Myriad Genetics, Inc. (MYGN): Business Model Canvas [Dec-2025 Updated]

You're looking for a clear, no-nonsense breakdown of how Myriad Genetics, Inc. actually operates right now, and honestly, it's a fascinating blend of proprietary lab work and heavy reliance on payer reimbursement, all while managing a $200 million term loan facility entered in July 2025. I've distilled their entire strategy into the nine building blocks, showing you how they plan to hit their reaffirmed full-year revenue guidance of $818 million - $828 million based on Q3 contributions like $93.0 million from Hereditary Cancer testing. If you need to understand the precise resources, the key activities like R&D for tests like Precise MRD, and exactly where their costs are landing-for instance, Sales and Marketing consuming 34.5% of Q3 revenue-then look no further; the full canvas is laid out below for your review.

Myriad Genetics, Inc. (MYGN) - Canvas Business Model: Key Partnerships

You're looking at the critical alliances Myriad Genetics, Inc. has locked in as of late 2025 to drive its diagnostic and precision medicine strategy. These aren't just handshake deals; they represent concrete steps into AI integration and global reach.

The partnerships are essential for scaling technology adoption and securing revenue through established channels, though reimbursement remains a clear area of focus, as shown by recent payer actions.

Here is a snapshot of the key strategic collaborations:

Partner Entity	Focus Area	Key Metric/Timeline	Myriad Genetics, Inc. Role
SOPHiA GENETICS	Global Liquid Biopsy Companion Diagnostics (CDx)	Initial focus on MSK-ACCESS; SOPHiA has 800+ institutions in 70+ countries.	US Regulatory Submissions; Laboratory Potency
PATHOMIQ	AI-Driven Prostate Cancer Test Integration	Planned commercial launch of integrated Prolaris test in early 2026; initial AI test launch planned for late 2025.	Exclusive US License of PATHOMIQ_PRAD platform
Clairity and MagView	Integrated AI and Genetic Risk Platform (Breast Health)	Collaboration announced November 2025. MagView used by 2,500+ US facilities.	Integration of MyRisk Hereditary Cancer Test with RiskScore
Health Insurance Payers	Test Reimbursement & Market Access	UnitedHealthcare reduced GeneSight coverage in Q1 2025, causing a 20% revenue decline in Pharmacogenomics for that quarter.	Securing and maintaining coverage for core tests

Let's break down the specifics of these arrangements, focusing on the hard numbers we have as of the third quarter of 2025.

SOPHiA GENETICS for global liquid biopsy companion diagnostics (CDx) development

This September 2025 collaboration is about expanding the global footprint for companion diagnostics, particularly for liquid biopsy applications.

• Myriad Genetics, Inc. will apply for regulatory submission in the US.
• SOPHiA GENETICS will manage regulatory submissions outside the US.
• The partnership leverages SOPHiA GENETICS' network of over 800 connected institutions across more than 70 countries for global test deployment.
• The initial focus is on the liquid biopsy application, MSK-ACCESS powered with SOPHIA DDM.
• Myriad Genetics, Inc.'s third quarter 2025 hereditary cancer testing volume grew 11% year-over-year.

PATHOMIQ for AI-driven prostate cancer test commercial launch in H1 2026

The exclusive licensing agreement with PATHOMIQ, finalized in February 2025, brings AI analysis of digitized H&E whole slide images into Myriad Genetics, Inc.'s oncology portfolio.

• Myriad Genetics, Inc. plans to launch the Prolaris test integrated with PATHOMIQ's AI technology in early 2026.
• The AI model, PATHOMIQ_PRAD, delivers risk profile reports within 1-2 days of receiving digital images.
• The platform is designed to assess the risk of biochemical recurrence and metastasis after radical prostatectomy.
• Myriad Genetics, Inc.'s Oncology business delivered revenue of $81.8 million in the third quarter of 2025.
• The company planned to launch its first AI-driven prostate cancer clinical test later in 2025.

Clairity and MagView for integrated AI and genetic risk platform (Nov 2025)

This late-November 2025 agreement aims to create a unified view of breast cancer risk by combining genetic and imaging data directly within the clinical workflow.

• The integration provides access to genotype data (Myriad's MyRisk with RiskScore) and phenotype data (Clairity Breast) via MagView's Luminary Risk platform.
• Clairity Breast is the first and only FDA-authorized offering to estimate a woman's five-year breast cancer risk from a routine mammogram.
• MagView's platform supports breast cancer risk assessment programs across the United States and is utilized by more than 2,500 facilities.
• Myriad Genetics, Inc. reported third quarter 2025 revenue of $205.7 million.

Health insurance payers (e.g., Medicare, private insurers) for test reimbursement

Securing consistent and favorable reimbursement from major payers is fundamental to Myriad Genetics, Inc.'s revenue stability, but recent payer decisions show vulnerability.

• Myriad Genetics, Inc.'s first quarter 2025 revenue was $196 million, a 3% decline year-over-year.
• The Pharmacogenomics revenue segment saw a 20% year-over-year decline in Q1 2025 specifically due to UnitedHealthcare's reduced coverage for the GeneSight test.
• The company revised its full-year 2025 revenue guidance to a range of $807 million to $823 million.
• Third quarter 2025 gross margin was reported at 69.9%.

Finance: finalize the 13-week cash flow projection incorporating Q3 performance by Monday.

Myriad Genetics, Inc. (MYGN) - Canvas Business Model: Key Activities

You're looking at the core engine of Myriad Genetics, Inc. (MYGN) operations as of late 2025. These are the things the company absolutely must execute on to keep the lights on and grow.

Performing complex molecular diagnostic testing in certified labs

This is the foundational work, the actual processing of samples in their certified facilities. The scale of this activity is reflected in the overall throughput. For the three months ended September 30, 2025, Myriad Genetics processed a total of 386,000 tests. This volume supports the overall revenue picture, with total revenue for that same third quarter reaching $205.7 million.

The efficiency in the lab directly impacts the bottom line, as evidenced by the gross margin. For the third quarter of 2025, the gross margin stood at 69.9%.

Metric	Period Ended September 30, 2025 (Q3)	Period Ended September 30, 2025 (Nine Months)
Total Revenue (in millions)	$205.7	$614.7
Total Test Volumes	386,000	Data not available
Gross Margin	69.9%	Data not available

Research and Development (R&D) for new tests like Precise MRD and FirstGene

Investing in the next generation of diagnostics is a clear focus, even while managing costs. Myriad Genetics increased its investment in R&D to support this pipeline. For the nine months ended September 30, 2025, Research and development expense totaled $81.3 million. The R&D spend for the third quarter alone was $28.2 million.

Development milestones show near-term focus:

• Precise MRD is expected to launch commercially in 2026.
• The FirstGene Multiple Prenatal Screen is also slated for commercial launch in 2026.
• Interim clinical data for Precise MRD was presented at the 2025 ASCO Annual Meeting.

The company is definitely protecting these strategic investments.

Commercialization and sales of MyRisk, GeneSight, and Foresight tests

Moving the tests through the market requires significant commercial muscle. Sales and marketing expense for the third quarter of 2025 was $71.0 million. The performance of key products varied:

Hereditary cancer testing revenue, which includes MyRisk, grew 3% year-over-year in Q3 2025, with volume increasing 11%. The GeneSight test specifically brought in $38.7 million in revenue for the third quarter of 2025. Prenatal testing revenue, which includes Foresight, grew 2% year-over-year in the third quarter of 2025.

Here's the quick math on the top-line impact from these segments in Q3 2025:

Product Category	Q3 2025 Revenue (in millions)	Q3 YoY Volume Change
Hereditary Cancer (MyRisk)	$120.8 (Nine Months)	Volume: 11% growth
Pharmacogenomics (GeneSight)	$38.7	Volume growth was 8% YoY
Prenatal (Foresight)	Data not available for Q3 Revenue	Revenue: 2% growth

Securing and expanding third-party payer coverage for tests

Payer coverage directly impacts revenue realization, and this activity is critical, especially given recent setbacks. The expansion of payer coverage is cited as a driver for Prenatal testing revenue growth. However, the GeneSight test revenue in Q3 2025 reflects the impact of UnitedHealthcare discontinuing coverage effective in the first quarter of 2025. The company reaffirmed its full-year 2025 revenue guidance of $818 - $828 million, which factors in these coverage dynamics.

Deploying Electronic Medical Records (EMR) integration solutions for providers

Making testing easier for providers through EMR integration is showing traction. Progress in implementing the company's electronic medical records solutions is demonstrated by the 11% year-over-year increase in hereditary cancer testing volume for the unaffected population in the third quarter of 2025.

If onboarding takes 14+ days, churn risk rises. The deployment efforts are clearly linked to volume performance in the Women's Health segment.

Myriad Genetics, Inc. (MYGN) - Canvas Business Model: Key Resources

You're looking at the core assets Myriad Genetics, Inc. (MYGN) relies on to execute its strategy. These aren't just things they own; they are the engines driving their value proposition in precision medicine.

The most tangible resources are the proprietary tests themselves, backed by significant laboratory capacity. Financially, as of the end of the third quarter of 2025, Myriad Genetics, Inc. held $145.4 million in cash and cash equivalents. This liquidity position was recently bolstered by entering a new $200 million term loan facility in July 2025, which replaced the previous asset-based credit facility.

Proprietary Genetic Tests

The product portfolio is central to Myriad Genetics, Inc.'s operations, covering hereditary cancer, prostate cancer prognosis, and reproductive health. Performance metrics for late 2025 show mixed but generally positive volume trends, despite specific payer headwinds.

• MyRisk Hereditary Cancer Test volume in Oncology grew 9% year-over-year in Q3 2025.
• Overall hereditary cancer testing volume grew 11% year-over-year in Q3 2025.
• Prolaris Prostate Cancer Prognostic Test revenue saw 3% year-over-year growth in Q3 2025.
• GeneSight test revenue was $38.7 million in Q3 2025, with volume growing 8% year-over-year.
• The company expected to launch an expanded gene panel for the MyRisk Hereditary Cancer Test later in 2025.
• Tests like Foresight Carrier Screen and Prequel Prenatal Screen are key components of their reproductive health offerings, with research updates shared in November 2025.

Here's a quick look at the testing volume and revenue context for the third quarter of 2025:

Metric	Q3 2025 Value	Year-over-Year Change
Total Test Volumes	386,000 tests	Up 3%
Hereditary Cancer Testing Revenue (Oncology)	Increased 2%	Volume Up 9%
Gross Margin	69.9%	N/A

Advanced CLIA-certified Laboratory Infrastructure and Automation

Operating high-throughput, quality-controlled labs is a non-negotiable resource. The efficiency of this infrastructure directly impacts the gross margin, which stood at 69.9% in the third quarter of 2025. This margin reflects benefits from product mix, improving average revenue per test trends, and greater laboratory efficiencies.

The company is focused on maintaining high operational standards, as evidenced by their commitment to disciplined cost management while investing in strategic areas. Capital expenditures and capitalization of internal use software costs were $6.2 million in the third quarter of 2025.

Extensive Intellectual Property (IP) Portfolio and Clinical Data Sets

Protecting the science is paramount, and Myriad Genetics, Inc. views its IP portfolio as a cornerstone of its innovation strategy. They actively seek to extend and maximize the value of existing patents to maintain a competitive edge in molecular diagnostics. This is coupled with significant clinical data sets generated from years of testing, which are crucial for validating new tests and securing reimbursement.

The company explicitly stated in their February 2025 10-K filing that strengthening the intellectual property portfolio is a key part of their strategy, alongside increasing R&D investment in 2025 to drive innovation and enhance clinical evidence generation through studies.

• IP protection is actively managed through seeking to extend existing patents.
• Clinical data sets support the validation of new products like the Precise MRD assay, which is expected to launch commercially in 2026.
• Strategic collaborations, such as the one with SOPHiA GENETICS, leverage external platforms to enhance the offering, which is also a form of leveraging data and IP access.

The foundation of their future pipeline, including the planned AI-powered Prolaris test with PATHOMIQ in early 2026, is built upon this existing IP and the clinical evidence base they have amassed.

Cash and Cash Equivalents of $145.4 million as of Q3 2025

Liquidity provides the runway for operations, strategic investments, and navigating market challenges. As noted, the cash position at the end of Q3 2025 was $145.4 million. This financial resource supports ongoing operations, including R&D spending, and the company generated $21.1 million in cash flow provided by operations during that same quarter, with adjusted operating cash flow at $24.8 million.

Finance: draft 13-week cash view by Friday.

Myriad Genetics, Inc. (MYGN) - Canvas Business Model: Value Propositions

You're looking at the core offerings Myriad Genetics, Inc. is putting forward to the market as of late 2025. These are the specific problems they solve for their customers-patients, providers, and pharma partners.

Comprehensive hereditary cancer risk assessment (MyRisk with RiskScore)

This offering focuses on assessing hereditary cancer risk across eleven cancer types, including breast, ovarian, and prostate. The RiskScore component adds a polygenic risk score layer to the traditional single-gene testing.

• MyRisk with RiskScore testing volume in oncology grew 14% year-over-year in the second quarter of 2025.
• Hereditary cancer testing revenue in Oncology grew 9% year-over-year in the second quarter of 2025.
• Hereditary cancer testing volume in Oncology grew 11% year-over-year in the third quarter of 2025.
• MyRisk affected test volume saw 11% year-over-year growth in the first quarter of 2025.
• Hereditary cancer testing revenue for the unaffected population increased 4% year-over-year in the third quarter of 2025.

Personalized psychotropic medication selection guidance (GeneSight)

GeneSight helps guide prescribing decisions for mental health medications based on a patient's genetic profile. This value proposition has faced recent headwinds, mainly from payer coverage changes.

• GeneSight test revenue was reported at $38.7 million for the third quarter of 2025.
• GeneSight test volume still managed to grow 8% year-over-year in the third quarter of 2025.
• Pharmacogenomics revenue saw a 20% fall in the first quarter of 2025, largely due to UnitedHealthcare discontinuing coverage.

Non-invasive prenatal screening and expanded carrier screening (Foresight, Prequel)

This area delivers insights for prenatal care, including expanded carrier screening. The Prequel test offers an early gestational age window for results.

• The Prequel test delivers critical insights at 8 week gestational age, compared to 10 to 12 weeks for other available tests.
• Prenatal testing revenue grew 7% year-over-year in the second quarter of 2025.
• In the first quarter of 2025, Foresight and Prequel prenatal tests achieved 15% revenue growth and 10% volume growth.

Prognostic information for prostate cancer treatment (Prolaris)

Prolaris provides prognostic information to help guide treatment decisions for prostate cancer patients, aligning with NCCN guidelines.

• Prolaris test revenue grew 4% year-over-year in the second quarter of 2025.
• Prolaris testing revenue grew 3% year-over-year in the third quarter of 2025.
• Revenue for Prolaris decreased 2% year-over-year in the first quarter of 2025.

Companion diagnostic (CDx) services for pharmaceutical clinical trials

Myriad Genetics, Inc. offers services to pharmaceutical partners to develop and provide CDx testing solutions, often involving liquid biopsy technology for therapy selection.

• In September 2025, Myriad Genetics entered a strategic collaboration with SOPHiA GENETICS to develop a global liquid biopsy companion diagnostic (CDx) testing solution.
• Existing CDx offerings include BRACAnalysis CDx and MyChoice CDx.

Here's a quick look at how the segments contributed to the overall financial picture as of the third quarter of 2025, which informed the raised full-year guidance.

Metric	Value (Latest Reported Period)	Period End Date
Total Revenue	$205.7 million	Q3 2025
Oncology Segment Revenue	$85.5 million	Q2 2025
Women's Health Segment Revenue	$89.8 million	Q2 2025
GeneSight Test Revenue	$38.7 million	Q3 2025
Adjusted Gross Margin	69.9%	Q3 2025
Adjusted EPS	$0.00	Q3 2025
FY 2025 Revenue Guidance (Raised Range)	$818 - $828 million	Full Year 2025

The company's ability to maintain a strong gross margin, reaching 71.2% in Q2 2025, shows operational discipline supporting these value propositions. Also, the adjusted EPS for Q2 2025 was $0.05, beating expectations.

The overall strategy is to accelerate growth by focusing on the Cancer Care Continuum, which directly supports the MyRisk and Prolaris value propositions. Finance: review the impact of the new $200 million term loan secured on July 31, 2025, on Q4 cash flow projections by next Tuesday.

Myriad Genetics, Inc. (MYGN) - Canvas Business Model: Customer Relationships

Myriad Genetics, Inc. maintains a high-touch engagement model with clinicians, supported by a substantial internal commercial structure. As of February 2025, the U.S. sales force was comprised of approximately 500 individuals across dedicated sales channels. The company is actively working to enhance its commercial capabilities and the overall customer digital experience to better serve the Cancer Care Continuum (CCC) market opportunity.

Digital integration is a key focus for streamlining clinician interaction. Myriad Genetics expects its full oncology portfolio of germline and tumor genomic tests to be fully integrated with both Flatiron's OncoEMR and Epic cloud-based platforms later in 2025. This integration is designed to create an end-to-end workflow solution allowing clinicians to order, receive, and review Myriad test results directly within their primary platforms. This deployment of electronic medical records (EMR) solutions was cited as a factor in the stable volume for hereditary cancer testing in the unaffected population during the first quarter of 2025.

Support for patients remains a component of the relationship strategy, explicitly including patient financial assistance programs. Furthermore, Myriad Genetics continues to engage with the genetic counseling community, presenting research at the National Society of Genetic Counselors (NSGC) 44th Annual Conference in November 2025, aiming to help make genetic testing more accessible for all patients.

Strategic, long-term relationships with Biopharma partners are leveraged to unlock new growth drivers, focusing on Biopharma service synergies. A significant development in late 2025 was the strategic collaboration entered into in September 2025 with SOPHiA GENETICS to develop and provide pharmaceutical companies with an innovative global liquid biopsy companion diagnostic (CDx) test. Additionally, the company entered into an exclusive license agreement in February 2025 with PATHOMIQ to add its AI technology platform for prostate cancer, complementing the Prolaris Prostate Cancer Prognostic test.

Key metrics reflecting the scale and satisfaction within these customer relationships include:

• Net Promoter Score (NPS) consistently maintained above 70 since 2022.
• The company services over 45,000+ active ordering healthcare providers (data as of fourth quarter, 2023).
• The U.S. sales force size was approximately 500 individuals as of February 2025.

The following table summarizes key quantitative aspects related to Myriad Genetics, Inc.'s customer engagement as of recent 2025 reporting periods:

Relationship Metric Category	Specific Data Point	Reported Value (as of late 2025)
Clinician Reach	U.S. Dedicated Sales Force Size	Approximately 500 individuals
Digital Workflow	EMR Integration Target Platforms	Flatiron OncoEMR and Epic
Digital Workflow	EMR Full Integration Expectation	Later in 2025
Customer Satisfaction	Net Promoter Score (NPS)	Consistently above 70
Partnerships	New CDx Collaboration Announced	SOPHiA GENETICS (September 2025)
Partnerships	AI Technology License Agreement	PATHOMIQ (February 2025)

Myriad Genetics, Inc. (MYGN) - Canvas Business Model: Channels

You're looking at how Myriad Genetics, Inc. gets its molecular diagnostic tests into the hands of the clinicians and patients who need them. The channel strategy is a mix of traditional, high-touch sales and modern digital integration, which is key to navigating the complex reimbursement landscape.

The direct sales force remains a cornerstone. As of February 2025, this team comprised approximately 500 individuals in the U.S.. These representatives are focused on deep education and relationship building directly with ordering specialists. To support this, Myriad Genetics is actively investing in commercial capabilities; for instance, they are investing over $35 million in enhancing these channels and expanding the sales team as they head into 2026.

Integration with the provider workflow is another major channel focus. Myriad Genetics is expanding its footprint in Electronic Medical Records (EMR) systems across hospital systems and large clinic networks. This is designed to make ordering and reporting seamless right where the doctor works. You can see this effort reflected in the Women's Health segment; in the second quarter of 2025, hereditary cancer testing volume for the unaffected population grew by 3% year-over-year, partly due to expanding these EMR solutions.

Here's a snapshot of the scale of these channel relationships as of the latest data:

Channel Metric	Value/Amount	Context/Date
U.S. Direct Sales Force Size	Approximately 500 individuals	As of February 2025
Total Payer Contracts	Over 3000	Reported
Testing Volume Covered by Insurance	Approximately 90%	In 2024
Investment in Commercial Channel Expansion	Over $35 million	Planned for 2026 growth
GeneSight Revenue (Q3 2025)	$38.7 million	Reflecting payer coverage headwinds

Navigating third-party payors is critical for access and revenue. Myriad Genetics maintains contracts with over 3000 payers, which is how they secure broad test coverage. However, this channel faces immediate risk; the discontinuation of coverage for the GeneSight test by UnitedHealthcare, effective in the first quarter of 2025, created a significant headwind. Still, other areas show payer progress; prenatal testing revenue in the second quarter of 2025 grew by 7% year-over-year, driven by expanding payer coverage for the Foresight Expanded Carrier Screen.

For certain tests, Myriad Genetics uses direct-to-patient marketing to build awareness and drive provider orders. This is a growing area, as they are increasing digital marketing efforts. However, this approach shows mixed results depending on the product. For example, in the third quarter of 2025, prenatal volume decreased by 3% year-over-year, largely driven by lower demand for the SneakPeek test. The company is definitely working to optimize this direct outreach.

Myriad Genetics, Inc. (MYGN) - Canvas Business Model: Customer Segments

The customer segments for Myriad Genetics, Inc. are clearly delineated across clinical specialties, each served by specific diagnostic offerings.

Oncology: Physicians and patients with cancer or high-risk for hereditary cancer

This segment is served by hereditary cancer testing, including the MyRisk Hereditary Cancer Test, and companion diagnostic tests like BRACAnalysis CDx and MyChoice CDx.

The performance metrics for the Oncology segment show growth in testing volume:

Metric	Period Ended Q2 2025	Period Ended Q3 2025
Revenue	$85.5 million	$81.8 million
Hereditary Cancer Testing Volume Growth (YoY)	10%	11%
MyRisk with RiskScore Testing Volume Growth (YoY)	14%	13%

The Prolaris Prostate Cancer Prognostic Test also targets this group:

• Prolaris test revenue grew 4% year-over-year in the second quarter of 2025.
• Prolaris testing revenue grew 3% year-over-year in the third quarter of 2025.

Myriad Genetics plans to commercially launch its first AI-enabled prostate cancer test, in partnership with PATHOMIQ, in the first quarter of 2026.

Women's Health: OB/GYNs, maternal-fetal medicine specialists, and pregnant patients

This segment focuses on prenatal and carrier screening tests, including Foresight Carrier Screen and Prequel Prenatal Screen.

Revenue performance for Women's Health:

Metric	Period Ended Q1 2025	Period Ended Q2 2025
Prenatal Testing Revenue	$55 million	$89.8 million (Segment Revenue)
Prenatal Testing Revenue Growth (YoY)	11%	7%
Prenatal Volume Change (YoY)	Not specified	Decreased 8% (Q2 2025 total prenatal volume vs prior year)

The third quarter of 2025 showed Prenatal testing revenue growth of 2% year-over-year, with volume decreasing 3% year-over-year.

The company launched the Prequel®Early Gestational Age test in the mid-fourth quarter of 2024, showing positive early adoption in the first quarter of 2025.

Mental Health: Psychiatrists and primary care physicians prescribing psychotropics

The primary offering for this segment is the GeneSight test for pharmacogenomics.

This segment faced significant headwinds:

• First quarter 2025 Pharmacogenomics revenue declined by 20% year-over-year due to UnitedHealthcare reducing coverage of GeneSight.
• GeneSight test revenue was $37.8 million in the second quarter of 2025.
• Pharmacogenomics revenue decreased by $5.2 million in Q2 2025 due to a 16% decrease in average revenue per test, impacted by the UnitedHealthcare coverage change.
• GeneSight test volume in the second quarter of 2025 grew 5% year-over-year.

Pharmaceutical and Biopharma companies for CDx development services

Myriad Genetics, Inc. supports Biopharma partners with companion diagnostic (CDx) development and customized clinical trial testing.

The company has supported hundreds of clinical trials.

In September 2025, Myriad Genetics entered a strategic collaboration with SOPHiA GENETICS (Nasdaq: SOPH) to develop and provide pharmaceutical companies with an innovative global liquid biopsy companion diagnostic (CDx) test.

The company expects to leverage strategic partnerships and Biopharma service synergies to unlock new growth drivers.

Myriad Genetics operates in the Global Companion Diagnostics Market, which was valued at USD $7.2 billion in 2024.

The company serves more than 51,000 physicians across its specialties as of August 2025.

Finance: draft 13-week cash view by Friday.

Myriad Genetics, Inc. (MYGN) - Canvas Business Model: Cost Structure

You're looking at the cost side of the ledger for Myriad Genetics, Inc. (MYGN) as of late 2025. It's a mix of direct lab costs, heavy commercial spend, and managing a new debt load. Honestly, for a diagnostics company, the cost structure is dominated by the lab work and getting those tests into the hands of clinicians.

The direct costs tied to running the tests, which we call Cost of Revenue, were reported at $61.9 million for the third quarter of 2025. This figure is key because it directly drives the gross margin, which management noted was a strong 69.9% for that same quarter. That margin tells you the core science and lab process is efficient, which is definitely a positive sign.

When we look at the operating expenses, the commercial engine is clearly the biggest driver. Sales and Marketing expenses represented 34.5% of the total Q3 2025 revenue of $205.7 million. Also, Research and Development (R&D) investment, which fuels future growth pipelines like the planned AI-enabled prostate cancer test launch in 2026, consumed 13.7% of that revenue base.

To give you a clearer picture of the operating spend, here is how the major components stack up for Q3 2025. We can see that the specified costs align almost exactly with the reported total operating expenses.

Expense Category	Reported Value/Percentage (Q3 2025)	Calculated Dollar Amount (Approx.)
Cost of Revenue	$61.9 million	$61.9 million
Sales and Marketing (as % of Revenue)	34.5%	Approx. $71.0 million
Research and Development (as % of Revenue)	13.7%	Approx. $28.2 million
General and Administrative (G&A)	$67.9 million	$67.9 million
Total Specified Operating Costs	N/A	Approx. $167.1 million
Total Reported Operating Expenses	$167.1 million	$167.1 million

The General and Administrative (G&A) costs were a fixed-looking $67.9 million in the quarter. It's important to note that management has been focused on disciplined cost management, as the total operating expenses of $167.1 million actually decreased year-over-year by $2.7 million. That discipline helps push the adjusted EBITDA to a positive $10.3 million, even with the heavy commercial spend.

Finally, you can't ignore the balance sheet costs impacting cash flow. Myriad Genetics entered a new $200 million term loan facility in July 2025. Servicing this debt is a fixed commitment that needs to be factored into ongoing cash planning, separate from the operational P&L line items. You have to account for the interest and principal payments on that facility moving forward.

Here are the key cost drivers you need to keep an eye on:

• Cost of Revenue: $61.9 million in Q3 2025.
• Sales and Marketing: Accounted for 34.5% of revenue.
• R&D Investment: Took up 13.7% of revenue.
• G&A Overhead: A flat $67.9 million for the quarter.
• New Debt Obligation: Servicing the $200 million term loan.

Finance: draft 13-week cash view by Friday.

Myriad Genetics, Inc. (MYGN) - Canvas Business Model: Revenue Streams

You're looking at how Myriad Genetics, Inc. (MYGN) brings in the cash, which is all about the tests they sell. For the full fiscal year 2025, the company reaffirmed its revenue guidance to be in the range of $818 million - $828 million. That guidance was reiterated following solid execution in the third quarter of 2025, even though consolidated revenue for that quarter was reported at $205.7 million, a 4% decrease year-over-year, but flat when excluding certain headwinds.

The revenue streams are clearly segmented by their primary diagnostic areas. Hereditary Cancer testing, driven by MyRisk, remains a cornerstone, but you see significant contributions from Prenatal and Pharmacogenomics as well. Honestly, the mix shows a strategic focus on the Cancer Care Continuum, but Women's Health and Mental Health still provide substantial top-line support. It's all about getting tests ordered and paid for.

Here's a look at the revenue generated by the key testing categories for the third quarter of 2025:

• Hereditary Cancer testing (MyRisk) brought in $93.0 million.
• Prenatal testing (Foresight, Prequel) generated $44.5 million.
• Pharmacogenomics testing (GeneSight) accounted for $38.7 million.
• Tumor Profiling (Prolaris, myChoice CDx) contributed $29.5 million.

The growth story is often in the volume, not just the dollars. For instance, hereditary cancer testing volume in Oncology grew 9% year-over-year in Q3 2025, and GeneSight test volume was up 8% year-over-year. Still, average revenue per test across the board saw a 7% drop in Q3 2025, which pressures the top line even when volumes are up.

To map out the key revenue drivers from the third quarter of fiscal 2025, this table breaks down the reported segment contributions:

Revenue Stream Category	Product Focus	Q3 2025 Revenue Amount
Hereditary Cancer Testing (Oncology Focus)	MyRisk (Oncology)	$93.0 million
Women's Health Testing	Hereditary Cancer (Unaffected Population)	$44.5 million
Pharmacogenomics	GeneSight	$38.7 million
Tumor Profiling	Prolaris, myChoice CDx	$29.5 million

You can see the Women's Health business, which includes prenatal and hereditary cancer testing for the unaffected population, delivered total revenue of $85.2 million in Q3 2025. The Oncology business, focused on hereditary cancer and Prolaris, brought in $81.8 million in the same period. The difference between the sum of the four listed streams and the total revenue reflects other smaller streams, like Mental Health revenue (which includes GeneSight) and any revenue from divested assets or partnerships not explicitly broken out in the prompt's required list. Finance: draft 13-week cash view by Friday.