All right, great. Thank you, everybody, for joining us today. My name is Casey Woodring from the Life Science Tools and Diagnostics team here at JPM. I'm pleased to be joined today by the management team of Myriad Genetics. I'll turn it over to Paul Diaz, CEO, for the presentation, and then we'll follow up with Q&A afterwards. So, Paul, take it away.
Great. Thank you all for joining us today. Thanks again, JPM, for JPMorgan's been a great partner of ours for many years, a great partner of mine for probably 30 years. Great to be here again. You know, unfortunately, Sam Raha, our Chief Operating Officer, is not able to join us, but I've got our other partner, Mark Verratti, who will stand in. We're really excited to give you an update of the progress we've made in 2024, to give you a little bit of a sense of how we're thinking about 2025, and more importantly, the things we continue to do to grow and accelerate our strategy as we think about 2026 and beyond. I'd call your attention to our website, where you'll find additional information about the company.
Make sure you take a look at some of the forward-looking statements we'll be making today and for reconciliations of our non-GAAP disclosures that we'll be referencing at different points in the conversation today so just want to make sure you take advantage of that. You know, 2024 was an exciting year for us, maybe at the end of the year, a little more exciting than we would have planned. We'll talk about some of the surprise changes there but we were really pleased at how we were able to advance our mission of making genetic testing and really the accessibility and the actionability of what we do for providers as we reached over 1.5 million patients and really, at the end of the day, that's what we're about, is trying to make the very complicated science of what we do actionable to providers and understandable for patients.
So a really great year for us in terms of that. That wouldn't have been possible without our teammates, who recognize us again as a great place to work. 84% of our teammates voted us a great place to work. And that really drove the customer service that is so important and has been a big part of the turnaround of Myriad Genetics. And for those of you that know Net Promoter Scores, a Net Promoter Score of 72 is quite high. That's across providers, payers, and all the different folks that we interact with. So we're quite proud of that accomplishment, as well as the 11% growth that we achieved this year, even as we continue to invest for the future. And we'll talk some more about that. The company continues to enjoy market-leading margins, and we've achieved profitability, and that's something unique in our industry.
But we'll talk about how we continue to sustain and build on that, even as we're thinking about bringing new science to the marketplace. A little bit about our journey, for those of you not familiar with us, we did have a history that started in science over 30 years ago, as reflected on the prior slide. But these last few years have really been about resetting our operations, resetting our relationship with providers and patients. We went through the process of gaining more focus, divesting non-strategic assets, and really refocusing our business and investing in those core things. Mark will talk about some of those things that are the pillars we think of being successful in the future and the foundation that we've built over the last five years and invested in.
You know, that's resulted in a turnaround that we've achieved profitability, achieved growth, and we expect to continue to do so. We've got a little bump in the road here because of some reimbursement changes with United that we will talk about. But nonetheless, we expect to return to double-digit growth in 2026, continue that trajectory. And I want to underscore that we continue to invest in the people, the products, innovation, the information technology to make our science easier to reach, as well as the clinical evidence development to make our products more compelling and support our new product launches. And we'll talk more about that. So this morning, we released sort of preliminary 2024 results. Expect total revenue of $209 million-$211 million, pretty much in line with what analysts expected. Expect GAAP adjusted EPS about $0.03 or $0.04, again, reaching profitability again this quarter.
As we'll talk about, actually improving free cash flow the last two quarters. Quite pleased with that. We introduced 2025 guidance revenue of $840 million-$860 million. This reflects the UnitedHealthcare changes to their medical policy for pharmacogenomics, which is a broad policy change. It included GeneSight. We're going to talk about the very real belief that we have and the engagement we have with UnitedHealthcare that GeneSight does not belong in that broad policy change. Nonetheless, we've taken that position. We've also adjusted for the divestiture of our international operations, which, again, while reducing our revenue, has made us more profitable and more focused in terms of our products and investments. You know, the advanced diagnostic industry continues to develop quite a bit. You're seeing a fair amount of dislocation. You're starting to see consolidation. The underlying trends we think are pretty powerful.
We're seeing adoption. We're seeing the understanding most physicians, most nurse practitioners are only really starting to understand how they can use precision medicine tools in their practice. So we really do expect that we are in the early years of adoption and how these tools become more actionable in terms of practice patterns. That's becoming more accessible with new technologies and sequencing to bring down the cost for everyone to make this science a bit readily available. And certainly, we see a tremendous amount of investment in new therapies that will need to be supported by diagnostics. And so we're really spending a lot of time with our pharma partners, aligning with them on new therapy selection tools to help the really wide range of therapies coming to market, particularly oncology.
So we expect to continue to see disruption, and we continue to expect to be the beneficiaries of growing market share. Again, most of the market is pretty fragmented. I'll talk about that in just a minute. So our strategy really, and the things that we focus on every day, are really tied to what our customers tell us is most important. They want clinically validated tests that are in guidelines. They want quick turnaround times. They expect an easy-to-use process. They're seeing 30 patients a day, so they want to order in their EMRs. They want reports that are in their EMRs because they have so much to work on, and we have to make that science very clear to them. So you'll see that that's sort of core to our strategy. But also, they want a broader, comprehensive set of offerings.
And that you'll hear in a minute or two is really underpinning our strategy of product development and product enhancements. And lastly, they don't want surprise bills for their patients. They want to make sure that their patients are covered and that from a patient's perspective, our science is affordable. That really drives the four pillars of what we've been focusing on as an organization: continuing to invest in science, continuing to invest in the customer experience and the ease of use, making everything we do more technology-enabled. So significant investments in EMRs and digital paths, which Mark will speak to, all of which are supported by a platform of reimbursement, regulatory support, lab operations that can bring the scale to this industry that, quite frankly, is necessary to reach more patients and reach them more cost-effectively for the benefit of patients as well as payers.
So we live in a marketplace, and we are really focused on a comprehensive set of tools that address really growing, yet fragmented, but very actionable markets. So what you'll see later in the presentation is sort of the overlap of what we're trying to do in terms of these product offerings in the context of these large markets, this fragmentation, and where we believe we can penetrate these markets further, even as we enjoy a two or three position in many of these large TAMs. So hopefully, you'll see this and connect it to our strategy. So let's talk about oncology specifically, and I'll hit some of these points and not take away from Mark's presentation. So we continue to build a strategy around the patient journey and what community oncologists need in oncology.
That is a comprehensive set of portfolio of products, building on the reputation we have for clinical excellence and our reputation for quality that is widely respected, particularly in the oncology industry. That's coupled with the investments we're making to be easier to use, easier to work with, as well as bringing new products that solve to the new needs and keep up with the scientific opportunities. This includes expanding our offerings, as I mentioned, reducing the friction of the experience, and really focusing on the clinical evidence generation, not only for new products, for existing products, to make sure that we are keeping up with our competition and that nobody's left behind with respect to that. I'll give you a sense of the oncology portfolio that we're continuing to build out.
From early detection and risk assessment through diagnosis and therapy selection, and hopefully with respect to monitoring and sometimes the adjustments to therapy, our products from MyRisk to myChoice CDx, the only FDA-approved HRD for ovarian cancer, to Precise Tumor that we have fully integrated into our labs this quarter, to Precise Liquid that Mark will talk about launching, Prolaris, our prostate, EndoPredict, our prognostic for breast cancer, as well as, as I mentioned, Precise Tumor and the future launch of Precise MRD, which you can see here as an understanding is that we want to be able to be a place where community oncologists can get the products they need in a single point of entry in their EMR, easy to use, easy to get reports. And you'll see us follow through on this in the next couple of slides.
A great example of that is breast cancer, where we have really an unparalleled reputation because of our MyRisk hereditary cancer test. So whether it's early detection, therapy selection, or later in the patient journey with somatic offering for Precise Tumor and Precise MRD, where we are focused on breast cancer as the primary indication, our job is to be there for those community oncologists and be there in a way that has highly actionable science that can facilitate their practice patterns and make it easy for them and the patient to care and treat for the patient. In women's health, we have an expanding market. You'll hear from Mark about the innovations we've made with Prequel at eight weeks gestational, about Foresight Universal Plus, our expanded carrier screening product.
Again, here we see society guidelines and payer coverage expansion really driving some of the growth we see in 2025 and 2026. We think that's going to be a big driver of how we continue to grow in this year. We're seeing some of that already here in the end of 2025 with new customers excited about Prequel at eight weeks gestational. And we're equally excited about the new product launches like FirstGene. But similarly, again, here, when you think about the journey for patients, whether they're in the reproductive cycle or beyond, in large OB-GYN practices to help families through their reproductive cycle, to bring them insights earlier in that. Mark will talk about Prequel at eight weeks is when most women get their prenatal first care.
That blood draw to do an NIPS test at eight weeks versus 10 or 12 weeks, where many of our competitors have, quite frankly, high failure rates, makes a huge difference. And when you think about the reproductive choices that many families are being asked to make at 12 weeks, 16 weeks today, having answers about the chromosomal abnormalities at eight weeks can make a big difference. So our innovation is not only about improving science, but it's about improving access and the timeliness of our results. So FirstGene is going to solve to the opportunity of bringing four of the different results to patients at one time with one maternal blood draw. And again, that, I think, is going to be a real change in the ability to help families in this reproductive cycle. And often, women, after they've had a family, really start thinking about their own health.
They think about family members. One of eight women in America have breast cancer. We have the leading hereditary cancer test and polygenic RiskScore with MyRisk with RiskScore that gives people answers, unaffected patients early, about their ability to manage breast cancer risk. We're very excited at the Breast Cancer Risk Assessment Program we rolled out this year. Hannah Storm has just become one of our spokespersons for that program. So we really see that as a big catalyst for growth in this coming year as well. Mark will talk a little bit more about pharmacogenomics, but we are really committed to the long-term opportunity about pharmacogenomics. GeneSight continues to grow. It continues to grow beyond UnitedHealthcare beneficiaries. We see growth in coverage expansion through different biomarker states. We've signed a number of payer contracts expansions. We're growing organically. GeneSight 10%.
Mark has led a lot of that progress. And we've invested a lot in our go-to-market here. So I think you'll see GeneSight continue to grow through even some of the reimbursement challenges we see in the near term as we work through the United coverage decision recently announced. With that, let me give Mark to talk about where we go from here.
Thanks, Paul. Let me start with talking about some of the changes that we see in the space because it really dictates what our long-term strategy is, and so coming out of the pandemic, it's obvious to a lot that a lot of the smaller practices merge into these larger health systems, and why does that matter, well, because in order to do business with larger health systems, they're asking several things. They want to get rid of the number two pencils and the clipboards. They want you to be EMR integrated. They also want you to sell more than just one single product. What they're looking for is to have a platform of products. They want to have workflow solutions. In addition, what we see is because of the dislocation in our space, many are looking for more than a lab just to deliver a high-quality test.
They're asking for labs to be someone that they can trust. These larger health systems do have CFOs, and they have folks like you in the room who are asking questions about balance sheets and about profitability because if they're going to invest with a lab partner, they want to make sure the lab partner is there for the long haul. So trust is something that is becoming more and more important. And I'm proud to be part of someone that is at Myriad that has had trust over the last 30 years. And as you can see, we continue to be one of those trusted partners. So with that landscape, it's more than just focusing on a high-quality test and ease of use. We need to focus on those larger accounts. We need to focus on integrating all of our tests and all of our solutions.
We need to be thinking about not just selling a singular test, but a platform of tests. And lastly, when we think about the innovation, it's important that our innovation is out in front, but it needs to be grounded in guidelines because those guidelines are going to drive reimbursement. And I think what we see in our space, Paul's talked about it before, a large no-pay rate where, in many cases, 40% of the tests are not being reimbursed. And so it's important that we keep that top of mind as we continue to move forward and drive growth. I mentioned EMR integrations. We've talked about this over the last several years. 2024 was a huge year for us. We've integrated into a lot of providers' accounts. We've also learned a few things.
I think when you think about our Q4 growth, volume was a little slower because those large accounts and those integrations didn't happen as fast as maybe what we would have liked. Because again, it's not only how we prioritize it, but we need to prioritize it within an account. Moving a large account from paper and portals over to an EMR takes a lot. I think the good news is that growth we will see in the first half of next year. The other thing we've learned is it's not just about having your test in the EMR. It's about all the complementary opportunities as well. Patients expect to have their own patient portal where they can get the results. They would like to have a cost estimator to know exactly how much a test costs.
They would actually like to know where it is in the whole lab process. So if the turnaround time is 14 days, it would be great, sort of like an Amazon-like experience to know exactly where the test is. Providers are also looking for not only the test to be there, but they're looking for mobile ordering. They want those results to go into their data platform so that they can use those results. And this is a commitment that we've made to our providers and a commitment that you will see over the long term of how we're building out an end-to-end digital architecture to meet not only the patients, but the providers and also benefit Myriad so that we can operate at scale within our operations as well. We've talked a lot about our labs, and that is the cornerstone of that Myriad brand reputation.
We've invested a lot over the years. We are happy to say that most of the moves and most of the product moves have already been complete. There's a few more that'll happen in the first half of this year. But for the most part, that is behind us, and we can now focus on automation, robotics, and other things, all for the benefit of delivering the highest quality test, the fastest turnaround times, and improved cost, not only for Myriad, but cost that we can pass on to our patients. Moving to our product insights and also some updates. We've gotten a few questions over today around GeneSight. This is a product that I am super passionate about, and Paul mentioned. What do we know about the GeneSight test? First and foremost, adoption did not slow over the fourth quarter despite the news.
There are over 30,000 providers that are using GeneSight because, unfortunately, the mental health illness in America is not slowing down, and GeneSight has a value proposition specifically for the primary care audience who is treating mental illness on the front lines that is unparalleled, simply helping providers get patients to the right medication sooner and helping them get to wellness, and that has not changed, and we're going to continue to advance that going into next year. We also know that the clinical utility in this space also needs to continue to advance. GeneSight leads the way with over 11 publications, the two largest randomized trials that are in the space, and so to Paul's point, we do feel like GeneSight is different than the other pharmacogenomic tests, and we're going to continue to make that argument.
Unfortunately, with all of this, United still made a decision, an unparalleled decision, to reverse a 2019 policy to not cover GeneSight. So where do we go from here? Well, we will continue to work with United on multiple fronts, one on the policy side. So yes, we have all of the evidence to date, and there wasn't any new evidence that was negative towards GeneSight, but we still have more evidence coming. So we expect to have several publications within probably they'll be published in Q2 of this year that we will continue to submit and will continue to work with United.
We'll also continue to work. Paul will continue to work with upper management as well to make sure that they understand that our stakeholders, both from our patient advocacy groups as well as our trade groups, really support the use of GeneSight and how we would like to see them reverse the policy or exclude GeneSight from their policy change moving forward. Pivoting to some other questions that we've recently got around prostate cancer. Let me set the stage of this particular market. So every year, 300,000 patients are diagnosed with prostate cancer. Approximately 265,000 have localized prostate cancer, which is where Prolaris fits. That is our indication. And so when you think about that average age, that average age of patient is a 70-year-old patient. And so it's important when they think about their treatment options that in some cases, overtreatment can actually be a detriment.
What do we know about the biomarkers that are in this space? Number one is that all of the biomarkers are in NCCN guidelines. All of the biomarkers in this space are advanced tools, and they have level 2A evidence. What differentiates us is that our test is the only test that has been developed and validated in an untreated population. It's also the only test that has two validated thresholds, which I'll talk about in a second on why that's important. It's the only test that actually quantifies, as I mentioned before, what is the benefit of getting radiation therapy plus hormone therapy and what choices does that patient have. When we think about Prolaris and using the test at time of biopsy, there are decisions to be made. There are decisions whether they should receive surgery, active surveillance, or radiation therapy.
We have the best test in the market for the 37% of patients who fall into the active surveillance, which is in this case, doing no treatment is actually better for that patient. And so that's squarely where Prolaris has the best evidence. But in addition, what was also in the NCCN guidelines is for patients who have prostate cancer that are high risk or have a family history, they should also get a germline test. And Myriad is the only company that can offer both a germline test and our prognostic test. In addition, unfortunately, if that cancer moves forward and advances to mets, they also recommend that they get a tumor profiling test. And so really, if you think about, as Paul mentioned before, within breast cancer, in prostate cancer, guidelines potentially support the use of three different tests.
Myriad is the only company who is best suited to be able to do that. Moving forward to the excitement we have in women's health, Paul talked about this. In June of last year, we launched Foresight Universal Plus, which is our expanded carrier screening test in front of the soon-awaited ACOG guidelines. Seems like we've been waiting a while for those guidelines. I think the good news is in 2024, we saw two payers actually move forward and expand their reimbursement. What we would expect when the ACOG guidelines hit is that our Foresight Universal Plus panel will not only increase adoption, but also increase the reimbursement under those guidelines. We're looking forward to that coming this year. Paul also mentioned the excitement at the end in Q4. We launched Prequel as early as eight weeks.
Paul mentioned the importance of that. That is because that eight-week appointment is often the very first appointment where you're verifying you're validating pregnancy. And so it really works within the workflows, and we've seen many customers come on board just in the end of Q4. And it is because of our Amplify technology that has allowed us to do that. Moving to FirstGene, Paul touched on this. The excitement we have this year is in the first half of this year. We'll launch the commercialized study in over 4,000 pregnancies. Again, that will be a commercial study, which will then be on the heels of us launching FirstGene towards the end of the year. As Paul mentioned, this test really expands the market because it addresses one of the number one needs, which is often 70% of the time where the second sample is needed. It's often not collected.
With FirstGene, there's only one sample that is needed, and there's four tests in one, and we're looking forward to launching that study in the first half of this year. Moving on to MRD, and I would really tell you to go to our website and look back to Investor Day, where Dale Muzzey did a phenomenal job of expanding upon the science within our MRD test. I will just touch on the highlights, which is this assay was formed with our own internal scientists and our own expertise. It is an ultrasensitive test, and you'll hear more about that. But in addition, we are continuing to expand the prospective and retrospective studies. You'll see on the next slide, we have 15 studies that are underway. Many of those will be read out this year in different conferences. In addition, we announced the alliance with MD Anderson.
So we expect that to not only impact the current studies, but our future study acceleration. And last but not least, we got several questions today around our IP. And I think you've seen in our press releases over 2024, we have three IP announcements to our patent filings. In addition, we've entered into a cross-licensing agreement with Personalis, who also operates in a high-sensitivity space. This is a slide that I spoke to primarily around MRD, but as you can see, we continue to generate clinical evidence not only for GeneSight, for MyRisk, Prequel, FirstGene. And this is top of mind, and Paul will talk further about our enhancements to our R&D and to our clinical development pipeline. We've talked about our R&D expertise, which is not only leveraging our in-house scientists, but also partnerships like with MD Anderson, patent protection through Personalis and our freedom to operate.
We'll be continuing to look to innovative partnerships throughout the year. Lastly, before I turn it over to Paul to talk about the financials, I just want to highlight the ongoing portfolio and the ongoing pipeline that we have of both bringing enhancements to our existing products like MyRisk, Foresight, and Prequel that I've already talked about, also our future product launches like Precise Liquid, FirstGene, and others. This is really the cornerstone of why we feel really excited about our future to continue to help millions of patients and to continue to grow into 2025, 2026, and beyond.
With that, I will turn it back over to Paul. Thanks, Mark. Just a couple of high points in terms of the financials, and then we'll be happy to take questions and stuff.
We thought it was important to build a little bridge so you guys could understand the impact of the divestitures that we did this year, which again, were accretive to earnings and took a lot of noise out of our international operations, so when you look at 2024, where we pre-announced today at 836-838, pretty much in line with what we had told investors, and you adjust that for the UHC reimbursement reductions as well as international, what you can see is we still grew 9% on top of that with the rest of the product lines. GeneSight was a big contributor, and some of that obviously was in that United book of business.
More importantly, again, if you adjust for that baseline of 775, the guidance that we put out this morning at 840-860 at the midpoint shows, again, a return to double-digit growth in our core business. That's what I want to underscore is that we remain confident in the rest of the components of our business to, over the long term, exceed double-digit growth rates. I'll talk a little bit about how we expect to continue to get there. Again, what we talked about this morning, 836-838 on a GAAP basis, a loss of $1.66 or $1.56, that spread between GAAP and non-GAAP is closing. We expect adjusted EPS to be slightly ahead of our guidance at $0.14-$0.15, increased cash balance over the last couple of quarters.
So again, I think what you'll see, even if you were slightly disappointed with the revenue line in the quarter, because some of the things Mark talked about, real discipline, focus on the rest of the P&L, and understanding that continuing to achieve profitability and free cash flow generation is important, even as we invested in more studies, even as we continue to invest in our products. So as you think about 2025, similarly, despite the reimbursement bump in the road here, we're going to be able to grow through that. Our guidance is $840-$860, taking those into account. We believe we can maintain our 69.5%-70% or 70% gross margin at the midpoint.
Adjusted operating expenses, even with some belt tightening that we are doing here to achieve $575-$595 million, include continued investment in the technology to enable us commercially and otherwise, EMR, the things that Mark talked about, and as you'll see on the next slide, almost a 25% increase in R&D. One of the things we've committed to our board is that we're going to maintain profitability, but we are not backing off on our future and the investment in R&D and the other things to get us to where we want to be long term. Adjusted EBITDA of $25-$35 million and adjusted non-GAAP EPS of $0.07-$0.11, so essentially maintaining the same profit picture, hopefully, or better. Cash usage will actually be better since, as Mark pointed out, we've got most of our Lab of the Future investments done.
Expect adjusted operating cash flow of $20 million-$30 million, cash usage of less than $20 million with a goal of breakeven. We expect to be able to maintain our liquidity levels of around $140 million-$160 million over the course of the year, even as we're continuing to invest with new product launches and the things that we think can help us grow beyond 2025. As you think about 2026 and beyond, and that's where we would point you, we expect to be able to return to double-digit growth based on all of the different investments and the growth opportunities in our core product to be able to maintain our 70% gross margins. Remember, that means we've got to mitigate inflation. We have to mitigate all the other operating costs and mitigate the margin deterioration of new products.
As we launch new products, we're not going to get paid 100% on day one. So we think we can do that through Lab of the Future and other efforts, maintain our gross margins, even as some of our new product launches over the first year until we get to size and scale, we'll put a little pressure on those margins. And similarly, maintaining our investment in R&D and OpEx, almost a 25% increase in R&D in our budget this year, and expect double-digit adjusted operating margins is our long-term goal. And you should be able to see free cash flow generation track that improvement in adjusted EBITDA over the next few years. So with that, I think we left appropriate time for a little bit of Q&A.
Great. Well, thank you for that helpful overview. I guess to start, you pre-announced 4Q this morning.
Can you just talk about how the quarter played out relative to your expectations, what the key drivers of growth there were, how volumes and ASPs trended, and yeah, just any more color on the market?
Yeah, so a little light on the volume in terms of what we had hoped. We saw, as Mark mentioned this, as we converted certain customers to our EMR and the holidays, that proved to put a little pressure on the volumes. No major changes, no big customer losses or anything, but definitely we were disappointed a little bit in our volume. We more than made up for that through the rest of the P&L, and importantly, we've continued to improve our average revenue per test, what we call our average sales price per test. Those core trends continue.
The work that Scott and Chris Ho and the rest of the team and RevCycle and reducing our no pay continues. We actually had fewer out of periods in the quarter, so really pleased of what that trend says for us in terms of our confidence, quite frankly, in the guide for 2025. So we really do expect an acceleration in volumes here, particularly in Q2, as we continue to onboard the new national accounts. Q1 is usually pretty soft. We also have taken some steps. Q1 is usually a big cash burn for us. So we've taken some steps to, quite frankly, spread some of that cash burn over the course of the year. So that should help, again, with the view around cash usage in the first half of the year. So again, really quite pleased at kind of where we are.
Not all things played out in Q4 as we would have wanted, but we really are pleased that up and down the P&L, we were able still to deliver our guide. That's helpful. So on 2025 guidance, you're assuming revenue growth ex the United headwind of 8%-11%, and then on the bottom line, adjusted EPS of 7%-11% or $0.07-$0.11. On adjusted EPS, that's a step down from 2024. Just curious how much of that is attributable to the UNH headwind, and can you elaborate on how you expect core margins and profitability to trend? Look, I want to make sure that everyone understands. We put this guide in place so that everybody could set themselves on that, right? We have delivered on our guide since I've been here five years ago, and this management team is committed to doing that.
There are a lot of different moving parts in this, for sure, but we do not have insecurity in terms of further UHC deterioration here, which some folks are concerned about, and we do not expect anything out of the confusion around the Prolaris and Prostate NCCN guidelines. In fact, we think that's a great source for our company going forward. We've got more opportunities to execute commercially better, quite frankly, in terms of Prolaris, and we've taken steps with respect to that, both in terms of KOL engagement as well as increasing our sales force and leveraging our oncology sales force more broadly, so we've taken some steps in terms of the things that we underperformed. Some of the other upside, we believe, is in our biopharma business. We've had some really good engagement.
We just finished a pilot with a big pharma company that wants to do MRD studies with us. We think that could be a source of upside in our guide, but we thought it prudent to really put the UHC worst-case scenario into the guide and assure you that we're going to be able to grow through that. And in terms of EPS, we've got a lot of levers to hopefully get there, but we don't want to sacrifice the investments to get the returns and the growth and innovation that I think investors expect for us in 2026, 2027, and 2028, particularly around the MRD opportunity. So we don't want to shortchange the Memorial Sloan Kettering strategic opportunities and the investments we plan on making with them and studies and just taking a longer-term view in terms of that.
Got it. Looks like we have time for probably one more. So just at your analyst day, you noted the top-line growth bump from 10% plus previously to 12% plus now is partly attributable to Myriad's ability to hold the line on ASPs. Can you just elaborate on that and why you believe you won't see the same level of pricing compression that was embedded in the prior target?
Well, again, we have continued to see every quarter progress in reducing no pays through a combination of signed new payer contracts, expanded guidelines. We've got $10-$20 million upside in carrier screening, expansion of guidelines, and the requisite reimbursement here. That is not in our guide either. Now, there's potentially always other downside too. But we see industry-wide, quite frankly, our competitors as well, all making progress in terms of RevCycle, payer contract administration, and coverage.
So we see really across our product line, including MyRisk, our leading hereditary cancer product, improved ASP as we signed expanded contracts. We have a lot of payers, for example, that are only covering BRCA1 and BRCA2 for hereditary cancer. And as Mark mentioned, we've signed some. So it's a combination of continuing to see guideline expansion, adoption, payers stepping up to broaden coverage for different panels, and our RevCycle efforts. So you know we did go from a -3 to -5 world when I got here to we're seeing a 0 to +2 world in terms of ASP right now. You couple that with a hopefully double-digit volume growth. We're getting back to 12% once we get through 2025, particularly with the underlying growth that we expect in 2026 and 2027 to start happening with new product launches.
So I don't think the arithmetic's that hard.
I know the modeling can be complicated sometimes, but those are the basic components of how we think we can deliver value for our patients, achieve double-digit profitable growth. And I guess I want to just underscore, we've got a lot of great competitors out there, but we're really committed, and our board is committed to profitable growth. And even this year, at $0.07 or $0.11 and hopefully better, the idea is that despite the United policy change, we're continuing to hopefully grow EPS. And I'm certainly targeting beyond the $0.13-$0.15, but given the United, we thought $0.07 and $0.11 was the right place to put the mark.
Great. Well, it looks like we'll have to leave it there. Thank you to the Myriad Management Team for joining us. Thank you to all of you for joining us, and have a great rest of your conference.
Thank you very much.