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

Company: MYRIAD GENETICS INC
Filing Date: 2025-11-04
Form: 10-Q
Item: Part I, Item 1
Chunk 25
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 utilize broker quotes in a non-active market for valuation of these securities.Level 3—unobservable inputs.

The carrying amounts of certain financial instruments—including cash and cash equivalents, accounts receivable, accounts payable, and accrued expenses—approximates their fair values due to their short-term maturities. Additionally, the carrying value of our long-term debt as of September 30, 2025, approximates its fair value because the debt’s floating interest rate is consistent with prevailing market rates.  

4.PROPERTY, PLANT, AND EQUIPMENT, NET

The property, plant, and equipment at September 30, 2025 and December 31, 2024 were as follows:(in millions)September 30,2025December 31,2024Leasehold improvements$79.8 $78.5 Equipment114.9 148.5 Property, plant, and equipment, gross194.7 227.0 Less accumulated depreciation(83.3)(109.6)Property, plant, and equipment, net$111.4 $117.4 The Company recorded depreciation during the respective periods as follows:Three months endedSeptember 30,Nine months endedSeptember 30,(in millions)2025202420252024Depreciation expense$4.8 $4.8 $14.8 $14.5 

5.    GOODWILL AND INTANGIBLE ASSETS

GoodwillThe changes in the carrying amount of goodwill for the nine months ended September 30, 2025 are as follows:(in millions)TotalBeginning balance$286.3 Goodwill impairment(234.7)Ending balance$51.6 During the nine months ended September 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. 

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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 16.0% for the Pharmacogenomics and the Women's Health reporting units, respectively. The Company corroborated the reasonableness of the