Company: MYGN
Filing Date: 2025-05-07
Form Type: 10-Q
Source: 0000899923-25-000048
Chunk: 98

Company: MYRIAD GENETICS INC
Filing Date: 2025-05-07
Form: 10-Q
Item: Part I, Item 2
Chunk 98
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The decrease in cash and cash equivalents as of March 31, 2025 as compared to December 31, 2024 was primarily driven by $16.3 million in cash used by operations, $5.3 million in cash used for capital expenditures, $3.0 million in cash used for the capitalization of internal-use software, and $5.8 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:

Three Months Ended March 31,(in millions)20252024ChangeCash flows used in operating activities$(16.3)$(18.6)$2.3 Cash flows used in investing activities(8.3)(7.1)(1.2)Cash flows provided by (used in) financing activities13.6 (8.8)22.4 Effect of foreign exchange rates on cash, cash equivalents, and restricted cash0.1 (0.8)0.9 Net decrease in cash, cash equivalents, and restricted cash(10.9)(35.3)24.4 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$101.0 $105.6 $(4.6)

Cash Flows from Operating Activities

We used $2.3 million less cash for operating activities for the three months ended March 31, 2025 compared to the same period in the prior year. The improvement in cash used for operating activities was driven by an overall improvement in our operating assets and liabilities of $6.7 million and annual cash bonuses for senior leaders not being paid until the second quarter of 2025, whereas in the prior year annual bonuses were paid in the first quarter of 2024. 

Cash Flows from Investing Activities

Cash flows used in investing activities increased $1.2 million for the three months ended March 31, 2025 compared to the same period in the prior year.  The increase was primarily due to an increase in the capitalization of intangible assets expenditures for software developed for internal use.  

Cash Flows from Financing Activities

Cash flows from financing activities increased $22.