Company: MYGN
Filing Date: 2025-11-04
Form Type: 10-Q
Source: 0000899923-25-000112
Chunk: 93

Company: MYRIAD GENETICS INC
Filing Date: 2025-11-04
Form: 10-Q
Item: Part I, Item 8
Chunk 93
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Goodwill and Long-lived Asset Impairment Charges

Three months ended September 30,Change(in millions)20252024% ChangeGoodwill and long-lived asset impairment charges$— $2.2 $(2.2)(100)%Goodwill and long-lived asset impairment charges as a % of total revenue— %1.0 %

There were no goodwill and long-lived asset impairment charges in the three months ended September 30, 2025.  In the prior year, we recognized $2.2 million of losses in connection with the sale of the EndoPredict business.

Other Income (Expense), Net

Three months ended September 30,(in millions)20252024Change% ChangeOther income (expense), net$(2.9)$(1.2)$(1.7)141.7 %

Other expense, net for the three months ended September 30, 2025 increased $1.7 million as compared to the same period in the prior year primarily due to an increase in interest expense related to our new $125 million term loan secured in July 2025.  

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Income Tax Expense

Three months ended September 30,(in millions)20252024Change% ChangeIncome tax expense$1.2 $0.9 $0.333.3 %Effective tax rate(4.6)%(4.2)% 

Our tax rate is the product of a U.S. federal effective rate of 21.0% and a blended state income tax rate of approximately 3.4%. Certain significant or unusual items are separately recognized during the period in which they occur and can be a source of variability in the effective tax rates from period to period.

For the three months ended September 30, 2025, there was $1.2 million income tax expense and our effective tax rate was (4.6)%. For the three months ended September 30, 2024, there was $0.9 million income tax expense and our effective tax rate was (4.2)%. For the three months ended September 30, 2025 and 2024, our effective tax rate differs from the U.S. federal statutory rate primarily due to the recognition of valuation allowances. Due to our cumulative loss and the exhaustion of future taxable income from the reversal of taxable temporary differences, our estimated annual effective tax rate for the current year period includes a valuation allowance against the majority of the current year increase in deferred tax assets. 

Results