Myriad Genetics Inc. Files 10-Q for Period Ending March 31, 2024

TL;DR

<b>Myriad Genetics Inc. filed its Q1 2024 10-Q report, detailing financial performance and business segments.</b>

AI Summary

MYRIAD GENETICS INC (MYGN) filed a Quarterly Report (10-Q) with the SEC on May 8, 2024. Myriad Genetics Inc. filed a 10-Q report for the period ending March 31, 2024. The filing covers the first quarter of fiscal year 2024. The company's principal business is In Vitro & In Vivo Diagnostic Substances. The filing includes financial data for the periods ending March 31, 2024, December 31, 2023, and March 31, 2023. Key segments mentioned include Hereditary Cancer Testing, Tumor Profiling, and Prenatal Testing.

Why It Matters

For investors and stakeholders tracking MYRIAD GENETICS INC, this filing contains several important signals. This filing provides investors with the latest financial results and operational updates for Myriad Genetics Inc. for the first quarter of 2024. Understanding the segment performance (Hereditary Cancer Testing, Tumor Profiling, Prenatal Testing) is crucial for assessing the company's growth drivers and market position.

Risk Assessment

Risk Level: medium — MYRIAD GENETICS INC shows moderate risk based on this filing. The company operates in the highly regulated diagnostics industry, which can lead to compliance risks and potential changes in reimbursement policies.

Analyst Insight

Monitor future filings for revenue growth trends in key segments like Hereditary Cancer Testing and Tumor Profiling, and assess the impact of any regulatory changes on financial performance.

Key Numbers

• 2024-03-31 — Period End Date (Quarterly report period)
• 2024-05-08 — Filing Date (Date the report was filed)
• 2024-01-01 — Quarter Start Date (Beginning of the reporting quarter)
• 2023-03-31 — Prior Year Quarter End (End date of the comparative prior year quarter)

Key Players & Entities

• MYRIAD GENETICS INC (company) — Filer name
• 2024-03-31 (date) — Period of report
• 2024-05-08 (date) — Filed as of date
• SALT LAKE CITY (location) — Business address city
• UT (location) — Business address state
• 84116 (postal_code) — Business address zip
• 0000899923 (company_id) — Central Index Key
• 2835 (industry_code) — Standard Industrial Classification

FAQ

Risk Factors

• Regulatory Compliance [medium — regulatory]: The company must comply with complex healthcare regulations, including those related to diagnostics and genetic testing, which could impact operations and market access.
• Market Competition [medium — market]: The diagnostics market is competitive, with potential for new entrants and evolving technologies that could affect Myriad's market share and pricing power.
• Reimbursement Risks [medium — financial]: Changes in reimbursement policies from government and private payers could adversely affect revenue and profitability.

Key Dates

• 2024-03-31: Quarter End — End of the reporting period for the 10-Q filing.
• 2024-05-08: Filing Date — Date the 10-Q report was officially submitted to the SEC.

Glossary

10-Q

A quarterly report required by the U.S. Securities and Exchange Commission (SEC). (Provides investors with a comprehensive overview of a company's financial performance during a specific quarter.)

Key Financial Figures

• $0.01 — ange on which registered Common Stock, $0.01 par value MYGN Nasdaq Global Select Mar

Filing Documents

• mygn-20240331.htm (10-Q) — 889KB
• exhibit311-certificationof.htm (EX-31.1) — 10KB
• exhibit312-certificationof.htm (EX-31.2) — 10KB
• exhibit321-certificationpu.htm (EX-32.1) — 6KB
• 0000899923-24-000026.txt (&nbsp;) — 6333KB
• mygn-20240331.xsd (EX-101.SCH) — 52KB
• mygn-20240331_cal.xml (EX-101.CAL) — 72KB
• mygn-20240331_def.xml (EX-101.DEF) — 215KB
• mygn-20240331_lab.xml (EX-101.LAB) — 636KB
• mygn-20240331_pre.xml (EX-101.PRE) — 436KB
• mygn-20240331_htm.xml (XML) — 886KB

- Financial Information

PART I - Financial Information Item 1.

Financial Statements

Financial Statements Condensed Consolidated Balance Sheets as of March 3 1 , 202 4 (unaudited) and December 31, 20 23 4 Condensed Consolidated Statements of Operations for the three months ended March 31, 202 4 and 202 3 (unaudited) 5 Condensed Consolidated Statements of Comprehensive Loss for the three months ended March 31, 2024 and 2023 (unaudited) 6 Condensed Consolidated Statements of Stockholders' Equity for the three months ended March 31, 2024 and 2023 (unaudited) 7 Condensed Consolidated Statements of Cash Flows for the three months ended March 31, 2024 and 2023 (unaudited) 8 Notes to Condensed Consolidated Financial Statements (unaudited) 9 Item 2.

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

Management's Discussion and Analysis of Financial Condition and Results of Operations 24 Item 3.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 29 Item 4.

Controls and Procedures

Controls and Procedures 30

- Other Information

PART II - Other Information Item 1.

Legal Proceedings

Legal Proceedings 31 Item 1A.

Risk Factors

Risk Factors 31 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 33 Item 3. Defaults Upon Senior Securities 33 Item 4. Mine Safety Disclosures 33 Item 5. Other Information 33 Item 6. Exhibits 34

Signatures

Signatures 35 3 Table of Contents MYRIAD GENETICS, INC. AND SUBSIDIARIES Condensed Consolidated Balance Sheets (in millions) March 31, 2024 December 31, 2023 (unaudited) ASSETS Current assets: Cash and cash equivalents $ 96.9 $ 132.1 Marketable investment securities 7.4 8.8 Trade accounts receivable 118.1 114.3 Inventory 24.6 22.0 Prepaid taxes 18.4 17.0 Prepaid expenses and other current assets 24.9 19.4 Total current assets 290.3 313.6 Operating lease right-of-use assets 58.9 61.6 Property, plant, and equipment, net 118.5 119.0 Intangibles, net 340.9 349.5 Goodwill 287.0 287.4 Other assets 14.9 15.4 Total assets $ 1,110.5 $ 1,146.5 LIABILITIES AND STOCKHOLDERS' EQUITY Current liabilities: Accounts payable $ 33.1 $ 25.8 Accrued liabilities 99.2 113.9 Current maturities of operating lease liabilities 13.8 16.2 Total current liabilities 146.1 155.9 Unrecognized tax benefits 30.8 30.2 Long-term debt 38.7 38.5 Noncurrent operating lease liabilities 94.3 97.4 Other long-term liabilities 40.6 41.3 Total liabilities 350.5 363.3 Commitments and contingencies Stockholders' equity: Common stock, 90.5 million and 89.9 million shares outstanding at March 31, 2024 and December 31, 2023, respectively 0.9 0.9 Additional paid-in capital 1,418.8 1,415.5 Accumulated other comprehensive loss ( 4.2 ) ( 3.7 ) Accumulated deficit ( 655.5 ) ( 629.5 ) Total stockholders' equity 760.0 783.2 Total liabilities and stockholders' equity $ 1,110.5 $ 1,146.5 See accompanying notes to Condensed Consolidated Financial Statements. 4 Table of Contents MYRIAD GENETICS, INC. AND SUBSIDIARIES Condensed Consolidated Statements of Operations (unaudited) (in millions, except per share amounts) Three months ended March 31, 2024 2023 Testing revenue $ 202.2 $ 181.2 Costs and expenses: Cost of testing revenue 64.6 59.2 Research and development expense 24.9 22.5 Selling, general, and administrative expense 140.6 151.7 Total costs and ex

View Full Filing

View this 10-Q filing on SEC EDGAR