Myriad Genetics Files Q3 2024 10-Q

TL;DR

MYGN Q3 10-Q filed. Check financials.

AI Summary

Myriad Genetics Inc. filed its 10-Q for the period ending September 30, 2024. The filing covers the third quarter and the first nine months of the fiscal year. Key financial details and operational updates for this period are presented.

Why It Matters

This filing provides investors with the latest financial performance and operational status of Myriad Genetics, crucial for understanding the company's trajectory in the diagnostics sector.

Risk Assessment

Risk Level: medium — As a publicly traded company in the healthcare sector, Myriad Genetics faces inherent risks related to regulatory changes, competition, and scientific advancements.

Key Players & Entities

• MYRIAD GENETICS INC (company) — Filer
• 20240930 (date) — Period of Report
• 20241108 (date) — Filing Date
• SALT LAKE CITY (location) — Business Address City
• 801-584-3600 (phone_number) — Business Phone

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-20240930.htm (10-Q) — 1113KB
• exhibit311-certificationof.htm (EX-31.1) — 10KB
• exhibit312-certificationof.htm (EX-31.2) — 10KB
• exhibit321-certificationpu.htm (EX-32.1) — 6KB
• 0000899923-24-000057.txt ( ) — 6810KB
• mygn-20240930.xsd (EX-101.SCH) — 52KB
• mygn-20240930_cal.xml (EX-101.CAL) — 73KB
• mygn-20240930_def.xml (EX-101.DEF) — 211KB
• mygn-20240930_lab.xml (EX-101.LAB) — 663KB
• mygn-20240930_pre.xml (EX-101.PRE) — 448KB
• mygn-20240930_htm.xml (XML) — 925KB

- Financial Information

PART I - Financial Information Item 1.

Financial Statements

Financial Statements Condensed Consolidated Balance Sheets as of September 30, 2024 and December 31, 2023 (unaudited) 4 Condensed Consolidated Statements of Operations for the three and nine months ended September 30, 2024 and 2023 (unaudited) 5 Condensed Consolidated Statements of Comprehensive Loss for the three and nine months ended September 30, 2024 and 2023 (unaudited) 6 Condensed Consolidated Statements of Stockholders' Equity for the three and nine months ended September 30, 2024 and 2023 (unaudited) 7 Condensed Consolidated Statements of Cash Flows for the nine months ended September 30, 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 33 Item 4.

Controls and Procedures

Controls and Procedures 33

- Other Information

PART II - Other Information Item 1.

Legal Proceedings

Legal Proceedings 34 Item 1A.

Risk Factors

Risk Factors 34 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 36 Item 3. Defaults Upon Senior Securities 36 Item 4. Mine Safety Disclosures 36 Item 5. Other Information 37 Item 6. Exhibits 37

Signatures

Signatures 38 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) September 30, 2024 December 31, 2023 ASSETS Current assets: Cash and cash equivalents $ 99.9 $ 132.1 Marketable investment securities — 8.8 Trade accounts receivable 125.7 114.3 Inventory 26.2 22.0 Prepaid taxes 17.0 17.0 Prepaid expenses and other current assets 24.4 19.4 Total current assets 293.2 313.6 Operating lease right-of-use assets 57.4 61.6 Property, plant, and equipment, net 115.4 119.0 Intangibles, net 312.5 349.5 Goodwill 286.3 287.4 Other assets 16.5 15.4 Total assets $ 1,081.3 $ 1,146.5 LIABILITIES AND STOCKHOLDERS' EQUITY Current liabilities: Accounts payable $ 29.6 $ 25.8 Accrued liabilities 111.2 113.9 Current maturities of operating lease liabilities 13.5 16.2 Total current liabilities 154.3 155.9 Unrecognized tax benefits 31.4 30.2 Long-term debt 39.0 38.5 Noncurrent operating lease liabilities 90.6 97.4 Other long-term liabilities 34.3 41.3 Total liabilities 349.6 363.3 Commitments and contingencies Stockholders' equity: Common stock, 91.0 and 89.9 shares outstanding at September 30, 2024 and December 31, 2023, respectively 0.9 0.9 Additional paid-in capital 1,445.2 1,415.5 Accumulated other comprehensive loss ( 0.1 ) ( 3.7 ) Accumulated deficit ( 714.3 ) ( 629.5 ) Total stockholders' equity 731.7 783.2 Total liabilities and stockholders' equity $ 1,081.3 $ 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 September 30, Nine months ended September 30, 2024 2023 2024 2023 Testing revenue $ 213.3 $ 191.9 $ 627.0 $ 556.6 Costs and expenses: Cost of testing revenue 63.5 57.6 192.5 174.6 Research and development expense 28.5 24.0 81.2 67.7 Selling, g

View Full Filing

View this 10-Q filing on SEC EDGAR