2024 Q1 Form 10-K Financial Statement

#000089992324000018 Filed on February 28, 2024

View on sec.gov

Income Statement

Concept 2024 Q1 2023 Q4 2023
Revenue $202.2M $196.6M $753.2M
YoY Change 11.59% 10.57% 11.03%
Cost Of Revenue $64.60M $61.60M $236.2M
YoY Change 9.12% 14.29% 16.93%
Gross Profit $137.6M $135.0M $517.0M
YoY Change 12.79% 8.96% 8.52%
Gross Profit Margin 68.05% 68.67% 68.64%
Selling, General & Admin $140.6M $136.7M $572.9M
YoY Change -7.32% -6.69% 11.31%
% of Gross Profit 102.18% 101.26% 110.81%
Research & Development $24.90M $21.00M $88.70M
YoY Change 10.67% -10.26% 3.86%
% of Gross Profit 18.1% 15.56% 17.16%
Depreciation & Amortization $4.900M $15.10M $19.10M
YoY Change -43.68% 10.22% 64.66%
% of Gross Profit 3.56% 11.19% 3.69%
Operating Expenses $165.5M $157.7M $661.6M
YoY Change -4.99% -7.18% 10.25%
Operating Profit -$27.90M -$22.70M -$257.4M
YoY Change -46.55% -50.65% 83.07%
Interest Expense $500.0K -$200.0K $2.900M
YoY Change 0.0% -300.0% -9.38%
% of Operating Profit
Other Income/Expense, Net $2.000M -$700.0K -$4.800M
YoY Change -600.0%
Pretax Income -$25.90M -$32.30M -$262.2M
YoY Change -50.76% -38.0% 86.49%
Income Tax $100.0K -$1.100M $1.100M
% Of Pretax Income
Net Earnings -$26.00M -$31.20M -$263.3M
YoY Change -52.47% -26.24% 135.09%
Net Earnings / Revenue -12.86% -15.87% -34.96%
Basic Earnings Per Share -$0.29 -$3.18
Diluted Earnings Per Share -$0.29 -$0.36 -$3.18
COMMON SHARES
Basic Shares Outstanding 89.87M shares 82.20M shares 82.80M shares
Diluted Shares Outstanding 89.90M shares 82.80M shares

Balance Sheet

Concept 2024 Q1 2023 Q4 2023
SHORT-TERM ASSETS
Cash & Short-Term Investments $104.3M $140.9M $140.9M
YoY Change 32.53% 22.63% 22.63%
Cash & Equivalents $96.90M $132.1M $2.200M
Short-Term Investments $7.400M $8.800M $8.800M
Other Short-Term Assets $43.30M $36.40M $36.40M
YoY Change 3.1% -4.21% -4.21%
Inventory $24.60M $22.00M $22.00M
Prepaid Expenses
Receivables $118.1M $114.3M $114.3M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $290.3M $313.6M $313.6M
YoY Change 10.97% 14.2% 14.2%
LONG-TERM ASSETS
Property, Plant & Equipment $118.5M $119.0M $180.6M
YoY Change 23.05% 42.69% -3.58%
Goodwill $287.0M $287.4M
YoY Change -0.03% 0.21%
Intangibles $340.9M $349.5M
YoY Change -7.72% -7.95%
Long-Term Investments $0.00 $0.00
YoY Change -100.0% -100.0%
Other Assets $14.90M $15.40M $15.40M
YoY Change -14.86% -0.65% -0.65%
Total Long-Term Assets $820.2M $832.9M $832.9M
YoY Change -9.64% -9.87% -9.87%
TOTAL ASSETS
Total Short-Term Assets $290.3M $313.6M $313.6M
Total Long-Term Assets $820.2M $832.9M $832.9M
Total Assets $1.111B $1.147B $1.147B
YoY Change -5.03% -4.35% -4.35%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $33.10M $25.80M $25.80M
YoY Change -9.32% -10.42% -10.42%
Accrued Expenses $99.20M $113.9M $104.8M
YoY Change 8.18% 20.78% 31.99%
Deferred Revenue $500.0K
YoY Change -16.67%
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $146.1M $155.9M $155.9M
YoY Change 1.95% 13.63% 13.63%
LONG-TERM LIABILITIES
Long-Term Debt $38.70M $38.50M $38.50M
YoY Change
Other Long-Term Liabilities $40.60M $41.30M $168.9M
YoY Change 253.04% 184.83% -1.92%
Total Long-Term Liabilities $79.30M $79.80M $207.4M
YoY Change 589.57% 450.34% 20.44%
TOTAL LIABILITIES
Total Short-Term Liabilities $146.1M $155.9M $155.9M
Total Long-Term Liabilities $79.30M $79.80M $207.4M
Total Liabilities $350.5M $363.3M $363.3M
YoY Change 4.91% 16.11% 16.11%
SHAREHOLDERS EQUITY
Retained Earnings -$655.5M -$629.5M
YoY Change 55.74% 71.9%
Common Stock $1.420B $1.416B
YoY Change 12.36% 12.33%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $760.0M $783.2M $783.2M
YoY Change
Total Liabilities & Shareholders Equity $1.111B $1.147B $1.147B
YoY Change -5.03% -4.35% -4.35%

Cashflow Statement

Concept 2024 Q1 2023 Q4 2023
OPERATING ACTIVITIES
Net Income -$26.00M -$31.20M -$263.3M
YoY Change -52.47% -26.24% 135.09%
Depreciation, Depletion And Amortization $4.900M $15.10M $19.10M
YoY Change -43.68% 10.22% 64.66%
Cash From Operating Activities -$18.60M -$54.70M -$110.9M
YoY Change -43.98% 610.39% 4.33%
INVESTING ACTIVITIES
Capital Expenditures $8.600M $13.50M $73.30M
YoY Change -63.4% -7.53% 61.81%
Acquisitions $0.00
YoY Change -100.0%
Other Investing Activities $1.500M $1.500M $105.2M
YoY Change -97.42% -107.14% -426.71%
Cash From Investing Activities -$7.100M -$12.00M $31.90M
YoY Change -120.52% -66.29% -141.16%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -$8.800M 121.9M $152.9M
YoY Change 79.59% -5904.76% -2011.25%
NET CHANGE
Cash From Operating Activities -$18.60M -54.70M -$110.9M
Cash From Investing Activities -$7.100M -12.00M $31.90M
Cash From Financing Activities -$8.800M 121.9M $152.9M
Net Change In Cash -$35.30M 55.20M $74.50M
YoY Change 969.7% -221.59% -138.72%
FREE CASH FLOW
Cash From Operating Activities -$18.60M -$54.70M -$110.9M
Capital Expenditures $8.600M $13.50M $73.30M
Free Cash Flow -$27.20M -$68.20M -$184.2M
YoY Change -52.03% 205.83% 21.5%

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CY2021 us-gaap Inventory Write Down
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CY2021 us-gaap Increase Decrease In Accounts Payable
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CY2023 us-gaap Increase Decrease In Accrued Liabilities
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CY2022 us-gaap Increase Decrease In Accrued Liabilities
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CY2021 us-gaap Increase Decrease In Accrued Liabilities
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CY2022 us-gaap Increase Decrease In Contract With Customer Liability
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CY2021 us-gaap Net Cash Provided By Used In Operating 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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CY2023 us-gaap Payments Related To Tax Withholding For Share Based Compensation
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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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CY2023 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, our incremental borrowing rates used to calculate our lease balances, 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>
CY2023 us-gaap Concentration Risk Credit Risk
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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%">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 12%, 14%, and 17% of total revenue for the years ended December 31, 2023, 2022, and 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. The Company has only one payor that accounted for more than 10% of accounts receivable at December 31, 2023. The balance of accounts receivable from the payor represented 12% of the total accounts receivable balance as of December 31, 2023. <span id="i2e8d2271b3af48149448e8d01e789382_36657"></span>No payor accounted for more than 10% of accounts receivable at December 31, 2022. The Company does not require collateral from its customers.</span></div>
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CY2023 us-gaap Weighted Average Number Of Shares Outstanding Basic
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CY2021 us-gaap Contract With Customer Asset Cumulative Catch Up Adjustment To Revenue Change In Estimate Of Transaction Price
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CY2021 mygn Contract With Customer Asset Adjustment To Revenue For Expanded Coverage Previously Constrained
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CY2021 us-gaap Weighted Average Number Of Diluted Shares Outstanding
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CY2022Q4 mygn Investments And Cash Accumulated Gross Unrealized Loss Before Tax
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CY2022Q4 us-gaap Investments And Cash
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CY2023Q4 us-gaap Available For Sale Securities Debt Maturities Within One Year Amortized Cost
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CY2023 us-gaap Debt Securities Available For Sale Realized Gain Loss
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CY2023Q4 us-gaap Debt Securities Available For Sale Unrealized Loss Position Number Of Positions
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CY2023Q4 us-gaap Debt Securities Available For Sale Unrealized Loss Position
DebtSecuritiesAvailableForSaleUnrealizedLossPosition
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CY2022Q4 us-gaap Debt Securities Available For Sale Unrealized Loss Position Number Of Positions
DebtSecuritiesAvailableForSaleUnrealizedLossPositionNumberOfPositions
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CY2022Q4 us-gaap Debt Securities Available For Sale Unrealized Loss Position
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CY2021Q4 us-gaap Fair Value Measurement With Unobservable Inputs Reconciliations Recurring Basis Liability Value
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CY2020Q4 us-gaap Fair Value Measurement With Unobservable Inputs Reconciliations Recurring Basis Liability Value
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CY2022 us-gaap Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Liability Settlements
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CY2021 us-gaap Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Liability Settlements
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CY2023Q4 us-gaap Fair Value Measurement With Unobservable Inputs Reconciliations Recurring Basis Liability Value
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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
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CY2021 us-gaap Depreciation
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CY2023Q4 us-gaap Goodwill
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CY2023Q4 us-gaap Finite Lived Intangible Assets Amortization Expense After Year Five
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CY2022Q4 us-gaap Preferred Stock Shares Outstanding
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CY2023Q4 us-gaap Sale Of Stock Consideration Received On Transaction
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CY2023Q4 us-gaap Common Stock Shares Issued
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CY2022Q4 us-gaap Common Stock Shares Outstanding
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CY2022Q4 us-gaap Common Stock Shares Issued
CommonStockSharesIssued
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CY2022Q4 us-gaap Common Stock Shares Issued
CommonStockSharesIssued
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CY2022Q4 us-gaap Common Stock Shares Outstanding
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CY2021Q4 us-gaap Common Stock Shares Outstanding
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CY2022Q4 us-gaap Common Stock Shares Outstanding
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CY2022Q4 us-gaap Common Stock Shares Issued
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CY2021Q4 us-gaap Common Stock Shares Outstanding
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CY2021Q4 us-gaap Common Stock Shares Issued
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CY2023Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
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CY2023Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
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CY2023 us-gaap Share Based Compensation
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CY2022 us-gaap Share Based Compensation
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CY2021 us-gaap Share Based Compensation
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CY2023Q4 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Exercisable Intrinsic Value1
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CY2021 us-gaap Deferred Federal Income Tax Expense Benefit
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CY2021 us-gaap Deferred Foreign Income Tax Expense Benefit
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CY2023 us-gaap Deferred Income Tax Expense Benefit
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CY2023 us-gaap Income Tax Expense Benefit
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IncomeLossFromContinuingOperationsBeforeIncomeTaxesForeign
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CY2022 us-gaap Income Loss From Continuing Operations Before Income Taxes Foreign
IncomeLossFromContinuingOperationsBeforeIncomeTaxesForeign
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CY2021 us-gaap Income Loss From Continuing Operations Before Income Taxes Foreign
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CY2023 us-gaap Income Tax 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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CY2023 mygn Income Tax Reconciliation Nondeductible Expense Officers Compensation
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CY2023Q4 us-gaap Deferred Income Tax Liabilities
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CY2023Q4 us-gaap Deferred Tax Liabilities
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CY2023 us-gaap Unrecognized Tax Benefits Increases Resulting From Current Period Tax Positions
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CY2023Q4 us-gaap Unrecognized Tax Benefits Income Tax Penalties And Interest Accrued
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CY2023Q4 us-gaap Operating Lease Liability Current
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CY2021 mygn Tenant Improvement Allowance Not Yet Received
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IncomeTaxesPaid
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CY2021 us-gaap Income Taxes Paid
IncomeTaxesPaid
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InterestPaidNet
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CY2021 us-gaap Interest Paid Net
InterestPaidNet
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CY2021 us-gaap Proceeds From Income Tax Refunds
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CY2023 mygn Change In Operating Lease Right Of Use Asset
ChangeInOperatingLeaseRightOfUseAsset
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CY2021 mygn Purchases Of Property Plant And Equipment And Capitalization Of Internal Use Software In Accounts Payable And Accrued Liabilities
PurchasesOfPropertyPlantAndEquipmentAndCapitalizationOfInternalUseSoftwareInAccountsPayableAndAccruedLiabilities
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CY2023Q4 ecd Non Rule10b51 Arr Adopted Flag
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false
CY2023Q4 ecd Rule10b51 Arr Trmntd Flag
Rule10b51ArrTrmntdFlag
false
CY2023Q4 ecd Non Rule10b51 Arr Trmntd Flag
NonRule10b51ArrTrmntdFlag
false

Files In Submission

Name View Source Status
0000899923-24-000018-index-headers.html Edgar Link pending
0000899923-24-000018-index.html Edgar Link pending
0000899923-24-000018.txt Edgar Link pending
0000899923-24-000018-xbrl.zip Edgar Link pending
executiveemploymentagreeme.htm Edgar Link pending
Financial_Report.xlsx Edgar Link pending
healthpeak233egrand-leaseb.htm Edgar Link pending
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lambert_separationandconsu.htm Edgar Link pending
leasedrawbridge_myriadgene.htm Edgar Link pending
MetaLinks.json Edgar Link pending
mygn-20231231.htm Edgar Link pending
mygn-20231231.xsd Edgar Link pending
mygn-20231231ex211.htm Edgar Link pending
mygn-20231231xexx231.htm Edgar Link pending
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mygn-20231231xexx312.htm Edgar Link pending
mygn-20231231xexx32.htm Edgar Link pending
mygn-20231231_g1.jpg Edgar Link pending
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myriadclawbackpolicy-exx971.htm Edgar Link pending
phaseiii_leaseterminationa.htm Edgar Link pending
phaseii_leaseterminationag.htm Edgar Link pending
phasei_leaseterminationagr.htm Edgar Link pending
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mygn-20231231_htm.xml Edgar Link completed
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report.css Edgar Link pending
riggsbee_separationandcons.htm Edgar Link pending
severanceandchangeofcontro.htm Edgar Link pending
Show.js Edgar Link pending
FilingSummary.xml Edgar Link unprocessable
mygn-20231231_lab.xml Edgar Link unprocessable
mygn-20231231_pre.xml Edgar Link unprocessable
mygn-20231231_cal.xml Edgar Link unprocessable