Company: MYGN
Filing Date: 2025-11-04
Form Type: 10-Q
Source: 0000899923-25-000112
Chunk: 76

Company: MYRIAD GENETICS INC
Filing Date: 2025-11-04
Form: 10-Q
Item: Part I, Item 8
Chunk 76
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 its asset groups during that quarter.  The Company performed the recoverability test by comparing the carrying value of each asset group to its estimated undiscounted future cash flows. The analysis indicated that the carrying value exceeded the recoverable amounts for the Company's Pharmacogenomics and Gateway asset groups, requiring the Company to determine the fair value of each asset group. As a result of the tests performed, the Company recognized impairment expense totaling $82.0 million related to the Pharmacogenomics and Gateway intangible asset groups.  

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The fair value of the Pharmacogenomics developed technology was determined using a discounted cash flow model and the fair value of the Gateway intangible assets was determined using a discounted cash flow model and relief from royalty models.  The primary assumptions used in the discounted cash flow models 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 17% and 16% for the Pharmacogenomics and Gateway intangible asset groups, respectively. The primary assumptions used in the relief from royalty models were projected revenue and royalty rates. As the carrying value for the intangible assets exceeded the relative fair value, the Company recognized an impairment charge of $71.8 million and $10.2 million for the Pharmacogenomics and Gateway intangible asset groups, respectively, during the nine-month period ended September 30, 2025.  These expenses are included in Goodwill and long-lived asset impairment charges in the Consolidated Statements of Operations. The fair value measurements for the impairment of intangibles assets are classified as Level 3 in the fair value hierarchy because they are based primarily upon unobservable inputs that reflect management's assumptions.The Company recorded amortization expenses during the respective periods for these intangible assets as follows:Three months endedSeptember 30,Nine months endedSeptember 30,(in millions)2025202420252024Amortization of intangible assets$7.9 $10.5 $26.7 $31.9 

6.ACCRUED LIABILITIES

The Company's accrued liabilities at September 30, 2025 and December 31, 2024 were as follows:(in millions)September 30,2025December 31,2024Employee compensation and benefits$47.3 $57.4 Accrued taxes payable5.1 5.1 Refunds payable and reserves18.5 19.9 Accrued royalties5