Company: MYGN
Filing Date: 2025-02-28
Form Type: 10-K
Source: 0000899923-25-000019
Chunk: 208

Company: MYRIAD GENETICS INC
Filing Date: 2025-02-28
Form: 10-K
Item: Item 8
Chunk 208
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5.4 $6.8 For the Level 2 contingent consideration related to the acquisition of Gateway, the Company reassesses the fair value of expected contingent consideration and the corresponding liability each reporting period using current financial or operating projections. As of December 31, 2024, the Company has estimated a fair value of $0 related to the Gateway contingent consideration as the achievement of the contingent consideration targets is not considered probable.

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Table of Contents

4.    PROPERTY, PLANT AND EQUIPMENT, NET

The property, plant and equipment were as follows:December 31,(in millions)20242023Leasehold improvements$78.5 $91.3 Equipment148.5 147.6 Property, plant and equipment, gross227.0 238.9 Less accumulated depreciation(109.6)(119.9)Property, plant and equipment, net$117.4 $119.0 During the year ended December 31, 2023, the Company incurred $5.7 million of accelerated depreciation of leasehold improvements and equipment in connection with the Company's decision to cease the use of its previous corporate headquarters in Salt Lake City, Utah and transition corporate support operations to its new facility in west Salt Lake City. The Company formally assigned the previous corporate headquarter lease to a third party as of December 31, 2023. See Note 13 for further discussion. The Company recorded depreciation during the respective periods as follows:Years Ended December 31,(in millions)202420232022Depreciation expense$19.5 $19.1 $11.6 

5.    GOODWILL AND INTANGIBLE ASSETS

GoodwillThe changes in the carrying amount of goodwill for the year ended December 31, 2024 are as follows: (in millions)Year Ended December 31, 2024Beginning balance$287.4 Goodwill impairment(0.8)Translation adjustments(0.3)Ending balance$286.3 During the fourth quarter of 2024, UnitedHealthcare announced that it would no longer provide coverage for certain multi-gene panel pharmacogenetic tests, including the Company's GeneSight test, under its commercial, individual exchange, and certain managed Medicaid plans. The change took effect for commercial and individual exchange plans on January 1, 2025, and is expected to take effect for impacted managed Medicaid plans during the first half of 2025. As a