What Myriad Genetics, Inc. told the SEC could break it.

About 61% of Myriad's revenue comes from private third-party payors with the balance from Medicare/Medicaid and patients; PAMA-driven CLFS reimbursement reductions, coverage disputes and ACA changes could materially cut the prices paid for its diagnostic tests.

“Presently, approximately 61% of our revenue comes from private third-party payors.”

Myriad depends on a limited number of third parties — in some cases single-source suppliers — for equipment, reagents, other supplies and specimen-collection services; disruption or unavailability of these inputs would impair its ability to run and deliver its tests.

“We depend on a limited number of third parties, or, in some cases, single-source suppliers, for equipment, reagents, other supplies, and specimen collection services. If these supplies or services become unavailable or are disrupted, then we may not be able to successfully perform our research, operate”

Myriad has active sales operations in Japan and distributes products through international distributors; ~7% of 2025 revenue is in foreign currencies (primarily Japanese yen), exposing it to FX, trade-policy and cross-border regulatory risks.

“approximately 7% of our revenues for the twelve months ended December 31, 2025 are denominated in other currencies, primarily in Japanese yen. A hypothetical 10% change in the value of the Japanese yen relative to the U.S. dollar would result in a 1% change in our revenues.”

Myriad recorded a $365.9M net loss in 2025 and expects continued losses; its Credit Facility (maturing July 2030) is secured by substantially all assets and requires a minimum trailing-twelve-month revenue test, so weak revenue or continued losses could trigger covenant or funding stress.

“For the year ended December 31, 2025, our net loss was $365.9 million and we expect to continue to incur net losses in future years.”