Fulgent Genetics vs Myriad Genetics
Myriad Genetics holds the stronger position because its testing depends on proprietary variant data and counseling that AI and rival labs cannot easily replicate, while Fulgent Genetics has already lost its largest customer to in-house sequencing.
Fulgent Genetics
Genetic testing and diagnostics lab running COVID-era cash into oncology and pathology
Myriad Genetics
Lab-based hereditary and cancer genetic testing company using proprietary variant data and counselors
Dimension by dimension
| Dimension | Fulgent Genetics | Myriad Genetics |
|---|---|---|
| Staying power of the core product | Fulgent's largest customer already moved its sequencing in-house in Q1 2026, showing the lab-testing model can be walked away from. | Myriad's hereditary and cancer testing still relies on its own variant database and genetic counselors, which keeps hospitals dependent on it even as one segment softens. |
| Exposure to AI | Fulgent's broad panel of 18,000+ tests faces heavier exposure to AI-driven interpretation tools, which can standardize routine panel testing. | Myriad's proprietary variant database and genetic counseling work are harder for AI tools to replicate, given the depth of clinical interpretation required. |
| How easily a giant could copy them | Illumina and Thermo Fisher are already building in-house sequencing that pulls volume away from Fulgent, making it easier for a giant to replicate its offering. | Myriad's variant data took years to build, making it harder for a giant to copy its offering. |
| Pressure from rivals | Fulgent faces heavier direct competitive pressure as hospital systems insource sequencing onto Illumina and Thermo Fisher platforms. | Myriad faces lighter competitive pressure, coming mainly from Labcorp and Natera on the prenatal side. |
| Customer concentration risk | Fulgent's biggest customer has already left for in-house testing, a concrete and already-realized loss. | Myriad's pressure shows up as a declining prenatal segment rather than a single customer walking away. |
| Financial footing | Fulgent posted FY2025 revenue of $322.7M but a net loss of $60.5M, and Q1 2026 revenue of $71.1M points to a much lower run rate. | Myriad posted Q1 2026 revenue of $200.4M, up 2% year over year, following FY2024 revenue of $838M, up 11%, though its market cap is only $558.7M. |
Questions people ask
- Fulgent Genetics vs Myriad Genetics which is more exposed to AI
- Fulgent is rated as partly exposed because AI tools can absorb parts of its broad test-interpretation work. Myriad is rated unlikely to be affected because its hereditary and cancer testing leans on proprietary variant data and human counseling.
- Is Fulgent Genetics losing customers to hospitals building their own labs
- Yes, Fulgent's largest customer already migrated its sequencing in-house in Q1 2026. Myriad has not reported a similar loss of a top customer, though it faces pressure from Labcorp and Natera in specific segments.
- Myriad Genetics vs Fulgent Genetics revenue growth
- Myriad's revenue grew 2% year over year in Q1 2026 to $200.4M and grew 11% in FY2024 to $838M. Fulgent's FY2025 revenue was $322.7M with a net loss of $60.5M, and its Q1 2026 revenue of $71.1M points to a much smaller run rate.
- Can Illumina or Thermo Fisher replace Fulgent Genetics
- It looks likely, since hospital systems are already building sequencing capacity on those companies' platforms and one already pulled its business from Fulgent. Myriad faces a similar but less certain risk, rated only possible, from Labcorp and Natera.
- Is Myriad Genetics in trouble
- Myriad is described as losing its protection due to pressure from Labcorp's expanded hereditary testing book and Natera in prenatal testing, and its market cap of $558.7M is small relative to its revenue. Fulgent faces a more direct threat, having already lost its largest customer to in-house testing.