Myriad Genetics Q2 2024 Update

TL;DR

Myriad Genetics filed its Q2 2024 10-Q. Financials are in.

AI Summary

Myriad Genetics Inc. reported its second quarter 2024 results, ending June 30, 2024. The company's financial performance for the quarter and the first half of the year is detailed in this 10-Q filing. Specific revenue, profit, and operational metrics for the period are provided.

Why It Matters

This filing provides investors with the latest financial performance data for Myriad Genetics, crucial for understanding the company's current health and future prospects.

Risk Assessment

Risk Level: medium — As a 10-Q filing, it contains detailed financial information which can reveal significant performance trends or potential risks.

Key Numbers

• 20240630 — Period End Date (Indicates the end of the reporting period for the 10-Q.)
• 20240807 — Filing Date (The date the report was officially submitted to the SEC.)

Key Players & Entities

• MYRIAD GENETICS INC (company) — Filer
• 20240630 (date) — Period of Report
• 20240807 (date) — Filing Date
• SALT LAKE CITY (location) — Business Address City
• UT (location) — Business Address State

FAQ

Key Financial Figures

• $0.01 — ange on which registered Common Stock, $0.01 par value MYGN Nasdaq Global Select Mar
• $250,000 — imes exceed federally insured limits of $250,000 per customer. Substantially all of the

Filing Documents

• mygn-20240630.htm (10-Q) — 1164KB
• exhibit311-certificationof.htm (EX-31.1) — 10KB
• exhibit312-certificationof.htm (EX-31.2) — 10KB
• exhibit321-certificationpu.htm (EX-32.1) — 6KB
• 0000899923-24-000041.txt ( ) — 7513KB
• mygn-20240630.xsd (EX-101.SCH) — 60KB
• mygn-20240630_cal.xml (EX-101.CAL) — 107KB
• mygn-20240630_def.xml (EX-101.DEF) — 241KB
• mygn-20240630_lab.xml (EX-101.LAB) — 718KB
• mygn-20240630_pre.xml (EX-101.PRE) — 485KB
• mygn-20240630_htm.xml (XML) — 1101KB

- Financial Information

PART I - Financial Information Item 1.

Financial Statements

Financial Statements Condensed Consolidated Balance Sheets as of June 30, 2024 and December 31, 2023 (unaudited) 4 Condensed Consolidated Statements of Operations for the three and six months ended June 3 0 , 2024 and 2023 (unaudited) 5 Condensed Consolidated Statements of Comprehensive Loss for the three and six months ended June 3 0 , 2024 and 2023 (unaudited) 6 Condensed Consolidated Statements of Stockholders' Equity for the three and s ix months ended June 3 0 , 2024 and 2023 (unaudited) 7 Condensed Consolidated Statements of Cash Flows for the six months ended June 3 0 , 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 25 Item 3.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 33 Item 4.

Controls and Procedures

Controls and Procedures 34

- Other Information

PART II - Other Information Item 1.

Legal Proceedings

Legal Proceedings 35 Item 1A.

Risk Factors

Risk Factors 35 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 35 Item 3. Defaults Upon Senior Securities 35 Item 4. Mine Safety Disclosures 35 Item 5. Other Information 35 Item 6. Exhibits 36

Signatures

Signatures 37 3 Table of Contents

- Financial Information

PART I - Financial Information

Financial Statements

Item 1. Financial Statements. MYRIAD GENETICS, INC. AND SUBSIDIARIES Condensed Consolidated Balance Sheets (unaudited) (in millions) June 30, 2024 December 31, 2023 ASSETS Current assets: Cash and cash equivalents $ 92.4 $ 132.1 Marketable investment securities 4.9 8.8 Trade accounts receivable 117.8 114.3 Inventory 26.1 22.0 Prepaid taxes 18.4 17.0 Prepaid expenses and other current assets 21.6 19.4 Assets held for sale 10.4 — Total current assets 291.6 313.6 Operating lease right-of-use assets 56.5 61.6 Property, plant, and equipment, net 116.3 119.0 Intangibles, net 319.5 349.5 Goodwill 286.3 287.4 Other assets 14.9 15.4 Total assets $ 1,085.1 $ 1,146.5 LIABILITIES AND STOCKHOLDERS' EQUITY Current liabilities: Accounts payable $ 33.3 $ 25.8 Accrued liabilities 98.3 113.9 Current maturities of operating lease liabilities 13.3 16.2 Liabilities held for sale 4.0 — Total current liabilities 148.9 155.9 Unrecognized tax benefits 31.1 30.2 Long-term debt 38.8 38.5 Noncurrent operating lease liabilities 91.2 97.4 Other long-term liabilities 34.6 41.3 Total liabilities 344.6 363.3 Commitments and contingencies Stockholders' equity: Common stock, 90.9 and 89.9 shares outstanding at June 30, 2024 and December 31, 2023, respectively 0.9 0.9 Additional paid-in capital 1,435.8 1,415.5 Accumulated other comprehensive loss ( 4.0 ) ( 3.7 ) Accumulated deficit ( 692.2 ) ( 629.5 ) Total stockholders' equity 740.5 783.2 Total liabilities and stockholders' equity $ 1,085.1 $ 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 June 30, Six months ended June 30, 2024 2023 2024 2023 Testing revenue $ 211.5 $ 183.5 $ 413.7 $ 364.7 Costs and expenses: Cost of testing revenue 64.4 57.8 128.9 117.0 Research and developme

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View this 10-Q filing on SEC EDGAR