Cover
Cover - shares | 6 Months Ended | |
Jun. 30, 2022 | Jul. 29, 2022 | |
Cover [Abstract] | ||
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Jun. 30, 2022 | |
Document Transition Report | false | |
Entity File Number | 0-26642 | |
Entity Registrant Name | MYRIAD GENETICS, INC. | |
Entity Incorporation, State or Country Code | DE | |
Entity Tax Identification Number | 87-0494517 | |
Entity Address, Address Line One | 320 Wakara Way | |
Entity Address, City or Town | Salt Lake City | |
Entity Address, State or Province | UT | |
Entity Address, Postal Zip Code | 84108 | |
City Area Code | 801 | |
Local Phone Number | 584-3600 | |
Title of 12(b) Security | Common Stock, $0.01 par value | |
Trading Symbol | MYGN | |
Security Exchange Name | NASDAQ | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Large Accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 80,634,766 | |
Amendment Flag | false | |
Entity Central Index Key | 0000899923 | |
Current Fiscal Year End Date | --12-31 | |
Document Fiscal Year Focus | 2022 | |
Document Fiscal Period Focus | Q2 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets - USD ($) $ in Millions | Jun. 30, 2022 | Dec. 31, 2021 |
Current assets: | ||
Cash and cash equivalents | $ 105.2 | $ 258.4 |
Marketable investment securities | 99.9 | 81.4 |
Trade accounts receivable | 109.8 | 91.3 |
Inventory | 15.4 | 15.3 |
Prepaid taxes | 19.2 | 18.4 |
Prepaid expenses and other current assets | 17.6 | 20 |
Total current assets | 367.1 | 484.8 |
Operating lease right-of-use assets | 82.9 | 81.8 |
Long-term marketable investment securities | 78.5 | 59 |
Property, plant, and equipment, net | 52.8 | 43.5 |
Intangibles, net | 382.3 | 404.1 |
Goodwill | 237.8 | 239.2 |
Other assets | 8.8 | 8.3 |
Total assets | 1,210.2 | 1,320.7 |
Current liabilities: | ||
Accounts payable | 21.7 | 29.6 |
Accrued liabilities | 84.4 | 156.5 |
Current maturities of operating lease liabilities | 13.3 | 13 |
Deferred revenues | 0.3 | 5.2 |
Total current liabilities | 119.7 | 204.3 |
Unrecognized tax benefits | 27.7 | 27.9 |
Long-term deferred taxes | 23.3 | 35.8 |
Noncurrent operating lease liabilities | 87.4 | 79.3 |
Other long-term liabilities | 4.7 | 5.6 |
Total liabilities | 262.8 | 352.9 |
Commitments and contingencies | ||
Stockholders’ equity: | ||
Common stock, 80.6 million and 80.0 million shares outstanding at June 30, 2022 and December 31, 2021, respectively | 0.8 | 0.8 |
Additional paid-in capital | 1,244.3 | 1,226.3 |
Accumulated other comprehensive loss | (8.9) | (5.1) |
Accumulated deficit | (288.8) | (254.2) |
Total Myriad Genetics, Inc. stockholders’ equity | 947.4 | 967.8 |
Non-controlling interest | 0 | 0 |
Total stockholders' equity | 947.4 | 967.8 |
Total liabilities and stockholders’ equity | $ 1,210.2 | $ 1,320.7 |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (Parenthetical) - shares shares in Millions | Jun. 30, 2022 | Dec. 31, 2021 | Jun. 30, 2021 | Dec. 31, 2020 |
Statement of Financial Position [Abstract] | ||||
Common stock, shares outstanding (shares) | 80.6 | 80 | 77.7 | 75.4 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Operations (unaudited) - USD ($) shares in Millions, $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Revenues: | ||||
Total revenue | $ 179.3 | $ 189.4 | $ 344.2 | $ 362.5 |
Costs and expenses: | ||||
Research and development expense | 20.3 | 19.5 | 41.5 | 42.6 |
Selling, general, and administrative expense | 127.1 | 135.2 | 237.7 | 281.6 |
Goodwill and long-lived asset impairment charges | 0 | 1.8 | 10.7 | 1.8 |
Total costs and expenses | 197.1 | 210.2 | 387.6 | 430 |
Operating loss | (17.8) | (20.8) | (43.4) | (67.5) |
Other income (expense): | ||||
Interest income | 0.4 | 0.2 | 0.5 | 0.4 |
Interest expense | (0.6) | (2) | (1.5) | (5) |
Other | 0.1 | 18.8 | 0.1 | 18.7 |
Total other income (expense), net | (0.1) | 17 | (0.9) | 14.1 |
Loss before income tax | (17.9) | (3.8) | (44.3) | (53.4) |
Income tax expense (benefit) | (3.8) | 0.9 | (9.7) | (9.2) |
Net loss | (14.1) | (4.7) | (34.6) | (44.2) |
Net loss attributable to non-controlling interest | 0 | 0 | 0 | 0 |
Net loss attributable to Myriad Genetics, Inc. stockholders | $ (14.1) | $ (4.7) | $ (34.6) | $ (44.2) |
Net loss per share: | ||||
Basic (dollars per share) | $ (0.18) | $ (0.06) | $ (0.43) | $ (0.58) |
Diluted (dollars per share) | $ (0.18) | $ (0.06) | $ (0.43) | $ (0.58) |
Weighted average shares outstanding: | ||||
Basic (shares) | 80.4 | 77.2 | 80.3 | 76.6 |
Diluted (shares) | 80.4 | 77.2 | 80.3 | 76.6 |
Molecular diagnostic testing | ||||
Revenues: | ||||
Total revenue | $ 179.3 | $ 178.7 | $ 344.2 | $ 338.3 |
Costs and expenses: | ||||
Cost of revenue | 49.7 | 48 | 97.7 | 92.1 |
Pharmaceutical and clinical services | ||||
Revenues: | ||||
Total revenue | 0 | 10.7 | 0 | 24.2 |
Costs and expenses: | ||||
Cost of revenue | $ 0 | $ 5.7 | $ 0 | $ 11.9 |
Condensed Consolidated Statem_2
Condensed Consolidated Statements of Comprehensive Loss (unaudited) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Statement of Comprehensive Income [Abstract] | ||||
Net loss attributable to Myriad Genetics, Inc. stockholders | $ (14.1) | $ (4.7) | $ (34.6) | $ (44.2) |
Unrealized loss on available-for-sale debt securities, net of tax | (0.8) | (0.1) | (2.1) | (0.3) |
Change in foreign currency translation adjustment, net of tax | (0.5) | (0.3) | (1.7) | (1.4) |
Comprehensive loss | (15.4) | (5.1) | (38.4) | (45.9) |
Comprehensive loss attributable to Myriad Genetics, Inc. stockholders | $ (15.4) | $ (5.1) | $ (38.4) | $ (45.9) |
Condensed Consolidated Statem_3
Condensed Consolidated Statements of Stockholders' Equity (unaudited) - USD ($) $ in Millions | Total | Common stock | Additional paid-in capital | Accumulated other comprehensive loss | Accumulated deficit | Non-controlling interest |
Beginning balance at Dec. 31, 2020 | $ 881 | $ 0.8 | $ 1,109.5 | $ (2.3) | $ (227) | $ 0 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Issuance of common stock under stock-based compensation plans, net of shares exchanged for withholding tax | 26 | 26 | ||||
Stock-based payment expense | 9 | 9 | ||||
Net loss | (39.5) | (39.5) | ||||
Other comprehensive loss, net of tax | (1.3) | (1.3) | ||||
Ending balance at Mar. 31, 2021 | 875.2 | 0.8 | 1,144.5 | (3.6) | (266.5) | 0 |
Beginning balance at Dec. 31, 2020 | 881 | 0.8 | 1,109.5 | (2.3) | (227) | 0 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Net loss | (44.2) | |||||
Ending balance at Jun. 30, 2021 | 902.4 | 0.8 | 1,176.9 | (4) | (271.2) | (0.1) |
Beginning balance at Mar. 31, 2021 | 875.2 | 0.8 | 1,144.5 | (3.6) | (266.5) | 0 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Issuance of common stock under stock-based compensation plans, net of shares exchanged for withholding tax | 23.5 | 23.5 | ||||
Stock-based payment expense | 8.9 | 8.9 | ||||
Non-controlling interest | (0.1) | (0.1) | ||||
Net loss | (4.7) | (4.7) | ||||
Other comprehensive loss, net of tax | (0.4) | (0.4) | ||||
Ending balance at Jun. 30, 2021 | 902.4 | 0.8 | 1,176.9 | (4) | (271.2) | (0.1) |
Beginning balance at Dec. 31, 2021 | 967.8 | 0.8 | 1,226.3 | (5.1) | (254.2) | 0 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Issuance of common stock under stock-based compensation plans, net of shares exchanged for withholding tax | (4.8) | (4.8) | ||||
Stock-based payment expense | 10.1 | 10.1 | ||||
Net loss | (20.5) | (20.5) | ||||
Other comprehensive loss, net of tax | (2.5) | (2.5) | ||||
Ending balance at Mar. 31, 2022 | 950.1 | 0.8 | 1,231.6 | (7.6) | (274.7) | 0 |
Beginning balance at Dec. 31, 2021 | 967.8 | 0.8 | 1,226.3 | (5.1) | (254.2) | 0 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Net loss | (34.6) | |||||
Ending balance at Jun. 30, 2022 | 947.4 | 0.8 | 1,244.3 | (8.9) | (288.8) | 0 |
Beginning balance at Mar. 31, 2022 | 950.1 | 0.8 | 1,231.6 | (7.6) | (274.7) | 0 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Issuance of common stock under stock-based compensation plans, net of shares exchanged for withholding tax | 2.3 | 2.3 | ||||
Stock-based payment expense | 10.4 | 10.4 | ||||
Net loss | (14.1) | (14.1) | ||||
Other comprehensive loss, net of tax | (1.3) | (1.3) | ||||
Ending balance at Jun. 30, 2022 | $ 947.4 | $ 0.8 | $ 1,244.3 | $ (8.9) | $ (288.8) | $ 0 |
Condensed Consolidated Statem_4
Condensed Consolidated Statements of Cash Flows (unaudited) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||||
Jun. 30, 2022 | Mar. 31, 2022 | Jun. 30, 2021 | Mar. 31, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | Dec. 31, 2021 | |
CASH FLOWS FROM OPERATING ACTIVITIES: | |||||||
Net loss attributable to Myriad Genetics, Inc. stockholders | $ (14.1) | $ (20.5) | $ (4.7) | $ (39.5) | $ (34.6) | $ (44.2) | |
Adjustments to reconcile net loss to net cash provided by (used in) operating activities: | |||||||
Depreciation and amortization | 25.9 | 35.3 | |||||
Non-cash interest expense | 0.4 | 0.8 | |||||
Non-cash lease expense | 5.7 | 6.8 | |||||
Stock-based compensation expense | 20.5 | 17.9 | |||||
Deferred income taxes | (10.6) | (11.5) | |||||
Unrecognized tax benefits | (0.2) | 0.4 | |||||
Loss on inventory | 6.6 | 0 | 6.6 | ||||
Impairment of goodwill and long-lived assets | 0 | 1.8 | 10.7 | 1.8 | |||
Gain on sale of assets | 0 | (32.4) | |||||
Changes in assets and liabilities: | |||||||
Prepaid expenses and other current assets | 2.3 | (4.4) | |||||
Trade accounts receivable | (18.9) | (12.3) | |||||
Inventory | (0.1) | (0.8) | |||||
Prepaid taxes | (0.9) | 89.8 | |||||
Other assets | (1) | (2.7) | |||||
Accounts payable | (8.2) | 8.1 | |||||
Accrued liabilities | (82.9) | 17.4 | |||||
Deferred revenues | (4.9) | (9.2) | |||||
Net cash provided by (used in) operating activities | (96.8) | 67.4 | |||||
CASH FLOWS FROM INVESTING ACTIVITIES: | |||||||
Capital expenditures | (13) | (11.6) | |||||
Proceeds from sale of assets | 0 | 32.5 | |||||
Purchases of marketable investment securities | (85.5) | (36.6) | |||||
Proceeds from maturities and sales of marketable investment securities | 45.2 | 25 | |||||
Net cash provided by (used in) investing activities | (53.3) | 9.3 | |||||
CASH FLOWS FROM FINANCING ACTIVITIES: | |||||||
Proceeds from common stock issued under stock-based compensation plans | 3 | 50.1 | |||||
Payment of tax withheld for common stock issued under stock-based compensation plans | (5.3) | (0.6) | |||||
Payment of contingent consideration recognized at acquisition | 0 | (3.3) | |||||
Fees associated with refinancing of revolving credit facility | 0 | (1.2) | |||||
Repayment of revolving credit facility | 0 | (120) | |||||
Net cash used in financing activities | (2.3) | (75) | |||||
Effect of foreign exchange rates on cash and cash equivalents | (0.8) | (0.3) | |||||
Net increase (decrease) in cash and cash equivalents | (153.2) | 1.4 | |||||
Cash and cash equivalents at beginning of the period | $ 258.4 | $ 117 | 258.4 | 117 | $ 117 | ||
Cash and cash equivalents at end of the period | $ 105.2 | $ 118.4 | $ 105.2 | $ 118.4 | $ 258.4 |
Basis of Presentation
Basis of Presentation | 6 Months Ended |
Jun. 30, 2022 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Basis of Presentation | BASIS OF PRESENTATION Myriad Genetics, Inc. and its subsidiaries (collectively, the “Company” or “Myriad”) is a leading genetic testing and precision medicine company dedicated to advancing health and well-being for all. Myriad provides insights that help people take control of their health and enable healthcare providers to better detect, treat, and prevent disease. Myriad develops and offers genetic tests that help assess the risk of developing disease or disease progression or guide treatment decisions across medical specialties. The Company generates revenue by performing molecular diagnostic tests and, prior to the sale of Myriad RBM, Inc. on July 1, 2021, by providing pharmaceutical services to the pharmaceutical and biotechnology industries and medical research institutions utilizing its multiplexed immunoassay technology. The Company currently operates as a single reporting segment. The Company’s corporate headquarters are located in Salt Lake City, Utah. The accompanying Condensed Consolidated Financial Statements for the Company have been prepared in accordance with U.S. generally accepted accounting principles (“GAAP”) for interim financial information and pursuant to the applicable rules and regulations of the Securities and Exchange Commission (“SEC”). All intercompany accounts and transactions have been eliminated in consolidation. In the opinion of management, the accompanying financial statements contain all adjustments (consisting of normal and recurring accruals) necessary to present fairly all financial statements in accordance with GAAP. The Condensed Consolidated Financial Statements herein should be read in conjunction with the Company’s audited Consolidated Financial Statements and notes thereto included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2021 (the “Form 10-K”). The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities at the date of the financial statements, as well as the reported amounts of revenue and expenses during the reporting period. Operating results for the three and six months ended June 30, 2022 may not necessarily be indicative of results to be expected for any other interim period or for the full year. The Company has historically experienced seasonality in its testing business. The volume of testing is negatively impacted by the summer season, which is generally reflected in the quarter ended September 30th. The quarter ended December 31 is generally strong as the Company typically experiences an increase in volumes from patients who have met their annual insurance deductible. In the quarters ended March 31, the Company has typically experienced a decrease in volumes due to the annual reset of patient deductibles. Due to the ongoing COVID-19 global pandemic, including variants of COVID-19 (“COVID-19”), seasonality may not follow the same pattern as in prior years. Volumes and results of operations were impacted negatively in calendar year 2021 and early 2022 by COVID-19. As such, the Company’s year over year results may not be comparable. Management continues to monitor the impact of COVID-19 on the Company’s financial condition, liquidity, operations, suppliers, industry, and workforce. Given the variants of COVID-19 that have surfaced around the world, the Company is not able to fully estimate the effects of COVID-19 on its results of operations, financial condition, or liquidity for future periods. Reclassifications Certain prior period amounts have been reclassified to conform with the current period's presentation. The reclassifications have no impact on the total assets, total liabilities, stockholders’ equity, cash flows from operations, or net loss for the period. |
Revenue
Revenue | 6 Months Ended |
Jun. 30, 2022 | |
Revenue from Contract with Customer [Abstract] | |
Revenue | REVENUE Myriad primarily generates revenue by performing molecular diagnostic testing. Molecular diagnostic revenues are primarily derived from the following categories of products: Hereditary Cancer (myRisk, BRACAnalysis, BRACAnalysis CDx), Tumor Profiling (MyChoice CDx, Prolaris, and EndoPredict), Prenatal (Foresight and Prequel), and Pharmacogenomics (GeneSight). The Company previously provided pharmaceutical services and clinical services prior to the sale of Myriad RBM, Inc. in July 2021 and Privatklinik Dr. Robert Schindlbeck GmbH & Co. KG (the “Clinic”) in February 2020, respectively. Prior to the sale of the Myriad myPath, LLC laboratory in May 2021 and the Myriad Autoimmune business in September 2021, the associated revenue from such businesses was included within Molecular diagnostic revenues. Revenue is recorded at the estimated transaction price. The Company has determined that the communication of test results or the completion of pharmaceutical and clinical services indicates transfer of control for revenue recognition purposes. The following table presents detail regarding the composition of the Company’s total revenue by type and by U.S. versus rest of world (“RoW”): Three months ended June 30, 2022 2021 (in millions) U.S. RoW Total U.S. RoW Total Molecular diagnostic revenues: Hereditary Cancer $ 69.8 $ 9.6 $ 79.4 $ 73.8 $ 12.2 $ 86.0 Tumor Profiling 21.5 12.0 33.5 18.2 12.1 30.3 Prenatal 33.1 0.2 33.3 29.2 0.2 29.4 Pharmacogenomics 33.1 — 33.1 22.6 — 22.6 Autoimmune — — — 10.2 — 10.2 Other — — — 0.2 — 0.2 Total molecular diagnostic revenue 157.5 21.8 179.3 154.2 24.5 178.7 Pharmaceutical and clinical services revenue — — — 10.7 — 10.7 Total revenue $ 157.5 $ 21.8 $ 179.3 $ 164.9 $ 24.5 $ 189.4 Six months ended June 30, 2022 2021 (in millions) U.S. RoW Total U.S. RoW Total Molecular diagnostic revenues: Hereditary Cancer $ 130.5 $ 19.8 $ 150.3 $ 138.9 $ 23.2 $ 162.1 Tumor Profiling 41.2 24.8 66.0 42.1 19.4 61.5 Prenatal 64.8 0.4 65.2 52.8 0.3 53.1 Pharmacogenomics 62.4 — 62.4 40.2 — 40.2 Autoimmune 0.3 — 0.3 20.9 — 20.9 Other — — — 0.5 — 0.5 Total molecular diagnostic revenue 299.2 45.0 344.2 295.4 42.9 338.3 Pharmaceutical and clinical services revenue — — — 24.2 — 24.2 Total revenue $ 299.2 $ 45.0 $ 344.2 $ 319.6 $ 42.9 $ 362.5 The Company performs its obligation under a contract with a customer by processing diagnostic tests and communicating the test results to customers, in exchange for consideration from the customer. The Company has the right to bill its customers upon the completion of performance obligations and thus does not record contract assets. Occasionally, customers make payments prior to the Company’s performance of its contractual obligations. When this occurs, the Company records a contract liability as deferred revenue. During the fiscal year ended June 30, 2020, the Company received approximately $29.7 million in advance Medicare payments to provide relief from the economic impacts of COVID-19 on the Company. The advanced Medicare payments were applied against services performed beginning in April 2021 and continued until the funds previously received were fully earned, which occurred during the quarter ended March 31, 2022. A reconciliation of the beginning and ending balances of deferred revenue is shown in the table below: Six months ended (in millions) 2022 2021 Deferred revenue - beginning balance $ 5.2 $ 32.7 Revenue recognized (5.2) (15.5) Prepayments 0.3 6.3 Held for sale reclassification — (0.9) Deferred revenue - ending balance $ 0.3 $ 22.6 In accordance with ASC Topic 606, Revenue from Contracts with Customers, the Company has elected not to disclose the aggregate amount of the transaction price allocated to remaining performance obligations for its contracts that are one year or less, as the revenue is expected to be recognized within the next year. Furthermore, the Company has elected not to disclose the aggregate amount of the transaction price allocated to remaining performance obligations for its agreements wherein the Company’s right to payment is in an amount that directly corresponds with the value of the Company’s performance to date. In determining the transaction price, the Company includes an estimate of the expected amount of consideration as revenue. The Company applies this method consistently for similar contracts when estimating the effect of any uncertainty on an amount of variable consideration to which it will be entitled. An estimate of transaction price does not include any estimated amount of variable consideration that is constrained. In addition, the Company considers all the information (historical, current, and forecast) that is reasonably available to identify possible consideration amounts. In determining the expected value, the Company considers the probability of the variable consideration for each possible scenario. The Company also has significant experience with historical discount patterns and uses this experience to estimate transaction prices. The estimate of revenue is affected by assumptions in payor behavior such as changes in payor mix, payor collections, current customer contractual requirements, and experience with collections from third-party payors. When assessing the total consideration for insurance carriers and patients, revenues are further constrained for estimated refunds. The Company reserves certain amounts in Accrued liabilities in the Company’s Condensed Consolidated Balance Sheets in anticipation of requests for refunds of payments made previously by insurance carriers, which are accounted for as reductions in revenues in the Condensed Consolidated Statements of Operations and Comprehensive Loss. Cash collections for certain diagnostic tests delivered may differ from rates originally estimated, primarily driven by changes in the estimated transaction price due to contractual adjustments, obtaining updated information from payors and patients that was unknown at the time the performance obligation was met, and settlements with third party payors. During the three and six months ended June 30, 2022, the Company recognized $11.7 million and $19.9 million in revenue, respectively, which resulted in a $0.11 and $0.19 impact to earnings per share, respectively, for tests in which the performance obligation of delivering the tests results was met in prior periods. The changes were primarily driven by changes in the estimated transaction price. The Company applies the practical expedient related to costs to obtain or fulfill a contract since the amortization period for such costs will be one year or less. Accordingly, no costs incurred to obtain or fulfill a contract have been capitalized. The Company also applies the practical expedient for not adjusting revenue recognized for the effects of the time value of money. This practical expedient has been elected because the Company collects very little cash from customers under payment terms and the vast majority of payment terms have a payback period of less than one year. Concentration of Credit Risk Financial instruments that potentially subject the Company to concentrations of credit risk consist primarily of cash and cash equivalents and accounts receivable. Substantially all of the Company’s accounts receivable are with companies in the healthcare industry, U.S. and state governmental agencies, and individuals. The Company does not believe that receivables due from U.S. and state governmental agencies, such as Medicare, represent a credit risk since the related healthcare programs are funded by the U.S. and state governments. The Company only has one payor, Medicare, which represents greater than 10% of its revenues. Revenues received from Medicare represented 13% of total revenue for the three and six months ended June 30, 2022, and 16% and 18% of total revenue for the three and six months ended June 30, 2021, respectively. Concentrations of credit risk are mitigated due to the number of the Company’s customers as well as their dispersion across many geographic regions. No payor accounted for more than 10% of accounts receivable at June 30, 2022 or December 31, 2021. The Company does not require collateral from its customers. |
Marketable Investment Securitie
Marketable Investment Securities | 6 Months Ended |
Jun. 30, 2022 | |
Investments, Debt and Equity Securities [Abstract] | |
Marketable Investment Securities | MARKETABLE INVESTMENT SECURITIES The amortized cost, gross unrealized holding gains, gross unrealized holding losses, and fair value for available-for-sale securities by major security type and class of security at June 30, 2022 and December 31, 2021 were as follows: (in millions) Amortized Gross Gross Estimated June 30, 2022 Cash and cash equivalents: Cash $ 81.1 $ — $ — $ 81.1 Cash equivalents 24.1 — — 24.1 Total cash and cash equivalents 105.2 — — 105.2 Available-for-sale: Corporate bonds and notes 96.5 — (1.5) 95.0 Municipal bonds 31.1 — (0.2) 30.9 Federal agency issues 21.9 — (0.4) 21.5 US government securities 31.3 — (0.3) 31.0 Total $ 286.0 $ — $ (2.4) $ 283.6 (in millions) Amortized Gross Gross Estimated December 31, 2021 Cash and cash equivalents: Cash $ 195.2 $ — $ — $ 195.2 Cash equivalents 63.2 — — 63.2 Total cash and cash equivalents 258.4 — — 258.4 Available-for-sale: Corporate bonds and notes 105.7 0.1 (0.2) 105.6 Municipal bonds 16.1 — — 16.1 Federal agency issues 6.8 — — 6.8 US government securities 11.9 — — 11.9 Total $ 398.9 $ 0.1 $ (0.2) $ 398.8 Cash, cash equivalents, and maturities of debt securities classified as available-for-sale securities were as follows at June 30, 2022: (in millions) Amortized Estimated Cash $ 81.1 $ 81.1 Cash equivalents 24.1 24.1 Available-for-sale: Due within one year 100.5 99.9 Due after one year through five years 80.1 78.3 Due after five years 0.2 0.2 Total $ 286.0 $ 283.6 Additional information relating to fair value of marketable investment securities can be found in Note 4. |
Fair Value Measurements
Fair Value Measurements | 6 Months Ended |
Jun. 30, 2022 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | FAIR VALUE MEASUREMENTS The fair value of the Company’s financial instruments reflects the amounts that the Company estimates it will receive in connection with the sale of an asset or pay in connection with the transfer of a liability in an orderly transaction between market participants at the measurement date (exit price). The fair value hierarchy prioritizes the use of inputs used in valuation techniques into the following three levels: Level 1—quoted prices in active markets for identical assets and liabilities. Level 2—observable inputs other than quoted prices in active markets for identical assets and liabilities; quoted prices in markets that are not active; or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities. Some of the Company’s marketable securities primarily utilize broker quotes in a non-active market for valuation of these securities. Level 3—unobservable inputs. All of the Company’s financial instruments are valued using quoted prices in active markets or based on other observable inputs. For Level 2 securities, the Company uses a third party pricing service which provides documentation on an ongoing basis that includes, among other things, pricing information with respect to reference data, methodology, inputs summarized by asset class, pricing application and corroborative information. For Level 3 contingent consideration, the Company reassesses the fair value of expected contingent consideration and the corresponding liability each reporting period using the Monte Carlo Method, which is consistent with the initial measurement of the expected earn out liability. This fair value measurement is considered a Level 3 measurement because the Company estimates projections during the expected measurement period of approximately 13.0 years, utilizing various potential pay-out scenarios. Probabilities were applied to each potential scenario and the resulting values were discounted using a rate that considers weighted average cost of capital as well as a specific risk premium associated with the riskiness of the earn-out itself, the related projections, and the overall business. The contingent earn-out liabilities are classified as components of Accrued liabilities and Other long-term liabilities in the Company’s Condensed Consolidated Balance Sheets. Changes to contingent consideration liabilities are reflected in Selling, general and administrative expense in the Company’s Condensed Consolidated Statements of Operations. Changes to the unobservable inputs could have a material impact on the Company’s financial statements. The following table sets forth the fair value of the financial assets and liabilities that the Company re-measures on a regular basis: (in millions) Level 1 Level 2 Level 3 Total June 30, 2022 Money market funds (a) $ 24.1 $ — $ — $ 24.1 Corporate bonds and notes — 95.0 — 95.0 Municipal bonds — 30.9 — 30.9 Federal agency issues — 21.5 — 21.5 US government securities — 31.0 — 31.0 Contingent consideration — — (7.5) (7.5) Total $ 24.1 $ 178.4 $ (7.5) $ 195.0 (a) Money market funds are primarily comprised of exchange traded funds and accrued interest. (in millions) Level 1 Level 2 Level 3 Total December 31, 2021 Money market funds (a) $ 63.2 $ — $ — $ 63.2 Corporate bonds and notes — 105.6 — 105.6 Municipal bonds — 16.1 — 16.1 Federal agency issues — 6.8 — 6.8 US government securities — 11.9 — 11.9 Contingent consideration — — (8.6) (8.6) Total $ 63.2 $ 140.4 $ (8.6) $ 195.0 (a) Money market funds are primarily comprised of exchange traded funds and accrued interest. The following table reconciles the change in the fair value of the contingent consideration during the periods presented: (in millions) Carrying Balance December 31, 2021 $ 8.6 Change in fair value recognized in the Statement of Operations (0.5) Translation adjustments recognized in Other comprehensive loss (0.6) Ending balance June 30, 2022 $ 7.5 |
Property, Plant and Equipment,
Property, Plant and Equipment, Net | 6 Months Ended |
Jun. 30, 2022 | |
Property, Plant and Equipment [Abstract] | |
Property, Plant and Equipment, Net | PROPERTY, PLANT AND EQUIPMENT, NET (in millions) June 30, December 31, Leasehold improvements $ 41.8 $ 38.0 Equipment 116.6 112.4 Property, plant and equipment, gross 158.4 150.4 Less accumulated depreciation (105.6) (106.9) Property, plant and equipment, net $ 52.8 $ 43.5 During the three months ended March 31, 2022, the Company ceased the use of one of its leased Salt Lake City facilities. As a result, the Company recognized a $2.1 million impairment on the property, plant and equipment associated with the lease, which consisted primarily of leasehold improvements. See Note 15 for further discussion. Three months ended Six months ended (in millions) 2022 2021 2022 2021 Depreciation expense $ 2.8 $ 3.4 $ 5.6 $ 6.3 |
Goodwill and Intangible Assets
Goodwill and Intangible Assets | 6 Months Ended |
Jun. 30, 2022 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill and Intangible Assets | GOODWILL AND INTANGIBLE ASSETS Goodwill The following table summarizes the changes in the carrying amount of goodwill for the six months ended June 30, 2022: (in millions) Total Beginning balance $ 239.2 Translation adjustments (1.4) Ending balance $ 237.8 Intangible Assets Intangible assets consists of purchased licenses and technologies. The following summarizes the amounts reported as intangible assets: (in millions) Gross Accumulated Net At June 30, 2022 Purchased licenses and technologies $ 614.4 $ (232.1) $ 382.3 Total intangible assets $ 614.4 $ (232.1) $ 382.3 (in millions) Gross Accumulated Net At December 31, 2021 Purchased licenses and technologies $ 616.6 $ (212.5) $ 404.1 Total intangible assets $ 616.6 $ (212.5) $ 404.1 The Company recorded amortization expense during the respective periods for these intangible assets as follows: Three months ended Six months ended (in millions) 2022 2021 2022 2021 Amortization of intangible assets $ 10.2 $ 13.5 $ 20.3 $ 29.0 |
Accrued Liabilities
Accrued Liabilities | 6 Months Ended |
Jun. 30, 2022 | |
Payables and Accruals [Abstract] | |
Accrued Liabilities | ACCRUED LIABILITIES (in millions) June 30, December 31, Employee compensation and benefits $ 41.7 $ 52.8 Legal charges pending settlement — 62.0 Accrued taxes payable 3.9 4.0 Refunds payable and reserves 10.3 9.8 Short-term contingent consideration 2.9 3.2 Accrued royalties 4.8 5.4 Other accrued liabilities 20.8 19.3 Total accrued liabilities $ 84.4 $ 156.5 |
Long-Term Debt
Long-Term Debt | 6 Months Ended |
Jun. 30, 2022 | |
Debt Disclosure [Abstract] | |
Long-Term Debt | LONG-TERM DEBT On December 23, 2016, the Company entered into a senior secured revolving credit facility (the “Facility”) as borrower, with the lenders from time to time party thereto. On July 31, 2018, the Company entered into Amendment No. 1 to the Facility, which effected an “amend and extend” transaction with respect to the Facility by which the maturity date thereof was extended to July 31, 2023 (the "Maturity Date") and the maximum aggregate principal commitment was increased from $300.0 million to $350.0 million. On May 1, 2020, the Company entered into Amendment No. 2 to the Facility, which waived the Company’s compliance with certain covenants and modified the interest rate and other terms during the modification period from March 31, 2020 through June 30, 2021 (as modified, the “Modification Period”). This included a modification to the Facility's compliance with the leverage covenant and the interest coverage ratio covenant, which were waived through March 31, 2021, as well as revision to certain negative covenants of the Facility during the Modification Period. On February 22, 2021, the Company entered into Amendment No. 3, which waived compliance with the leverage ratio and the interest coverage ratio covenants through the quarter ended March 31, 2022 and also lowered the minimum liquidity covenant, which was added by Amendment No. 2, to $150.0 million, and made it applicable through such quarter. Amendment No. 3 also restricted the Company from borrowing under the Facility if unrestricted cash, cash equivalents and marketable investment securities exceed $150.0 million, unless such borrowings are in connection with permitted acquisitions, decreased the maximum aggregate principal commitment from $350.0 million to $300.0 million, with a further reduction in the maximum aggregate principal commitment from $300.0 million to $250.0 million by September 30, 2021, extended the Modification Period for an additional year through June 30, 2022, and revised certain negative covenants in connection with the extension. The amendments were accounted for as modifications pursuant to guidance in ASC 470-50, Debt. On July 26, 2022, the Company entered into Amendment No. 4 (the "Amended Facility"), which extended the Modification Period through the Maturity Date, decreased the maximum aggregate principal commitment from $250.0 million to $200.0 million, with a further reduction to $150.0 million by December 31, 2022, waived compliance with the leverage ratio and interest coverage ratio covenants through the Maturity Date, and provided for monthly reporting of the Company's liquidity if the total revolving credit exposure is greater than $0, without giving effect to the dollar amount of any letter of credit exposure not in excess of $5 million. Covenants in the Amended Facility impose operating and financial restrictions on the Company. These restrictions may prohibit or place limitations on, among other things, the Company’s ability to incur additional indebtedness, create certain types of liens, and complete mergers, consolidations, or change in control transactions. The Amended Facility may also prohibit or place limitations on the Company’s ability to sell assets, pay dividends or provide other distributions to stockholders. The Amended Facility contains customary loan terms, interest rates, representations and warranties, affirmative and negative covenants, in each case, subject to customary limitations, exceptions and exclusions. The Amended Facility also contains certain customary events of default. Amendment No. 2 modified the Amended Facility to increase the interest rate to be fixed at a spread of LIBOR plus 350 basis points on drawn balances and the undrawn fee was increased to 50 basis points during the Modification Period. Amendment No. 4 replaced the option to make Eurodollar borrowings, which bore interest by reference to the LIBOR rate, with term benchmark loans, which will bear interest by reference to the secured overnight financing rate ("SOFR"). Amendment No. 4 did not modify the applicable margins and undrawn fee amounts. The interest rate for term benchmark loans continues to be fixed at a spread of SOFR plus 350 basis points on drawn balances and undrawn fees continue to be 50 basis points. The SOFR floor was revised to 0.0%. |
Other Long-Term Liabilities
Other Long-Term Liabilities | 6 Months Ended |
Jun. 30, 2022 | |
Other Liabilities Disclosure [Abstract] | |
Other Long-Term Liabilities | OTHER LONG-TERM LIABILITIES (in millions) June 30, December 31, Contingent consideration $ 4.5 $ 5.4 Other 0.2 0.2 Total other long-term liabilities $ 4.7 $ 5.6 |
Preferred and Common Stockholde
Preferred and Common Stockholders' Equity | 6 Months Ended |
Jun. 30, 2022 | |
Equity [Abstract] | |
Preferred and Common Stockholders' Equity | PREFERRED AND COMMON STOCKHOLDERS' EQUITY The Company is authorized to issue up to 5.0 million shares of preferred stock, par value $0.01 per share. There were no preferred shares outstanding at June 30, 2022. The Company is authorized to issue up to 150.0 million shares of common stock, par value $0.01 per share. There were 80.6 million shares issued and outstanding at June 30, 2022. Common shares issued and outstanding Six months ended (in millions) 2022 2021 Beginning common stock issued and outstanding 80.0 75.4 Common stock issued upon exercise of options, vesting of restricted stock units, and purchases under employee stock purchase plan 0.6 2.3 Common stock issued and outstanding at end of period 80.6 77.7 Basic earnings per share is computed based on the weighted-average number of shares of common stock outstanding. Diluted earnings per share is computed based on the weighted-average number of shares of common stock, including the dilutive effect of common stock equivalents, outstanding. In periods when the Company has a net loss, stock awards are excluded from the calculation of diluted net loss per share as their inclusion would have an antidilutive effect. The following is a reconciliation of the denominators of the basic and diluted earnings per share (“EPS”) computations: Three months ended Six months ended (in millions) 2022 2021 2022 2021 Denominator: Weighted-average shares outstanding used to compute basic EPS 80.4 77.2 80.3 76.6 Effect of dilutive shares — — — — Weighted-average shares outstanding and dilutive securities used to compute diluted EPS 80.4 77.2 80.3 76.6 Certain outstanding options and restricted stock units (“RSUs”) were excluded from the computation of diluted earnings per share because the effect would have been anti-dilutive. These potential dilutive common shares, which may be dilutive to future diluted earnings per share, are as follows: Three months ended Six months ended (in millions) 2022 2021 2022 2021 Anti-dilutive options and RSUs excluded from EPS computation 5.4 7.0 5.4 7.0 Stock Repurchase Program In June 2016, the Company’s Board of Directors authorized a share repurchase program of $200.0 million of the Company’s outstanding common stock. The Company may repurchase its common stock from time to time or on an accelerated basis through open market transactions or privately negotiated transactions as determined by the Company's management. The amount and timing of stock repurchases under the program will depend on business and market conditions, stock price, trading restrictions, acquisition activity and other factors. As of June 30, 2022, the Company has $110.7 million remaining under its current share repurchase authorization. No shares were repurchased during the six months ended June 30, 2022 or 2021. |
Stock-Based Compensation
Stock-Based Compensation | 6 Months Ended |
Jun. 30, 2022 | |
Share-Based Payment Arrangement [Abstract] | |
Stock-Based Compensation | STOCK-BASED COMPENSATION On November 30, 2017, the Company’s stockholders approved the adoption of the 2017 Employee, Director and Consultant Equity Incentive Plan (as amended, the “2017 Plan”). The 2017 Plan allows the Company, under the direction of the Compensation and Human Capital Committee of the Board of Directors, to make grants of restricted and unrestricted stock awards to employees, consultants, and directors. Stockholders have approved amendments to the 2017 Plan increasing the shares available to grant. As of June 30, 2022, the Company has 2.0 million shares of common stock available for grant under the 2017 Plan. If an RSU awarded under the 2017 Plan is cancelled or forfeited without the issuance of shares of common stock, the unissued or reacquired shares that were subject to the RSU will again be available for issuance pursuant to the 2017 Plan. To the extent that awards outstanding under the Company's prior equity plans expire or are cancelled without delivery of shares of common stock, they also will be available for issuance pursuant to the 2017 Plan. The number of shares, terms, and vesting periods are generally determined by the Company’s Board of Directors or a committee thereof on an award-by-award basis. RSUs granted to employees generally vest ratably over four years or after three years either on the anniversary of the date on which the RSUs were granted or during the month in which such anniversary dates occur. The number of performance-based RSUs ("PSUs") awarded to certain employees may be increased or may be reduced based on certain additional performance and market metrics. Options and RSUs granted to non-employee directors vest in full upon the earlier of the completion of one year of service following the date of the grant or the date of the next annual meeting of stockholders following such grant. Options granted generally expire ten years from the date of grant. Options granted to the Company's President and Chief Executive Officer as an inducement to his employment expire seven years from the grant date. The performance and market conditions associated with PSU awards granted during the six months ended June 30, 2022 include vesting that is based on revenue growth targets (34% weighting), adjusted earnings per share targets (33% weighting), and relative total stockholder return (33% weighting) measured against the Nasdaq Health Care Index (IXHC) using the 20-trading day averages at the beginning and end of the measurement period. The measurement period for the PSUs is January 1, 2022 through December 31, 2024. The Company estimates the likelihood of achievement of performance conditions at the end of each period. The portion of the awards pertaining to relative total stockholder return represent market based awards and, accordingly, the estimated fair value of such awards are recognized over the performance period. We have also assessed that as of June 30, 2022 the performance conditions for the remaining two performance targets (revenue growth and adjusted earnings per share) are considered probable of being achieved and, accordingly, these portions of the awards are also being expensed over the performance period. Stock Options A summary of the stock option activity under the Company’s equity plans and inducement awards, for the six months ended June 30, 2022 is as follows: (number of shares in millions) Number Weighted Options outstanding at December 31, 2021 1.4 $ 20.36 Less: Options exercised — $ 23.98 Options canceled or expired (0.1) $ 25.26 Options outstanding at June 30, 2022 1.3 $ 20.09 Options exercisable at June 30, 2022 0.9 $ 22.91 As of June 30, 2022, there was $1.7 million of total unrecognized stock-based compensation expense related to stock options that will be recognized over a weighted-average period of 1.6 years. There were no options granted during the six months ended June 30, 2022. Restricted Stock Units A summary of the RSU awards activity under the Company’s equity plans and inducement awards, including RSU awards with performance metrics, for the six months ended June 30, 2022 is as follows: (number of shares in millions) Number Weighted RSUs outstanding at December 31, 2021 3.1 $ 24.96 RSUs granted 1.8 $ 26.50 Less: RSUs vested (0.6) $ 28.08 RSUs canceled (0.2) $ 26.57 RSUs outstanding at June 30, 2022 4.1 $ 25.07 As of June 30, 2022, there was $80.5 million of total unrecognized stock-based compensation expense related to RSUs that will be recognized over a weighted-average period of 2.5 years. Employee Stock Purchase Plan The Company also has an Employee Stock Purchase Plan that was approved by stockholders in 2012 under which 2.0 million shares of common stock were originally authorized. On September 23, 2021, the Board of Directors of the Company approved an Amended and Restated 2012 Employee Stock Purchase Plan (the "Amended and Restated Purchase Plan"), which authorized an additional 2.0 million shares of common stock and extended the term of the plan to November 30, 2032, subject in each case to obtaining stockholder approval. The Company's stockholders subsequently approved the Amended and Restated Purchase Plan on June 2, 2022. The Amended and Restated Purchase Plan also expanded the definition of "offering period" to provide that the Board of Directors may determine the period in accordance with the terms of the plan, and capped the number of shares that may be purchased by any participant during an offering period at 5,000 shares. Shares are issued under the Amended and Restated Purchase Plan twice yearly at the end of each offering period. As of June 30, 2022, 1.8 million shares of common stock were available for issuance under the Amended and Restated Purchase Plan. Stock-Based Compensation Expense Stock-based compensation expense recognized and included in the Condensed Consolidated Statements of Operations and Comprehensive Loss was allocated as follows: Three months ended Six months ended (in millions) 2022 2021 2022 2021 Cost of molecular diagnostic testing $ 0.5 $ 0.4 $ 0.8 $ 0.7 Cost of pharmaceutical and clinical services — — — 0.1 Research and development expense 1.0 1.0 3.4 2.5 Selling, general, and administrative expense 8.9 7.5 16.3 14.6 Total stock-based compensation expense $ 10.4 $ 8.9 $ 20.5 $ 17.9 |
Income Taxes
Income Taxes | 6 Months Ended |
Jun. 30, 2022 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | INCOME TAXES In order to determine the Company’s quarterly provision for income taxes, the Company used an estimated annual effective tax rate that is based on expected annual income and statutory tax rates in the various jurisdictions in which the Company operates. Certain significant or unusual items are separately recognized in the quarter during which they occur and can be a source of variability in the effective tax rate from quarter to quarter. Income tax benefit for the three months ended June 30, 2022 was $3.8 million, or approximately 21.2% of pre-tax loss compared to an income tax expense of $0.9 million, or approximately (23.7)% of pre-tax loss, for the three months ended June 30, 2021. Income tax benefit for the six months ended June 30, 2022 was $9.7 million, or approximately 21.9% of pre-tax loss compared to an income tax benefit of $9.2 million, or approximately 17.2% of pre-tax loss, for the six months ended June 30, 2021. For the three and six months ended June 30, 2022, the Company’s recognized effective tax rate differs from the U.S. federal statutory rate primarily due to disallowed executive compensation expenses, disallowed meals and entertainment expenses, stock compensation expenses, and asset impairment expenses. For the three and six months ended June 30, 2021, the Company’s recognized effective tax rate differs from the U.S. federal statutory rate primarily due to disallowed executive compensation expenses, disallowed meals and entertainment expenses, carrying back net operating losses under the provisions of the Coronavirus Aid, Relief, and Economic Security Act (CARES Act), and release of a valuation allowance. The Company files U.S., foreign and state income tax returns in jurisdictions with various statutes of limitations. The Company is currently under audit by the State of California for the fiscal years ended June 30, 2017-2018, the State of New Jersey for the fiscal years ended June 30, 2013-2017; and Switzerland for the fiscal years ended June 30, 2015-2016. Annual and interim tax provisions include amounts considered necessary to pay assessments that may result from examination of prior year tax returns; however, the amount ultimately paid upon resolution of issues may differ materially from the amount accrued. |
Commitments and Contingencies
Commitments and Contingencies | 6 Months Ended |
Jun. 30, 2022 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | COMMITMENTS AND CONTINGENCIES Legal Proceedings The Company is involved from time to time in various disputes, claims and legal actions, including class actions and other litigation, including the matters described below, arising in the ordinary course of business. Such actions may include allegations of negligence, product or professional liability or other legal claims, and could involve claims for substantial compensatory and punitive damages or claims for indeterminate amount of damages. The Company is also involved, from time to time, in investigations by governmental agencies regarding the Company's business which may result in adverse judgments, settlements, fines, penalties, injunctions or other relief. In addition, certain federal and state statutes, including the qui tam provisions of the federal False Claims Act, allow private individuals to bring lawsuits against healthcare companies on behalf of the government or private payors. The Company is involved, and has received subpoenas, from time to time, related to billing or other practices based on the False Claims Act or other federal and state statutes, regulations or other laws. The Company intends to vigorously defend its current litigation matters, but cannot provide any assurance as to the ultimate outcome or that an adverse resolution would not have a material adverse effect on its financial condition, results of operations or cash flows. The Company assesses legal contingencies to determine the degree of probability and range of possible loss for potential accrual in its financial statements. When evaluating legal contingencies, the Company may be unable to provide a meaningful estimate due to a number of factors, including the proceedings may be in early stages, there may be uncertainty as to the outcome of pending appeals or motions, there may be significant factual issues to be resolved, and there may be complex or novel legal theories to be presented. In addition, damages may not be specified or the damage amounts claimed may be unsupported, exaggerated or unrelated to possible outcomes, and therefore, such amounts are not a reliable indicator of potential liability. As of June 30, 2022, the Company has not recorded any accrual for loss contingencies associated with legal proceedings or other matters or determined that an unfavorable outcome is probable and reasonably estimable in accordance with ASC 450, Contingencies. However, it is possible that the ultimate resolution of legal proceedings or other matters, if unfavorable, may be material to the Company's results of operations, financial condition or cash flows. Qui Tam Lawsuit As previously disclosed, on April 1, 2022, the Company settled a qui tam lawsuit against CBI and the Company. Pursuant to the terms of the settlement agreements, the Company agreed to pay a total of $45.25 million to the United States and the State of California and $2.75 million to STF, LLC's (the "Relator") counsel. On April 7, 2022, the Company paid the settlement amounts in full. The Relator agreed to the dismissal of the lawsuit with prejudice as to the Relator and fully released all claims against the defendants and their affiliates, directors, officers, and employees. The State of California agreed to the dismissal of the lawsuit with prejudice as to the State of California and released the defendants from any claims submitted to the State’s Medicaid program or under the CIFPA as a result of certain alleged conduct. The United States Department of Justice approved the settlement of federal claims, including dismissal of the lawsuit without prejudice as to the United States. The settlement agreements contain no admission of liability, wrongdoing or responsibility on the part of the defendants. The Company expressly denies any and all liability for claims alleged in the lawsuit. On May 4, 2022, the qui tam lawsuit was formally dismissed by the United States District Court for the Northern District of California. Securities Class Action On September 27, 2019, a class action complaint was filed in the United States District Court for the District of Utah against the Company, its former President and Chief Executive Officer, Mark C. Capone, and its Chief Financial Officer, R. Bryan Riggsbee (the “Defendants”). On February 21, 2020, the plaintiff filed an amended class action complaint, which added the Company's former Executive Vice President of Clinical Development, Bryan M. Dechairo, as an additional Defendant. This action, captioned In re Myriad Genetics, Inc. Securities Litigation (No. 2:19-cv-00707-DBB), is premised upon allegations that the Defendants made false and misleading statements regarding the Company's business, operations, and acquisitions. The lead plaintiff seeks the payment of damages allegedly sustained by it and the purported class by reason of the allegations set forth in the amended complaint, plus interest, and legal and other costs and fees. On March 16, 2021, the United States District Court for the District of Utah denied the Company's motion to dismiss. On December 1, 2021, the United States District Court for the District of Utah granted plaintiff's motion for class certification. Stockholder Derivative Actions On August 9, 2021, a stockholder derivative complaint was filed in the Delaware Court of Chancery against the Company's former President and Chief Executive Officer, Mark C. Capone, its Chief Financial Officer, R. Bryan Riggsbee, its former Executive Vice President of Clinical Development, Bryan M. Dechairo, and certain of its current and former directors, Lawrence C. Best, Walter Gilbert, John T. Henderson, Heiner Dreismann, Dennis Langer, Lee N. Newcomer, S. Louise Phanstiel, and Colleen F. Reitan (collectively, the "Individual Defendants"), and the Company, as nominal defendant. The complaint is premised upon similar allegations as set forth in the securities class action, including that the Individual Defendants made false and misleading statements regarding the Company's business and operations. The plaintiff, Donna Hickock, asserts breach of fiduciary duty and unjust enrichment claims against the Individual Defendants and seeks, on behalf of the Company, damages allegedly sustained by the Company as a result of the alleged breaches, or disgorgement or restitution, from each of the Individual Defendants, plus interest. Plaintiff Hickock also seeks legal and other costs and fees relating to this action. On November 19, 2021, this action was stayed by the Delaware Court of Chancery pending the resolution of the securities class action lawsuit. On January 18, 2022, a stockholder derivative complaint was filed in the Delaware Court of Chancery against the Individual Defendants, and the Company, as nominal defendant. The action is premised upon similar allegations as set forth in the securities class action and the Hickock stockholder derivative action. The plaintiff, Esther Kogus, asserts that the Individual Defendants breached their fiduciary duties and also asserts unjust enrichment and aiding and abetting breaches of fiduciary duty claims against the Individual Defendants. Plaintiff Kogus seeks, on behalf of the Company, damages allegedly sustained by the Company as a result of the alleged breaches and claims, and restitution from the Individual Defendants. On behalf of herself, plaintiff Kogus seeks legal and other costs and fees relating to this action. On March 3, 2022, the Delaware Court of Chancery consolidated the Hickock and Kogus derivative actions and stayed the consolidated action. On September 17, 2021, a stockholder derivative complaint was filed in the United States District Court in the District of Delaware against the Individual Defendants, and the Company, as nominal defendant. The action is premised upon similar allegations as set forth in the securities class action and Hickock stockholder derivative action. The plaintiff, Karen Marcey, asserts that the Individual Defendants violated U.S. securities laws and breached their fiduciary duties, and also asserts unjust enrichment, waste of corporate assets and insider trading claims against all or some of the Individual Defendants. Plaintiff Marcey seeks, on behalf of the Company, damages allegedly sustained by the Company as a result of the alleged violations and restitution from the Individual Defendants, plus interest and, on behalf of herself, legal and other costs and fees relating to this action. On January 4, 2022, this action was stayed by the United States District Court for the District of Delaware pending the resolution of the securities class action lawsuit. Other Legal Matters On February 3, 2022, a purported class action lawsuit was filed against the Company in the United States District Court in the Northern District of California by Ashley Carroll. Plaintiff alleges, among other things, that the Company made false statements about the accuracy of its Prequel prenatal screening test. The complaint seeks unspecified monetary damages and injunctive relief. On April 1, 2022, the Company filed a motion to dismiss the lawsuit. On May 2, 2022, the plaintiff amended her complaint. On June 2, 2022, the Company filed a motion to dismiss the amended complaint. On July 26, 2022, the United States District Court in the Northern District of California granted and denied in part the Company's motion to dismiss the amended complaint. As part of the court's order, plaintiff was granted leave to file an amended complaint. |
Supplemental Cash Flow Informat
Supplemental Cash Flow Information | 6 Months Ended |
Jun. 30, 2022 | |
Supplemental Cash Flow Elements [Abstract] | |
Supplemental Cash Flow Information | SUPPLEMENTAL CASH FLOW INFORMATION Six months ended (in millions) 2022 2021 Cash paid during the period for income taxes $ 1.0 $ 1.7 Cash paid for interest — 1.7 Cash received for income tax receivables — 89.9 Establishment of operating lease right-of-use assets and lease liabilities Operating lease right-of-use assets $ 15.5 $ 40.5 Operating lease liabilities 15.5 46.7 Tenant improvement allowance not yet received 16.0 — Purchases of property, plant and equipment in accounts payable and accrued liabilities 4.3 — |
Leases
Leases | 6 Months Ended |
Jun. 30, 2022 | |
Leases [Abstract] | |
Leases | LEASES The Company leases certain office spaces and research and development laboratory facilities, vehicles, and office equipment with remaining lease terms ranging from one In the first quarter of 2022, the Company entered into a non-cancelable operating lease for approximately 230,000 square feet in west Salt Lake City, Utah. The lease has a term of 15 years, which, along with rent payments, are expected to commence in the third quarter of 2023. The Company will take possession of the lease in phases, which began in the three months ended June 30, 2022. As a result, the Company recognized the related lease balances for a portion of the lease in the Condensed Consolidated Balance Sheet as of June 30, 2022. Total future rent payments under the lease are approximately $77.8 million. |
Divestitures
Divestitures | 6 Months Ended |
Jun. 30, 2022 | |
Discontinued Operations and Disposal Groups [Abstract] | |
Divestitures | DIVESTITURES On May 28, 2021, the Company completed its sale of the Myriad myPath, LLC laboratory to Castle Biosciences, Inc. for total cash consideration of $32.5 million. The transaction was accounted for as a sale of assets and the Company recognized a net gain of $31.2 million in the quarter ended June 30, 2021, in Other income on the Company’s Condensed Consolidated Statements of Operations related to the sale. Prior to the sale, Myriad myPath operations were included in the Company’s diagnostics reporting segment. On May 1, 2021, the Company entered into a definitive agreement to sell select operating assets and intellectual property, including the Vectra ® test, from the Myriad Autoimmune business unit (the "Autoimmune Business Transaction") to Laboratory Corporation of America Holdings for total cash consideration of $150.0 million. The Autoimmune Business Transaction closed on September 13, 2021. Prior to the sale, Myriad Autoimmune operations were included in the Company’s diagnostics reporting segment. On May 21, 2021, the Company entered into a definitive agreement to sell Myriad RBM, Inc., a wholly owned subsidiary of the Company, to IQVIA RDS, Inc. for cash consideration of $197.0 million. This transaction closed on July 1, 2021. Prior to the sale, Myriad RBM, Inc. operations were included in the Company’s other reporting segment. Inventory In connection with the divestiture transactions, the Company recognized losses of $5.9 million and $6.6 million for a non-cancelable inventory purchase commitment and inventory, respectively, during the quarter ended June 30, 2021, as the Company would no longer have use for the goods. Both of these losses are included in Other income (expense) in the Company's Condensed Consolidated Statements of Operations for the quarter ended June 30, 2021. The following table details the amounts recognized in Other income for the three and six months ended June 30, 2021: (in millions) Three months ended Six months ended Gain on sale of Myriad myPath, LLC laboratory $ 31.2 $ 31.2 Gain (loss) on inventory (12.5) (12.5) Other 0.1 — Total Other Income $ 18.8 $ 18.7 |
Subsequent Events
Subsequent Events | 6 Months Ended |
Jun. 30, 2022 | |
Subsequent Events [Abstract] | |
Subsequent Events | SUBSEQUENT EVENTS Amendment No. 4 to the Credit Facility On July 26 2022, the Company entered into Amendment No. 4 to the Amended Facility as discussed in Note 8. Amendment No. 4 modified the Amended Facility as follows: • replaced the option to make Eurodollar borrowings, which bore interest by reference to the LIBOR rate, with term benchmark loans, which will bear interest by reference to the SOFR, with no change in the applicable margins and undrawn fees; • extended the Modification Period during which the Company’s compliance with certain covenants were waived, including compliance with the leverage ratio and interest coverage ratio covenants, and other terms were effective through the Maturity Date of the Amended Facility; • reduced the revolving commitments to $200.0 million, with a further reduction to $150.0 million by December 31, 2022; • provided for further reductions of up to $50.0 million to the revolving commitments in the event of certain asset sales occurring on or after the Amendment No. 4 effective date; and |
Basis of Presentation (Policies
Basis of Presentation (Policies) | 6 Months Ended |
Jun. 30, 2022 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Basis of Presentation | The accompanying Condensed Consolidated Financial Statements for the Company have been prepared in accordance with U.S. generally accepted accounting principles (“GAAP”) for interim financial information and pursuant to the applicable rules and regulations of the Securities and Exchange Commission (“SEC”). All intercompany accounts and transactions have been eliminated in consolidation. In the opinion of management, the accompanying financial statements contain all adjustments (consisting of normal and recurring accruals) necessary to present fairly all financial statements in accordance with GAAP. The Condensed Consolidated Financial Statements herein should be read in conjunction with the Company’s audited Consolidated Financial Statements and notes thereto included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2021 (the “Form 10-K”). The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities at the date of the financial statements, as well as the reported amounts of revenue and expenses during the reporting period. Operating results for the three and six months ended June 30, 2022 may not necessarily be indicative of results to be expected for any other interim period or for the full year. |
Reclassifications | Certain prior period amounts have been reclassified to conform with the current period's presentation. The reclassifications have no impact on the total assets, total liabilities, stockholders’ equity, cash flows from operations, or net loss for the period. |
Revenue | Myriad primarily generates revenue by performing molecular diagnostic testing. Molecular diagnostic revenues are primarily derived from the following categories of products: Hereditary Cancer (myRisk, BRACAnalysis, BRACAnalysis CDx), Tumor Profiling (MyChoice CDx, Prolaris, and EndoPredict), Prenatal (Foresight and Prequel), and Pharmacogenomics (GeneSight). The Company previously provided pharmaceutical services and clinical services prior to the sale of Myriad RBM, Inc. in July 2021 and Privatklinik Dr. Robert Schindlbeck GmbH & Co. KG (the “Clinic”) in February 2020, respectively. Prior to the sale of the Myriad myPath, LLC laboratory in May 2021 and the Myriad Autoimmune business in September 2021, the associated revenue from such businesses was included within Molecular diagnostic revenues. Revenue is recorded at the estimated transaction price. The Company has determined that the communication of test results or the completion of pharmaceutical and clinical services indicates transfer of control for revenue recognition purposes.The Company performs its obligation under a contract with a customer by processing diagnostic tests and communicating the test results to customers, in exchange for consideration from the customer. The Company has the right to bill its customers upon the completion of performance obligations and thus does not record contract assets. Occasionally, customers make payments prior to the Company’s performance of its contractual obligations. When this occurs, the Company records a contract liability as deferred revenue. In accordance with ASC Topic 606, Revenue from Contracts with Customers, the Company has elected not to disclose the aggregate amount of the transaction price allocated to remaining performance obligations for its contracts that are one year or less, as the revenue is expected to be recognized within the next year. Furthermore, the Company has elected not to disclose the aggregate amount of the transaction price allocated to remaining performance obligations for its agreements wherein the Company’s right to payment is in an amount that directly corresponds with the value of the Company’s performance to date. In determining the transaction price, the Company includes an estimate of the expected amount of consideration as revenue. The Company applies this method consistently for similar contracts when estimating the effect of any uncertainty on an amount of variable consideration to which it will be entitled. An estimate of transaction price does not include any estimated amount of variable consideration that is constrained. In addition, the Company considers all the information (historical, current, and forecast) that is reasonably available to identify possible consideration amounts. In determining the expected value, the Company considers the probability of the variable consideration for each possible scenario. The Company also has significant experience with historical discount patterns and uses this experience to estimate transaction prices. The estimate of revenue is affected by assumptions in payor behavior such as changes in payor mix, payor collections, current customer contractual requirements, and experience with collections from third-party payors. When assessing the total consideration for insurance carriers and patients, revenues are further constrained for estimated refunds. The Company reserves certain amounts in Accrued liabilities in the Company’s Condensed Consolidated Balance Sheets in anticipation of requests for refunds of payments made previously by insurance carriers, which are accounted for as reductions in revenues in the Condensed Consolidated Statements of Operations and Comprehensive Loss. Cash collections for certain diagnostic tests delivered may differ from rates originally estimated, primarily driven by changes in the estimated transaction price due to contractual adjustments, obtaining updated information from payors and patients that was unknown at the time the performance obligation was met, and settlements with third party payors. During the three and six months ended June 30, 2022, the Company recognized $11.7 million and $19.9 million in revenue, respectively, which resulted in a $0.11 and $0.19 impact to earnings per share, respectively, for tests in which the performance obligation of delivering the tests results was met in prior periods. The changes were primarily driven by changes in the estimated transaction price. The Company applies the practical expedient related to costs to obtain or fulfill a contract since the amortization period for such costs will be one year or less. Accordingly, no costs incurred to obtain or fulfill a contract have been capitalized. The Company also applies the practical expedient for not adjusting revenue recognized for the effects of the time value of money. This practical expedient has been elected because the Company collects very little cash from customers under payment terms and the vast majority of payment terms have a payback period of less than one year. |
Revenue (Tables)
Revenue (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Revenue from Contract with Customer [Abstract] | |
Schedule of Total Revenue by Category and by U.S versus Rest of World | The following table presents detail regarding the composition of the Company’s total revenue by type and by U.S. versus rest of world (“RoW”): Three months ended June 30, 2022 2021 (in millions) U.S. RoW Total U.S. RoW Total Molecular diagnostic revenues: Hereditary Cancer $ 69.8 $ 9.6 $ 79.4 $ 73.8 $ 12.2 $ 86.0 Tumor Profiling 21.5 12.0 33.5 18.2 12.1 30.3 Prenatal 33.1 0.2 33.3 29.2 0.2 29.4 Pharmacogenomics 33.1 — 33.1 22.6 — 22.6 Autoimmune — — — 10.2 — 10.2 Other — — — 0.2 — 0.2 Total molecular diagnostic revenue 157.5 21.8 179.3 154.2 24.5 178.7 Pharmaceutical and clinical services revenue — — — 10.7 — 10.7 Total revenue $ 157.5 $ 21.8 $ 179.3 $ 164.9 $ 24.5 $ 189.4 Six months ended June 30, 2022 2021 (in millions) U.S. RoW Total U.S. RoW Total Molecular diagnostic revenues: Hereditary Cancer $ 130.5 $ 19.8 $ 150.3 $ 138.9 $ 23.2 $ 162.1 Tumor Profiling 41.2 24.8 66.0 42.1 19.4 61.5 Prenatal 64.8 0.4 65.2 52.8 0.3 53.1 Pharmacogenomics 62.4 — 62.4 40.2 — 40.2 Autoimmune 0.3 — 0.3 20.9 — 20.9 Other — — — 0.5 — 0.5 Total molecular diagnostic revenue 299.2 45.0 344.2 295.4 42.9 338.3 Pharmaceutical and clinical services revenue — — — 24.2 — 24.2 Total revenue $ 299.2 $ 45.0 $ 344.2 $ 319.6 $ 42.9 $ 362.5 |
Reconciliation of Deferred Revenue Balances | A reconciliation of the beginning and ending balances of deferred revenue is shown in the table below: Six months ended (in millions) 2022 2021 Deferred revenue - beginning balance $ 5.2 $ 32.7 Revenue recognized (5.2) (15.5) Prepayments 0.3 6.3 Held for sale reclassification — (0.9) Deferred revenue - ending balance $ 0.3 $ 22.6 |
Marketable Investment Securit_2
Marketable Investment Securities (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Investments, Debt and Equity Securities [Abstract] | |
Schedule of Fair Value for Available-for-Sale Securities by Major Security Type and Class of Security | The amortized cost, gross unrealized holding gains, gross unrealized holding losses, and fair value for available-for-sale securities by major security type and class of security at June 30, 2022 and December 31, 2021 were as follows: (in millions) Amortized Gross Gross Estimated June 30, 2022 Cash and cash equivalents: Cash $ 81.1 $ — $ — $ 81.1 Cash equivalents 24.1 — — 24.1 Total cash and cash equivalents 105.2 — — 105.2 Available-for-sale: Corporate bonds and notes 96.5 — (1.5) 95.0 Municipal bonds 31.1 — (0.2) 30.9 Federal agency issues 21.9 — (0.4) 21.5 US government securities 31.3 — (0.3) 31.0 Total $ 286.0 $ — $ (2.4) $ 283.6 (in millions) Amortized Gross Gross Estimated December 31, 2021 Cash and cash equivalents: Cash $ 195.2 $ — $ — $ 195.2 Cash equivalents 63.2 — — 63.2 Total cash and cash equivalents 258.4 — — 258.4 Available-for-sale: Corporate bonds and notes 105.7 0.1 (0.2) 105.6 Municipal bonds 16.1 — — 16.1 Federal agency issues 6.8 — — 6.8 US government securities 11.9 — — 11.9 Total $ 398.9 $ 0.1 $ (0.2) $ 398.8 |
Schedule of Cash, Cash Equivalents, and Maturities of Debt Securities Classified as Available-For-Sale Securities | Cash, cash equivalents, and maturities of debt securities classified as available-for-sale securities were as follows at June 30, 2022: (in millions) Amortized Estimated Cash $ 81.1 $ 81.1 Cash equivalents 24.1 24.1 Available-for-sale: Due within one year 100.5 99.9 Due after one year through five years 80.1 78.3 Due after five years 0.2 0.2 Total $ 286.0 $ 283.6 |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Fair Value Disclosures [Abstract] | |
Schedule of Fair Value of Financial Assets and Liabilities | The following table sets forth the fair value of the financial assets and liabilities that the Company re-measures on a regular basis: (in millions) Level 1 Level 2 Level 3 Total June 30, 2022 Money market funds (a) $ 24.1 $ — $ — $ 24.1 Corporate bonds and notes — 95.0 — 95.0 Municipal bonds — 30.9 — 30.9 Federal agency issues — 21.5 — 21.5 US government securities — 31.0 — 31.0 Contingent consideration — — (7.5) (7.5) Total $ 24.1 $ 178.4 $ (7.5) $ 195.0 (a) Money market funds are primarily comprised of exchange traded funds and accrued interest. (in millions) Level 1 Level 2 Level 3 Total December 31, 2021 Money market funds (a) $ 63.2 $ — $ — $ 63.2 Corporate bonds and notes — 105.6 — 105.6 Municipal bonds — 16.1 — 16.1 Federal agency issues — 6.8 — 6.8 US government securities — 11.9 — 11.9 Contingent consideration — — (8.6) (8.6) Total $ 63.2 $ 140.4 $ (8.6) $ 195.0 (a) Money market funds are primarily comprised of exchange traded funds and accrued interest. |
Change in Fair Value of Contingent Consideration | The following table reconciles the change in the fair value of the contingent consideration during the periods presented: (in millions) Carrying Balance December 31, 2021 $ 8.6 Change in fair value recognized in the Statement of Operations (0.5) Translation adjustments recognized in Other comprehensive loss (0.6) Ending balance June 30, 2022 $ 7.5 |
Property, Plant and Equipment_2
Property, Plant and Equipment, Net (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Property, Plant and Equipment [Abstract] | |
Schedule of Property, Plant and Equipment, Net | (in millions) June 30, December 31, Leasehold improvements $ 41.8 $ 38.0 Equipment 116.6 112.4 Property, plant and equipment, gross 158.4 150.4 Less accumulated depreciation (105.6) (106.9) Property, plant and equipment, net $ 52.8 $ 43.5 During the three months ended March 31, 2022, the Company ceased the use of one of its leased Salt Lake City facilities. As a result, the Company recognized a $2.1 million impairment on the property, plant and equipment associated with the lease, which consisted primarily of leasehold improvements. See Note 15 for further discussion. Three months ended Six months ended (in millions) 2022 2021 2022 2021 Depreciation expense $ 2.8 $ 3.4 $ 5.6 $ 6.3 |
Goodwill and Intangible Assets
Goodwill and Intangible Assets (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Schedule of Changes in Carrying Amount of Goodwill | The following table summarizes the changes in the carrying amount of goodwill for the six months ended June 30, 2022: (in millions) Total Beginning balance $ 239.2 Translation adjustments (1.4) Ending balance $ 237.8 |
Schedule of Amortizable Intangible Assets | The following summarizes the amounts reported as intangible assets: (in millions) Gross Accumulated Net At June 30, 2022 Purchased licenses and technologies $ 614.4 $ (232.1) $ 382.3 Total intangible assets $ 614.4 $ (232.1) $ 382.3 (in millions) Gross Accumulated Net At December 31, 2021 Purchased licenses and technologies $ 616.6 $ (212.5) $ 404.1 Total intangible assets $ 616.6 $ (212.5) $ 404.1 |
Schedule of Non-amortizable Intangible Assets | The following summarizes the amounts reported as intangible assets: (in millions) Gross Accumulated Net At June 30, 2022 Purchased licenses and technologies $ 614.4 $ (232.1) $ 382.3 Total intangible assets $ 614.4 $ (232.1) $ 382.3 (in millions) Gross Accumulated Net At December 31, 2021 Purchased licenses and technologies $ 616.6 $ (212.5) $ 404.1 Total intangible assets $ 616.6 $ (212.5) $ 404.1 |
Schedule of Recorded Amortization Expense for Intangible Assets | The Company recorded amortization expense during the respective periods for these intangible assets as follows: Three months ended Six months ended (in millions) 2022 2021 2022 2021 Amortization of intangible assets $ 10.2 $ 13.5 $ 20.3 $ 29.0 |
Accrued Liabilities (Tables)
Accrued Liabilities (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Payables and Accruals [Abstract] | |
Schedule of Accrued Liabilities | (in millions) June 30, December 31, Employee compensation and benefits $ 41.7 $ 52.8 Legal charges pending settlement — 62.0 Accrued taxes payable 3.9 4.0 Refunds payable and reserves 10.3 9.8 Short-term contingent consideration 2.9 3.2 Accrued royalties 4.8 5.4 Other accrued liabilities 20.8 19.3 Total accrued liabilities $ 84.4 $ 156.5 |
Other Long-Term Liabilities (Ta
Other Long-Term Liabilities (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Other Liabilities Disclosure [Abstract] | |
Schedule of Other Long-Term Liabilities | (in millions) June 30, December 31, Contingent consideration $ 4.5 $ 5.4 Other 0.2 0.2 Total other long-term liabilities $ 4.7 $ 5.6 |
Preferred and Common Stockhol_2
Preferred and Common Stockholders' Equity (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Equity [Abstract] | |
Summary of Common Shares Issued and Outstanding | Common shares issued and outstanding Six months ended (in millions) 2022 2021 Beginning common stock issued and outstanding 80.0 75.4 Common stock issued upon exercise of options, vesting of restricted stock units, and purchases under employee stock purchase plan 0.6 2.3 Common stock issued and outstanding at end of period 80.6 77.7 |
Reconciliation of Denominators of Basic and Diluted Earnings Per Share Computations | The following is a reconciliation of the denominators of the basic and diluted earnings per share (“EPS”) computations: Three months ended Six months ended (in millions) 2022 2021 2022 2021 Denominator: Weighted-average shares outstanding used to compute basic EPS 80.4 77.2 80.3 76.6 Effect of dilutive shares — — — — Weighted-average shares outstanding and dilutive securities used to compute diluted EPS 80.4 77.2 80.3 76.6 |
Schedule of Potential Dilutive Common Shares | These potential dilutive common shares, which may be dilutive to future diluted earnings per share, are as follows: Three months ended Six months ended (in millions) 2022 2021 2022 2021 Anti-dilutive options and RSUs excluded from EPS computation 5.4 7.0 5.4 7.0 |
Stock-Based Compensation (Table
Stock-Based Compensation (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Share-Based Payment Arrangement [Abstract] | |
Schedule of Stock Option Activity | A summary of the stock option activity under the Company’s equity plans and inducement awards, for the six months ended June 30, 2022 is as follows: (number of shares in millions) Number Weighted Options outstanding at December 31, 2021 1.4 $ 20.36 Less: Options exercised — $ 23.98 Options canceled or expired (0.1) $ 25.26 Options outstanding at June 30, 2022 1.3 $ 20.09 Options exercisable at June 30, 2022 0.9 $ 22.91 |
Schedule of Restricted Stock Unit Activity | A summary of the RSU awards activity under the Company’s equity plans and inducement awards, including RSU awards with performance metrics, for the six months ended June 30, 2022 is as follows: (number of shares in millions) Number Weighted RSUs outstanding at December 31, 2021 3.1 $ 24.96 RSUs granted 1.8 $ 26.50 Less: RSUs vested (0.6) $ 28.08 RSUs canceled (0.2) $ 26.57 RSUs outstanding at June 30, 2022 4.1 $ 25.07 |
Schedule of Stock-Based Compensation Expense | Stock-based compensation expense recognized and included in the Condensed Consolidated Statements of Operations and Comprehensive Loss was allocated as follows: Three months ended Six months ended (in millions) 2022 2021 2022 2021 Cost of molecular diagnostic testing $ 0.5 $ 0.4 $ 0.8 $ 0.7 Cost of pharmaceutical and clinical services — — — 0.1 Research and development expense 1.0 1.0 3.4 2.5 Selling, general, and administrative expense 8.9 7.5 16.3 14.6 Total stock-based compensation expense $ 10.4 $ 8.9 $ 20.5 $ 17.9 |
Supplemental Cash Flow Inform_2
Supplemental Cash Flow Information (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Supplemental Cash Flow Elements [Abstract] | |
Schedule of Supplemental Cash Flow Information | Six months ended (in millions) 2022 2021 Cash paid during the period for income taxes $ 1.0 $ 1.7 Cash paid for interest — 1.7 Cash received for income tax receivables — 89.9 Establishment of operating lease right-of-use assets and lease liabilities Operating lease right-of-use assets $ 15.5 $ 40.5 Operating lease liabilities 15.5 46.7 Tenant improvement allowance not yet received 16.0 — Purchases of property, plant and equipment in accounts payable and accrued liabilities 4.3 — |
Divestitures (Tables)
Divestitures (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Discontinued Operations and Disposal Groups [Abstract] | |
Schedule of Amounts Recognized in Other Income | The following table details the amounts recognized in Other income for the three and six months ended June 30, 2021: (in millions) Three months ended Six months ended Gain on sale of Myriad myPath, LLC laboratory $ 31.2 $ 31.2 Gain (loss) on inventory (12.5) (12.5) Other 0.1 — Total Other Income $ 18.8 $ 18.7 |
Revenue - Total Revenue by Cate
Revenue - Total Revenue by Category and by US versus Rest of World (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Disaggregation of Revenue [Line Items] | ||||
Total revenue | $ 179.3 | $ 189.4 | $ 344.2 | $ 362.5 |
U.S. | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenue | 157.5 | 164.9 | 299.2 | 319.6 |
RoW | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenue | 21.8 | 24.5 | 45 | 42.9 |
Molecular diagnostic testing | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenue | 179.3 | 178.7 | 344.2 | 338.3 |
Molecular diagnostic testing | U.S. | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenue | 157.5 | 154.2 | 299.2 | 295.4 |
Molecular diagnostic testing | RoW | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenue | 21.8 | 24.5 | 45 | 42.9 |
Hereditary Cancer | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenue | 79.4 | 86 | 150.3 | 162.1 |
Hereditary Cancer | U.S. | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenue | 69.8 | 73.8 | 130.5 | 138.9 |
Hereditary Cancer | RoW | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenue | 9.6 | 12.2 | 19.8 | 23.2 |
Tumor Profiling | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenue | 33.5 | 30.3 | 66 | 61.5 |
Tumor Profiling | U.S. | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenue | 21.5 | 18.2 | 41.2 | 42.1 |
Tumor Profiling | RoW | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenue | 12 | 12.1 | 24.8 | 19.4 |
Prenatal | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenue | 33.3 | 29.4 | 65.2 | 53.1 |
Prenatal | U.S. | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenue | 33.1 | 29.2 | 64.8 | 52.8 |
Prenatal | RoW | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenue | 0.2 | 0.2 | 0.4 | 0.3 |
Pharmacogenomics | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenue | 33.1 | 22.6 | 62.4 | 40.2 |
Pharmacogenomics | U.S. | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenue | 33.1 | 22.6 | 62.4 | 40.2 |
Pharmacogenomics | RoW | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenue | 0 | 0 | 0 | 0 |
Pharmacogenomics | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenue | 0 | 10.2 | 0.3 | 20.9 |
Pharmacogenomics | U.S. | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenue | 0 | 10.2 | 0.3 | 20.9 |
Pharmacogenomics | RoW | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenue | 0 | 0 | 0 | 0 |
Other | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenue | 0 | 0.2 | 0 | 0.5 |
Other | U.S. | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenue | 0 | 0.2 | 0 | 0.5 |
Other | RoW | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenue | 0 | 0 | 0 | 0 |
Pharmaceutical and clinical services | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenue | 0 | 10.7 | 0 | 24.2 |
Pharmaceutical and clinical services | U.S. | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenue | 0 | 10.7 | 0 | 24.2 |
Pharmaceutical and clinical services | RoW | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenue | $ 0 | $ 0 | $ 0 | $ 0 |
Revenue - Narrative (Details)
Revenue - Narrative (Details) - USD ($) | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2020 | |
Revenue and Concentration Risk [Line Items] | |||||
Advance Medicare payments to provide relief from economic impacts of COVID-19 | $ 29,700,000 | ||||
Revenue increase (decrease) due to changes in estimated transaction price due to contractual adjustments | $ 11,700,000 | $ 19,900,000 | |||
Capitalized costs incurred to obtain or fulfill contract | $ 0 | $ 0 | |||
Performance obligation estimate | |||||
Revenue and Concentration Risk [Line Items] | |||||
Change in earnings per share (dollars per share) | $ 0.11 | $ 0.19 | |||
Government contracts concentration risk | Medicare | Revenues | |||||
Revenue and Concentration Risk [Line Items] | |||||
Concentration risk (percent) | 13% | 16% | 13% | 18% |
Revenue - Reconciliation of Def
Revenue - Reconciliation of Deferred Revenue Balances (Details) - USD ($) $ in Millions | 6 Months Ended | |
Jun. 30, 2022 | Jun. 30, 2021 | |
Change In Contract with Customer, Liability, Current [Abstract] | ||
Deferred revenue - beginning balance | $ 5.2 | $ 32.7 |
Revenue recognized | (5.2) | (15.5) |
Prepayments | 0.3 | 6.3 |
Held for sale reclassification | 0 | (0.9) |
Deferred revenue - ending balance | $ 0.3 | $ 22.6 |
Marketable Investment Securit_3
Marketable Investment Securities - Fair Value for Available-for-Sale Securities by Major Security Type and Class of Security (Details) - USD ($) $ in Millions | Jun. 30, 2022 | Dec. 31, 2021 |
Cash and cash equivalents: | ||
Amortized cost | $ 105.2 | $ 258.4 |
Estimated fair value | 105.2 | 258.4 |
Total | ||
Amortized cost | 286 | 398.9 |
Gross unrealized holding gains | 0 | 0.1 |
Gross unrealized holding losses | (2.4) | (0.2) |
Estimated fair value | 283.6 | 398.8 |
Corporate bonds and notes | ||
Available-for-sale: | ||
Amortized cost | 96.5 | 105.7 |
Gross unrealized holding gains | 0 | 0.1 |
Gross unrealized holding losses | (1.5) | (0.2) |
Estimated fair value | 95 | 105.6 |
Municipal bonds | ||
Available-for-sale: | ||
Amortized cost | 31.1 | 16.1 |
Gross unrealized holding gains | 0 | 0 |
Gross unrealized holding losses | (0.2) | 0 |
Estimated fair value | 30.9 | 16.1 |
Federal agency issues | ||
Available-for-sale: | ||
Amortized cost | 21.9 | 6.8 |
Gross unrealized holding gains | 0 | 0 |
Gross unrealized holding losses | (0.4) | 0 |
Estimated fair value | 21.5 | 6.8 |
US government securities | ||
Available-for-sale: | ||
Amortized cost | 31.3 | 11.9 |
Gross unrealized holding gains | 0 | 0 |
Gross unrealized holding losses | (0.3) | 0 |
Estimated fair value | 31 | 11.9 |
Cash | ||
Cash and cash equivalents: | ||
Amortized cost | 81.1 | 195.2 |
Estimated fair value | 81.1 | 195.2 |
Cash equivalents | ||
Cash and cash equivalents: | ||
Amortized cost | 24.1 | 63.2 |
Estimated fair value | $ 24.1 | $ 63.2 |
Marketable Investment Securit_4
Marketable Investment Securities - Cash, Cash Equivalents, and Maturities of Debt Securities Classified as Available-For-Sale Securities (Details) - USD ($) $ in Millions | Jun. 30, 2022 | Dec. 31, 2021 |
Amortized cost | ||
Cash and cash equivalents | $ 105.2 | $ 258.4 |
Available-for-sale, Due within one year | 100.5 | |
Available-for-sale, Due after one year through five years | 80.1 | |
Available-for-sale, Due after five years | 0.2 | |
Amortized cost | 286 | 398.9 |
Estimated fair value | ||
Cash and cash equivalents | 105.2 | 258.4 |
Available-for-sale, Due within one year | 99.9 | |
Available-for-sale, Due after one year through five years | 78.3 | |
Available-for-sale, Due after five years | 0.2 | |
Estimated fair value | 283.6 | 398.8 |
Cash | ||
Amortized cost | ||
Cash and cash equivalents | 81.1 | 195.2 |
Estimated fair value | ||
Cash and cash equivalents | 81.1 | 195.2 |
Cash equivalents | ||
Amortized cost | ||
Cash and cash equivalents | 24.1 | 63.2 |
Estimated fair value | ||
Cash and cash equivalents | $ 24.1 | $ 63.2 |
Fair Value Measurements - Narra
Fair Value Measurements - Narrative (Details) | 6 Months Ended |
Jun. 30, 2022 | |
Level 3 | Measurement input, expected term | |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |
Measurement period for earn out liability | 13 years |
Fair Value Measurements - Fair
Fair Value Measurements - Fair Value of Financial Assets and Liabilities (Details) - USD ($) $ in Millions | Jun. 30, 2022 | Dec. 31, 2021 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total | $ 195 | $ 195 |
Money market funds | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Financial assets | 24.1 | 63.2 |
Corporate bonds and notes | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Financial assets | 95 | 105.6 |
Municipal bonds | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Financial assets | 30.9 | 16.1 |
Federal agency issues | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Financial assets | 21.5 | 6.8 |
US government securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Financial assets | 31 | 11.9 |
Contingent consideration | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Financial liabilities | (7.5) | (8.6) |
Level 1 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total | 24.1 | 63.2 |
Level 1 | Money market funds | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Financial assets | 24.1 | 63.2 |
Level 1 | Corporate bonds and notes | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Financial assets | 0 | 0 |
Level 1 | Municipal bonds | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Financial assets | 0 | 0 |
Level 1 | Federal agency issues | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Financial assets | 0 | 0 |
Level 1 | US government securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Financial assets | 0 | 0 |
Level 1 | Contingent consideration | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Financial liabilities | 0 | 0 |
Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total | 178.4 | 140.4 |
Level 2 | Money market funds | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Financial assets | 0 | 0 |
Level 2 | Corporate bonds and notes | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Financial assets | 95 | 105.6 |
Level 2 | Municipal bonds | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Financial assets | 30.9 | 16.1 |
Level 2 | Federal agency issues | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Financial assets | 21.5 | 6.8 |
Level 2 | US government securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Financial assets | 31 | 11.9 |
Level 2 | Contingent consideration | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Financial liabilities | 0 | 0 |
Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total | (7.5) | (8.6) |
Level 3 | Money market funds | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Financial assets | 0 | 0 |
Level 3 | Corporate bonds and notes | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Financial assets | 0 | 0 |
Level 3 | Municipal bonds | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Financial assets | 0 | 0 |
Level 3 | Federal agency issues | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Financial assets | 0 | 0 |
Level 3 | US government securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Financial assets | 0 | 0 |
Level 3 | Contingent consideration | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Financial liabilities | $ (7.5) | $ (8.6) |
Fair Value Measurements - Chang
Fair Value Measurements - Change in Fair Value of Contingent Consideration (Details) $ in Millions | 6 Months Ended |
Jun. 30, 2022 USD ($) | |
Reconciliation of change in fair value of contingent consideration | |
Beginning balance | $ 8.6 |
Change in fair value recognized in the Statement of Operations | (0.5) |
Translation adjustments recognized in Other comprehensive loss | (0.6) |
Ending balance | $ 7.5 |
Property, Plant and Equipment_3
Property, Plant and Equipment, Net - Balances (Details) - USD ($) $ in Millions | Jun. 30, 2022 | Dec. 31, 2021 |
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | $ 158.4 | $ 150.4 |
Less accumulated depreciation | (105.6) | (106.9) |
Property, plant and equipment, net | 52.8 | 43.5 |
Leasehold improvements | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | 41.8 | 38 |
Equipment | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | $ 116.6 | $ 112.4 |
Property, Plant and Equipment_4
Property, Plant and Equipment, Net - Narrative (Details) $ in Millions | 6 Months Ended |
Jun. 30, 2022 USD ($) | |
Leasehold improvements | |
Property, Plant and Equipment [Line Items] | |
Impairment charge | $ 2.1 |
Property, Plant and Equipment_5
Property, Plant and Equipment, Net - Depreciation Expense (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Property, Plant and Equipment [Abstract] | ||||
Depreciation expense | $ 2.8 | $ 3.4 | $ 5.6 | $ 6.3 |
Goodwill and Intangible Asset_2
Goodwill and Intangible Assets - Carrying Amount of Goodwill (Details) $ in Millions | 6 Months Ended |
Jun. 30, 2022 USD ($) | |
Goodwill [Roll Forward] | |
Beginning balance | $ 239.2 |
Translation adjustments | (1.4) |
Ending balance | $ 237.8 |
Goodwill and Intangible Asset_3
Goodwill and Intangible Assets - Intangible Assets (Details) - USD ($) $ in Millions | Jun. 30, 2022 | Dec. 31, 2021 |
Intangible Assets [Line Items] | ||
Accumulated Amortization | $ (232.1) | $ (212.5) |
Gross Carrying Amount, total | 614.4 | 616.6 |
Net, total | 382.3 | 404.1 |
Purchased licenses and technologies | ||
Intangible Assets [Line Items] | ||
Gross Carrying Amount, amortizable | 614.4 | 616.6 |
Accumulated Amortization | (232.1) | (212.5) |
Net, amortizable | $ 382.3 | $ 404.1 |
Goodwill and Intangible Asset_4
Goodwill and Intangible Assets - Amortization on Intangible Assets (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Goodwill and Intangible Assets Disclosure [Abstract] | ||||
Amortization of intangible assets | $ 10.2 | $ 13.5 | $ 20.3 | $ 29 |
Accrued Liabilities (Details)
Accrued Liabilities (Details) - USD ($) $ in Millions | Jun. 30, 2022 | Dec. 31, 2021 |
Payables and Accruals [Abstract] | ||
Employee compensation and benefits | $ 41.7 | $ 52.8 |
Legal charges pending settlement | 0 | 62 |
Accrued taxes payable | 3.9 | 4 |
Refunds payable and reserves | 10.3 | 9.8 |
Short-term contingent consideration | 2.9 | 3.2 |
Accrued royalties | 4.8 | 5.4 |
Other accrued liabilities | 20.8 | 19.3 |
Total accrued liabilities | $ 84.4 | $ 156.5 |
Long-Term Debt (Details)
Long-Term Debt (Details) - USD ($) | 6 Months Ended | 12 Months Ended | 15 Months Ended | |||||||||
Jul. 26, 2022 | Jun. 30, 2022 | Jun. 30, 2021 | Dec. 31, 2021 | Jun. 30, 2021 | Dec. 31, 2022 | Jul. 25, 2022 | Sep. 30, 2021 | Feb. 22, 2021 | Feb. 21, 2021 | Jul. 31, 2018 | Dec. 23, 2016 | |
Debt Instrument [Line Items] | ||||||||||||
Principal repayment | $ 0 | $ 120,000,000 | ||||||||||
Outstanding balances | $ 0 | $ 0 | ||||||||||
Amended facility | Subsequent event | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Line of credit facility, credit exposure threshold | $ 0 | |||||||||||
Revolving credit facility | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Maximum aggregate principal commitment | $ 300,000,000 | |||||||||||
Principal repayment | $ 226,400,000 | |||||||||||
Revolving credit facility | Amended facility | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Maximum aggregate principal commitment | $ 250,000,000 | $ 300,000,000 | $ 350,000,000 | $ 350,000,000 | ||||||||
Minimum liquidity covenant | 150,000,000 | |||||||||||
Minimum unrestricted cash and cash equivalents threshold per covenant | $ 150,000,000 | |||||||||||
Undrawn fee (percent) | 0.50% | |||||||||||
Revolving credit facility | Amended facility | Forecast | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Maximum aggregate principal commitment | $ 150,000,000 | |||||||||||
Revolving credit facility | Amended facility | Subsequent event | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Maximum aggregate principal commitment | $ 200,000,000 | $ 250,000,000 | ||||||||||
Undrawn fee (percent) | 0.50% | |||||||||||
Revolving credit facility | Amended facility | LIBOR | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Basis spread on rate (percent) | 3.50% | |||||||||||
Revolving credit facility | Amended facility | SOFR | Subsequent event | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Basis spread on rate (percent) | 3.50% | |||||||||||
SOFR floor (percent) | 0% | |||||||||||
Letter of Credit | Amended facility | Subsequent event | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Line of credit facility, credit exposure threshold | $ 5,000,000 |
Other Long-Term Liabilities (De
Other Long-Term Liabilities (Details) - USD ($) $ in Millions | Jun. 30, 2022 | Dec. 31, 2021 |
Other Liabilities Disclosure [Abstract] | ||
Contingent consideration | $ 4.5 | $ 5.4 |
Other | 0.2 | 0.2 |
Total other long-term liabilities | $ 4.7 | $ 5.6 |
Preferred and Common Stockhol_3
Preferred and Common Stockholders' Equity - Narrative (Details) - USD ($) | 6 Months Ended | ||||
Jun. 30, 2022 | Jun. 30, 2021 | Dec. 31, 2021 | Dec. 31, 2020 | Jun. 30, 2016 | |
Equity [Abstract] | |||||
Preferred stock authorized (shares) | 5,000,000 | ||||
Preferred stock, par value (dollars per share) | $ 0.01 | ||||
Preferred stock outstanding (shares) | 0 | ||||
Common stock authorized (shares) | 150,000,000 | ||||
Common stock, par value (dollars per share) | $ 0.01 | ||||
Common stock issued (shares) | 80,600,000 | 77,700,000 | 80,000,000 | 75,400,000 | |
Common stock outstanding (shares) | 80,600,000 | 77,700,000 | 80,000,000 | 75,400,000 | |
Share repurchase program, authorized amount | $ 200,000,000 | ||||
Share repurchase program, remaining repurchase authorization | $ 110,700,000 | ||||
Shares repurchased | 0 | 0 |
Preferred and Common Stockhol_4
Preferred and Common Stockholders' Equity - Common Shares Issued and Outstanding (Details) - shares shares in Millions | 6 Months Ended | |
Jun. 30, 2022 | Jun. 30, 2021 | |
Common shares issued and outstanding | ||
Beginning common stock issued (shares) | 80 | 75.4 |
Beginning common stock outstanding (shares) | 80 | 75.4 |
Common stock issued upon exercise of options, vesting of restricted stock units, and purchases under employee stock purchase plan (shares) | 0.6 | 2.3 |
Ending common stock issued (shares) | 80.6 | 77.7 |
Ending common stock outstanding (shares) | 80.6 | 77.7 |
Preferred and Common Stockhol_5
Preferred and Common Stockholders' Equity - Reconciliation of Denominators of Basic and Diluted Earnings Per Share Computations (Details) - shares shares in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Equity [Abstract] | ||||
Weighted-average shares outstanding used to compute basic EPS | 80.4 | 77.2 | 80.3 | 76.6 |
Effect of dilutive shares | 0 | 0 | 0 | 0 |
Weighted-average shares outstanding and dilutive securities used to compute diluted EPS | 80.4 | 77.2 | 80.3 | 76.6 |
Preferred and Common Stockhol_6
Preferred and Common Stockholders' Equity - Potentially Dilutive Common Shares Excluded from EPS Computation (Details) - shares shares in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Equity [Abstract] | ||||
Anti-dilutive options and RSUs excluded from EPS computation (shares) | 5.4 | 7 | 5.4 | 7 |
Stock-Based Compensation - Narr
Stock-Based Compensation - Narrative (Details) - USD ($) $ in Millions | 6 Months Ended | |
Sep. 23, 2021 | Jun. 30, 2022 | |
Share-Based Compensation [Line Items] | ||
Unrecognized stock-based compensation expense related to stock options | $ 1.7 | |
2017 Plan | ||
Share-Based Compensation [Line Items] | ||
Shares available for grant (shares) | 2,000,000 | |
2012 Purchase Plan | ||
Share-Based Compensation [Line Items] | ||
Number of shares authorized (shares) | 2,000,000 | |
Number of additional shares authorized (shares) | 2,000,000 | |
Maximum number of shares per participant per offering period (shares) | 5,000 | |
Shares issued under the plan (shares) | 1,800,000 | |
Options and RSUs | Non-employee director | ||
Share-Based Compensation [Line Items] | ||
Service period for award vesting (in years) | 1 year | |
RSUs | ||
Share-Based Compensation [Line Items] | ||
Weighted-average period for recognition (in years) | 2 years 6 months | |
Unrecognized stock-based compensation expense related to RSUs | $ 80.5 | |
RSUs | Minimum | ||
Share-Based Compensation [Line Items] | ||
Service period for award vesting (in years) | 3 years | |
RSUs | Maximum | ||
Share-Based Compensation [Line Items] | ||
Service period for award vesting (in years) | 4 years | |
RSUs | Achievement levels based on EPS targets | ||
Share-Based Compensation [Line Items] | ||
Vesting weight (percent) | 34% | |
RSUs | Relative total stockholders return | ||
Share-Based Compensation [Line Items] | ||
Vesting weight (percent) | 33% | |
RSUs | Performance based on Nasdaq Healthcare Provider Index | ||
Share-Based Compensation [Line Items] | ||
Vesting weight (percent) | 33% | |
Stock options | ||
Share-Based Compensation [Line Items] | ||
Award expiration period (in years) | 10 years | |
Weighted-average period for recognition (in years) | 1 year 7 months 6 days | |
Stock options | President and Chief Executive Officer | ||
Share-Based Compensation [Line Items] | ||
Award expiration period (in years) | 7 years |
Stock-Based Compensation - Stoc
Stock-Based Compensation - Stock Option Activity (Details) shares in Millions | 6 Months Ended |
Jun. 30, 2022 $ / shares shares | |
Options, Number of shares | |
Options outstanding, beginning (shares) | shares | 1.4 |
Options exercised (shares) | shares | 0 |
Options canceled or expired (shares) | shares | (0.1) |
Options outstanding, ending (shares) | shares | 1.3 |
Options exercisable at end of period (shares) | shares | 0.9 |
Options, Weighted average exercise price | |
Options outstanding, beginning (dollars per share) | $ / shares | $ 20.36 |
Options exercised (dollars per share) | $ / shares | 23.98 |
Options canceled or expired (dollars per share) | $ / shares | 25.26 |
Options outstanding, ending (dollars per share) | $ / shares | 20.09 |
Options exercisable at end of period (dollars per share) | $ / shares | $ 22.91 |
Stock-Based Compensation - RSU
Stock-Based Compensation - RSU Activity (Details) - RSUs shares in Millions | 6 Months Ended |
Jun. 30, 2022 $ / shares shares | |
RSUs, Number of shares | |
RSUs outstanding, beginning (shares) | shares | 3.1 |
RSUs granted (shares) | shares | 1.8 |
RSUs vested (shares) | shares | (0.6) |
RSUs canceled (shares) | shares | (0.2) |
RSUs outstanding, ending (shares) | shares | 4.1 |
RSUs, Weighted average grant date fair value | |
RSUs outstanding, beginning (dollars per share) | $ / shares | $ 24.96 |
RSUs granted (dollars per share) | $ / shares | 26.50 |
RSUs vested (dollars per share) | $ / shares | 28.08 |
RSUs canceled (dollars per share) | $ / shares | 26.57 |
RSUs outstanding, ending (dollars per share) | $ / shares | $ 25.07 |
Stock-Based Compensation - St_2
Stock-Based Compensation - Stock-Based Compensation Expense (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Share-Based Compensation Expense [Line Items] | ||||
Total stock-based compensation expense | $ 10.4 | $ 8.9 | $ 20.5 | $ 17.9 |
Cost of molecular diagnostic testing | ||||
Share-Based Compensation Expense [Line Items] | ||||
Total stock-based compensation expense | 0.5 | 0.4 | 0.8 | 0.7 |
Cost of pharmaceutical and clinical services | ||||
Share-Based Compensation Expense [Line Items] | ||||
Total stock-based compensation expense | 0 | 0 | 0 | 0.1 |
Research and development expense | ||||
Share-Based Compensation Expense [Line Items] | ||||
Total stock-based compensation expense | 1 | 1 | 3.4 | 2.5 |
Selling, general, and administrative expense | ||||
Share-Based Compensation Expense [Line Items] | ||||
Total stock-based compensation expense | $ 8.9 | $ 7.5 | $ 16.3 | $ 14.6 |
Income Taxes (Details)
Income Taxes (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Income Tax Disclosure [Abstract] | ||||
Income tax expense (benefit) | $ (3.8) | $ 0.9 | $ (9.7) | $ (9.2) |
Approximate tax rate | 21.20% | (23.70%) | 21.90% | 17.20% |
Commitments and Contingencies (
Commitments and Contingencies (Details) - CBI CIFPA $ in Thousands | Apr. 01, 2022 USD ($) |
United States and State of California | |
Loss Contingencies [Line Items] | |
Settlement agreement | $ 45,250 |
Relator's counsel | |
Loss Contingencies [Line Items] | |
Settlement agreement | $ 2,750 |
Supplemental Cash Flow Inform_3
Supplemental Cash Flow Information (Details) - USD ($) $ in Millions | 6 Months Ended | |
Jun. 30, 2022 | Jun. 30, 2021 | |
Supplemental Cash Flow Elements [Abstract] | ||
Cash paid during the period for income taxes | $ 1 | $ 1.7 |
Cash paid for interest | 0 | 1.7 |
Cash received for income tax receivables | 0 | 89.9 |
Establishment of operating lease right-of-use assets and lease liabilities | ||
Operating lease right-of-use assets | 15.5 | 40.5 |
Operating lease liabilities | 15.5 | 46.7 |
Tenant improvement allowance not yet received | 16 | 0 |
Purchases of property, plant and equipment in accounts payable and accrued liabilities | $ 4.3 | $ 0 |
Leases (Details)
Leases (Details) ft² in Thousands, $ in Millions | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2022 USD ($) | Mar. 31, 2022 ft² | Jun. 30, 2021 USD ($) | Jun. 30, 2022 USD ($) | Jun. 30, 2021 USD ($) | |
Lessee, Lease, Description [Line Items] | |||||
Loss due to abandonment of facility | $ 8.6 | ||||
Goodwill and long-lived asset impairment charges | $ 0 | $ 1.8 | $ 10.7 | $ 1.8 | |
Minimum | |||||
Lessee, Lease, Description [Line Items] | |||||
Remaining lease terms | 1 year | 1 year | |||
Maximum | |||||
Lessee, Lease, Description [Line Items] | |||||
Remaining lease terms | 14 years | 14 years | |||
Leasehold improvements | |||||
Lessee, Lease, Description [Line Items] | |||||
Impairment charge | $ 2.1 | ||||
West Salt Lake City | |||||
Lessee, Lease, Description [Line Items] | |||||
Operating lease area (sq ft) | ft² | 230 | ||||
Lease term (in years) | 15 years | ||||
Total expected future rent payments | $ 77.8 | $ 77.8 |
Divestitures - Narrative (Detai
Divestitures - Narrative (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||||
May 28, 2021 | May 21, 2021 | May 01, 2021 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Divestitures [Line Items] | ||||||
Proceeds from sale of assets | $ 0 | $ 32.5 | ||||
Loss on non-cancelable purchase commitment | $ 5.9 | |||||
Loss on inventory | 6.6 | $ 0 | $ 6.6 | |||
Disposed of by sale | Myriad myPath LLC laboratory | ||||||
Divestitures [Line Items] | ||||||
Proceeds from sale of assets | $ 32.5 | |||||
Net gain on sale of assets adjusted for transaction fees | $ 31.2 | |||||
Disposed of by sale | Select operating assets and intellectual property of Myriad Autoimmune business unit | ||||||
Divestitures [Line Items] | ||||||
Proceeds from sale of business | $ 150 | |||||
Disposed of by sale | Myriad RBM, Inc. | ||||||
Divestitures [Line Items] | ||||||
Proceeds from sale of business | $ 197 |
Divestitures - Other Income (De
Divestitures - Other Income (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Divestitures [Line Items] | ||||
Total Other Income | $ 0.1 | $ 18.8 | $ 0.1 | $ 18.7 |
Disposed of by sale | ||||
Divestitures [Line Items] | ||||
Gain (loss) on inventory | (12.5) | (12.5) | ||
Other | 0.1 | 0 | ||
Myriad myPath LLC laboratory | Disposed of by sale | ||||
Divestitures [Line Items] | ||||
Gain on sale | $ 31.2 | $ 31.2 |
Subsequent Events (Details)
Subsequent Events (Details) - USD ($) | Jul. 26, 2022 | Dec. 31, 2022 | Jul. 25, 2022 | Jul. 19, 2022 | Sep. 30, 2021 | Feb. 22, 2021 | Feb. 21, 2021 | Jul. 31, 2018 | Dec. 23, 2016 |
Amended facility | Subsequent event | |||||||||
Subsequent Event [Line Items] | |||||||||
Line of credit facility, credit exposure threshold | $ 0 | ||||||||
Revolving credit facility | |||||||||
Subsequent Event [Line Items] | |||||||||
Maximum aggregate principal commitment | $ 300,000,000 | ||||||||
Revolving credit facility | Amended facility | |||||||||
Subsequent Event [Line Items] | |||||||||
Maximum aggregate principal commitment | $ 250,000,000 | $ 300,000,000 | $ 350,000,000 | $ 350,000,000 | |||||
Revolving credit facility | Amended facility | Forecast | |||||||||
Subsequent Event [Line Items] | |||||||||
Maximum aggregate principal commitment | $ 150,000,000 | ||||||||
Revolving credit facility | Amended facility | Subsequent event | |||||||||
Subsequent Event [Line Items] | |||||||||
Maximum aggregate principal commitment | 200,000,000 | $ 250,000,000 | |||||||
Reduction in maximum borrowing capacity in event of certain asset sales | $ 50,000,000 | ||||||||
Letter of Credit | Amended facility | Subsequent event | |||||||||
Subsequent Event [Line Items] | |||||||||
Line of credit facility, credit exposure threshold | $ 5,000,000 |