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MYRIAD GENETICS INC [MYGN] reports annual net loss of $263,300,000.0
By USInMinutes - Feb 29, 2024, 05:46 AM ET
Last Updated - Feb 29, 2024, 05:46 AM EST
![MYRIAD GENETICS INC [MYGN] reports annual net loss of $263,300,000.0](/_next/image?url=https%3A%2F%2F10kinfo-appdata.s3.us-west-2.amazonaws.com%2Fedgar0105%2FCompanyLogos%2FUS%2FMYGN.png&w=3840&q=75)
Company Reports Revenue of $753.2 million
MYRIAD GENETICS INC [MYGN] has reported a net loss of $263,300,000.0 for year ended Dec 31, 2023.
The Company said in a filing before the Securities and Exchange Commission that its total revenue for the year was $753.2 million
Based in SALT LAKE CITY, Utah, MYRIAD GENETICS INC operates in the MANUFACTURING sector.
The company's consolidated income statement for the 12 months ended December 31, 2023, showed a total revenue of $753.2 million, compared to $678.4 million in the previous year and $690.6 million in the year before that.
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Costs and expenses for the period included research and development expenses of $88.7 million, selling, general, and administrative expenses of $572.9 million, legal settlements of $112.8 million, and goodwill and long-lived asset impairment charges of $0.0 million. The total costs and expenses amounted to $1,010.6 million, higher than the $819.0 million in the previous year and $881.1 million in the year before that.
As a result, the company reported an operating loss of $257.4 million for the current period, compared to a loss of $140.6 million in the previous year and $190.5 million in the year before that.
Other income and expenses included interest income of $2.5 million, interest expense of $2.9 million, and other items resulting in a total other income (expense) of $(4.8) million for the current period.
The loss before income tax was $262.2 million for the current period, compared to a loss of $140.6 million in the previous year and $57.1 million in the year before that. The income tax expense was $1.1 million for the current period, compared to a benefit of $28.6 million in the previous year and $29.9 million in the year before that.
Overall, the company reported a net loss of $263.3 million for the current period, a wider loss compared to $112.0 million in the previous year and $27.2 million in the year before that.
The net loss per share for basic and diluted amounts was $3.18 for the current period, compared to $1.39 in the previous year and $0.35 in the year before that.
Weighted average shares outstanding for basic and diluted amounts remained stable at 82.8 million shares for the current period, 80.6 million shares in the previous year, and 78.0 million shares in the year before that.
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