Myriad Genetics at Leerink Global Healthcare Conference: Strategic Growth Amid Challenges

On Monday, 10 March 2025, Myriad Genetics (NASDAQ: MYGN) participated in the Leerink Global Healthcare Conference 2025. During the session, incoming CEO Sam Raha and CFO Scott Leffler outlined the company’s strategic priorities, addressing both growth opportunities and challenges. Key discussions focused on mitigating a $55 million headwind from UnitedHealth’s GeneSight policy change while pursuing double-digit growth through new product launches and strategic investments.

Key Takeaways

• Myriad Genetics faces a $55 million headwind due to UnitedHealth’s policy change.
• The company aims for double-digit growth by 2025 and 2026, driven by new product launches.
• Strategic investments include MRD initiatives and AI-based technologies.
• Myriad is exploring M&A opportunities to expand its market reach.
• The company is focusing on improving profitability through cost management and revenue cycle improvements.

Financial Results

• UnitedHealth Impact:

- $40 million commercial headwind.

- $5 million Medicaid headwind.

- $10 million out-of-period favorability in 2024.

- Total 2025 headwind: $55 million compared to 2024.

• Adjusted EBITDA:

- 2024: $40 million.

- 2025 Projection: $25 million to $35 million, reflecting strategic investments in growth.

• Revenue Growth:

- 2025 Guidance: 0% to 2.6% reported growth.

- 2025 Target: Double-digit top-line growth after adjusting for the UnitedHealth headwind.

- 2026 Expectation: Return to double-digit growth on a reported basis.

Operational Updates

• GeneSight:

- Volume growth despite reimbursement challenges with UnitedHealth.

- Cost-cutting measures implemented within GeneSight and across the organization.

• R&D Investment:

- Accelerated investment in R&D, including MRD initiatives.

• EMR Integration:

- Integrated 4,500 new sites/offices in 2024.

- Expect pull-through to materialize in the second half of 2025.

- Less than 25% of available customers are currently integrated into the EMR system.

• Hereditary Cancer Market:

- Opportunity for incremental share gains due to competitor disruptions.

- Focus on the unaffected familial cancer market, a $3.5 billion market with less than 10% penetration.

Future Outlook

• Growth Drivers (2026):

- Prequal adoption

- First gene launch

- myRisk expanded panel launch

- precise MRD launch

- EMR integration pull-through

• ACOG Guidelines:

- Potential $10 million to $20 million annualized upside from updated ACOG guidelines and 22q/microdeletion coverage.

• Strategic Priorities:

- Sustain and accelerate profitable growth.

- Explore partnerships and M&A opportunities to complement the existing portfolio.

Q&A Highlights

• GeneSight and UnitedHealth:

- Myriad is actively engaging with UnitedHealth, providing clinical data and working with advocacy groups.

- Not counting on a positive resolution; impact is not included in their numbers.

- Resolution expected by the time UnitedHealth makes a decision on the 2026 policy.

• MRD and Indication:

- Indication will be decided in Q4 of 2024, based on clinical data.

- Breast cancer will be the initial focus.

• PathoMEC Partnership:

- PathoMEC will allow Myriad to accelerate their path to Simon level one, for both ProLaris plus AI.

In conclusion, Myriad Genetics is poised for strategic growth, balancing challenges with innovative solutions. For a deeper dive, readers are encouraged to review the full conference transcript.

Full transcript - Leerink Global Healthcare Conference 2025:

Puneeth Souda, Analyst, Leerink: Okay. Great. We can get started. I’m Puneeth Souda.

I cover life science tools and diagnostics here at Leerink. And it’s my pleasure to be hosting a Merit genetics team here. Joining us, Sam Raha, CEO elect, joining us, and also Scott Leffler, CFO. Thanks for being here, guys. Thanks for having us, Puneet.

Sam Raha, CEO elect, Myriad: Thank you for having us.

Puneeth Souda, Analyst, Leerink: So, first of all, Sam, you know, congrats on the promotion. And, I think it’s coming in under two months. Right? Lots to cover in the session. I mean, just a number of topics.

But maybe just to kick off, you have had, you know, closed since you joined in 2023. One could argue sort of internal workings, maybe just now getting into this role, what excites you the most? Where do you see, you know, where’s the most potential for, if you can call it, transformation or maybe opportunity based that can be expanded?

Sam Raha, CEO elect, Myriad: Yeah. No. Thank you for the question, Puneet. First of all, it is it is an honor, privilege to have the opportunity to lead this company. And, you know, it’s very important to me to, when I made the choice to leave Agilent a couple of not quite fifteen, sixteen months ago to really come to a place where we can do a lot to impact patient lives and and help shape health care.

And I think that opportunity is ahead ahead of us at Myriad. And specifically to answer your question, you know, as I think about the the journey ahead, the the most, I think, profound opportunity is to serve the fuller cancer care continuum. We, clearly, we have a place with, to to build on from our hereditary cancer leadership. But as you you likely know, last year we brought some select assets from Intermountain Precision Genomics, which now gives us a therapy selection assay, which is starting to do well. We have, you know, the HRD leadership still there.

MRD, I’m sure we’ll get on to talking about that. It’s an untapped opportunity for us, and we are incredibly late, but we still have an incredible opportunity there. And then if you think about even ProLaris, and that’s in prostate cancer, we announced a couple of weeks ago a partnership with a company called Pethomic to, to be able to complement our molecular test with a AI based test for prostate cancer. More on that later. I’d love to talk about it.

But all of this this AI starts our opportunity to to serve broader cancer, not just prostate cancer. And what really excites me is the ability to to serve this cancer care continuum more deeply, both organically and through partnerships, as well as to really leverage the foundational capabilities and scale that we built. Right? It’s the access to tens of thousand health care providers combined with the investments we’ve made continue to make digitally, be it EMR, be it other ways to serve our customers and, of course, the capabilities to process samples that we’ve built. I think when you put that together, it’s gonna be a real opportunity to to serve and and grow Myriad.

One other thing I’ll say, you know, maybe it’s an indirect part of the answer is part of the journey forward for Myriad is about, you know, really thinking about where can we invest more, where maybe we’re over invested because I think running a business is like life. You gotta make choices. And I think the the the Myriad story, can be simpler. Not just the story to the outside, the narrative, but that means even internally because we have a lot of things and not of them not all of them give us the same opportunity for real return. And really thinking about that with Scott and and the team over the next six months, Nothing is sacred.

We’re going to look at it all and think about how we can drive the company forward.

Puneeth Souda, Analyst, Leerink: Got it. Okay. Yeah. I want to get into more on the maybe the portfolio transformation that started with Paul and continuing with you in some ways. But you have had fair share of challenges in terms of the GeneSight situation with United.

I believe that’s a $40,000,000 headwind to commercial, dollars 5,000,000 to Medicaid. Maybe just help me understand, can you update us on your discussion with United? And where do you stand? What’s the time for for resolution there?

Sam Raha, CEO elect, Myriad: Yeah. Let me start, and then Scott, please please add in here. You know, one thing, Puneet, it’s very important. You know, the way we’re running the company on the inside that I would submit to you and and others who follow us is we’ve taken the United GeneSight UnitedHealth related thing and put it in a box. So, you know, there’s a defined amount of focus on it, but it not so it doesn’t become a distraction.

Now that being said, you know, we are absolutely doing a number of things, including continuing to provide them with clinical data, new meta analysis, so working with their medical affairs team. We are continuing to work with various advocacy groups to really, you know, bring the voice of be it the customers, the patients, you know, the others. Because, again, this was a policy decision around pharmacogenomics, not just about GeneSight. And third, we are continuing to engage at various levels, including very senior level to really understand what is, you know, might there be something else that we could do that can help United take a different position on this? I don’t know.

I I wouldn’t give it, you know, any sort of we don’t know exactly if this is gonna work out. We’re not counting on it. It’s not in our numbers. But I think, you know, by the time it’s time for them to make a decision on 2026 policy and what’s gonna be in, that’s really about when this is gonna come to a close. You wanna add to that, including how much this is really, you know, our financials?

Scott Leffler, CFO, Myriad: Sure. Thanks, Sam. And I think, Puneet, you sized it right, and we’ve made public comments in the past about the headwind from United’s decisions being about $40,000,000 from the commercial side, $5,000,000 for managed Medicaid. And then we did have about $10,000,000 of out of period favorability in 2024 that was directly attributable to this line of business. And so we think of the total headwind in 2025 relative to 2024 as being about $55,000,000 And certainly, obviously, just like Sam was saying, we’ll make every effort in order to mitigate that in our discussions with United.

But there are opportunities for us to mitigate it in other parts of the business as well. And that’s certainly something that we’re endeavoring to do. And so whether it is attacking other parts of the rev cycle and payer markets opportunity either within GeneSight or across the rest of our portfolio or just in general looking to offset the United related headwind with other opportunities in the core portfolio, we believe that we have an opportunity to prove the strength of the overall portfolio by delivering a successful 2025.

Puneeth Souda, Analyst, Leerink: Yes. One of the interesting points was that you were still seeing volume growth there in GeneSight. Obviously, the reimbursement here was impacted. But maybe just walk us through some of the thinking around driving overall profitability, which is an important focus for you. So what sort of expense reductions or other mitigation efforts that you’re sort of thinking through as you look at this headwind and overall profitability in ’twenty five?

Scott Leffler, CFO, Myriad: Sure. I’ll start and then Sam can jump in and supplement my comments. But we have already taken some cost out action, both within the GeneSight organization and across other parts of the organization, which quite frankly, I just view as being appropriate corporate leadership. And some of that is in direct response to the United development. But quite frankly, some of it also is around the opportunity to make sure that our spend is being concentrated in the most appropriate areas.

And we have made public comments about the fact that we have accelerated investment in R and D, which includes MRD related initiatives as well as others. And I think that that really speaks to the ability of the management team to prioritize our efforts, even if it might be painful in some parts of the organization in order to ensure that we’re putting our best foot forward to create value.

Sam Raha, CEO elect, Myriad: Yeah. No. The only thing I’d add to that is that, you know, we we made a deliberate choice coming into this year. Right? Last year, we had 40,000,000 of adjusted EBITDA.

This year, our, you know, projection is between twenty five and thirty five. You know, could we have cut more to to be neutral or even better? I I think there’s a yes. We could have. But it’s also about continuing to invest on the drivers for the growth in ’26 and beyond.

Right? Another theme you’re gonna hear from me, Puneet, is what are the things that we can do to really accelerate growth? That’s an important focus for me and the team going forward. Profitable growth is still important, but, you know, there is there if there are choices to be made where we can, in a very deliberate way, do things and make choices internally and inorganic that allows us to accelerate the growth, that is something we’re gonna do. And it’s in that spirit where I we chose to, you know, land our guidance at $25,000,000 to $35,000,000 for the EBITDA, adjusted EBITDA.

Puneeth Souda, Analyst, Leerink: And and just talking about the growth, I mean, that’s an important point. I mean, when correct me if I’m wrong, but for 2026, there is the view is that you can deliver double digit growth again. So I mean, just help us sort of provide more a little bit more context as to how do you get to that? Is that assuming sort of 10% growth in volumes, 2% in ASP? Just maybe puts and takes to that 2026.

Scott Leffler, CFO, Myriad: Well, one thing just to clarify, when you say getting back to double digit growth, I mean, obviously, the United headwind is real in 2025, but we have kind of laid out our view of how our 2025 guidance translates to about double digit top line growth after adjusting for the United headwind. So in many ways, what you’re talking about, that expectation in 2026 is really the same as what we’re targeting in 2025, just adjusting for the United phenomenon.

Sam Raha, CEO elect, Myriad: Yeah. No. So then building on that, but acknowledging on a reported basis, our guidance is zero to 2.6% growth if you look at just pure numbers. Hey. As we go into 2026, we have a number of things that I think start giving us, the opportunity for, you know, returning on a reported basis and more and just to get through the non sexy parts of it.

Right? We still have some headwinds this year looking at, you know, the the divestiture we made of the EndoPredict business in Europe. Small, but still millions of dollars of headwind. And going into next year, this is when we’re gonna, I think, start seeing more of the benefit including, you know, prequal will have been in the market for that much longer, the early gestational age. We’re starting to see some pickup from that.

We expect to continue seeing that. First gene, you know, we’re launching next quarter what we’re calling our pre launch phase. But some point next year, we’d also be launching the commercial launch. We have our myRisk expanded panel, our core panel, which hasn’t been updated in a long time by the end of this year, which we will bring to market, which will have now all the NCCN genes and opportunity to better serve and to get better reimbursement. Along with that, you know, I don’t think HRD is excuse me, MRD is necessarily gonna be a really volume or revenue driver, but expect it to be, you know, launched by the end of the first half of next year.

And then the other things that we’re doing systematically, like the EMR related work, the real enablement, not just the number of additional sites that we’re integrating, but really to start seeing the pull through where, you know, the customers, the systems that we’re setting up are are ordering either more of the tests that they’re ordering or ideally across the cancer continuum, for example. You know, we we got together more than 15 docs and other advisers from, from the oncology space. So, and a lot of them really reaffirmed that, listen, as long as you have some gold standard products in there, your precise tumor is good enough for us. It doesn’t have to be foundation or Caris or whatever. So all these things, I think, start to bear in 2026 to get us to true double digit growth.

Puneeth Souda, Analyst, Leerink: Got it. Yes. No, that’s helpful context. Maybe just on the point that you mentioned about EMR. I think you stated that an affected this is hereditary cancer an affected business slowed in 4Q with some impact from eight week prequel launch and the EMR workflow conversions that you had.

So maybe just update us. Is that

Sam Raha, CEO elect, Myriad: all addressed at this point? It’s it’s not all addressed in the but let me just say, let me characterize what the issue was, what the challenge is, and what we’re doing about it. That’ll help. You know, fact is we integrated 4,500 new sites or offices and and and systems last year. There’s a, you know, going live, putting our products into their EMR is one very important step.

That’s what the 4,500, ties to. What we also know is that beyond that, there is some real, support for enabling success for these customers. And we call it with our Navy Seal, these program teams, which really ensure because there is a change in the workflow even for the staff, the office staff, to really help them do that, to answer their questions. A lot of them, by the way, are also moving from paper or portals to, you know, fully embracing, Epic for the first time. Right?

So these are in some cases, these are bigger than just what just myriad going into the system. This is a adoption of a new workflow. So I say that because then it helps you, one understand that it’s not as simple as, alright. We’ve done it. Go.

It will take some time. So I think that in our estimation, by the time we start seeing the the volume really start to appreciate, it’ll be, you know, into the second half of this year, hopefully sooner. Yeah. And what we’re doing is we we have a dashboard. We look at the, you know, the top 50 accounts and we look at what is the pull through this week versus that?

What is it compared to before? What are the, you know, what are the things we can influence? Because there’s some nuances of differences. Right? So that that’s the approach we’re taking.

Puneeth Souda, Analyst, Leerink: And and and do you have any expectation of how much once whenever you integrate a test on the electronic EMR, does it drive a certain increase in volume? Is it 10%, twenty %, thirty %? I mean, some companies have pointed that out as an important driver. It just makes it easier to order.

Sam Raha, CEO elect, Myriad: Yeah. You know, I would say, and I was looking at this data, just on Friday with some of my colleagues, that it is hard to make a kind of a generalized statement. For example, where we’ve integrated Flatiron, that was, you know, a big, big effort that we had, I think, in the second half of last year, maybe even fourth quarter. We’re already starting to see a good pickup there. But those are usually very focused oncology accounts that really use Flatiron.

What we’re finding with, the reason it’s hard to make a generalized statement that women’s health accounts are have some different dynamics than oncology accounts, you know, compared to urology accounts. We have Lumea also integrated with our Polaris product. So if you’d give us just a little bit longer, but, you know, definitely, it’s intended to be material to help us with percentage points at least of growth. That’s the intention over over the medium to long term.

Scott Leffler, CFO, Myriad: Got it.

Sam Raha, CEO elect, Myriad: And by the way, there’s a lot to go. Yeah. You know, even at the end of last year, only about 25 less than 25%. I think Mark might have even said 20%. Sorry.

Mark Frady, our chief commercial officer on our call, have really been integrated of the total, you know, available customers. Now granted, maybe 50% of those customers still like portals, like paper, but that means we still have a very large number opportunity, if you will, to integrate and drive volume over the next years.

Puneeth Souda, Analyst, Leerink: Yes. That’s pretty meaningful. On the hereditary cancer market, I mean, this is something Paul was highlighting last year. There is obviously there was disruption in the market. There was a competitor that exited that market.

There was another one that was acquired. So just all around somewhat of a disruption that was and it was seen as an opportunity in the share gain. So maybe just wondering where is that fully baked in at this point? Is there more opportunity to grab share there? And I don’t know if there’s a way to quantify it.

Sam Raha, CEO elect, Myriad: You want to start, Scott? Or do you want me to start?

Scott Leffler, CFO, Myriad: Maybe a couple of comments. So yes, that was a theme that came up periodically last year. I think that certainly we believe that there continues to be an opportunity for incremental share gains. I think the question is over what span of time it’s going to play out. With disruption in the marketplace, particularly when you have one competitor being acquired by another, a lot of it is dependent upon the nature and pace of their integration and whatever policy changes they may be implementing, which really at the end of the day in the field create the share shift opportunity.

And so we continue to be optimistic that that opportunity is there or will be there. But it’s difficult to circle a date on the calendar and say, here’s exactly when provider X or provider Y is going to consider alternate alternates because they are, for whatever reason, dissatisfied with the new regime.

Sam Raha, CEO elect, Myriad: Yeah. That being said, listen, you know, with LabCorp and Invitae, you know, it’s only this year. Even though I think we’ve already benefited from that, it helped drive our hereditary affected volume up. You know, the the new policies have only gone into place coming into this year. Tempus and Ambry, that’s very, very early yet.

And by the way, maybe you’re gonna ask me down the line, but, you know, along with that crowded space, highly penetrated market, the bigger opportunity for us, we think, still remains in the unaffected side for familial cancer. That’s a, you know, that’s a $3,500,000,000 market, less than 10% penetrated, growing at the high single digit level. We are the leaders. We’re programmatically driving things like our breast cancer risk assessment program, which really gives these healthcare systems and providers a way to drive their own volume and revenue as well.

Puneeth Souda, Analyst, Leerink: And I mean for that market, do you need to bring about some changes in the sort of how you’re approaching that market or sales force in order to address and gain more share there?

Sam Raha, CEO elect, Myriad: Yeah. I think it’s as much as anything there since we are the leaders, we are in front. It’s about different ways to activate and stimulate the market. Because unlike in oncology, if someone has cancer and their provider, you know, recommends that you should have a my risk test, it’s like, okay, it’s part of my, you know, selection process for treatment. Whereas in the unaffected side, the things that we are doing in our program is to help, drive awareness of, you know, hereditary cancer and the role it can have in one’s health even if they otherwise aren’t affected yet.

It’s, you know, to give the tools to help these health care providers and customers to actually identify and message to these individuals. It’s providing our genetic counselors. We found a quick consult really increases what is otherwise about twenty five to thirty percent of patients or unaffected individuals who their doc says, hey. You should consider that. But once they actually speak to our a quick consult in office, for two minutes with our our, genetic counselor, that goes up to more than eighty percent.

So there’s all these programmatic things. And just as a kind of a fun but relevant thing, we actually had Hannah Storm, who’s a leading analyst on ESPN Mhmm. Who was affected herself, for example, around the Super Bowl, you know, talk about my risk and, you know, use that platform to to more broadly, you know, to raise the awareness. And those are the sort of things that we have to do.

Puneeth Souda, Analyst, Leerink: Got it. Okay. Just maybe switching gears, I want to get to MRD and some things on Polaris too. But just on the women’s health side, you know, it’s nearly half of the births are to the Medicaid mother. So I think Medicaid is on and off in the news, and there’s questions about that.

So just wondering, maybe walk us through your how you’re thinking about the risk here and the lens and if how do you plan to mitigate the risk if there is risk that shows up?

Scott Leffler, CFO, Myriad: Well, certainly, there’s some amount of risk, but it’s not one that we have deemed to be material for us. A significant amount of our revenue cycle efforts over the years have been specifically for Medicaid across the product portfolio as well as in particular for women’s health. And so we feel like those efforts along with some of our other investments will give us cushion from any kind of headwind from Medicaid cuts that might transpire.

Puneeth Souda, Analyst, Leerink: Any thoughts on, again, ACOG is a question that remains in the space. Any updates that you have seen or anything that you have come across that gives you any more confidence on timing?

Sam Raha, CEO elect, Myriad: No. Two part message is one, we’re ready to catch the wave. We have a panel that’s been expanded, has all the, you know, contemplated genes that will be included in the update. You know, the only the the facts that I can point to that we we should be aware of, one, perhaps part of the delay in in issuing the new guidelines was related to a change in their own leadership that happened, if you remember, towards, I think, third quarter last year. And I think they were also perhaps waiting for the new administration for the US government.

So now, Puneet, your guess is as good as mine. But we’re ready for that. And, you know, the when that were to go and if and when that goes into effect, combination of the updated guidelines from ACOG as well as for, 22 q and microdeletions, we estimate that that’s somewhere between annualized $10,000,000 to $20,000,000 of upside, which is not anywhere in our plans today.

Puneeth Souda, Analyst, Leerink: Yes. No, that’s great. So switching gear to MRD briefly, precise MRD launch you talked about first half ’twenty six. You know, there is some sensitivity benefit that was talked about, and I think for ctDNA parts per million, detection limit below five and a couple of other metrics that have been provided on that assay. But realistically, you as you said, you are coming late to the market.

How do you position this assay? And what indication that you think you can pursue that maybe gets you early traction in the market?

Sam Raha, CEO elect, Myriad: Yeah. No. Great question. If I can just start with a handful of facts. I mean, first, some catalyst for you and others to track is our ability to, you know, for the first time, really provide some clinical evidence, clinical study results at or around ASCO.

You know, second, it’s, you know, our filing or submitting to MOLLEX by the end of the year and then within the end of the first half of next year to bring our first product to market. We are working on upwards of, you know, almost 20 different clinical studies now, and, you know, they’re both retrospective and perspective. They’re across a number of different cancer types, all of which benefit from this ultra high detection. So for low shedding cancers, which include breast, which include prostate, renal, and endometrial. What I will tell you then to answer your question more specifically, our thinking is that, you know, our opportunity is for these low shedding cancers.

We picked breast to be first. Also, because in breast, we are an established leading player. We have the, relationships. We have the other products that are being used. And, you know, our clinical studies right now in breast are looking at all the subtypes HR positive, negative, HER2 positive, negative, you know, triple negative breast cancer.

But specifically, we are looking at both neoadjuvant, adjuvant, as well as remission. And it will be the data from these clinical studies that will allow us to choose, in the in the q four time frame, hopefully sooner, what this first real indication will be in breast cancer that will bring to market.

Puneeth Souda, Analyst, Leerink: On Pathomix, I just wanted to touch on that point. It seems like it does two key things. One, it allows you to sell this. You know, Pathomix AI based assay for post radical prostatectomy. And then the second is, it opens up access to samples so ProRes can get into, you know, Simon level one evidence.

But I think, you know, there is the question is, you were not in the, you know, advanced table, advanced tools table. There are a number of questions around NCCN. How much does Simon level one matter? How much that being in the advanced tool table matters. So maybe just circling all of that, what are some of the efforts that you’re doing that can maybe get you all three of those?

And maybe just rank order for us you know, what is most important for you in in in this market in terms of clinic building that clinical evidence and getting those guidelines?

Sam Raha, CEO elect, Myriad: Yeah. Well, I mean, I would maybe answer it a little bit differently, but hopefully, this will satisfy the questions you asked. One reality that has started to happen is a perception, which our competitor did a really nice job of how long is Myriad in this game anyway? How committed are they to prostate cancer? So, you know, what we’ve already seen is by virtue of this announcement of the, you know, pathomic, partnership, that has really helped dissipate that.

Another thing that even in advance of getting, which I’ll get to, some in level one evidence, we have started, you know, as soon as this happens starting in December excuse me, soon as this, meaning the updated NCCN guidelines were published, you know, working with KOLs to really talk doc doctor urologist to urologist about the merits and and, you know, advantages or not that Simon level one really gives you. It’s a statistical based analysis and so forth. So we’ve seen that. We have a new, you know, couple of new sales leaders who I think really bring what we need to really go hand to hand and and, you know, use the data, use the KOLs, but really go aggressively. Right?

Now that being said, like it or not, Simon level one is real. And that that has been an issue and a challenge for us. So one of the things we are excited about is to be able to accelerate by twelve to eighteen months our path to Simon level one because our biggest, you know, long pull in the tent has been, you know, the ability to get the right kind of samples. And we’re seeing a lot of receptivity. That was one of the reasons in our diligence we chose PathoMEC because there are deep relationships with other, you know, urologists in these centers of excellence.

So we we think that we have a path by, you know, early twenty twenty, sorry, by yeah. Twenty seven sometime to have Simon level one evidence for, both ProLaris plus our AI solution, but Proleris itself as well, which otherwise would have been three, four years away.

Puneeth Souda, Analyst, Leerink: Got it. Okay. But still, that’s 2027.

Sam Raha, CEO elect, Myriad: That’s for that is by the time we actually get the salmon level, there’s just, yeah, you know, there’s so many steps. The studies, the the analysis, the submission Mhmm. And then, you know, for NCCN to consider that they only meet once, twice a year. So yeah. Got it.

Okay. But I think we’re getting the benefit Mhmm. Already because we have a path. We have clarity.

Puneeth Souda, Analyst, Leerink: Mhmm.

Sam Raha, CEO elect, Myriad: And, and we’re gonna have an AI solution by, you know, early twenty early twenty six, sorry. Yeah. Within a year.

Puneeth Souda, Analyst, Leerink: Got it. Just given the time, let me switch gears a little bit. I mean, obviously, a lot of transformation of the portfolio. There were divestitures over the years. How are you thinking about the overall portfolio?

Is there an opportunity again, the markets are volatile, but is there an opportunity to potentially add to this portfolio or trim from this portfolio? Maybe coming back to an earlier question that you were going to look at it holistically. Just want to understand how are you thinking about the overall portfolio?

Sam Raha, CEO elect, Myriad: Let me start and then Scott, I’ll hand to you. Listen, I mean, like like I said, we have to think about how we sustain and accelerate growth, profitable growth, but, you know, maybe make choices about, you know, the level of profitability if it allows us in a very deliberate way to do that. And And by the way, partnerships is a very important part of how I think we can also grow, right, into areas where we can complement. Maybe you can talk about the M and A part of it.

Scott Leffler, CFO, Myriad: Sure. Well, first of all, just as a reminder, we have a fairly minimal amount of debt on the balance sheet. And at at least based on 2024 performance, they’re not really that far away from being cash flow positive, at least on an adjusted basis. And certainly, we look to continue to build on that momentum here in 2025 even with the headwind from United. And so we feel like we’re well positioned to be able to act when we find the most attractive strategic opportunities.

Now obviously, there are some that are going to be more capital allocation efficient. And so when you can find a partnership like the pathomic opportunity that was so special for us, where you can really have an impact on your strategic positioning in a particular part of the market or the product portfolio, then it’s absolutely wonderful to act on it with a modest investment of capital. Certainly, we continue to look at M and A opportunities as well. The attractive opportunities are just fewer and far between, especially if we’re trying to avoid something that’s significantly dilutive to our cash flows, but we continue to evaluate those opportunities as well.

Puneeth Souda, Analyst, Leerink: Okay. All right. We’re at the time, but this was really excellent conversation. Really appreciate your insights, Sam. Thanks for taking the time.

Thanks for being here.

Sam Raha, CEO elect, Myriad: Pleasure, Puneet. Thank you.

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