Myriad Genetics, Inc. (MYGN): History, Ownership, Mission, How It Works & Makes Money

As a seasoned investor or analyst, you know that the future of medicine is precision, but how do you value a company like Myriad Genetics, Inc. (MYGN) that's navigating a fundamental shift in its core business?

In the 2025 fiscal year, the company is projecting revenue between $818 million and $828 million, with hereditary cancer testing still accounting for about 45% of sales, yet its adjusted EPS guidance is tight, ranging from a loss of $(0.02) to a gain of $0.02, showing the pressure on its gross margin.

You're seeing strong institutional ownership at nearly 99.41%, but the strategic pivot away from its traditional model toward a broader Cancer Care Continuum-plus the volume growth in MyRisk hereditary cancer testing-is what really matters right now, so you need to understand the mechanics behind this transformation.

Myriad Genetics, Inc. (MYGN) History

You're looking for the foundational story of Myriad Genetics, Inc. (MYGN), and it's a classic tale of scientific breakthrough meeting market disruption, but with a major legal twist that forced a total business model pivot. The company's history is defined by its initial dominance in hereditary cancer testing, which was then challenged by a landmark Supreme Court case, forcing a sharp, successful diversification into a broader precision medicine portfolio.

Given Company's Founding Timeline

Year established

Myriad Genetics was established in 1991.

Original location

The company was founded in Salt Lake City, Utah, where its headquarters remain today.

Founding team members

• Dr. Mark Skolnick: A University of Utah geneticist who pioneered the gene mapping technique (Restriction Fragment-length Polymorphisms or RFLP) critical to the company's first major discovery.
• Peter Meldrum: Served as the long-time CEO, steering the company through its early growth and IPO.
• Walter Gilbert: A Nobel Laureate who brought significant scientific credibility and served as a director.
• Kevin Kimberlin: Instrumental in securing early financing and strategic direction.

Initial capital/funding

The company secured early venture capital and strategic partnerships, but the major initial capital infusion came from its Initial Public Offering (IPO) on NASDAQ in 1995, which raised approximately $27 million. To date, Myriad has historically raised over $200.2 million in total funding.

Given Company's Evolution Milestones

Given Company's Transformative Moments

The company's trajectory was shaped by three major, non-negotiable forces: a scientific discovery, a legal defeat, and a strategic pivot.

The discovery of the BRCA1/BRCA2 genes and the subsequent launch of BRACAnalysis in the mid-1990s was the first transformative moment. This single product essentially created the hereditary cancer testing market and gave Myriad a near-monopoly, which drove massive revenue growth for almost two decades.

The second, and most critical, moment was the 2013 Supreme Court ruling. This decision invalidated Myriad's patents on isolated, naturally occurring DNA, which was the core legal protection for BRACAnalysis. Honestly, it was a near-death experience for the company's original business model, so they had to move fast.

The third transformation was the post-patent-cliff diversification strategy, which is still playing out today. This shift involved a series of strategic acquisitions and internal development to build a three-pillar business focusing on Oncology, Women's Health, and Mental Health. This move is why the company's full-year 2025 revenue guidance is still strong, projected between $807 million and $823 million. The focus is now on the 'Cancer Care Continuum,' moving beyond just risk assessment.

• Strategic Pivot to Diversification: Major acquisitions like Assurex Health and Counsyl shifted the revenue base away from a single test, creating a more resilient portfolio.
• Focus on AI and Liquid Biopsy: In 2025, the company secured a new $200 million term loan to enhance financial flexibility and growth. Plus, the strategic collaboration with SOPHiA GENETICS and the development of the Precise MRD (Minimal Residual Disease) test signals a deep commitment to next-generation, AI-enabled diagnostics.
• Financial Context (2025): The Oncology segment, still anchored by hereditary cancer testing, is projected to generate approximately $370 million in revenue for the full fiscal year 2025. This represents about 45% of total projected sales, showing the original business, while competitive, is defintely still the largest single contributor.

For a deeper dive into what drives their current strategy, you can read the Mission Statement, Vision, & Core Values of Myriad Genetics, Inc. (MYGN).

Myriad Genetics, Inc. (MYGN) Ownership Structure

Myriad Genetics, Inc. (MYGN) is overwhelmingly controlled by institutional money, a common trait in the precision medicine and diagnostics sector where large capital is defintely needed for R&D and scale. This ownership structure means that strategic decisions and stock price movements are heavily influenced by the investment thesis of major asset managers like BlackRock, Inc. and Vanguard Group Inc..

Myriad Genetics' Current Status

Myriad Genetics is a publicly traded company, listed on the NASDAQ Global Select Market under the ticker symbol MYGN. As a large-cap company, its governance is subject to the rigorous reporting and transparency requirements of the U.S. Securities and Exchange Commission (SEC), including regular 10-K and 10-Q filings. The total shares outstanding as of October 31, 2025, stood at 93,213,722. The high concentration of institutional ownership means you need to pay close attention to 13F filings, which reveal the buying and selling activity of these major funds. Honestly, tracking the big funds' sentiment is a key part of the investment strategy here. For a deeper dive into who is buying and why, you can check out Exploring Myriad Genetics, Inc. (MYGN) Investor Profile: Who's Buying and Why?.

Myriad Genetics' Ownership Breakdown

The company's shareholder base is dominated by institutional investors, which is typical for a biotech firm with a market capitalization that requires significant liquidity. Institutional ownership often exceeds 100% of the public float due to reporting complexities like short interest and the inclusion of different share classes in regulatory filings. Here's the quick math on the major stakeholders as of the latest 2025 fiscal year data.

Myriad Genetics' Leadership

The company's strategy is steered by a leadership team with deep experience in the diagnostics and genomics space, a crucial factor as Myriad Genetics shifts its focus toward a broader cancer care continuum. The key appointments in 2025 reflect a push for commercial growth and execution excellence.

• Sam Raha: President and Chief Executive Officer (CEO). Appointed in April 2025, he previously served as COO and is focused on accelerating growth and profitability.
• Ben Wheeler: Chief Financial Officer (CFO). He shares the CEO's passion for execution excellence and managing the financial details of the strategic plan.
• Mark Verratti: Chief Operating Officer (COO). Promoted in April 2025, he focuses on strengthening operations and enhancing the overall customer experience.
• Brian Donnelly: Chief Commercial Officer (CCO). Joined in May 2025 to oversee global commercial strategy and execution, bringing experience from companies like Illumina and Amazon.
• Dr. Dale Muzzey: Chief Scientific Officer (CSO). Leads the company's R&D and innovation pipeline, which is vital for new product launches like the Precise MRD assay.

The leadership changes in early 2025, including the appointment of Sam Raha as CEO, signal a clear pivot toward predictable, profitable growth, a necessary move given the Q3 2025 net loss of $(27.4) million.

Myriad Genetics, Inc. (MYGN) Mission and Values

Myriad Genetics, Inc. stands for more than just its projected 2025 revenue of up to $823 million; its core purpose is to democratize genetic insights, moving precision medicine from a niche concept to a standard of care for everyone. This dedication to advancing health and well-being through science forms the cultural DNA that drives its strategic decisions and product pipeline, like the Precise MRD assay.

You're looking for the bedrock of the company, the non-financial drivers, and honestly, they are clear: Myriad Genetics, Inc. is focused on revealing the answers inside each of us to empower better health decisions. Breaking Down Myriad Genetics, Inc. (MYGN) Financial Health: Key Insights for Investors

Myriad Genetics' Core Purpose

The company's mission and values are the lens through which every investment, from R&D to commercial strategy, is viewed. For instance, the commitment to innovation is evident in their goal to commercially launch an AI-driven prostate cancer test by the end of 2025.

Official mission statement

The formal mission statement is a succinct declaration of their role in the healthcare ecosystem, emphasizing empowerment and discovery.

• Advance health and well-being for all.
• Empower every individual by revealing the answers inside each of us.

This mission translates into tangible outcomes, like the 13% year-over-year volume growth seen in their MyRisk hereditary cancer test in the third quarter of 2025, which shows people are acting on these genetic answers. It's a simple mandate: give people the data to take control.

Vision statement

The vision outlines the long-term aspiration for the company's position in the evolving field of personalized medicine, moving beyond diagnostics to true disease management.

• Be a leader in genetic testing and precision medicine.
• Provide insights that help people take control of their health.
• Enable healthcare providers to better detect, treat, and prevent disease.

This vision is backed by the numbers, like the 11% year-over-year revenue growth in the Prenatal business in Q1 2025, showing they are expanding their leadership across different medical specialties. The focus is defintely on actionable data, not just raw results.

Myriad Genetics slogan/tagline

The company distills its complex work into a powerful, human-centric phrase that captures the essence of genetic science's potential for the individual.

• Revealing the power of genetic science - for everyone.

Core Values

The corporate values are the operational guideposts, ensuring that the pursuit of profit is balanced with ethical responsibility and a commitment to quality in a high-stakes industry.

• Integrity: Upholding the highest ethical standards in a sensitive field.
• Excellence: Ensuring the highest quality in testing, like the 88% of samples processed within industry-leading turnaround times.
• Collaboration: Working with providers and partners, like the Q3 2025 collaboration with SOPHiA GENETICS for liquid biopsy companion diagnostics.
• Innovation: Continuously developing new tests and technologies.

Here's the quick math: with 2025 adjusted EBITDA targeted between $19 million and $27 million, the company has the financial flexibility to invest in the innovation its values demand. What this estimate hides is the ongoing investment in R&D, which is the lifeblood of a precision medicine company.

Myriad Genetics, Inc. (MYGN) How It Works

Myriad Genetics operates by translating complex human molecular biology into actionable clinical information, primarily through proprietary genetic tests that assess disease risk, guide treatment, and monitor recurrence. The company's value chain runs from sample collection to high-throughput lab processing and delivering a physician-facing, data-rich report that influences critical medical decisions.

You're essentially paying for a high-precision, data-driven roadmap for a patient's health journey, which is why the company's gross margin is expected to be strong, with full-year 2025 guidance between 69.5% and 70.0%. This focus on precision medicine is what drives their projected full-year 2025 revenue guidance of $818 million to $828 million.

Myriad Genetics' Product/Service Portfolio

Myriad Genetics' Operational Framework

The company's operational strength rests on its high-volume, centralized laboratory infrastructure and a strategic shift toward digital integration and partnerships. They process a massive number of samples-386,000 tests in Q3 2025 alone-which allows for significant economies of scale.

• Sample-to-Result Pipeline: Patient samples (blood, saliva, tumor tissue) are shipped to centralized, CLIA-certified labs for DNA/RNA extraction, sequencing, and analysis using proprietary algorithms.
• Digital Integration: Myriad Genetics is actively deploying electronic medical records (EMR) solutions to streamline test ordering and result delivery, especially in the Hereditary Cancer and Women's Health segments.
• Strategic Alliances: Partnerships, like the one with SOPHiA GENETICS announced in September 2025, are crucial for developing global liquid biopsy companion diagnostics (CDx) and enhancing AI-enabled diagnostics, which is defintely the future.
• Financial Discipline: Management is focused on growing revenue faster than operating expenses, leveraging their scale to maintain an industry-leading gross margin profile.

Here's the quick math: high volume plus laboratory efficiencies equals a lower cost per test, which is how they maintain profitability even with pricing pressures. For a deeper dive, read Breaking Down Myriad Genetics, Inc. (MYGN) Financial Health: Key Insights for Investors.

Myriad Genetics' Strategic Advantages

Myriad Genetics maintains its market position not just on science, but on a combination of proprietary assets and commercial scale, allowing them to navigate a competitive diagnostics landscape.

• Intellectual Property (IP) Portfolio: A historical and ongoing advantage, including patents related to hereditary cancer genes and diagnostic methods, which creates a significant barrier to entry for competitors.
• Clinical Validation and Brand Trust: The company has a strong reputation and trust among healthcare providers, built on years of clinical validation and numerous peer-reviewed publications supporting the utility of tests like MyRisk and Prolaris.
• Cancer Care Continuum Focus: The strategic shift from solely hereditary cancer testing to covering the entire Cancer Care Continuum-risk assessment, diagnosis, therapy selection (myChoice CDx), and recurrence monitoring (Precise MRD, planned for early 2026)-expands their total addressable market.
• Commercial Infrastructure and Payer Access: A well-established commercial sales force and strong revenue cycle capabilities help secure and expand payer coverage, which is vital for test reimbursement and stable pricing. The new $200 million credit facility entered in July 2025 also enhances financial flexibility for growth initiatives.

Myriad Genetics, Inc. (MYGN) How It Makes Money

Myriad Genetics, Inc. makes money by developing and processing molecular diagnostic tests, which provide physicians and patients with critical genetic information to guide treatment decisions across oncology, women's health, and mental health. The core of its revenue comes from receiving reimbursement for these proprietary tests, primarily from commercial payers, government programs like Medicare, and direct patient payments.

Myriad Genetics' Revenue Breakdown

The company's revenue engine is diversified across three primary clinical segments, though the mix is shifting as of late 2025. Based on the third quarter of 2025 (Q3 2025) results, which is the most current data, Women's Health and Oncology are nearly equal in size, with Mental Health contributing a smaller but important piece.

Here's the quick math: Q3 2025 total revenue was $205.7 million. The Oncology segment brought in $81.8 million, and the Mental Health segment, driven by GeneSight, contributed $38.7 million. The remaining $85.2 million came from Women's Health, which includes prenatal and carrier screening tests like Prequel and Foresight.

Business Economics

The business economics of Myriad Genetics hinge on a high-volume, high-margin laboratory model that constantly battles reimbursement risk. This is a classic diagnostic testing dynamic: you need high test volume to drive scale, but average revenue per test (ARPT) is subject to payer policies.

• Reimbursement Risk is Real: The Mental Health segment illustrates this perfectly. Despite a solid 8% year-over-year volume growth for the GeneSight test in Q3 2025, revenue has been hit hard by UnitedHealthcare's discontinuation of coverage for multi-gene panel pharmacogenetic testing, effective in early 2025. This is a direct headwind that volume growth alone cannot fully offset, and it highlights the vulnerability to a single major payer's policy change.
• Volume Offsets Pricing Pressure: The Oncology segment, anchored by the MyRisk hereditary cancer test, is seeing strong demand. Hereditary cancer testing volume grew by a strong 11% year-over-year in Q3 2025, which is helping to stabilize and grow revenue despite general pricing pressures in the market.
• High Gross Margin: The company maintains a remarkably high adjusted gross margin, guided to be between 69.5% and 70.0% for the full year 2025. This high margin reflects the proprietary nature of their tests and the efficiency of their centralized lab operations.
• Strategic Pivot: Management is focused on the Cancer Care Continuum (CCC), aiming to capture more revenue per patient by offering a suite of tests-from risk assessment (MyRisk) to therapy selection (BRACAnalysis CDx) and prognosis (Prolaris). This strategy is defintely designed to increase test utilization and reduce reliance on any single product. For more on this, you can check out Mission Statement, Vision, & Core Values of Myriad Genetics, Inc. (MYGN).

Myriad Genetics' Financial Performance

As of November 2025, Myriad Genetics' financial performance shows a company achieving operational profitability on an adjusted basis, but still grappling with significant non-cash charges and a challenging GAAP (Generally Accepted Accounting Principles) net loss. You have to look at the adjusted numbers to see the operating health.

• Full-Year Revenue: The company has reaffirmed its full-year 2025 revenue guidance to a range of $818 million to $828 million. This suggests a modest year-over-year growth rate when excluding the impact of the GeneSight policy change and divested businesses.
• Adjusted EBITDA: The full-year 2025 adjusted EBITDA is projected to be between $27 million and $33 million. This positive figure is a key indicator of the company's ability to generate cash from its core operations.
• Adjusted EPS: Full-year 2025 adjusted earnings per share (EPS) is expected to be in the range of $(0.02) to $0.02. The company is essentially at a break-even point on an adjusted basis.
• GAAP Loss: What this estimate hides is the GAAP net loss. In Q2 2025 alone, the GAAP net loss was $330.5 million, largely due to a non-cash impairment charge of $316.7 million related to a decline in market capitalization. This non-cash charge doesn't affect day-to-day cash flow, but it reflects a significant write-down of asset value on the balance sheet.
• Liquidity: The company bolstered its financial flexibility in July 2025 by securing a new $200 million term loan facility. As of the end of Q3 2025, cash and cash equivalents stood at $145.4 million.

Finance: Monitor the Q4 2025 GeneSight volume and ARPT trends closely to see if the segment can stabilize its revenue contribution.

Myriad Genetics, Inc. (MYGN) Market Position & Future Outlook

Myriad Genetics is navigating a critical transition from a hereditary cancer specialist to a diversified precision medicine company focused on the Cancer Care Continuum. The company projects full fiscal year 2025 revenue between $818 million and $828 million, with a strategic pivot toward new product launches like the Precise Minimal Residual Disease (MRD) assay to drive future growth.

You're seeing a business with a strong core-hereditary cancer testing accounts for about 45% of sales-but one that needs new products to accelerate the top line. Here's the quick math: with the global genetic testing market estimated at around $17.21 billion in 2025, Myriad's projected revenue gives it an approximate global market share of about 4.8%, which is small but reflects its focus on specialized, high-margin clinical segments.

Competitive Landscape

The molecular diagnostics market is a competitive dogfight, especially in core areas like hereditary cancer and prenatal screening. Myriad Genetics maintains its leadership position in hereditary cancer testing, but faces intense pricing pressure and broader test menus from rivals. The company's long-term success hinges on leveraging its high gross margin, which was 69.9% in the third quarter of 2025, to fund new product development and commercial expansion.

Opportunities & Challenges

The path to profitable growth is clear but not simple. The company is making smart moves by focusing on the higher-value oncology pipeline, but it must overcome current headwinds in its mental health segment. You need to watch how quickly they can convert their new partnerships and pipeline products into realized revenue. Honestly, execution is everything here.

Industry Position

Myriad Genetics holds a legacy position as a pioneer in molecular diagnostics, particularly in hereditary cancer. The company is using this foundation to pivot toward a more comprehensive, high-growth strategy in the precision medicine space. This shift is defintely necessary to capture value in the rapidly expanding genetic testing market, which is projected to grow at a CAGR of 15.2% between 2024 and 2029.

• Oncology Focus: The push into Minimal Residual Disease (MRD) and companion diagnostics (CDx) is crucial, moving beyond risk assessment to therapy selection and monitoring.
• Financial Leverage: The company's ability to maintain a gross margin near 70% gives it a financial advantage over many competitors, providing capital for R&D and commercial investments totaling $35 million to boost capabilities.
• Product Diversification: Success requires stabilizing the mental health (GeneSight) and women's health (Foresight, Prequel) segments while the oncology pipeline matures.
• Strategic Alignment: The current strategy aligns with the broader industry trend of integrating genetic data into the entire patient care pathway, which you can read more about in the Mission Statement, Vision, & Core Values of Myriad Genetics, Inc. (MYGN).

The company is targeting a high single-digit to low double-digit revenue growth rate over the next three to five years, which implies a reliance on these new products to significantly outperform the current modest growth. Finance: monitor the uptake and reimbursement timelines for the Precise MRD assay closely.