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Levi & Korsinsky probes Myriad Genetics after revenue guide cut to $770-$790 million

Levi & Korsinsky probes Myriad Genetics after revenue guide cut to $770-$790 million

Law firms are scrutinizing Myriad Genetics after an 11% second-quarter revenue drop, an $11 million prior-period estimate adjustment, and a sharp share-price fall following lowered 2026 guidance.

Fact Check
Every element of the claim is confirmed by primary law-firm notices and corroborated by independent financial media. The Levi & Korsinsky notice confirms the investigation and the guidance cut to $770-$790 million. Johnson Fistel and Kirby McInerney releases confirm the 11% Q2 revenue drop to $190.7M, the $11M prior-period collection estimate adjustment, and a ~47% (sharp) share-price fall on July 31, 2026 following lowered guidance. Seeking Alpha and MarketScreener independently corroborate the $770-$790M guidance and the $190.7M Q2 revenue. The claim accurately summarizes the underlying facts driving the multiple law-firm investigations.
Summary

Scrutiny of Myriad Genetics has widened after Johnson Fistel, PLLP said on Aug. 4, 2026 that it is investigating potential federal securities law violations tied to the company's disclosures, a day after Levi & Korsinsky announced a similar probe. The focus follows Myriad's July 30, 2026 report that second-quarter revenue fell 11% year over year to $190.7 million, average revenue per test declined 9%, full-year revenue guidance was cut to $770 million to $790 million, and adjusted EBITDA guidance was suspended. Myriad also said results included an $11 million revenue reduction from changes in collection estimates for tests completed in prior periods, while hereditary cancer testing revenue fell 13% despite an 8% increase in volume because of lower reimbursement and unfavorable estimate changes tied primarily to first-quarter 2026 orders. Management said payer-generated revenue-cycle friction was "not new," citing changing prior-authorization requirements, increased medical-record requests, and higher denial rates, and acknowledged it "should have engaged earlier and more directly with payers as conditions evolved" and that earlier intervention "could have reduced the downstream impact." Myriad shares fell about 47% on July 31, 2026 after the disclosures. Earlier, Levi & Korsinsky highlighted that Myriad had reaffirmed $860 million to $880 million in 2026 revenue guidance and adjusted EBITDA of $37 million to $49 million on May 5, with Chief Executive Officer Samraat Raha also saying the company was "expecting sequential revenue growth in the low single digits in the second quarter," before reversing course about three months later.

Terms & Concepts
  • adjusted EBITDA: A profit metric that excludes certain costs or nonrecurring items to show underlying operating performance.
  • prior authorization: A payer requirement that approval be obtained before a test, treatment, or service is covered.
  • revenue-cycle friction: Operational obstacles in billing and reimbursement that can slow collections or increase claim denials.