Company: MYGN
Filing Date: 2025-02-28
Form Type: 10-K
Source: 0000899923-25-000019
Chunk: 158

Company: MYRIAD GENETICS INC
Filing Date: 2025-02-28
Form: 10-K
Item: Item 8
Chunk 158
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.1Internal-use software0.8 (0.1)0.7 3.02.5Customer relationships1.6 (0.2)1.4 10.08.8Trademarks6.1 (0.7)5.4 10.08.8Internal-use software (in-process)11.2 — 11.2 Total intangible assets$645.8 $(296.3)$349.5 As noted above, UnitedHealthcare announced that it would longer provide coverage for certain multi-gene panel pharmacogenetic tests, including the Company's GeneSight test, which triggered the Company to perform a recoverability test for the Pharmacogenomics asset group during the fourth quarter of 2024. The Company performed the recoverability test by comparing the carrying value of the asset group to its estimated undiscounted future cash flows. The analysis indicated that the carrying value exceeded the recoverable amount, requiring the Company to determine the fair value of the asset group. The fair value of the developed technology was determined using a discounted cash flow model. The primary assumptions used in the discounted cash flow model included projected revenue and profitability associated with the developed technology based on management's forecast and a discount rate reflective of the risk-adjusted cost of capital of 10%. As the carrying value for the developed technology asset exceeded the relative fair value, the Company recognized an impairment charge of $43.0 million during the year ended December 31, 2024, which is included in "Goodwill and long-lived asset impairment charges" in the Consolidated Statements of Operations. The impairment reduced the carrying value of the developed technology to its estimated fair value of $89.0 million as of the impairment date. The Company determined there was no impairment of long-lived intangible assets for the years ended December 31, 2023 and 2022.In recent years, the Company has invested in the development of internal-use software. As of December 31, 2024, the Company has capitalized $21.6 million related to projects under development. The Company expects the majority of the current in-process internal-use software projects to be completed in fiscal year 2025.  

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As of December 31, 2024, the Company's developed technologies have estimated remaining useful lives ranging between 5 and 12 years. The Company's acquired trademarks and customer relationships have an estimated remaining useful life of approximately 8 years as of December 31,