2023 Q1 Form 10-K Financial Statement

#000089992323000011 Filed on March 01, 2023

View on sec.gov

Income Statement

Concept 2023 Q1 2022 Q4 2022
Revenue $181.2M $177.8M $678.4M
YoY Change 9.88% 10.57% -1.77%
Cost Of Revenue $59.20M $53.90M $202.0M
YoY Change 23.33% 17.69% 2.23%
Gross Profit $122.0M $123.9M $476.4M
YoY Change 4.36% 7.74% -3.37%
Gross Profit Margin 67.33% 69.69% 70.22%
Selling, General & Admin $151.7M $146.5M $514.7M
YoY Change 37.16% 89.52% -4.3%
% of Gross Profit 124.34% 118.24% 108.04%
Research & Development $22.50M $23.40M $85.40M
YoY Change 6.13% 14.15% 4.27%
% of Gross Profit 18.44% 18.89% 17.93%
Depreciation & Amortization $8.700M $13.70M $11.60M
YoY Change 210.71% 3.01% -4.13%
% of Gross Profit 7.13% 11.06% 2.43%
Operating Expenses $174.2M $169.9M $600.1M
YoY Change 32.17% 76.8% -3.16%
Operating Profit -$52.20M -$46.00M -$140.6M
YoY Change 103.91% -343.39% -26.19%
Interest Expense $500.0K $100.0K $3.200M
YoY Change -44.44% -125.0% -51.52%
% of Operating Profit
Other Income/Expense, Net -$400.0K $0.00 $0.00
YoY Change -50.0% -100.0%
Pretax Income -$52.60M -$52.10M -$140.6M
YoY Change 99.24% 19.77% 146.23%
Income Tax $2.100M -$9.800M -$28.60M
% Of Pretax Income
Net Earnings -$54.70M -$42.30M -$112.0M
YoY Change 166.83% 456.58% 311.76%
Net Earnings / Revenue -30.19% -23.79% -16.51%
Basic Earnings Per Share -$0.67 -$1.39
Diluted Earnings Per Share -$0.67 -$0.52 -$1.39
COMMON SHARES
Basic Shares Outstanding 81.22M shares 81.03M shares 80.60M shares
Diluted Shares Outstanding 81.30M shares 80.60M shares

Balance Sheet

Concept 2023 Q1 2022 Q4 2022
SHORT-TERM ASSETS
Cash & Short-Term Investments $78.70M $114.9M $114.9M
YoY Change -70.68% -66.19% -66.19%
Cash & Equivalents $53.60M $56.90M $3.300M
Short-Term Investments $25.10M $58.00M $58.00M
Other Short-Term Assets $42.00M $38.00M $38.00M
YoY Change 0.72% -1.04% -1.04%
Inventory $21.80M $20.10M $20.10M
Prepaid Expenses
Receivables $119.1M $101.6M $101.6M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $261.6M $274.6M $274.6M
YoY Change -38.79% -43.36% -43.36%
LONG-TERM ASSETS
Property, Plant & Equipment $96.30M $83.40M $187.3M
YoY Change 110.72% 91.72% 49.48%
Goodwill $287.1M $286.8M
YoY Change 20.23% 19.9%
Intangibles $369.4M $379.7M
YoY Change -6.15% -6.04%
Long-Term Investments $30.40M $54.80M $54.80M
YoY Change -57.06% -7.12% -7.12%
Other Assets $17.50M $15.50M $15.50M
YoY Change 113.41% 86.75% 86.75%
Total Long-Term Assets $907.7M $924.1M $924.1M
YoY Change 9.63% 10.55% 10.55%
TOTAL ASSETS
Total Short-Term Assets $261.6M $274.6M $274.6M
Total Long-Term Assets $907.7M $924.1M $924.1M
Total Assets $1.169B $1.199B $1.199B
YoY Change -6.86% -9.24% -9.24%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $36.50M $28.80M $28.80M
YoY Change 34.69% -2.7% -2.7%
Accrued Expenses $91.70M $94.30M $79.40M
YoY Change -26.52% -39.74% -45.69%
Deferred Revenue $600.0K
YoY Change -88.46%
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $143.3M $137.2M $137.2M
YoY Change -13.67% -32.84% -32.84%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $0.00
YoY Change
Other Long-Term Liabilities $11.50M $14.50M $172.2M
YoY Change 134.69% 158.93% 52.66%
Total Long-Term Liabilities $11.50M $14.50M $172.2M
YoY Change 134.69% 158.93% 52.66%
TOTAL LIABILITIES
Total Short-Term Liabilities $143.3M $137.2M $137.2M
Total Long-Term Liabilities $11.50M $14.50M $172.2M
Total Liabilities $334.1M $312.9M $312.9M
YoY Change 9.43% -11.33% -11.33%
SHAREHOLDERS EQUITY
Retained Earnings -$420.9M -$366.2M
YoY Change 53.22% 44.06%
Common Stock $1.264B $1.261B
YoY Change 2.52% 2.75%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $835.2M $885.8M $885.8M
YoY Change
Total Liabilities & Shareholders Equity $1.169B $1.199B $1.199B
YoY Change -6.86% -9.24% -9.24%

Cashflow Statement

Concept 2023 Q1 2022 Q4 2022
OPERATING ACTIVITIES
Net Income -$54.70M -$42.30M -$112.0M
YoY Change 166.83% 456.58% 311.76%
Depreciation, Depletion And Amortization $8.700M $13.70M $11.60M
YoY Change 210.71% 3.01% -4.13%
Cash From Operating Activities -$33.20M -$7.700M -$106.3M
YoY Change -28.6% -22.22% -684.07%
INVESTING ACTIVITIES
Capital Expenditures $23.50M $14.60M $45.30M
YoY Change -473.02% -529.41% -351.67%
Acquisitions $57.20M
YoY Change
Other Investing Activities $58.10M -$21.00M -$32.20M
YoY Change -266.0% -6.67% -111.01%
Cash From Investing Activities $34.60M -$35.60M -$77.50M
YoY Change -183.78% 37.45% -128.24%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -$4.900M -2.100M -$8.000M
YoY Change 2.08% 90.91% -94.69%
NET CHANGE
Cash From Operating Activities -$33.20M -7.700M -$106.3M
Cash From Investing Activities $34.60M -35.60M -$77.50M
Cash From Financing Activities -$4.900M -2.100M -$8.000M
Net Change In Cash -$3.300M -45.40M -$192.4M
YoY Change -96.46% 23.04% -236.07%
FREE CASH FLOW
Cash From Operating Activities -$33.20M -$7.700M -$106.3M
Capital Expenditures $23.50M $14.60M $45.30M
Free Cash Flow -$56.70M -$22.30M -$151.6M
YoY Change 41.04% 243.08% -518.78%

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us-gaap Net Cash Provided By Used In Operating Activities
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CY2020 us-gaap Payments To Acquire Productive Assets
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us-gaap Payments To Acquire Businesses Net Of Cash Acquired
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us-gaap Proceeds From Sales Of Business Affiliate And Productive Assets
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CY2020 us-gaap Proceeds From Sales Of Business Affiliate And Productive Assets
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us-gaap Payments To Acquire Available For Sale Securities Debt
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CY2022 us-gaap Proceeds From Sale And Maturity Of Marketable Securities
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us-gaap Proceeds From Sale And Maturity Of Marketable Securities
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us-gaap Net Cash Provided By Used In Investing Activities
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CY2021 us-gaap Proceeds From Issuance Of Shares Under Incentive And Share Based Compensation Plans Including Stock Options
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us-gaap Proceeds From Issuance Of Shares Under Incentive And Share Based Compensation Plans Including Stock Options
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CY2020 us-gaap Proceeds From Issuance Of Shares Under Incentive And Share Based Compensation Plans Including Stock Options
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CY2021 us-gaap Payments Related To Tax Withholding For Share Based Compensation
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us-gaap Payments Related To Tax Withholding For Share Based Compensation
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CY2021 us-gaap Payment For Contingent Consideration Liability Financing Activities
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us-gaap Effect Of Exchange Rate On Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
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us-gaap Payment For Contingent Consideration Liability Financing Activities
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CY2020 us-gaap Payment For Contingent Consideration Liability Financing Activities
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CY2022 us-gaap Payments Of Debt Restructuring Costs
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us-gaap Payments Of Debt Restructuring Costs
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us-gaap Repayments Of Lines Of Credit
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CY2022 us-gaap Net Cash Provided By Used In Financing Activities
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CY2021 us-gaap Net Cash Provided By Used In Financing Activities
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us-gaap Net Cash Provided By Used In Financing Activities
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CY2020 us-gaap Net Cash Provided By Used In Financing Activities
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CY2022 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
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CY2021 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
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us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
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CY2020 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
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CY2021Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
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CY2020Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
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CY2020Q2 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
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CY2019Q2 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
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CY2022Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
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CY2021Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
258800000 usd
CY2020Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
117000000.0 usd
CY2020Q2 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
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CY2022 us-gaap Use Of Estimates
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<div style="margin-top:12pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:700;line-height:120%">Use of Estimates</span></div><div style="margin-top:12pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The preparation of the consolidated financial statements in accordance 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 consolidated financial statements, as well as the reported amounts of revenue and expenses during the reporting period. Significant items subject to such estimates and assumptions include revenue recognition estimates for the average expected reimbursement per test, valuation allowances for deferred income tax assets, certain accrued liabilities, stock-based compensation, purchase accounting, and impairment analysis of goodwill and long-lived assets. Actual results could differ from those estimates.</span></div>
CY2022 us-gaap Prior Period Reclassification Adjustment Description
PriorPeriodReclassificationAdjustmentDescription
<div style="margin-top:12pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:700;line-height:120%">Reclassifications</span></div><div style="margin-top:12pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Certain prior period amounts have been reclassified to conform with the current period presentation. The reclassifications have no impact on the total assets, total liabilities, stockholders' equity, or cash flows from operations.</span></div>
CY2022 us-gaap Concentration Risk Credit Risk
ConcentrationRiskCreditRisk
<div style="margin-top:12pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:700;line-height:120%">Concentration of Credit Risk</span></div><div style="margin-top:12pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">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 health care programs are funded by the U.S. and state governments. The Company only has one payor, Medicare, that represents greater than 10% of its revenues. Revenues received from Medicare represented approximately 14%, 17%, 16%, and 15% of total revenue for the years ended December 31, 2022 and 2021, the six-month transition period ended December 31, 2020, and the fiscal year ended June 30, 2020, 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 December 31, 2022 or December 31, 2021.</span></div>
CY2022Q4 us-gaap Restricted Cash Current
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CY2022Q4 us-gaap Restricted Cash Noncurrent
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us-gaap Revenue From Contract With Customer Excluding Assessed Tax
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CY2020 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
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CY2022 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
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us-gaap Revenue From Contract With Customer Excluding Assessed Tax
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CY2020 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
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ContractWithCustomerLiabilityCurrent
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mygn Contract With Customer Liability Including New Contract Revenue Recognized
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CY2021 mygn Contract With Customer Liability Prepayments
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CY2021 mygn Contract With Customer Liability Divestitures
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mygn Contract With Customer Liability Divestitures
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CY2020 mygn Contract With Customer Liability Divestitures
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CY2022Q4 us-gaap Contract With Customer Liability Current
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CY2021Q4 us-gaap Contract With Customer Liability Current
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ContractWithCustomerLiabilityCurrent
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22100000 usd
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6800000 usd
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CY2021 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
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us-gaap Weighted Average Number Of Shares Outstanding Basic
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CY2020 us-gaap Weighted Average Number Of Shares Outstanding Basic
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us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
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CY2020 us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
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CY2021 us-gaap Weighted Average Number Of Diluted Shares Outstanding
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us-gaap Weighted Average Number Of Diluted Shares Outstanding
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us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
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us-gaap Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Liability Settlements
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CY2020 us-gaap Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Liability Settlements
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CY2022 us-gaap Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Liability Purchases
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CY2021 us-gaap Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Liability Purchases
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us-gaap Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Liability Purchases
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CY2022 us-gaap Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Liability Gain Loss Included In Earnings
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CY2021 us-gaap Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Liability Gain Loss Included In Earnings
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us-gaap Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Liability Gain Loss Included In Earnings
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CY2020 us-gaap Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Liability Gain Loss Included In Earnings
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CY2022 us-gaap Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Liability Gain Loss Included In Other Comprehensive Income
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CY2021 us-gaap Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Liability Gain Loss Included In Other Comprehensive Income
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us-gaap Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Liability Gain Loss Included In Other Comprehensive Income
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CY2020 us-gaap Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Liability Gain Loss Included In Other Comprehensive Income
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CY2022Q4 us-gaap Fair Value Measurement With Unobservable Inputs Reconciliations Recurring Basis Liability Value
FairValueMeasurementWithUnobservableInputsReconciliationsRecurringBasisLiabilityValue
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CY2021Q4 us-gaap Fair Value Measurement With Unobservable Inputs Reconciliations Recurring Basis Liability Value
FairValueMeasurementWithUnobservableInputsReconciliationsRecurringBasisLiabilityValue
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CY2020Q4 us-gaap Fair Value Measurement With Unobservable Inputs Reconciliations Recurring Basis Liability Value
FairValueMeasurementWithUnobservableInputsReconciliationsRecurringBasisLiabilityValue
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CY2020Q2 us-gaap Fair Value Measurement With Unobservable Inputs Reconciliations Recurring Basis Liability Value
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CY2021Q4 us-gaap Property Plant And Equipment Net
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CY2021 us-gaap Depreciation
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us-gaap Depreciation
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CY2022Q4 us-gaap Goodwill
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us-gaap Goodwill Impairment Loss
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CY2022 us-gaap Goodwill Impairment Loss
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CY2020 us-gaap Impairment Of Intangible Assets Excluding Goodwill
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us-gaap Impairment Of Intangible Assets Excluding Goodwill
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CY2021 us-gaap Impairment Of Intangible Assets Excluding Goodwill
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CY2022 us-gaap Impairment Of Intangible Assets Excluding Goodwill
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CY2022Q4 us-gaap Finite Lived Intangible Assets Amortization Expense Next Twelve Months
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42800000 usd
CY2022Q4 us-gaap Finite Lived Intangible Assets Amortization Expense Year Two
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P9Y1M6D
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CY2021Q4 us-gaap Finite Lived Intangible Assets Accumulated Amortization
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212500000 usd
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P10Y2M12D
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CY2021 us-gaap Amortization Of Intangible Assets
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us-gaap Amortization Of Intangible Assets
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30800000 usd
CY2020 us-gaap Amortization Of Intangible Assets
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CY2022Q4 us-gaap Finite Lived Intangible Assets Amortization Expense Year Three
FiniteLivedIntangibleAssetsAmortizationExpenseYearThree
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CY2022Q4 us-gaap Finite Lived Intangible Assets Amortization Expense Year Four
FiniteLivedIntangibleAssetsAmortizationExpenseYearFour
42800000 usd
CY2022Q4 us-gaap Finite Lived Intangible Assets Amortization Expense Year Five
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42800000 usd
CY2022Q4 us-gaap Finite Lived Intangible Assets Amortization Expense After Year Five
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CY2022Q4 us-gaap Finite Lived Intangible Assets Net
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CY2022Q4 us-gaap Employee Related Liabilities Current
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41200000 usd
CY2021Q4 us-gaap Employee Related Liabilities Current
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52800000 usd
CY2022Q4 us-gaap Litigation Reserve Current
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CY2021Q4 us-gaap Litigation Reserve Current
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CY2022Q4 us-gaap Taxes Payable Current
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CY2022Q4 mygn Refunds Payable And Reserve Current
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CY2021Q4 mygn Refunds Payable And Reserve Current
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9800000 usd
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CY2021Q4 us-gaap Business Combination Contingent Consideration Liability Current
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CY2022Q4 us-gaap Contract With Customer Liability Current
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CY2021Q4 us-gaap Contract With Customer Liability Current
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CY2022Q4 us-gaap Accrued Royalties Current
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CY2021Q4 us-gaap Accrued Royalties Current
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CY2022Q4 us-gaap Other Accrued Liabilities Current
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23600000 usd
CY2021Q4 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
19300000 usd
CY2022Q4 us-gaap Accrued Liabilities Current
AccruedLiabilitiesCurrent
94300000 usd
CY2021Q4 us-gaap Accrued Liabilities Current
AccruedLiabilitiesCurrent
161700000 usd
CY2022Q4 us-gaap Long Term Debt
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CY2022Q4 us-gaap Business Combination Contingent Consideration Liability Noncurrent
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CY2021Q4 us-gaap Common Stock Shares Authorized
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CY2021Q4 us-gaap Common Stock Shares Issued
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CY2022 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Gross
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us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercises In Period Total Intrinsic Value
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CY2021 us-gaap Income Tax Expense Benefit
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CY2020 us-gaap Income Loss From Continuing Operations Before Income Taxes Foreign
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CY2022 us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
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CY2020 us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
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CY2022 us-gaap Effective Income Tax Rate Reconciliation State And Local Income Taxes
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CY2022 us-gaap Income Tax Reconciliation Tax Contingencies
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CY2022 us-gaap Effective Income Tax Rate Reconciliation Foreign Income Tax Rate Differential
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CY2021 us-gaap Effective Income Tax Rate Reconciliation Foreign Income Tax Rate Differential
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CY2020 us-gaap Effective Income Tax Rate Reconciliation Foreign Income Tax Rate Differential
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CY2022 us-gaap Effective Income Tax Rate Reconciliation Change In Deferred Tax Assets Valuation Allowance
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CY2020 us-gaap Effective Income Tax Rate Reconciliation Change In Deferred Tax Assets Valuation Allowance
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CY2022 mygn Effective Income Tax Rate Reconciliation Cares Act
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CY2021 mygn Income Tax Reconciliation Cares Act
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CY2020 mygn Effective Income Tax Rate Reconciliation Cares Act
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CY2022 us-gaap Income Tax Reconciliation Nondeductible Expense Meals And Entertainment
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CY2022 us-gaap Effective Income Tax Rate Reconciliation Nondeductible Expense Meals And Entertainment
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CY2021 us-gaap Effective Income Tax Rate Reconciliation Nondeductible Expense Meals And Entertainment
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