Divestitures

6 Months Ended

Jun. 30, 2022

Discontinued Operations and Disposal Groups [Abstract]

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 June 30, 2021		Six months ended June 30, 2021
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