Myriad Genetics rallies as surprise profit and oncology demand signal turnaround

Myriad Genetics (NASDAQ:MYGN) shares rose as much as 4.9% Tuesday morning after the company reported fourth-quarter results that significantly outpaced Wall Street expectations for both the top and bottom lines.

The company posted fourth-quarter revenue of $209.8 million, slightly exceeding the analyst consensus of $207.2 million.

More critical for investors was the shift in profitability: Myriad delivered an adjusted profit of $0.04 per share, a major reversal from the $0.02 loss per share anticipated by analysts.

Adjusted EBITDA reached $14.3 million, more than doubling the $6.5 million expected by the market.

The earnings surprise was largely driven by volume growth in key franchises and aggressive cost-reduction strategies.

Hereditary cancer testing volumes rose 9% year-over-year, while the Prolaris prostate cancer test saw volumes jump 12%.

The GeneSight mental health test also maintained momentum with a 9% volume increase, despite ongoing reimbursement challenges from major commercial payers.

Alongside the results, Myriad issued a bullish outlook for the coming year.

The company expects full-year 2026 adjusted EBITDA to reach approximately $43 million, surpassing the $41.3 million consensus estimate.