded to certain employees may be increased or reduced based on certain additional performance and market metrics. RSUs granted to non-employee directors generally vest in full upon the earlier of the completion of one year of service following the date of the grant or the date of the next annual meeting of stockholders following such grant.

Stock Options

A summary of the stock option activity for the three months ended March 31, 2026 is as follows:

(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

As of March 31, 2026, there was no unrecognized stock-based compensation expense associated with the Company's outstanding stock options. There were no options granted during the three months ended March 31, 2026.

Restricted Stock Units

A summary of the RSU awards activity under the Company’s equity plans and inducement awards, including PSU awards, for the three months ended March 31, 2026 is as follows:

(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

Employee Stock Purchase Plan

The Company also has an Employee Stock Purchase Plan that was initially approved by stockholders in 2012 and was amended and approved by the Company's Board of Directors on September 23, 2021 and the stockholders of the Company on June 2, 2022 (the "Amended and Restated 2012 Purchase Plan"), under which 4.0 million shares of common stock were authorized for issuance. On March 12, 2026, the Company's Board of Directors approved an amendment to the Amended and Restated 2012 Purchase Plan that authorizes an additional 4.0 million shares of common stock for issuance thereunder, subject to obtaining stockholder approval. The Company is seeking stockholder approval of the amendment to the Amended and Restated 2012 Purchase Plan at the 2026 Annual Meeting.

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As of March 31, 2026, no shares of common stock were available for issuance under the Amended and Restated 2012 Purchase Plan. Shares are issued under the Amended and Restated 2012 Purchase Plan twice yearly at the end of each offering and the number of shares that may be purchased by any participant during an offering period is limited to 5,000 shares. The first offering period of 2026 started on December 1, 2025 and will end on June 11, 2026. The second offering period of 2026 will begin on June 12, 2026 and will end on November 30, 2026. No shares were purchased under the plan in the three months ended March 31, 2026 or 2025. No compensation expense has been recognized in the three months ended March 31, 2026 related to the Amended and Restated 2012 Purchase Plan. Compensation expense was $0.5 million during the three months ended March 31, 2025 related to the Amended and Restated 2012 Purchase Plan.

Stock-Based Compensation Expense

Stock-based compensation expense recognized and included in the Condensed Consolidated Statements of Operations and Comprehensive Income (Loss) was allocated as follows:

									Three months ended March 31,
(in millions)																		2026									2025
Cost of revenue																		$	0.2								$	0.3
Research and development expense																		1.2									2.1
Sales and marketing expense																		0.8									1.5
General and administrative expense																		4.3									5.6
Total stock-based compensation expense																		$	6.5								$	9.5

As of March 31, 2026, there was $47.0 million of total unrecognized stock-based compensation expense related to RSUs that is expected to be recognized over a weighted-average period of 2.3 years. The Company recognizes forfeitures as they occur. In the event that a PSU is determined to be improbable of vesting, the Company records an adjustment to reverse all previously recognized expense associated with the equity award in the current period.

10.INCOME TAXES

In order to determine the Company’s quarterly provision for income taxes, the Company used an estimated annual effective tax rate that is based on expected annual income and statutory tax rates in the various jurisdictions in which the Company operates. Certain significant or unusual items are separately recognized in the quarter during which they occur and can be a source of variability in the effective tax rate from quarter to quarter. For the three months ended March 31, 2026, the income tax expense was insignificant, or approximately 0.0% of pre-tax loss, compared to $29.3 million income tax benefit, or approximately 99.7% of pre-tax loss, for the three months ended March 31, 2025.

For the three months ended March 31, 2026, the Company’s effective tax rate differs from the U.S. federal statutory rate primarily due to the recognition of valuation allowances. Due to the Company's cumulative loss and the exhaustion of future taxable income from the reversal of taxable temporary differences, the Company's estimated annual effective tax rate for the current year includes a valuation allowance against the current year increase in deferred tax assets. For the three months ended March 31, 2025, the Company’s effective tax rate differed from the U.S. federal statutory rate primarily due to the release of unrecognized tax benefits and the recognition of valuation allowances. The unrecognized tax benefits released were primarily related to tax refund claims following the Coronavirus Aid, Relief, and Economic Security Act (referred to as the CARES Act) that allowed the carryback of losses related to tax years ended June 30, 2017 through June 30, 2020. During the three months ended March 31, 2025, the Company was notified by the Joint Committee on Taxation that it had concluded its review of these tax refund claims. As a result, the Company remeasured or released the unrecognized tax benefits resulting in a discrete tax benefit of $29.6 million.

11.LEASES

The Company leases certain office spaces, research and development laboratory facilities, and office equipment with remaining lease terms ranging from approximately one to thirteen years. Operating leases are included in Operating lease right-of-use assets, Noncurrent operating lease liabilities, and Current maturities of operating lease liabilities in the Condensed Consolidated Balance Sheets. Finance leases are included in Other assets, Accrued liabilities, and Other long-term liabilities in the Condensed Consolidated Balance Sheets.

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The Company previously amended the lease for its west Salt Lake City headquarters in 2024 to expand the facility in anticipation of future operating needs. During the three months ended March 31, 2026, the Company took possession of the remaining square footage of the west Salt Lake City facility and recognized an additional $2.7 million right-of-use asset and corresponding lease liability, net of tenant improvement allowance not yet received of approximately $6.5 million. Future rent payments associated with the expanded space are approximately $18.2 million.

12.COMMITMENTS AND CONTINGENCIES

The Company is involved from time to time in various disputes, claims, and legal actions, including class actions and other litigation, including the matters described below, arising in the ordinary course of business. Such actions may include allegations of negligence, product or professional liability or other legal claims, and could involve claims for substantial compensatory and punitive damages or claims for indeterminate amounts of damages. The Company is also involved, from time to time, in investigations by governmental agencies regarding its business which may result in adverse judgments, settlements, fines, penalties, injunctions, or other relief.

In addition, certain federal and state statutes, including the qui tam provisions of the federal False Claims Act, allow private individuals to bring lawsuits against healthcare companies on behalf of the government or private payors. The Company has received subpoenas from time to time related to billing or other practices based on the False Claims Act or other federal and state statutes, regulations, or other laws.

The Company intends to defend its current litigation matters but cannot provide any assurance as to the ultimate outcome or that an adverse resolution would not have a material adverse effect on its financial condition, results of operations or cash flows.

The Company assesses legal contingencies to determine the degree of probability and range of possible loss for potential accrual and disclosure in its financial statements. When evaluating legal contingencies, the Company may be unable to provide a meaningful estimate due to a number of factors, including the proceedings may be in early stages, there may be uncertainty as to the outcome of pending appeals or motions, there may be significant factual issues to be resolved, and there may be complex or novel legal theories to be presented. In addition, damages may not be specified or the damage amounts claimed may be unsupported, exaggerated or unrelated to possible outcomes, and therefore, such amounts are not a reliable indicator of potential liability.

As of March 31, 2026, the Company has not recorded any material accrual for loss contingencies associated with legal proceedings or other matters or determined that an unfavorable outcome is probable and reasonably estimable in accordance with ASC 450, Contingencies. However, it is possible that the ultimate resolution of legal proceedings or other matters, if unfavorable, may be material to the Company's results of operations, financial condition or cash flows. Further, in the event that damages from an unfavorable resolution of one or more of these proceedings exceed the aggregate amount of the coverage limits of the Company’s insurance, or if the Company’s insurance carriers disclaim coverage, the amounts payable by the Company could also have a material adverse impact on the Company’s results of operations, financial condition or cash flows.

From time to time, the Company receives recoupment requests from third-party payors for alleged overpayments. The Company disagrees with the contentions of the pending requests or has recorded an estimated reserve for the alleged overpayments.

Qui Tam Lawsuit

In June 2023, the Company received a civil investigative demand pursuant to the False Claims Act from the U.S. Department of Justice concerning whether the Company offered or paid remuneration to physicians at Carolina Urology Partners, PLLC, in exchange for referrals. The Department of Justice subsequently requested additional documentation and information during its investigation. The Company cooperated with the Department of Justice investigation, providing the documents and information requested. On January 22, 2025, the U.S. District Court for the Western District of North Carolina unsealed a qui tam complaint, filed on November 3, 2022, against Carolina Urology Partners, PLLC, and certain of its current or former physician partners, and the Company and certain of its former employees, alleging violations of the False Claims Act. The government declined to intervene in the case. The Company was not aware of the complaint until after it was unsealed. On April 16, 2025, the Company was served with the complaint. In June 2025, the Company filed a motion to dismiss the complaint. The Company's motion to dismiss challenges the constitutionality of the qui tam provisions of the False Claims Act. Following the filing of the Company's motion to dismiss, the United States government elected to intervene in this case for the limited purpose of defending the constitutionality of the qui tam provisions of the False Claims Act.

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13.SEGMENT REPORTING AND RELATED INFORMATION

The Company has identified its President and Chief Executive Officer as its Chief Operating Decision Maker (the "CODM"). The CODM regularly reviews consolidated financial information for the purposes of evaluating performance, allocating resources, setting incentive compensation targets, and planning and forecasting for future periods. In alignment with how the CODM reviews performance and makes decisions in managing the Company, the Company has determined that it operates as a single operating segment.

The Company has identified consolidated net income (loss) as the measure of segment profitability. The significant expenses and other segment expenses presented to the CODM are at the same level as presented in the Condensed Consolidated Statements of Operations.

14.SUPPLEMENTAL CASH FLOW INFORMATION

The Company's supplemental cash flow information for the three months ended March 31, 2026 and 2025 is as follows:

			Three Months Ended March 31,
(in millions)			2026									2025
Cash paid for income taxes, net of refunds received			$	(11.5)								$	0.3
Cash paid for interest			3.3									0.5
Non-cash investing and financing activities:
Change in operating lease right-of-use assets and lease liabilities
Operating lease right-of-use assets			$	2.7								$	1.2
Operating lease liabilities			(2.7)									(1.2)
Tenant improvement allowance not yet received			6.5									—
Purchases of property, plant and equipment and capitalization of intangible assets in accounts payable and accrued liabilities			1.9									4.2

Cash paid for income taxes, net of refunds received, includes $11.7 million in income tax refunds received during the three months ended March 31, 2026, related to the receipt of a prior-year refund claim.

The following table provides a reconciliation of cash, cash equivalents, and restricted cash reported on the Condensed Consolidated Balance Sheets that agrees to the amounts included in the Condensed Consolidated Statements of Cash Flows.

			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

15. ACCUMULATED OTHER COMPREHENSIVE INCOME

The functional currency of the Company’s international subsidiaries is the local currency. For those subsidiaries, expenses denominated in the functional currency are translated into U.S. dollars using average exchange rates in effect during the period and assets and liabilities are translated using period-end exchange rates. The foreign currency translation adjustments are included in Accumulated other comprehensive income as a separate component of Stockholders’ equity in the Condensed Consolidated Balance Sheets.

The following table shows the cumulative translation adjustments included in Accumulated other comprehensive income:

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

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

The following Management’s Discussion and Analysis of Financial Condition and Results of Operations should be read in conjunction with the unaudited Condensed Consolidated Financial Statements and the related notes thereto included in this Quarterly Report on Form 10-Q and the audited Consolidated Financial Statements and related notes thereto and Management’s Discussion and Analysis of Financial Condition and Results of Operations for the year ended December 31, 2025 included in our Annual Report on Form 10-K filed with the Securities and Exchange Commission, or SEC, on February 24, 2026.

“We,” “us,” “our,” “Myriad” and the “Company” as used in this Quarterly Report on Form 10‑Q refer to Myriad Genetics, Inc., a Delaware corporation, and its subsidiaries.

Myriad, the Myriad logo, BRACAnalysis, BRACAnalysis CDx, Colaris, MyRisk, Myriad myRisk, MyRisk Hereditary Cancer, MyChoice, Tumor BRACAnalysis CDx, MyChoice CDx, Prequel, Prequel with Amplify, Amplify, Foresight, Foresight Universal Plus, Precise Tumor, Precise Oncology Solutions, Precise Liquid, Precise MRD, FirstGene, SneakPeek, SneakPeek Early Gender DNA Test, SneakPeek Snap, Urosuite, Mygenehistory, Health.Illuminated., RiskScore, Prolaris, and GeneSight are registered trademarks or trademarks of Myriad. Solely for convenience, trademarks, trade names and service marks referred to in this Quarterly Report on Form 10-Q may appear without the ®, ™ or SM symbols, but such references are not intended to indicate, in any way, that we will not assert, to the fullest extent under applicable law, our rights or the right of the applicable licensor to these trademarks, trade names and service marks.

Cautionary Statement Regarding Forward-Looking Statements

The SEC encourages companies to disclose forward-looking information so that investors can better understand a company’s future prospects and make informed investment decisions. This Quarterly Report on Form 10‑Q contains such “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995.

Words such as “may,” “anticipate,” “estimate,” “expects,” “projects,” “intends,” “plans,” “believes,” “seek,” “could,” “continue,” “likely,” “will,” “strategy,” and “goal” and words and terms of similar substance used in connection with any discussion of future operating or financial performance identify forward-looking statements. All forward-looking statements are management’s present expectations of future events as of the date hereof and are subject to a number of known and unknown risks and uncertainties that could cause actual results, conditions, and events to differ materially and adversely from those anticipated. These risks include, but are not limited to:

•the risk that sales and profit margins of our existing tests may decline;

•the risk that we may not be able to operate our business on a profitable basis;

•risks related to our ability to achieve certain revenue growth targets and generate sufficient revenue from our existing product portfolio or in launching and commercializing new tests to be profitable;

•risks related to recent changes in our senior management team and the successful implementation of our strategic plan;

•risks related to changes in governmental or private insurers’ coverage and reimbursement levels for our tests or our ability to obtain reimbursement for our new tests at comparable levels to our existing tests;

•risks related to increased competition and the development of new competing tests;

•the risk that we may be unable to develop or achieve commercial success for additional tests in a timely manner, or at all;

•the risk that we may not successfully develop new markets or channels for our tests;

•the risk that licenses to the technology underlying our tests and any future tests are terminated or cannot be maintained on satisfactory terms;

•risks related to delays or other problems with operating our laboratory testing facilities;

•risks related to public concern over genetic testing in general or our tests in particular;

•risks related to regulatory requirements or enforcement in the United States and foreign countries and changes in the structure of the healthcare system or healthcare payment systems;

•risks related to our ability to obtain new corporate partnerships and collaborations or licenses and acquire or develop new technologies or businesses on satisfactory terms, if at all;

•risks related to our ability to successfully integrate and derive benefits from any technologies or businesses that we license, acquire, or develop;

•the risk that we are not able to secure additional financing to fund our business, if needed, in a timely manner or on favorable terms, if at all;

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•risks related to our projections or estimates about the potential market opportunity for our current and future products;

•the risk that we or our licensors may be unable to protect or that third parties will infringe the proprietary technologies underlying our tests;

•the risk of patent-infringement claims or challenges to the validity of our patents;

•risks related to changes in intellectual property laws covering our tests, or patents or enforcement, in the United States and foreign countries;

•risks related to security breaches, loss of data and other disruptions, including from cyberattacks and other cybersecurity incidents;

•risks of new, changing and competitive technologies in the United States and internationally, and that we may not be able to keep pace with the rapid technology changes in our industry, or properly leverage new technologies to achieve or sustain competitive advantages in our products;

•the risk that we may be unable to comply with financial or operating covenants under our credit or lending agreements;

•the risk that we may not be able to maintain effective disclosure controls and procedures and internal control over financial reporting;

•risks related to current and future investigations, claims or lawsuits, including derivative claims, product or professional liability claims, and risks related to the amount of our insurance coverage limits and scope of insurance coverage with respect thereto; and

•other factors discussed under the heading "Risk Factors" contained in Part I, Item 1A of our Annual Report on Form 10-K filed with the SEC on February 24, 2026, as updated in subsequent filings we make with the SEC.

In light of these assumptions, risks and uncertainties, the results and events discussed in the forward-looking statements contained in this Quarterly Report on Form 10-Q, or in any document incorporated by reference might not occur. Stockholders are cautioned not to place undue reliance on the forward-looking statements, which speak only as of the date of this Quarterly Report on Form 10-Q. We are not under any obligation, and we expressly disclaim any obligation, to update or alter any forward-looking statements, whether as a result of new information, future events or otherwise except as required by applicable law. All forward-looking statements in this Quarterly Report on Form 10-Q attributable to us or to any person acting on our behalf are expressly qualified in their entirety by the cautionary statements contained or referred to in this section.

General

Myriad Genetics is a leading molecular diagnostics and precision medicine company committed to advancing health and well-being for all. We develop and commercialize molecular tests that help patients and providers uncover genetic insights. Our tests assess the risk of developing disease or disease progression and guide treatment decisions across medical specialties where molecular insights can significantly improve patient care, support earlier detection, enable more precise treatment and contribute to lowering healthcare costs.

We believe there are significant growth opportunities in addressing the pressing healthcare needs of patient populations through innovative molecular diagnostic testing and precision medicine solutions and services. Our long-term growth strategy is built on leveraging our differentiated strengths, including our reputation for trusted high-quality tests and customer service, and our established, extensive commercial reach in community medicine. Our strategy also leverages investments in science and innovation, technology-enabled operations, an enhanced customer experience, strong commercial execution, and scalable operations. Our strategic intent is to accelerate profitable growth by focusing on (i) providing a comprehensive testing menu for the Cancer Care Continuum market with a priority for high growth applications; (ii) growing our Prenatal Health and Mental Health revenues at or above market growth; and (iii) delivering sustained profitable growth through financial and operational discipline and leveraging our operating model. Under this strategy, we plan to leverage our strong scientific foundation, deep clinical partnerships, and technology-enabled capabilities to expand adoption of our testing portfolio and integrate our precision medicine solutions more deeply into clinical workflows across the Cancer Care Continuum, Prenatal Health, and Mental Health. We are committed to making molecular testing accessible and actionable for patients and providers while driving long-term growth and profitability.

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Business Updates

Our recent significant business updates include the following:

•In April 2026, we announced our commitment to present four abstracts at the Society of Gynecologic Oncology (SGO) Annual Meeting highlighting new Precise MRD data in ovarian cancer and we announced expanded access to our MyChoice test to prostate cancer patients in Japan.

•In March 2026, we launched the Precise MRD test at a select number of oncology practices. Our ultrasensitive assay represents meaningful progress toward earlier insight, more informed decisions, and better outcomes for cancer patients.

•In March 2026, we received FDA approval of the MyChoice CDx test as the companion diagnostic for Zejula (niraparib) for patients with ovarian cancer and announced the commercial launch of Precise MRD with select community oncologists, marking an important milestone in advancing minimal residual disease, or MRD, testing into clinical practice.

•In February 2026, we announced that six abstracts presented at American Society of Clinical Oncology (ASCO) 2026 Genitourinary (GU) Cancers Symposium reinforced the clinical impact of our Precise MRD, Prolaris, and MyRisk tests, and also announced results from a study of FirstGene that demonstrated high analytical sensitivity and specificity for each component of the Precise MRD test. FirstGene continues to be used in the CONNECTOR study, a multi-site, prospective clinical study designed to evaluate test performance in real-world clinical practice and generate evidence to support clinical validity and clinical utility across the multiple components of the assay as FirstGene advances toward full commercial launch.

•In January 2026, we announced advancement of the Precise MRD commercialization timeline, supported by new clinical study data that we believe further validates the performance and utility of Precise MRD.

Results of Operations for the Three Months Ended March 31, 2026 and 2025

The results of operations for the three months ended March 31, 2026 and 2025 are discussed below.

Revenue

The following table summarizes revenue changes in our core product categories:

			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%

The following table summarizes volume changes in our core product categories:

			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						—%

Revenue increased $4.5 million for the three months ended March 31, 2026 compared to the same period in the prior year. Mental Health revenue increased $7.3 million due to a 15% increase in revenue per test and a 7% increase in volume. Cancer Care Continuum revenue increased $4.6 million due to a 13% increase in volume that was partially offset by a 8% decrease in revenue per test. These increases in revenue were partially offset by a decrease in Prenatal Health revenue. Prenatal Health revenue decreased $7.4 million due to a 12% decrease in volume and a 4% decrease in revenue per test.

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Cost of Revenue

			Three months ended March 31,
(in millions)			2026									2025						Change						% Change
Cost of revenue			$	62.8								$	61.7					$	1.1					2		%
Cost of revenue as a % of total revenue			31.3		%							31.5		%

Cost of revenue for the three months ended March 31, 2026 approximated the expenses incurred in the same period in the prior year, which is consistent with total volume remaining at a consistent level each period on a consolidated basis.

Research and Development Expense

			Three months ended March 31,
(in millions)			2026									2025						Change						% Change
Research and development expense			$	27.1								$	27.5					$	(0.4)					(1)		%
Research and development expense as a % of total revenue			13.5		%							14.0		%

Research and development expense for the three months ended March 31, 2026 was relatively consistent with research and development expenses incurred in the same period of the prior year.

Sales and Marketing Expense

			Three months ended March 31,
(in millions)			2026									2025						Change						% Change
Sales and marketing expense			$	73.6								69.2						$	4.4					6		%
Sales and marketing expense as a % of total revenue			36.7		%							35.3		%

Sales and marketing expense increased by $4.4 million for the three months ended March 31, 2026 compared to the prior year period primarily due to a $2.4 million increase in marketing costs, along with a $1.2 million increase in sales related events.

General and Administrative Expense

			Three months ended March 31,
(in millions)			2026									2025						Change						% Change
General and administrative expense			$	62.2								66.5						$	(4.3)					(6)		%
General and administrative expense as a % of total revenue			31.0		%							33.9		%

General and administrative expense decreased by $4.3 million for the three months ended March 31, 2026 compared to the prior year period primarily due to a $2.3 million decrease in amortization for previously impaired intangible assets, and a decrease of $2.0 million in rent expense.

Goodwill and Long-lived Asset Impairment Charges

			Three months ended March 31,
(in millions)			2026									2025						Change						% Change
Goodwill and long-lived asset impairment charges			$	5.4								$	—					$	5.4					—		%
Goodwill and long-lived asset impairment charges as a % of total revenue			2.7		%							—		%

Goodwill and long-lived asset impairment charges in the three months ended March 31, 2026 included impairment charges of $5.4 million related to our Women's Health reporting unit and certain intangible assets. There were no goodwill and long-lived asset impairment charges in the three months ended March 31, 2025.

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Other Expense, Net

			Three months ended March 31,
(in millions)			2026									2025						Change						% Change
Other expense, net			$	(3.4)								$	(0.4)					$	(3.0)					750%

Other expense, net for the three months ended March 31, 2026 increased $3.0 million as compared to the same period in the prior year primarily due to an increase in interest expense for the current period related to our $125 million term loan secured in July 2025.

Income Tax Benefit

			Three months ended March 31,
(in millions)			2026									2025						Change						% Change
Income tax benefit			$	—								$	29.3					$	(29.3)					(100)%
Effective tax rate			—		%							99.7		%

Our tax rate is the product of a blended U.S. statutory federal income tax rate of 21.0% and a blended state income tax rate of approximately 3.4%. Certain significant or unusual items are separately recognized during the period in which they occur and can be a source of variability in the effective tax rates from period to period.

Income tax expense for the three months ended March 31, 2026 was insignificant, resulting in our effective tax rate of approximately 0.0%. Income tax benefit for the three months ended March 31, 2025 was $29.3 million and our effective tax rate was 99.7%. For the three months ended March 31, 2026, our recognized effective tax rate differs from the U.S. federal statutory rate primarily due to the recognition of valuation allowances. For the three months ended March 31, 2025, our recognized effective tax rate differs from the U.S. federal statutory rate primarily due to the release of unrecognized tax benefits and the recognition of valuation allowances. The unrecognized tax benefits released were primarily related to tax refund claims following the Coronavirus Aid, Relief, and Economic Security Act, or the CARES Act. Following the success of these claims, we remeasured or released the unrecognized benefits resulting in a discrete tax benefit of $29.6 million during the three months ended March 31, 2025. Due to our cumulative loss and the exhaustion of future taxable income from the reversal of taxable temporary differences, our estimated annual effective tax rate for the current year includes a valuation allowance against the current year increase in deferred tax assets.

Liquidity and Capital Resources

Our primary sources of liquidity are our cash and cash equivalents, our expected cash flows from operations, and, in certain circumstances, amounts available for borrowing under our credit facility discussed below. Our capital deployment strategy focuses on use of resources in the key areas of research and development, technology, and investments in partnerships and collaborations. We believe that investing organically through research and development and new product development to support our business strategy provides the best return on invested capital.

On July 31, 2025 (the "Closing Date"), we entered into a Credit Agreement (the "Credit Agreement") with the lenders from time to time party thereto, and OrbiMed Royalty & Credit Opportunities IV, LP., as administrative agent (the "Administrative Agent") and as initial lender. The Credit Agreement consists of a $200.0 million term loan credit facility with an initial term loan of $125.0 million (the "Initial Loan"), which amount was funded on the Closing Date, and delayed draw term loans (the "Delayed Draw Loans" and together with the Initial Loan, the "Loans"), at our election on or prior to June 30, 2027, in a maximum principal amount of $75.0 million (the "Credit Facility"). We incurred debt discounts and issuance costs totaling $9.4 million. These costs are being amortized using the effective interest method. The proceeds of the Credit Facility were used to repay and terminate the Company's previous borrowing, with the remainder designated for working capital needs and general corporate purposes. On January 5, 2026, we and the Administrative Agent entered into the First Amendment to Credit Agreement for certain cash management matters.

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The Credit Facility matures on July 31, 2030 (the "Maturity Date"). Loans outstanding under the Credit Facility bear interest at a rate per annum equal to (x) the greater of the one-month Secured Overnight Financing Rate ("SOFR") Rate and 2.5% plus (y) an applicable margin of 6.5%. All repayments are subject to the accrued exit fee. Commencing on September 30, 2029, and on the last business day of each fiscal quarter thereafter, we are required to make a scheduled principal payment equal to 2.5% of the unpaid principal amount of the Loans outstanding on the fourth anniversary of the Closing Date, together with any applicable exit fee. We may elect to prepay all or a portion of the amounts owed prior to the Maturity Date subject to a repayment premium, in addition to the exit fee. Any undrawn portion of the Delayed Draw Loans is subject to a fee of 0.5% per annum, payable each interest period based on the amount that remains undrawn through June 30, 2027. The interest rate for borrowings under the Credit Agreement as of March 31, 2026 was 10.2%.

The Credit Facility is also subject to customary mandatory prepayments with the proceeds of indebtedness and certain asset sales and casualty events. In addition to the exit fee and repayment premium referenced above, voluntary and mandatory prepayments and all other payments of the Credit Facility must also be accompanied by payment of accrued interest on the principal amount repaid or prepaid. The Credit Facility is also subject to other customary fee arrangements.

Our obligations are guaranteed by certain of our material subsidiaries (the “Credit Facility Guarantors”) pursuant to a Guarantee. Our obligations and the Credit Facility Guarantors under the Credit Agreement and Guarantee are secured by substantially all of our assets and the Credit Facility Guarantors under a Pledge and Security Agreement entered into with the Administrative Agent.

The Credit Facility requires us and our subsidiaries, on a consolidated basis, to comply with a minimum trailing twelve-month revenue test as of the end of each month, commencing with the month ending December 31, 2025 at $615.0 million and increasing quarterly to $974.0 million beginning on December 31, 2029 and thereafter. In addition, the Credit Facility contains customary representations and warranties and affirmative and negative covenants, including covenants that limit or restrict us and our subsidiaries’ ability to incur liens, incur indebtedness, dispose of assets, make investments, make certain restricted payments, merge or consolidate and enter into certain speculative hedging arrangements. The Credit Facility includes a number of customary events of default, including, among other things, nonpayment defaults, covenant defaults, cross-defaults to other material indebtedness, bankruptcy and insolvency defaults, material judgment defaults and the occurrence of a change of control. If any event of default occurs (subject, in certain instances, to specified grace periods), the principal, premium, if any, interest and any other monetary obligations on all the then outstanding amounts under the Credit Facility may become due and payable immediately. As of March 31, 2026, we were in compliance with all covenants under the Credit Agreement.

We believe that our existing capital resources will be sufficient to meet our projected operating requirements for at least the next 12 months. Our available capital resources, however, may be consumed more rapidly than currently expected, or may be insufficient for our business needs for many reasons, including as a result of our operational cash needs or capital expenditures. In addition, we are subject to covenants under our Credit Facility which could limit our ability to incur additional indebtedness or impact our ability to pursue other financing. If we do not generate sufficient cash from operations, if our capital resources are consumed more rapidly than expected, or if we no longer have access to additional funds under our Credit Facility and we are unable to secure additional funds on acceptable terms, or at all, we may be forced to delay, scale back or eliminate some of our sales and marketing efforts, research and development activities, or other operations or delay development of our tests in an effort to provide sufficient funds to continue our operations. If any of these events occur, our ability to achieve our development and commercialization goals could be adversely affected.

From time to time, we enter into purchase commitments or other agreements that may materially impact our liquidity position in future periods.

Third-party payors, including state and federal health-care programs such as Medicare, managed care organizations, and other private health insurers, are increasingly attempting to contain health-care costs by limiting or denying coverage for certain tests and reducing reimbursement rates for both new and existing tests. We have experienced and may continue to experience coverage limitations or denials for many of our products.

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The following table represents the balances of cash and cash equivalents as of the dates set forth in the table below: 

(in millions)			March 31, 2026									December 31, 2025						Change
Cash and cash equivalents			$	124.4								$	149.6					$	(25.2)

The decrease in cash and cash equivalents as of March 31, 2026 as compared to December 31, 2025 was primarily driven by $15.7 million in cash used for operating activities and $6.5 million in cash used for capital expenditures, as well as $3.0 million used in financing activities, primarily related to tax withholding payments on stock-based compensation.

The following table represents the Condensed Consolidated Statement of Cash Flows:

			Three Months Ended March 31,
(in millions)			2026									2025						Change
Cash flows used in operating activities			$	(15.7)								$	(16.3)					$	0.6
Cash flows used in investing activities			(6.5)									(8.3)						1.8
Cash flows (used in) provided by financing activities			(3.0)									13.6						(16.6)
Effect of foreign exchange rates on cash, cash equivalents, and restricted cash			(0.1)									0.1						(0.2)
Net decrease in cash, cash equivalents, and restricted cash			(25.3)									(10.9)						(14.4)
Cash, cash equivalents, and restricted cash at the beginning of the period			151.3									111.9						39.4
Cash, cash equivalents, and restricted cash at the end of the period			$	126.0								$	101.0					$	25.0

Cash Flows from Operating Activities

We used $0.6 million less cash for operating activities for the three months ended March 31, 2026 compared to the same period in the prior year. Net loss was lower in the previous period, the effect of which was largely offset by the change in unrecognized tax benefits in the period. The remaining fluctuation was largely consistent with the prior period.

Cash Flows from Investing Activities

We used $1.8 million less cash for investing activities for the three months ended March 31, 2026 compared to the same period in the prior year. The decrease in cash used in investing activities was primarily due to a decrease in the capitalization of intangible asset expenditures for software developed for internal use.

Cash Flows from Financing Activities

Cash flows from financing activities decreased $16.6 million for the three months ended March 31, 2026 compared to the same period in the prior year, primarily due to incremental borrowings of $19.5 million under the revolving credit facility in the prior year, partially offset by $2.9 million lower tax withholding payments on stock-based compensation plans.

Effects of Inflation

Inflation has not had a material impact on our results of operations or financial position for the periods presented. While we have experienced general cost increases consistent with broader inflationary trends, these increases have not significantly affected our operating results. If inflation were to increase, it may negatively impact our profitability and may adversely affect our business, financial condition and results of operations. In addition, higher inflationary pressures may contribute to higher interest rates, which could increase our borrowing costs or affect the terms and availability of future financing. Furthermore, to the extent tariffs imposed by the United States affect our costs, we may not be able to pass on any portion of the cost increase to our customers.

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Critical Accounting Estimates

Critical accounting estimates are those estimates made in accordance with generally accepted accounting principles that involve a significant level of estimation uncertainty and have had or are reasonably likely to have a material impact on a company's financial condition or results of operations. For a further discussion of our critical accounting estimates, see our Annual Report on Form 10-K filed with the SEC on February 24, 2026. No significant changes to our critical accounting estimates took place during the three months ended March 31, 2026, except as described below.

Goodwill is tested for impairment at least annually and more frequently if events or changes in circumstances indicate that the asset may be impaired. During the first quarter of 2026, we concluded that an impairment triggering event had occurred due to a sustained decline in our share price and market capitalization. As a result, we performed interim quantitative impairment testing on our goodwill and intangible assets for all reporting units and the Company recorded an immaterial goodwill impairment for one reporting unit. Additionally, we corroborated the reasonableness of the estimated reporting unit fair values by reconciling them to our enterprise value and market capitalization as of March 2026. The impairment did not have a material impact on the Company’s financial condition or results of operations. Based on management’s most recent impairment assessment, the fair values of the Company’s remaining reporting units substantially exceed their respective carrying values. Certain future events and circumstances, including a higher cost of capital or a decline in actual and expected revenues or profitability, among others, could result in changes to these assumptions and judgments. A revision of these estimates and assumptions could cause the fair values of the reporting units to fall below their respective carrying values, resulting in impairment charges, which could have a material adverse effect on our results of operations. We will continue to monitor our reporting units for any triggering events or other signs of impairment which could result in impairment charges in the future.

Item 3.    Quantitative and Qualitative Disclosures About Market Risk

We are exposed to market risks in the ordinary course of our business. These risks primarily relate to foreign currency exchange rates and interest rates.

We have been and may continue to be exposed to fluctuations in foreign currencies with regard to certain agreements with service providers. While our expenses are predominantly denominated in U.S. dollars, approximately 7% of our revenue for the three months ended March 31, 2026 is denominated in other currencies, primarily in Japanese yen. A hypothetical 10% change in the value of the Japanese yen relative to the U.S. dollar would result in less than a 1% change in our revenue. We do not currently utilize hedging strategies to mitigate foreign currency risk.

We are exposed to interest rate risk primarily through borrowings under our Credit Facility. Our Credit Facility has a variable interest rate based on the SOFR. An incremental change in the borrowing rate of 100 basis points would increase or decrease our annual interest expense by $1.3 million based on the Credit Facility balance of $125.0 million.

Item 4.    Controls and Procedures

Evaluation of Disclosure Controls and Procedures  

We maintain disclosure controls and procedures, or Disclosure Controls, within the meaning of Rules 13a-15(e) and 15d-15(e) of the Securities Exchange Act of 1934, as amended, or the Exchange Act. Our Disclosure Controls are designed to ensure that information required to be disclosed by us in the reports we file or submit under the Exchange Act, such as this Quarterly Report on Form 10-Q, is recorded, processed, summarized, and reported within the time periods specified in the SEC’s rules and forms. Our Disclosure Controls are also designed to ensure that such information is accumulated and communicated to our management, including our Chief Executive Officer and Chief Financial Officer, as appropriate, to allow timely decisions regarding required disclosure. In designing and evaluating our Disclosure Controls, management recognized that any controls and procedures, no matter how well designed and operated, can provide only reasonable assurance of achieving the desired control objectives, and management necessarily applied its judgment in evaluating and implementing possible controls and procedures.

As of the end of the period covered by this Quarterly Report on Form 10-Q, we evaluated the effectiveness of the design and operation of our Disclosure Controls, which was done under the supervision and with the participation of our management, including our Chief Executive Officer and Chief Financial Officer. Based on the evaluation of our Disclosure Controls, our Chief Executive Officer and Chief Financial Officer have concluded that, as of March 31, 2026, our Disclosure Controls were effective to provide reasonable assurance that information required to be disclosed by us in the reports we file or submit under the Exchange Act is recorded, processed, summarized and reported within the time period specified in the SEC's rules and forms and is accumulated and communicated to our management, including our Chief Executive Officer and Chief Financial Officer, as appropriate to allow timely decisions regarding required disclosure.

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Changes in Internal Controls  

There were no changes in our internal control over financial reporting that occurred during the three months ended March 31, 2026 that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.

PART II - Other Information

Item 1.    Legal Proceedings.

For information regarding certain current legal proceedings, see Note 12, "Commitments and Contingencies" in the notes to Condensed Consolidated Financial Statements included in this Quarterly Report on Form 10-Q.

Item 1A. Risk Factors.

In addition to the other information set forth in this Quarterly Report on Form 10-Q, you should carefully consider the risk factors and other cautionary statements described under the heading “Risk Factors” included in Part I, Item 1A of our Annual Report on Form 10-K filed with the SEC on February 24, 2026, which could materially affect our business, financial condition or future results. Additional risks and uncertainties not currently known to us or that we currently deem to be immaterial also may materially and adversely affect our business, financial condition or future results. There have been no material changes in our risk factors from those described in our Annual Report on Form 10-K filed with the SEC on February 24, 2026. We may disclose changes to risk factors or additional risk factors from time to time in our future filings with the SEC.

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

Unregistered Sales of Equity Securities

Not applicable.

Issuer Purchases of Equity Securities

We did not repurchase any of our equity securities during the quarter ended March 31, 2026.

Item 3.    Defaults Upon Senior Securities.

None.

Item 4.    Mine Safety Disclosures.

Not applicable.

Item 5.    Other Information.

Rule 10b5-1 Trading Plans

During the quarter ended March 31, 2026, none of our directors or executive officers adopted, modified or terminated any contract, instruction or written plan for the purchase or sale of our securities that was intended to satisfy the affirmative defense conditions of Rule 10b5-1(c) or any “non-Rule 10b5-1 trading arrangement” (as defined in Item 408 of Regulation S-K).

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Item 6.    Exhibits.

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.

* The Certification attached as Exhibit 32.1 that accompanies this Quarterly Report on Form 10-Q is not deemed filed with the Securities and Exchange Commission and is not to be incorporated by reference into any filing of Myriad Genetics, Inc. under the Securities Act of 1933, as amended, or the Securities Exchange Act of 1934, as amended, whether made before or after the date of this Quarterly Report on Form 10-Q, irrespective of any general incorporation language contained in such filing.

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SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

			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)

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FAQ

How did Myriad Genetics (MYGN) perform financially in Q1 2026?

Myriad Genetics generated $200.4 million in Q1 2026 revenue, up from $195.9 million a year earlier. The company reported a net loss of $34.1 million, driven by continued operating losses, a $5.4 million impairment charge, and the absence of a prior one-time tax benefit.

What drove revenue changes by segment for Myriad Genetics (MYGN) in Q1 2026?

Cancer Care Continuum revenue increased to $120.2 million on 13% higher volume, while Mental Health revenue rose to $38.3 million from stronger pricing and volume. Prenatal Health revenue declined to $41.9 million, reflecting a 12% volume drop and lower revenue per test.

What was Myriad Genetics’ (MYGN) cash and debt position at March 31, 2026?

As of March 31, 2026, Myriad Genetics held $124.4 million in cash and cash equivalents, down from $149.6 million at year-end 2025. Long-term debt totaled $125.0 million under a term loan maturing in 2030, with an interest rate of about 10.2%.

How much cash did Myriad Genetics (MYGN) use in operations in Q1 2026?

Myriad Genetics used $15.7 million of cash in operating activities during Q1 2026, similar to the $16.3 million outflow a year earlier. The outflow mainly reflects the company’s operating loss, working capital movements, and non-cash adjustments such as depreciation and stock-based compensation.

Did Myriad Genetics (MYGN) record any impairment charges in Q1 2026?

Yes. Myriad Genetics recorded $5.4 million of goodwill and long-lived asset impairment charges in Q1 2026. The company cited a sustained decline in its share price and market capitalization and determined that goodwill for the Women’s Health reporting unit was fully impaired after testing.

What revenue covenant applies to Myriad Genetics’ (MYGN) credit facility?

The company’s term loan requires compliance with a minimum trailing twelve-month revenue test, starting at $615 million as of December 31, 2025 and increasing quarterly to $974 million by December 31, 2029. Falling below these thresholds could trigger default under the credit agreement.