Company: MYGN
Filing Date: 2025-08-06
Form Type: 10-Q
Source: 0000899923-25-000086
Chunk: 99

Company: MYRIAD GENETICS INC
Filing Date: 2025-08-06
Form: 10-Q
Item: Part I, Item 8
Chunk 99
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 and may continue to experience coverage limitations or denials for many of our products. For example, UnitedHealthcare updated its medical policies for pharmacogenetic testing to no longer provide coverage for certain multi-gene panel pharmacogenetic tests, including our GeneSight test, under its commercial, individual exchange benefit, and certain managed Medicaid plans, effective during the first half of 2025. The change in UnitedHealthcare coverage has negatively impacted our revenue, profitability, and cash flow in the first half of 2025 and we expect that these negative impacts will continue into future periods.

The following table represents the balances of cash and cash equivalents securities as of the dates set forth in the table below: 

(in millions)June 30,2025December 31,2024ChangeCash and cash equivalents$74.4 $102.4 $(28.0)

The decrease in cash and cash equivalents as of June 30, 2025 as compared to December 31, 2024 was primarily driven by $29.9 million in cash used by operations, $15.2 million in cash used for capital expenditures including the capitalization of internal-use software, and $3.1 million in cash used for the payment of withholding tax for the issuance of common stock, net of proceeds from the issuance of common stock. The decrease in cash was partially offset by $19.5 million increase in net borrowings under the ABL Facility.   

The following table represents the Condensed Consolidated Cash Flow Statement:

Six Months Ended June 30,(in millions)20252024ChangeCash flows used in operating activities$(29.9)$(16.0)$(13.9)Cash flows used in investing activities(15.2)(13.5)(1.7)Cash flows provided by (used in) financing activities16.2 (6.4)22.6 Effect of foreign exchange rates on cash, cash equivalents, and restricted cash0.7 (1.5)2.2 Change in cash and cash equivalents classified as held for sale— (2.3)2.3 Net decrease in cash, cash equivalents, and restricted cash(28.2)(39.7)9.2 Cash, cash equivalents, and restricted cash at the beginning of the period111.9 140.9 (29.0)Cash, cash equivalents, and restricted cash at the end of the period$83.7 $101.2 $(17.