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- **Cancer Testing Growth**: MyRisk volumes up 16% (affected) / 11% (unaffected) YoY, with expanded panel launch in November driving 2026 growth.
- **Strategic Investments**: $35M+ allocated to commercial expansion, MRD R&D, and AI-driven Prolaris launch in H1 2026.
- **Financial Resilience**: 70.1% gross margin, $10.3M EBITDA, and reaffirmed 2025 guidance despite 4% top-line decline.
- **2026 Outlook**: Target 5%+ revenue growth above OpEx expansion, with key launches in MRD, prenatal, and mental health.

**【CEO Summary Section】**
- Q3 2025 revenue of $206 million (-4% YoY), stable when excluding headwinds from UnitedHealthcare's GeneSight policy and European EndoPredict divestiture. Adjusted for these factors, underlying growth was 5% YoY.
- MyRisk hereditary cancer testing volumes grew 16% (affected market) and 11% (unaffected market) YoY, driven by EMR workflow improvements and expanded panel launch in November.
- GeneSight mental health testing volumes grew 8% YoY, with 37,000+ ordering clinicians, despite ongoing UnitedHealthcare coverage challenges.
- Strategic focus on cancer care continuum: $35M+ investment in commercial expansion, MRD R&D, and partnerships (e.g., SOPHiA GENETICS for liquid biopsy CDx).
- 2026 launches planned for ultrasensitive MRD test (breast cancer), AI-enabled Prolaris, and expanded MyRisk panel with 15 new actionable genes.

**【CFO Financial Commentary】**
- Q3 2025 GAAP net income: $420 million; Non-GAAP EPS: $1.08 (vs. $0.95 consensus).
- Adjusted EBITDA: $10.3 million; Free cash flow: $18.6 million (timing-driven collections).
- Gross margin: 70.1% (stable vs. prior quarters); OpEx: $139.7 million (-$1M YoY due to cost discipline).
- Full-year 2025 guidance reaffirmed: Revenue $818-828M, Gross margin 69.5-70%, OpEx $562-568M, EBITDA $27-33M.
- 2026 investment plan: Expand commercial team, enhance launch capabilities, and fund MRD clinical trials.

**【Q&A Highlights】**
- **Cancer Care Growth**: CEO emphasized 5%+ revenue growth target above OpEx expansion, with focus on MyRisk, MRD, and AI-driven Prolaris.
- **NIPT Market Dynamics**: FirstGene 2-in-1 prenatal screen (NIPT + carrier) to launch in 2026, targeting 8-week gestation with 1-week turnaround. Company expects to regain market share through workflow improvements and new product innovation.
- **GeneSight Reimbursement**: 9 states now cover GeneSight under biomarker laws (e.g., California Medicaid), but UnitedHealthcare policy remains unchanged. Team maintains disciplined investment while awaiting potential policy reversal.
- **MRD Pipeline**: Ultrasensitive Precise MRD test for breast cancer expected in H1 2026, with data showing 87% 3-year survival in oligometastatic RCC patients.
- **Operational Efficiency**: Organizational redesign reduces management layers, reallocating $35M+ to growth initiatives while maintaining 70%+ gross margin.

Myriad Genetics, Inc. (MYGN) Q3 2025 Earnings Call Transcript

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