Myriad Genetics, Inc. (MYGN): BCG Matrix [Dec-2025 Updated]

You're looking at Myriad Genetics, Inc. (MYGN) at a pivotal moment in late 2025; the firm's BCG Matrix paints a clear picture of a business funding its future with a powerhouse present. The core oncology business, delivering a gross margin near 70% and driving positive adjusted EBITDA toward $33 million, is the engine. Still, that engine is fueling high-stakes bets like the GeneSight pharmacogenomics line, which, despite a $38.7 million Q3 revenue, faces a tough $45 million full-year headwind. See exactly where the established winners and the risky newcomers land in our breakdown below.

Background of Myriad Genetics, Inc. (MYGN)

Myriad Genetics, Inc. (MYGN) stands as a key player in the molecular diagnostic testing and precision medicine space, focusing its efforts across several medical specialties to guide treatment and assess risk. You know the company develops and offers molecular tests that help clinicians make better decisions. As of late 2025, Myriad Genetics, Inc. is executing an updated strategy centered on accelerating profitable growth by concentrating on the Cancer Care Continuum.

Financially, the picture in late 2025 shows a company working through headwinds while showing segment strength. For the third quarter of 2025, Myriad Genetics, Inc. reported total revenue of $205.7 million, which was a 4% decrease compared to the prior year, though management noted it was flat when excluding certain previously discussed headwinds of $8.1 million. The company maintained a strong gross margin, reporting 69.9% for the third quarter of 2025. On profitability, the third quarter yielded an adjusted Earnings Per Share (EPS) of $0.00 and an adjusted EBITDA of $10.3 million.

Looking at the core business units, the Oncology segment shows resilience. Hereditary cancer testing revenue in Oncology grew 3% year-over-year in Q3 2025, with testing volume increasing by 11%. Furthermore, Prolaris testing revenue saw a 3% growth in that same period. The company is also preparing for a future launch, intending to roll out its first AI-enabled prostate cancer test in partnership with PATHOMIQ in the first half of 2026.

Other areas present a mixed view. The Prenatal testing business has shown strong demand, with Q1 2025 revenue growing 11% year-over-year, though Q2 2025 growth slowed to 7%. Conversely, the Pharmacogenomics business, which includes the GeneSight test, continues to face challenges, specifically due to changes in coverage policies from UnitedHealthcare, leading to revenue declines in earlier quarters of 2025. To bolster its pharmaceutical services, Myriad Genetics, Inc. recently entered a strategic collaboration with SOPHiA GENETICS to provide companion diagnostic (CDx) development services using liquid biopsy assays.

For the full-year 2025 outlook, Myriad Genetics, Inc. raised its revenue guidance range to $818 million to $828 million following solid Q2 performance, while reiterating an adjusted EPS range between a loss of $0.02 and a profit of $0.02.

Myriad Genetics, Inc. (MYGN) - BCG Matrix: Stars

You're looking at the products that are defining Myriad Genetics, Inc.'s future growth trajectory. These are the assets demanding capital today because they are dominating high-growth markets. Honestly, they are the engine you need to keep pouring resources into if you want them to mature into the Cash Cows we all want to see later.

The Star quadrant is reserved for business units or brands that command a high market share within a market segment that is expanding rapidly. For Myriad Genetics, Inc., this category is heavily weighted toward its core hereditary cancer testing franchise, which is still operating in a market with less than 50% penetration, suggesting significant runway left.

Here's a breakdown of the key products currently fitting the Star profile based on their performance metrics:

• MyRisk Hereditary Cancer: Strong volume growth of 11% YoY in Q3 2025 in a market with less than 50% penetration.
• MyRisk with RiskScore: The enhanced offering is driving oncology volume growth, up 14% YoY in Q2 2025.
• Hereditary Cancer in Women's Health: Revenue grew 4% YoY in Q3 2025 for the unaffected population, showing market share gains.
• Foresight Expanded Carrier Screen: Ongoing payer coverage expansion is fueling growth in the Prenatal segment; Prenatal testing revenue grew 7% YoY in Q2 2025.

The investment thesis here is clear: maintain market leadership through aggressive promotion and placement because these products are the future cash generators. The high growth rate means they consume cash to sustain that momentum, often resulting in a near break-even cash flow profile right now.

The data supporting the Star classification for the Hereditary Cancer portfolio is compelling:

Specifically, the MyRisk with RiskScore product is a prime example of a Star because it's an enhanced offering that directly translates to higher volume in the core oncology testing business. In the second quarter of 2025, testing volume for MyRisk with RiskScore in oncology specifically grew by 14% year-over-year. This is the kind of product execution that converts market share gains into long-term dominance.

For the Hereditary Cancer in Women's Health segment, which focuses on the unaffected population, the revenue growth of 4% year-over-year in the third quarter of 2025 signals successful market share capture as the company deploys its electronic medical records (EMR) solutions and breast cancer risk assessment programs. This segment is showing that the strategy to expand beyond just high-risk patients is working.

The Prenatal segment, anchored by the Foresight Expanded Carrier Screen, is also exhibiting Star characteristics due to external market access improvements. For instance, in the second quarter of 2025, overall prenatal testing revenue grew by 7% year-over-year, which management attributed to the ongoing expansion of payer coverage for this specific test.

To keep these Stars shining, Myriad Genetics, Inc. is making strategic investments. The company is investing over $35 million in enhancing its commercial capabilities, which directly supports the promotion and placement needed for these high-growth assets. If this success is sustained as the overall market growth rate naturally decelerates, these products are positioned to transition into the Cash Cow quadrant.

Myriad Genetics, Inc. (MYGN) - BCG Matrix: Cash Cows

You're analyzing the core engine of Myriad Genetics, Inc. right now, the business units that generate the surplus cash needed to fund the rest of the portfolio. These are the established leaders in mature markets, and the numbers from Q3 2025 confirm this role.

The Established MyRisk Base clearly functions as a primary cash generator. This segment underpins the company's profitability, evidenced by the reported third quarter 2025 gross margin coming in at 69.9%. This high margin is exactly what you look for in a Cash Cow. Furthermore, the underlying demand remains strong, with hereditary cancer testing volume growing 11% year-over-year in Q3 2025. That volume growth in a core offering helps maintain market share without requiring excessive promotional spend.

The Oncology Business Unit delivered revenue of $81.8 million in the third quarter of 2025. This unit is a significant contributor to the overall cash generation that supports the company's research and development efforts. You see this positive cash flow generation reflected in the third quarter 2025 adjusted EBITDA, which was $10.3 million.

Consider the Prolaris Prostate Cancer Test as another example of a mature product with consistent performance. For the third quarter of 2025, Prolaris testing revenue showed a modest, steady growth rate of 3% year-over-year. This modest growth in a stable market is characteristic of a Cash Cow that requires minimal investment to maintain its position.

The overall financial picture supports the Cash Cow thesis. Myriad Genetics, Inc. is guiding for full-year 2025 Adjusted EBITDA in the range of $27 million to $33 million. This positive expected cash generation from established products is what allows the company to fund its riskier Question Marks and Stars.

Here's a quick look at the key financial metrics supporting this quadrant:

• Gross Margin (Q3 2025): 69.9%.
• Oncology Revenue (Q3 2025): $81.8 million.
• Prolaris YoY Revenue Growth (Q3 2025): 3%.
• Adjusted EBITDA (Q3 2025): $10.3 million.

To be fair, while the core business is profitable on an adjusted basis, the GAAP results show an operating loss of $23.3 million in Q3 2025, with a GAAP net loss of $27.4 million. Still, the positive adjusted EBITDA and high gross margin confirm the underlying cash-generating power of these mature assets.

The strategic implication here is clear: you want to invest just enough in these units to maintain their efficiency and market share, perhaps funding infrastructure improvements that boost that 69.9% margin further, but you don't chase high growth.

Finance: draft 13-week cash view by Friday.

Myriad Genetics, Inc. (MYGN) - BCG Matrix: Dogs

Dogs are business units or products characterized by a low market share in a low-growth market. These assets typically break even or consume minimal cash but tie up capital that could be better deployed elsewhere. For Myriad Genetics, Inc., the Dog quadrant is populated by legacy offerings or those facing significant competitive or strategic headwinds, making divestiture a common strategic consideration.

The overall product revenue for Myriad Genetics, Inc. in the third quarter of 2025 was $205.7 million, representing a (4)% decrease year-over-year, though management noted this was flat when excluding headwinds like the European EndoPredict divestiture and Medicare coverage changes. This environment highlights the pressure on specific, lower-performing product lines.

The following table summarizes the recent financial performance for the segments identified as potential Dogs or those contributing to the Dog profile:

SneakPeek Early Gender DNA Test:

• Lower demand directly impacted the Prenatal category in Q3 2025.
• Prenatal testing volume decreased by 3% year-over-year for the three months ended September 30, 2025.
• Despite the volume decline, Prenatal testing revenue grew by 2% year-over-year to $44.5 million in Q3 2025, suggesting favorable pricing or mix shift within the broader Prenatal category.

Tumor Profiling (Excluding Prolaris):

This segment, which includes the now-U.S.-retained EndoPredict as a Laboratory Developed Test (LDT), showed clear signs of contraction. The revenue for the entire Tumor Profiling category was $29.5 million in Q3 2025, down from $31.6 million in Q3 2024, a (7)% drop. The segment volume declined by (8)% year-over-year for the same period. You should note that a portion of this decline is structural, resulting from the strategic divestiture.

Legacy BRACAnalysis:

• The older, single-gene BRACAnalysis test is facing obsolescence.
• It is being superseded by the more comprehensive MyRisk Hereditary Cancer Test.
• The overall Hereditary Cancer testing volume grew 11% year-over-year in Q3 2025, indicating that the growth is concentrated in the newer, multi-gene panels.
• Hereditary cancer testing revenue grew 3% year-over-year to $93.0 million in Q3 2025.

Divested European EndoPredict:

Myriad Genetics, Inc. completed the sale of its international EndoPredict business to Eurobio Scientific in August 2024. This action aligns with minimizing exposure to non-core, lower-growth international assets. The divestiture was explicitly cited as a factor reducing the reported volume for the Tumor Profiling segment in Q3 2025. This move was intended to accelerate profitable growth domestically and reduce organizational complexity and enterprise risk.

Finance: draft 13-week cash view by Friday.

Myriad Genetics, Inc. (MYGN) - BCG Matrix: Question Marks

You're looking at the Question Marks quadrant for Myriad Genetics, Inc. (MYGN), which means high-growth potential markets are currently matched with low market share, demanding cash investment to gain traction.

GeneSight Pharmacogenomics exemplifies this positioning. While the pharmacogenomics market is growing, revenue for this test is under pressure following the UnitedHealthcare coverage discontinuation effective January 1, 2025. The test generated $38.7 million in revenue for the third quarter of 2025. This segment faced a significant year-over-year revenue drop of $9.0 million in Q3 2025 due to a 25% decrease in average revenue per test, directly linked to payer changes. Management has cited significant headwinds of about $45 million for the full year related to this payer dynamic. [cite: scenario instruction]

The overall 2025 financial outlook, reaffirmed after Q3, projects total revenue between $818 million and $828 million, indicating that the growth from other segments must offset the pressure on GeneSight to meet this target. Despite the revenue pressure, GeneSight test volume in Q3 2025 actually grew 8% year-over-year, suggesting underlying demand remains, but reimbursement is the primary hurdle.

The strategy here is clear: invest heavily to secure broader adoption or divest. For Myriad Genetics, Inc., the investment focus is shifting toward oncology and new product pipelines, which are the potential future Stars.

The following table summarizes the key financial and launch data for these high-growth, low-share assets:

Precise MRD (Molecular Residual Disease) represents a significant, high-investment bet in the oncology space. This ultra-sensitive, tumor-informed test is designed for monitoring cancer recurrence. The company is actively evaluating it in high-impact studies, such as the MONSTAR-SCREEN-3 project. The expectation is for a commercial launch in the first half of 2026, initially targeting a breast cancer indication.

FirstGene Multiple Prenatal Screen is another product positioned for a high-growth market with zero current share. [cite: scenario instruction] Myriad Genetics, Inc. initiated early access for this test in June 2025 through the CONNECTOR study, which plans to enroll over 5,000 patients. The test demonstrated strong validation metrics, including 98.6% sensitivity and 99.6% specificity. Full commercial launch is anticipated in 2026.

The required actions for these Question Marks involve capital allocation decisions:

• Invest heavily in Precise MRD and FirstGene to rapidly gain market share.
• Continue efforts to resolve payer coverage for GeneSight to stop it from becoming a Dog.
• The overall 2025 revenue guidance is set between $818 million and $828 million.

Finance: draft 13-week cash view by Friday.