XML 18 R9.htm IDEA: XBRL DOCUMENT
v3.22.2

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 June 30,
(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.

X
- References No definition available. + Details
Name: | us-gaap_RevenueFromContractWithCustomerAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition The entire disclosure of revenue from contract with customer to transfer good or service and to transfer nonfinancial asset. Includes, but is not limited to, disaggregation of revenue, credit loss recognized from contract with customer, judgment and change in judgment related to contract with customer, and asset recognized from cost incurred to obtain or fulfill contract with customer. Excludes insurance and lease contracts. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 606 -URI https://asc.fasb.org/topic&trid=49130388 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 606 -SubTopic 10 -Section 50 -Paragraph 10 -URI https://asc.fasb.org/extlink&oid=126920106&loc=SL49130551-203045 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 606 -SubTopic 10 -Section 50 -Paragraph 13 -Subparagraph (b)(2) -URI https://asc.fasb.org/extlink&oid=126920106&loc=SL49130556-203045 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 606 -SubTopic 10 -Section 50 -Paragraph 12 -Subparagraph (b) -URI https://asc.fasb.org/extlink&oid=126920106&loc=SL49130554-203045 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 606 -SubTopic 10 -Section 50 -Paragraph 9 -URI https://asc.fasb.org/extlink&oid=126920106&loc=SL49130550-203045 Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 606 -SubTopic 10 -Section 50 -Paragraph 12 -Subparagraph (e) -URI https://asc.fasb.org/extlink&oid=126920106&loc=SL49130554-203045 Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 606 -SubTopic 10 -Section 50 -Paragraph 12 -Subparagraph (a) -URI https://asc.fasb.org/extlink&oid=126920106&loc=SL49130554-203045 Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 606 -SubTopic 10 -Section 50 -Paragraph 12 -Subparagraph (d) -URI https://asc.fasb.org/extlink&oid=126920106&loc=SL49130554-203045 Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 606 -SubTopic 10 -Section 50 -Paragraph 15 -URI https://asc.fasb.org/extlink&oid=126920106&loc=SL49130558-203045 Reference 10: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 606 -SubTopic 10 -Section 50 -Paragraph 12 -Subparagraph (c) -URI https://asc.fasb.org/extlink&oid=126920106&loc=SL49130554-203045 + Details
Name: | us-gaap_RevenueFromContractWithCustomerTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration