Myriad misses, reaffirms 2026 outlook as cancer, GeneSight offset prenatal weakness
Myriad misses Q1 2026 estimates with EPS -$0.09, revenue $200.4M, but reaffirms 2026 outlook as cancer, GeneSight offset prenatal weakness
- Reported Q1 2026 GAAP loss of $0.36 per share alongside adjusted loss of $0.09 per share.
- Q1 results missed Zacks consensus estimates for both adjusted EPS and revenue.
- Q1 revenue $200.4M, +2% YoY and within guidance; total tests 385,000, flat YoY.
- Hereditary cancer volumes +14% YoY (affected +10%, unaffected +16%), driving Cancer Care Continuum revenue +4%.
- Prenatal revenue $41.9M, -15% YoY; volumes slightly up QoQ but softer than internal expectations.
- GeneSight revenue $38.3M, +24% YoY on 7% volume growth and improved reimbursement; 39k+ ordering clinicians.
- Gross margin 68.7%, ~20 bps higher YoY and in line with 68–69% full‑year guidance.
- Adjusted EBITDA loss $5M and adjusted EPS loss $0.09, both hurt by accelerated commercial hiring.
- Full‑year 2026 guidance reaffirmed: revenue $860–880M, adjusted EBITDA $37–49M, implying stronger 2H ramp.
- Company added 100+ account executives, mainly in oncology; dedicated prenatal and hereditary sales teams now in place.
- Precise MRD breast alpha launch tracking well; colorectal and renal alpha launches pulled forward into Q3 2026.
- FirstGene prenatal test on track for 2H 2026 launch; expected to be ASP and margin accretive.
- Main concern: Execution risk on the back‑half growth ramp, especially prenatal reacceleration and new product launches underpinning guidance.
- Mixed quarter, driven by strong hereditary cancer and GeneSight growth offset by prenatal weakness and heavier upfront investments.
No comments:
Post a Comment
Note: Only a member of this blog may post a comment.