MYRIAD GENETICS INCMYGN
MYRIAD GENETICS INC Goodwill & Intangibles Disclosure
GOODWILL AND INTANGIBLE ASSETS
Goodwill
The changes in the carrying amount of goodwill for the year ended December 31, 2025 are as follows:
| December 31, | |||||
| (in millions) | 2025 | ||||
| Beginning balance | $ | 286.3 | |||
| Goodwill impairment | (234.7) | ||||
| Ending balance | $ | 51.6 | |||
During the quarter ended June 30, 2025, the Company identified a triggering event that required an interim goodwill impairment assessment. The Company experienced a sustained decline in its market capitalization, due in part to downward revisions to the Company's forecasts.
In response to the triggering event, the Company estimated the fair values of each of its reporting units using both the market approach, applying an observable multiple of revenue based on guideline public companies, and the income approach, as of May 2025. The income approach considered projected revenue and profitability of each reporting unit and a discount rate reflective of the risk-adjusted cost of capital of 17.0% and 16.0% for the Mental Health and the Women's Health reporting units, respectively. The Company corroborated the reasonableness of the estimated reporting unit fair values by reconciling the values to its enterprise value and market capitalization, including the consideration of a control premium. Accordingly, this fair value measurement is classified as Level 3 in the fair value hierarchy because it is based primarily upon unobservable inputs that reflect management's assumptions.
As a result of the assessment, during the quarter ended June 30, 2025, the Company recognized a of $234.7 million, with $91.2 million attributable to the Mental Health reporting unit and $143.5 million attributable to the Women’s Health reporting unit, reducing the carrying value of goodwill for these reporting units to their estimated fair values. The Company determined that the goodwill balance for the International reporting unit was not impaired. The goodwill impairment charges are reflected in Goodwill and long-lived asset impairment charges in the Consolidated Statements of Operations. The remaining goodwill value of $51.6 million consists of $29.8 million for the Mental Health, $17.3 million for the International and $4.5 million for the Women's Health reporting units.
The Company recognized a goodwill impairment charge of $0.8 million for the year ended December 31, 2024 and did not record an impairment of goodwill for the year ended December 31, 2023.
Intangible Assets
The following tables summarize the amounts reported as intangible assets:
| (in millions) | Gross Carrying Amount(1) | Accumulated Amortization | Net | Weighted-Average Useful Life (in Years) | Weighted-Average Remaining Useful Life (in Years) | ||||||||||||||||||||||||
| At December 31, 2025 | |||||||||||||||||||||||||||||
| Developed technologies | $ | 475.9 | $ | (352.2) | $ | 123.7 | 11.6 | 4.7 | |||||||||||||||||||||
| Internal-use software | 21.9 | (4.3) | 17.6 | 4.8 | 4.0 | ||||||||||||||||||||||||
| Trademarks | 2.1 | (1.6) | 0.5 | 7.5 | 6.9 | ||||||||||||||||||||||||
Licensed technologies | 4.5 | (0.4) | 4.1 | 8.0 | 7.2 | ||||||||||||||||||||||||
| Internal-use software (in-process) | 7.5 | — | 7.5 | ||||||||||||||||||||||||||
| Total intangible assets | $ | 511.9 | $ | (358.5) | $ | 153.4 | |||||||||||||||||||||||
(1) Net of impairment expense recognized during the year ended December 31, 2025. See the discussion below for further details regarding the impairment of intangible assets. | |||||||||||||||||||||||||||||
| (in millions) | Gross Carrying Amount | Accumulated Amortization | Net | Weighted-Average Useful Life (in Years) | Weighted-Average Remaining Useful Life (in Years) | ||||||||||||||||||||||||
| At December 31, 2024 | |||||||||||||||||||||||||||||
| Developed technologies | $ | 560.1 | $ | (326.5) | $ | 233.6 | 10.6 | 3.6 | |||||||||||||||||||||
| Internal-use software | 1.8 | (0.7) | 1.1 | 3.0 | 1.9 | ||||||||||||||||||||||||
| Customer relationships | 1.6 | (0.3) | 1.3 | 10.0 | 7.8 | ||||||||||||||||||||||||
| Trademarks | 6.1 | (1.3) | 4.8 | 10.0 | 7.8 | ||||||||||||||||||||||||
| Internal-use software (in-process) | 21.6 | — | 21.6 | ||||||||||||||||||||||||||
| Total intangible assets | $ | 591.2 | $ | (328.8) | $ | 262.4 | |||||||||||||||||||||||
As noted above, the Company experienced a sustained decline in its market capitalization during the quarter ended June 30, 2025, which triggered the Company to perform a recoverability test for certain of its asset groups. The Company performed the recoverability test by comparing the carrying value of each asset group to its estimated undiscounted future cash flows. The analysis indicated that the carrying value exceeded the recoverable amounts for the Company's Mental Health and Gateway asset groups, requiring the Company to determine the fair value of each asset group. As a result of the tests performed, the Company recognized totaling $82.0 million related to the Mental Health and Gateway intangible asset groups.
The fair value of the Mental Health developed technology was determined using a discounted cash flow model and the fair value of the Gateway intangible assets was determined using a discounted cash flow model and relief from royalty models. The primary assumptions used in the discounted cash flow models included projected revenue and profitability associated with the developed technology based on management's forecast and a discount rate reflective of the risk-adjusted cost of capital of 17% and 16% for the Mental Health and Gateway intangible asset groups, respectively. The primary assumptions used in the relief from royalty models were projected revenue and royalty rates. As the carrying value for the intangible assets exceeded the relative fair value, the Company recognized an impairment charge of $71.8 million and $10.2 million for the Mental Health and Gateway intangible asset groups, respectively, during the year ended December 31, 2025. These expenses are included in Goodwill and long-lived asset impairment charges in the Consolidated Statements of Operations.
The fair value measurements for the impairment of intangible assets are classified as Level 3 in the fair value hierarchy because they are based primarily upon unobservable inputs that reflect management's assumptions.
In recent years, the Company has invested in the development of internal-use software. As of December 31, 2025, the Company has capitalized $7.5 million related to projects under development. The Company expects the majority of the current in-process internal-use software projects to be completed in fiscal year 2026.
As of December 31, 2025, the Company's developed technologies have estimated remaining useful lives ranging between and eight years. The Company's acquired trademarks have an estimated remaining useful life of approximately seven years as of December 31, 2025. The Company's licensed technology has an estimated remaining useful life of approximately seven years as of December 31, 2025. The Company's internal-use software assets are amortized over the estimated useful life of the software, generally ranging between and five years as of December 31, 2025.
The Company recorded amortization during the respective periods for intangible assets as follows:
| Years Ended December 31, | |||||||||||||||||
| (in millions) | 2025 | 2024 | 2023 | ||||||||||||||
| Amortization of intangible assets | $ | 34.7 | $ | 42.1 | $ | 42.8 | |||||||||||
Future amortization expense of intangible assets as of December 31, 2025 is estimated to be as follows (in millions):
| Years Ended December 31, | Amortization Expense | ||||
| 2026 | $ | 31.4 | |||
| 2027 | 30.9 | ||||
| 2028 | 30.4 | ||||
| 2029 | 30.3 | ||||
| 2030 | 17.7 | ||||
| Thereafter | 12.7 | ||||
| Total | $ | 153.4 | |||
Historical Timeline
| Fiscal Year | Filed | |
|---|---|---|
| 2025 | Feb 24, 2026 | Showing above |
| 2024 | Feb 28, 2025 | |
| 2023 | Feb 28, 2024 | |
| 2022 | Mar 1, 2023 | |
| 2021 | Feb 25, 2022 | |
| 2020 | Aug 13, 2020 | |
| 2019 | Aug 13, 2019 | |
| 2018 | Aug 24, 2018 | |
| 2017 | Aug 9, 2017 | |
| 2016 | Aug 10, 2016 | |
About Goodwill & Intangibles Disclosures
Goodwill and intangible asset disclosures reveal the premium paid in acquisitions and how management assesses whether that premium retains its value. Since goodwill is no longer amortized under US GAAP, the annual impairment test is the only mechanism that adjusts carrying values downward — making the assumptions behind that test critically important for investors.
Key signals: a history of goodwill impairments suggests management consistently overpays for acquisitions. Watch the gap between reporting unit fair value and carrying amount — when fair value exceeds carrying amount by less than 10-20%, a small decline in business performance could trigger a write-down. For finite-lived intangibles, examine useful life assumptions across customer relationships, technology, and trade names; aggressive estimates inflate near-term earnings. Compare total intangibles-to-total-assets ratios against peers to assess acquisition dependency. Rising goodwill as a percentage of equity can signal balance sheet fragility.