Myriad Genetics Inc. Files 2023 Annual Report on Form 10-K

Ticker: MYGN · Form: 10-K · Filed: Feb 28, 2024 · CIK: 899923

Myriad Genetics Inc 10-K Filing Summary
FieldDetail
CompanyMyriad Genetics Inc (MYGN)
Form Type10-K
Filed DateFeb 28, 2024
Risk Levelmedium
Pages15
Reading Time18 min
Key Dollar Amounts$0.01, $88.7 m, $85.4 m, $81.9 m
Sentimentneutral

Sentiment: neutral

Topics: 10-K, Myriad Genetics, Financial Report, Diagnostic Testing, Risk Factors

TL;DR

<b>Myriad Genetics Inc. has filed its 2023 10-K, detailing financial performance and risks associated with its diagnostic testing business.</b>

AI Summary

MYRIAD GENETICS INC (MYGN) filed a Annual Report (10-K) with the SEC on February 28, 2024. Myriad Genetics Inc. filed its 2023 Form 10-K on February 28, 2024, reporting for the fiscal year ending December 31, 2023. The company operates in the In Vitro & In Vivo Diagnostic Substances industry, SIC code 2835. Key financial data points such as revenue, net income, and EPS for the fiscal years 2021, 2022, and 2023 are included. The filing details changes in common stock, additional paid-in capital, accumulated other comprehensive income, and retained earnings from 2020 through 2023. Specific risks related to government contracts and customer concentration are noted for Medicare revenue and accounts receivable.

Why It Matters

For investors and stakeholders tracking MYRIAD GENETICS INC, this filing contains several important signals. This 10-K filing provides a comprehensive overview of Myriad Genetics' financial health and operational status for the fiscal year 2023, crucial for investors assessing the company's trajectory. The detailed risk factors, including concentration risks with Medicare and key customers, highlight potential vulnerabilities that could impact future revenue and profitability.

Risk Assessment

Risk Level: medium — MYRIAD GENETICS INC shows moderate risk based on this filing. The company faces medium risk due to noted concentration risks with Medicare for government contracts and key customers for accounts receivable, which could lead to significant revenue fluctuations if these relationships change.

Analyst Insight

Investors should closely examine the revenue breakdown and risk factors sections to understand the company's growth drivers and potential headwinds.

Revenue Breakdown

SegmentRevenueGrowth
TestingRevenueMember
ProductAndServiceOtherMember

Key Numbers

  • 2023-12-31 — Fiscal Year End (Reporting period)
  • 2024-02-28 — Filing Date (Date of submission)
  • 000-26642 — SEC File Number (Company's SEC file number)
  • 870494517 — IRS Number (Company's IRS identification number)

Key Players & Entities

  • MYRIAD GENETICS INC (company) — Filer name
  • 20231231 (date) — Fiscal year end
  • 20240228 (date) — Filing date
  • SALT LAKE CITY (location) — Business address city
  • UT (location) — Business address state
  • 870494517 (organization) — IRS number
  • DE (location) — State of incorporation
  • Medicare (company) — Segment with concentration risk

FAQ

When did MYRIAD GENETICS INC file this 10-K?

MYRIAD GENETICS INC filed this Annual Report (10-K) with the SEC on February 28, 2024.

What is a 10-K filing?

A 10-K is a comprehensive annual financial report required by the SEC, covering audited financials, business operations, risk factors, and management discussion. This particular 10-K was filed by MYRIAD GENETICS INC (MYGN).

Where can I read the original 10-K filing from MYRIAD GENETICS INC?

You can access the original filing directly on the SEC's EDGAR system. The filing is publicly available and includes all exhibits and attachments submitted by MYRIAD GENETICS INC.

What are the key takeaways from MYRIAD GENETICS INC's 10-K?

MYRIAD GENETICS INC filed this 10-K on February 28, 2024. Key takeaways: Myriad Genetics Inc. filed its 2023 Form 10-K on February 28, 2024, reporting for the fiscal year ending December 31, 2023.. The company operates in the In Vitro & In Vivo Diagnostic Substances industry, SIC code 2835.. Key financial data points such as revenue, net income, and EPS for the fiscal years 2021, 2022, and 2023 are included..

Is MYRIAD GENETICS INC a risky investment based on this filing?

Based on this 10-K, MYRIAD GENETICS INC presents a moderate-risk profile. The company faces medium risk due to noted concentration risks with Medicare for government contracts and key customers for accounts receivable, which could lead to significant revenue fluctuations if these relationships change.

What should investors do after reading MYRIAD GENETICS INC's 10-K?

Investors should closely examine the revenue breakdown and risk factors sections to understand the company's growth drivers and potential headwinds. The overall sentiment from this filing is neutral.

Risk Factors

  • Government Contracts Concentration Risk [medium — financial]: The company faces concentration risk related to government contracts, particularly with Medicare, which could impact revenue.
  • Customer Concentration Risk [medium — financial]: There is a concentration risk associated with key customers for accounts receivable, indicating potential dependency.

Key Dates

  • 2023-12-31: Fiscal Year End — End of the reporting period for the 10-K.

Filing Stats: 4,403 words · 18 min read · ~15 pages · Grade level 16.9 · Accepted 2024-02-28 08:31:31

Key Financial Figures

  • $0.01 — ange on which registered Common Stock, $0.01 par value MYGN Nasdaq Global Select Mar
  • $88.7 m — red research and development expense of $88.7 million, $85.4 million, and $81.9 million
  • $85.4 m — d development expense of $88.7 million, $85.4 million, and $81.9 million, respectively.
  • $81.9 m — se of $88.7 million, $85.4 million, and $81.9 million, respectively. 7 Table of Cont

Filing Documents

Business

Business 5 Item 1A.

Risk Factors

Risk Factors 27 Item 1B. Unresolved Staff Comments 56 Item 1C. Cybersecurity 56 Item 2.

Properties

Properties 58 Item 3.

Legal Proceedings

Legal Proceedings 58 Item 4. Mine Safety Disclosures 58 PART II Item 5. Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities 59 Item 6. [Reserved] 60 Item 7.

Management's Discussion and Analysis of Financial Condition and Results of Operations

Management's Discussion and Analysis of Financial Condition and Results of Operations 61 Item 7A.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 70 Item 8.

Financial Statements and Supplementary Data

Financial Statements and Supplementary Data 71 Item 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure 107 Item 9A.

Controls and Procedures

Controls and Procedures 107 Item 9B. Other Information 109

Disclosure Regarding Foreign Jurisdictions that Prevent Inspections

Item 9C. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections 109 PART III Item 10. Directors, Executive Officers and Corporate Governance 110 Item 11.

Executive Compensation

Executive Compensation 110 Item 12.

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters 110 Item 13. Certain Relationships and Related Transactions, and Director Independence 110 Item 14. Principal Accountant Fees and Services 110 PART IV Item 15. Exhibits and Financial Statement Schedules 111 Item 16. Form 10-K Summary 114

Signatures

Signatures 115 2 Table of Contents Cautionary Statement Regarding Forward-Looking Statements The Securities and Exchange Commission encourages companies to disclose forward-looking information so that investors can better understand a company's future prospects and make informed investment decisions. This Annual Report on Form 10K contains such "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Words such as "may," "anticipate," "estimate," "expects," "projects," "intends," "plans," "believes," "seek," "could," "continue," "likely," "will," "strategy" and "goal" and words and terms of similar substance used in connection with any discussion of future operating or financial performance identify forward-looking statements. All forward-looking statements are management's present expectations of future events and are subject to a number of known and unknown risks and uncertainties that could cause actual results, conditions, and events to differ materially and adversely from those anticipated. These risks include, but are not limited to: the risk that sales and profit margins of our existing tests may decline; the risk that we may not be able to operate our business on a profitable basis; risks related to our ability to achieve certain revenue growth targets and generate sufficient revenue from our existing product portfolio or in launching and commercializing new tests to be profitable; risks related to changes in governmental or private insurers' coverage and reimbursement levels for our tests or our ability to obtain reimbursement for our new tests at comparable levels to our existing tests; risks related to increased competition and the development of new competing tests; the risk that we may be unable to develop or achieve commercial success for additional tests in a timely manner, or at all; the risk that we may not successfully develop new markets or channels for our tests; the risk that licen

BUSINESS

Item 1. BUSINESS Overview and Mission We are a leading genetic testing and precision medicine company dedicated to advancing health and well-being for all. We develop and offer tests that help assess the risk of developing disease or disease progression and guide treatment decisions across medical specialties where genetic insights can significantly improve patient care and lower health care costs. Our genetic tests provide insights that help people take control of their health and enable healthcare providers to better detect, treat, and prevent disease. Our Business Strategy Personalized genetic data, digital, and virtual consumer trends are converging to change traditional models of care. We believe significant growth opportunities exist to help patient populations with pressing health care needs through innovative genetic and precision medicine solutions and services. Our focus is on innovation and growth in three key areas where we have specialized products, capabilities, and expertise: Oncology, Women's Health, and Pharmacogenomics. The pillars of our long-term growth strategy are founded on investments in science and innovation, technology-enabled operations, an elevated customer experience, strong commercial execution, and scalable operations. We believe our path to continued growth is driven by articulating our clinical differentiation, raising awareness with patients who we believe would benefit from our testing products, and innovation that improves clinical outcomes, ease of use, and access. By investing in tech-enabled commercial tools, new laboratory facilities, advanced automation, and standardized processes and technology, we believe we will be able to reduce complexity and cost, while enhancing our ability to scale and grow. We plan to expand some of our current products, such as our Foresight Universal Plus Test, which is an expanded carrier screening test that we anticipate launching in the second half of 2024. We also plan to launch new produc

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