Company: MYGN
Filing Date: 2025-08-06
Form Type: 10-Q
Source: 0000899923-25-000086
Chunk: 71

Company: MYRIAD GENETICS INC
Filing Date: 2025-08-06
Form: 10-Q
Item: Part I, Item 8
Chunk 71
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 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 16.0% for the Pharmacogenomics and the Women's Health reporting units, respectively. The Company corroborated the reasonableness of the estimated reporting unit fair values by reconciling the values to its enterprise value and market capitalization, including the consideration of a control premium. Accordingly, this fair value measurement is classified as Level 3 in the fair value hierarchy because it is based primarily upon unobservable inputs that reflect management's assumptions.The Company recognized a goodwill impairment charge of $234.7 million, with $91.2 million attributable to the  Pharmacogenomics reporting unit and $143.5 million attributable to the Women’s Health reporting unit, reducing the carrying value of goodwill for these reporting units to their estimated fair values. The Company determined that the goodwill balance for the International reporting unit was not impaired. The goodwill impairment charges are reflected in "Goodwill and long-lived asset impairment charges" in the Condensed Consolidated Statements of Operations. The remaining goodwill value as of June 30, 2025 of $51.6 million consists of $29.8 million for the Pharmacogenomics reporting unit, $17.3 million for the International reporting unit and $4.5 million for the Women's Health reporting unit.      Management will continue to monitor for any additional indicators of impairment in future periods. Goodwill is tested for impairment at least annually and more frequently if events or changes in circumstances indicate that it is more likely than not that the asset is impaired.

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Intangible AssetsThe following tables summarize the amounts reported as intangible assets:(in millions)GrossCarryingAmount(1)AccumulatedAmortizationNetAt June 30, 2025Developed technologies$482.8