Myriad Genetics reported quarterly revenue of $156.4 million, reflecting a 4% year-over-year decline primarily driven by the loss of GeneSight assay coverage with a major national managed care provider. Management estimates this coverage gap will reduce GeneSight revenues by approximately $12 million to $15 million in fiscal 2024. Despite stable volume growth in hereditary cancer testing, overall top-line performance remains constrained until new reimbursement agreements are finalized.

During the quarter, Myriad introduced two new diagnostics: a next-generation sequencing–based cardiomyopathy panel and an expanded women’s health pharmacogenomics assay. Early commercial uptake has been positive, with over 2,000 cardiomyopathy tests ordered in the first six weeks, generating approximately $0.8 million in revenue. The expanded pharmacogenomics assay has been adopted by five regional health systems, anticipated to add $3 million annually once full rollout is achieved.

Research firms updated their outlooks following the January results. Piper Sandler maintained an overweight recommendation with a price target of $8.50, while UBS raised its target to $8.00 and Wells Fargo to $6.50. Four analysts recommend buy, eight hold and two sell, yielding a consensus target near $10.50. Institutional investors remain active: Assenagon Asset Management increased its stake by 301.2% to 1.3 million shares, Inspire Investing added 40,793 shares, and Nordea Investment Management boosted holdings by 19.5% to 402,910 shares. Overall, 99.0% of shares are held by institutions.