Company: MYGN
Filing Date: 2025-08-06
Form Type: 10-Q
Source: 0000899923-25-000086
Chunk: 19

Company: MYRIAD GENETICS INC
Filing Date: 2025-08-06
Form: 10-Q
Item: Part I, Item 1
Chunk 19
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; or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities.  Some of the Company’s marketable securities primarily utilize broker quotes in a non-active market for valuation of these securities.Level 3—unobservable inputs.

The fair value of the Company’s long-term debt, which it considers a Level 2 measurement, is estimated using a discounted cash flow analysis based on the Company’s current estimated incremental borrowing rates for similar borrowing arrangements. The fair value of the Company’s current debt is estimated to be $59.7 million at June 30, 2025. 

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4.PROPERTY, PLANT, AND EQUIPMENT, NET

The property, plant, and equipment at June 30, 2025 and December 31, 2024 were as follows:(in millions)June 30,2025December 31,2024Leasehold improvements$79.2 $78.5 Equipment113.2 148.5 Property, plant, and equipment, gross192.4 227.0 Less accumulated depreciation(79.4)(109.6)Property, plant, and equipment, net$113.0 $117.4 The Company recorded depreciation during the respective periods as follows:Three months endedJune 30,Six months endedJune 30,(in millions)2025202420252024Depreciation expense$4.9 $4.6 $10.0 $9.7 

5.    GOODWILL AND INTANGIBLE ASSETS

GoodwillThe changes in the carrying amount of goodwill for the six months ended June 30, 2025 are as follows:(in millions)TotalBeginning balance$286.3 Goodwill impairment(234.7)Ending balance$51.6 During the quarter ended June 30, 2025, the Company identified a triggering event that required an interim goodwill impairment assessment. The Company experienced a sustained decline in its market capitalization, due in part to downward revisions to the Company's forecasts.In response to the triggering event, the Company estimated the fair values of each of its reporting units using both the market approach, applying an observable multiple of revenue based on guideline public companies, and the income approach, as of May 2025. The income approach considered projected revenue and profitability of each reporting unit and a discount rate reflective of the risk-adjusted cost of capital of 17.0% and