Myriad’s stock nudged up to $6.05 on Tuesday, a small move on a company that looks cheap by the numbers and battered by the margins.
Cheap is literal: the company sits at 0.6x EV/sales and the filing flags a huge valuation gap versus peers. That discount is the most obvious tension — a low multiple versus a business that isn’t humming.
Management lays out where the cash went in the first half of 2026:
"The following table represents the balances of cash and cash equivalents as of the dates set forth in the table below: (in millions) June 30, 2026 December 31, 2025 Change Cash and cash equivalents $ 115.2 $ 149.6 $ (34.4) The decrease in cash and cash equivalents as of June 30, 2026 as compared to December 31, 2025 was primarily driven by $24.0 million in cash used in operations, reflecting our operating loss, offset by non-cash items and changes in working capital, as well as $9.7 million in cash used for capital expenditures and capitalized intangible assets." (Myriad Genetics / 10-Q 2026-07-31)
So the company burned $24.0M in operations in H1 and spent another $9.7M on capex and intangibles — the balance sheet still shows net cash of $29.7M, but the filing documents clear operating pressure.
That pressure shows up in the headline numbers: revenue was $824.5M for 2025, down 1.6% year over year, while operating margin plunged to -47.0% and net margin to -44.4%. Those are the kind of margins that knock valuation multiples down — and they’ve been episodic across recent years.
The company’s own scenario math underlines the point: two-year revenue growth assumptions are modest, but the bull and bear outcomes are separated mainly by the multiple the market assigns at exit. In other words, a big chunk of the upside in bullish scenarios comes from a re-rating, not a leap in sales.
On the demand front there’s a little color that’s neither wholly good nor bad. Management says reimbursement helped per-test revenue in one segment, offsetting some aged-order issues:
"The increase in Mental Health revenue per test was due to increased reimbursement, which offset the unfavorable changes in estimates associated with aged orders recognized during the period." (Myriad Genetics / 10-Q 2026-07-31)
So reimbursement trends can move the top line one way while order timing moves it another — more volatility for a company already operating with negative margins.
Market context is blunt: market cap $560.2M, enterprise value $530.5M, and EV/sales sits at 0.6x. The stock’s recent six-month return is -8.1%, with 12-month up 13.3%. Shares rose 3.1% on the last close to $6.05.
The tension is simple and factual: the company is priced like a deep-discount diagnostics name, yet the operating story contains shrinking revenue, heavy negative margins, and modest cash cushion after a recent operational cash burn. The scenarios in the filing show that changing the multiple moves valuation far more than small changes in growth.
Cash and cash equivalents fell to $115.2M at June 30, 2026 from $149.6M at December 31, 2025, driven mainly by $24.0M used in operations and $9.7M in capital spending (Myriad Genetics / 10-Q 2026-07-31).