Q1 2026 earnings snapshot

Myriad Genetics (MYGN) reported Q1 2026 revenue of US$200.4 million with a basic EPS loss of US$0.36, setting the tone for another quarter where the focus is firmly on profitability rather than top line scale. Over the past year, the company has seen quarterly revenue move within a tight band from US$195.9 million in Q1 2025 to US$213.1 million in Q2 2025, while basic EPS has ranged from a small loss of roughly US$0.00 in Q1 2025 to a loss of US$3.57 in Q2 2025. With the stock trading around US$4.11, the latest numbers keep attention on compressed margins and whether the current loss profile can eventually be tightened.

See our full analysis for Myriad Genetics.

With the headline figures on the table, the next step is to see how this earnings print lines up against the key narratives that have formed around Myriad Genetics over the past year and where those stories may be challenged by the data.

Losses widen again at income line

• Net income for Q1 2026 was a loss of US$34.1 million, compared with recent quarters that ranged from a loss of US$7.9 million to US$330.5 million, and trailing 12 month losses sit at US$399.9 million on US$829 million of revenue.
• Bears focus on this pattern of losses and argue that heavier spending and competition could keep profitability out of reach, and the current numbers line up with that concern:
  • Losses have grown at about 34.2% per year over the past five years, and analysts do not forecast a return to profit over the next three years.
  • Even with revenue at US$829 million over the last 12 months, the company remains unprofitable, which skeptics see as evidence that higher volumes alone have not yet fixed margins.

Skeptical investors point to these recurring losses as a reason to question longer term earnings power, and they unpack that view in more detail in the 🐻 Myriad Genetics Bear Case.

Modest growth, but below market pace

• Over the last 12 months, revenue growth is estimated at 5.7% per year to around US$829 million, which trails the referenced US market growth rate of 11.3% per year.
• Supporters highlight a bullish narrative that leans on new tests and partnerships to accelerate growth and margins over time, and the current figures both support and challenge that story:
  • Bulls point to oncology expansion, reimbursement wins and EMR integration as drivers of higher test volumes, which is consistent with revenue reaching hundreds of millions of US dollars annually and growing in the mid single digits.
  • At the same time, the 5.7% revenue growth rate is still below the 11.3% market benchmark, so the data does not yet show the kind of outperformance that bullish investors expect from these growth initiatives.

If you want to see how optimistic investors connect this mid single digit growth to a longer term thesis, you can read their full case in the 🐂 Myriad Genetics Bull Case.

Low 0.5x P/S stands out against peers

• The stock trades on a P/S of 0.5x, which is far below the peer average of 8.8x and the US Biotechs industry average of 10.8x, while the current share price is about US$4.11 and analysts as a group point to a price target of US$7.28.
• Consensus narrative suggests this discount reflects a mix of concerns and potential opportunity, and the current numbers give both sides something to point to:
  • On one hand, the deep P/S gap and a consensus target above the current price hint that some investors see room for rerating if losses narrow from the current US$399.9 million on the last 12 months.
  • On the other, the expectation that the company stays unprofitable for at least three years means the low multiple can also be read as the market pricing in ongoing execution and reimbursement risks rather than simply overlooking the story.

Next Steps

To see how these results tie into long-term growth, risks, and valuation, check out the full range of community narratives for Myriad Genetics on Simply Wall St. Add the company to your watchlist or portfolio so you'll be alerted when the story evolves.

Mixed on the story so far and want to test the risk-reward balance for yourself? Take a closer look at both sides with our 1 key reward and 1 important warning sign

See What Else Is Out There

With recurring losses, mid single digit revenue growth below the broader US market, and a low P/S ratio, Myriad Genetics carries execution and risk overhangs.

If you want to balance that with companies scoring better on risk and earnings stability, start comparing ideas now using the 74 resilient stocks with low risk scores.

This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.