Myriad Genetics, Inc. (NASDAQ: MYGN) reported second quarter 2026 revenue of $190.7 million, an 11% decline year-over-year, as the molecular diagnostics company lowered its full-year 2026 revenue guidance to $770 million–$790 million, according to a company press release.

The revenue decline reflected a 1% drop in total test volume and a 9% decrease in average revenue per test. The average revenue per test decline included an $11.0 million reduction resulting from changes in estimates of cash collections for tests completed in prior periods. Total test volumes for the quarter were 379,000, compared with 384,000 in the same period a year earlier.

By segment, Prenatal Health revenue fell 16% year-over-year to $39.8 million on a 9% volume decline. Cancer Care Continuum revenue dropped 11% to $114.1 million despite a 6% volume increase, with hereditary cancer testing revenue down 13% due to lower reimbursement and unfavorable collection estimate changes. Mental Health revenue declined 3% to $36.8 million.

The company posted an operating loss of $38.9 million and a net loss of $43.2 million, or $0.46 per share, for the quarter. Gross margin was 66.6%, down 460 basis points year-over-year. Cash and cash equivalents stood at $115.2 million at quarter end.

Myriad Genetics suspended its previously issued full-year 2026 adjusted EBITDA guidance and said it would provide guidance only for revenue and adjusted gross margin, which it targets at 66%–67% for the full year.

The company launched Prolaris + AI, an AI-enabled prostate cancer test developed in partnership with PATHOMIQ, and expanded its Precise MRD test to cover colorectal and renal cancers. It also submitted a Medicare coverage request to MolDX for Precise MRD in breast cancer patients. CEO Sam Raha said the company has activated an initiative called Ascend, supported by an external professional services firm, to improve organizational efficiency and scalability.