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Fourth Quarter and Full Year 2025 Earnings Call F E B R U A R Y 2 3 , 2 0 2 6 ©2026 Myriad Genetics, Inc.
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©2026 Myriad Genetics, Inc. Some of the information presented here today contains projections or other forward-looking statements regarding future events or the future financial performance of the Company. FORWARD-LOOKING STATEMENTS AND DISCLAIMERS These statements are based on management’s current expectations and the actual events or results may differ materially and adversely from these expectations. We refer you to the documents the Company files from time to time with the Securities and Exchange Commission, specifically, the Company’s annual report on Form 10-K, its quarterly reports on Form 10-Q, and its current reports on Form 8-K. These documents identify important risk factors that could cause the actual results to differ materially from those contained in the Company’s projections or other forward-looking statements. All third-party marks—® and —are the property of their respective owners. Certain market and industry data has been obtained from third-party sources, which the Company believes are reliable, but the Company has not independently verified the information provided by third-party sources. Unless otherwise noted, market growth rates used in this presentation are estimates based on Company and third-party industry research. NON-GAAP FINANCIAL MEASURES In this presentation, the Company’s financial results and financial guidance are provided in accordance with accounting principles generally accepted in the United States (GAAP) and using certain non-GAAP financial measures. Management believes that presentation of operating results using non-GAAP financial measures provides useful supplemental information to investors and facilitates the analysis of the Company’s core operating results and comparison of operating results across reporting periods. Management also uses non-GAAP financial measures to establish budgets and to manage the Company’s business. Definitions of the non-GAAP financial measures and a reconciliation of the GAAP to non-GAAP financial results are provided in the Appendix to this presentation. The Company does not provide forward-looking guidance on a GAAP basis for the measures on which it provides forward-looking non-GAAP guidance as the Company is unable to provide a quantitative reconciliation of forward-looking non-GAAP measures to the most directly comparable forward-looking GAAP measure, without unreasonable effort, because of the inherent difficulty in accurately forecasting the occurrence and financial impact of the various adjusting items necessary for such reconciliations that have not yet occurred, are dependent on various factors, are out of the Company's control, or cannot be reasonably predicted at the time of this presentation. Such adjustments include, but are not limited to, strategic realignment, certain litigation charges and loss contingencies, costs related to acquisitions/divestitures and the related amortization, impairment and related charges, depreciation, equity compensation, tax benefits, and other adjustments. For example, stock-based compensation may fluctuate based on the timing of employee stock transactions and unpredictable fluctuations in the Company's stock price. Any associated estimate of these items and their impact on GAAP performance could vary materially. Forward-looking statements and Non-GAAP financial measures 2 2
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©2026 Myriad Genetics, Inc. Q4‘25 revenue of $209.8M reflects YOY volume growth in: • Hereditary cancer: 9% • Prostate cancer: 12% • Mental health: 9% FY 2025 highlights: • $824.5M total revenue • 1.5M+ patient tests reported • 55k+ providers served* Fourth quarter and full year 2025 performance and highlights 3 Entering FY 2026 with positive momentum and a robust pipeline Generated strong profitability in Q4 ‘25 Improved execution across entire organization Advanced Cancer Care Continuum strategy Launched updated MyRisk HCT (Q4’25) further supporting growth Expanding clinical evidence generation and publications** Preparation for initial clinical testing of Precise MRD (March ‘26) 70% adj. gross margin Adj. opex down $1M from Q3’25 due to strategic realignment efforts $14.3M adj. EBITDA, increased $4M from Q3’25 $0.04 adj. EPS compared to $0.00 in Q3’25 * Total number of providers having placed an order in 2025 ** https://investor.myriad.com/news-releases/news-release-detail/26916/
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©2026 Myriad Genetics, Inc. Initiate commercial testing for select customers; (March) • MolDx submissions for Breast (Q3), Renal and CRC (H2) • Breast publication, MONITOR study; H2 • CRC data as part of pan-cancer publication, MONSTAR3 study; H2 Catalysts to watch in 2026E Precise MRDHCT • Launch of MyRisk Disease Specific Panels; H1 • Increase sample volume growth rate Prostate Cancer • Launch Prolaris AI test; Q2 • Prolaris meta-analysis publication; H2 • Increase sample volume growth • New strategic partnershipsCancer Care Continuum • Report out on FirstGene CONNECTOR study; H1 • Commercial launch of FirstGene; H2 Prenatal Health 4
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©2026 Myriad Genetics, Inc. 5 Precise MRD: Laying the groundwork for a successful commercial launch 5 Initiate commercial testing for select customers; March • MolDx submissions for Breast (Q3), Renal and CRC (H2) • Breast publication, MONITOR study; H2 • CRC data as part of pan-cancer publication, MONSTAR3 study; H2 Precise MRD (2026E) The importance of early commercial testing Opportunity to showcase performance; grow body of real-world data 1 2 3 Deepen relationships with community oncologists Tracking early-stage metrics and feedback • Assay can detect ctDNA down to 1 part- per-million • MONITOR-breast (SABCS, 2025) • MONSTAR-SCREEN-3- colorectal (ASCO-GI, 2026) renal (ASCO-GU, 2026) • Addressing needs of oncologists today • Controlled number of centers at launch • Plan to expand number of centers through 2026 and beyond • Ensure operational readiness enabling scalable growth • Provider feedback to inform future product iterations • Per center utilization
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©2026 Myriad Genetics, Inc. 6 Taking actions designed to drive strategic growth Investing in the Cancer Care Continuum Focus on driving commercial success Expanding of commercial organization Meaningfully increasing field sales team Strengthening Sales Enablement Increasing tools to support product launches, increasing market activation spend Increasing funding for strategic R&D programs Clinical studies for MRD and other select tests 6
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©2026 Myriad Genetics, Inc. 7 Business Update Mark Verratti CHIEF OPERATIONS OFFICER
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©2026 Myriad Genetics, Inc. Continue to drive strong MyRisk test growth; Prolaris momentum O N C O L O G Y Fourth quarter 2025 and recent highlights • MyRisk affected continued to gain market share in Q4 • Prolaris volume grew 12% YOY in Q4; expect launch of AI-enabled Prolaris in Q2’26 • MRD clinical evidence building; MONITOR- breast (SABCS, 2025) 8 Operational results: $84.7M Q4‘25 revenue ~56K Q4‘25 volume Key performance highlights: 7% Revenue growth1 14% Volume growth1 MyRisk affected 1: Q4‘25 Growth (YOY) 8
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©2026 Myriad Genetics, Inc. HCT and Prenatal Health positioned to advance in 2026 W O M E N ’ S H E A L T H 9 3% Revenue growth1 11% Volume growth1 MyRisk unaffected 1: Q4 ‘25 Growth (YOY) Operational results: $88.5M Q4‘25 revenue ~189K Q4‘25 volume Key performance highlights: Fourth quarter 2025 and recent highlights • 2nd consecutive quarter of double-digit YOY MyRisk unaffected test volume growth • Prenatal revenue in Q4 was stable YOY reflecting a gradual, but uneven, recovery • FirstGene study (CONNECTOR) enrollment momentum. On-track for FirstGene full commercial launch expected in H2’26 9
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©2026 Myriad Genetics, Inc. Maintaining leadership with disciplined investment and profit focus M E N T A L H E A L T H Maintain value proposition in 2026 • Expand coverage; leverage biomarker laws • Refine go-to-market strategies • Optimize direct-payment options 10 1: Q4 ‘25 Growth (YOY) Operational results: $36.6M Q4‘25 revenue ~138K Q4‘25 volume Key performance highlights: Fourth quarter 2025 and recent highlights • 38k+ clinicians ordered GeneSight in Q4'25 • Secured positive coverage policies from 12 payers for GeneSight in 2025 9% Volume growth1 GeneSight 10
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©2026 Myriad Genetics, Inc. 11 Financial Update Ben Wheeler CHIEF FINANCIAL OFFICER
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©2026 Myriad Genetics, Inc. Additional Highlights: As part of HCT, MyRisk test volume grew 12% and 10% YOY in Q4'25 and 2025, respectively Growth drivers in Q4’25 and FY 2025 Select test volume and growth rates 0 100 200 300 400 500 600 Q4 '24 Q4 '25 2024 2025 Mental Health1 All figures in thousands, except growth rates 9% 6% 1 Excludes UnitedHealthcare-related commercial and managed Medicaid revenue Hereditary Cancer 0 50 100 150 200 250 300 350 400 Q4 '24 Q4 '25 2024 2025 7% 9% 12
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©2026 Myriad Genetics, Inc. 210.6 209.8 $185 $215 Q4 '24 Q4 '25 Fourth quarter 2025 financial performance Improving test volume growth and discretionary spend management 13 146.0 139.0 $120 $150 Q4 '24 Q4 '25 0.03 0.04 $0.00 $0.07 Q4 '24 Q4 '25 72.0% 70.1% 65% 73% Q4 '24 Q4 '25 YOY Q4‘25 0% Total revenue Adjusted Gross Margin* Adjusted Operating Expense* Adjusted EPS* *GAAP to non-GAAP reconciliations for Q4 ‘24 and Q4 ‘25 can be found in the Appendix. YOY Q4‘25 5% YOY Q4‘25 190bps All figures in millions, except per share amounts and percentages YOY Q4‘25 $0.01 Lower by Reduced 13 Higher by
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©2026 Myriad Genetics, Inc. 14 Strong gross profit, adjusted EBITDA, and healthy liquidity position 1 GAAP to non-GAAP reconciliations can be found in the appendix 2 Consists of $150 million of cash and cash equivalents, and availability of additional $75 million under term loan facility Additional Highlights: Q4‘25 and FY 2025 adj. operating cash flow1 was $17.9M and $22.1M, respectively Generated approximately $579M Adjusted Gross Profit1 in 2025 Adjusted EBITDA1 Generated approximately $39M in 2025 Liquidity position2 Access to $225M As of December 31, 2025
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©2026 Myriad Genetics, Inc. 2026 FINANCIAL GUIDANCE COMMENTS Total Revenue $860 - 880 Reiterate the full year 2026 revenue range. Q1’26 revenue is expected to be between $200 and $203 million, or 2% to 4% growth over Q1'25. This reflects current business trends offset by an unfavorable YOY comparison for Prenatal testing. Expect 2H’26 revenue to be greater than 1H’26 Adjusted Gross Margin* 68% - 69% Gross margins expected to fluctuate quarter to quarter given product mix and pricing trends. Adjusted EBITDA* $37 - 49 Q1’26 adjusted EBITDA is expected to be near breakeven Target Adjusted Operating Cash Flow of between $10 to $20 million and expect net outflows in 1H offset by net inflows in 2H Reaffirming 2026 financial guidance; New Q1‘26 commentary 15 Assumes currency rates as of February 23, 2026. *The company does not forecast GAAP gross margin, GAAP net income (loss), GAAP earnings per share, or net cash provided by (used in) operating activities because it cannot predict certain elements that are included in reported GAAP results. See the statement on Non-GAAP Financial Measures at the beginning of this presentation and the Appendix to this presentation for more information about the use of non-GAAP financial measures. All figures in millions, except percentages 2026 Q1’26 Additional commentary Q1’26 adjusted EPS is expected to be between $(0.05) and $(0.10).
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©2026 Myriad Genetics, Inc. Strengthening execution excellence 16 New Myriad is set to deliver profitable accelerated growth Robust new product pipeline and strategic partnerships to address high growth markets Prioritizing focus on the Cancer Care Continuum; Myriad has a right to win Extending commercial reach and leveraging operational strength Leadership team with domain knowledge and proven experience 16 4321 5 Annual revenue growth expected to accelerate to HSD to LDD% (long-term target)
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©2026 Myriad Genetics, Inc. 17 Q&A
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©2026 Myriad Genetics, Inc. Appendix 18
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©2026 Myriad Genetics, Inc. Reconciliation of GAAP to Non-GAAP Financial Measures for the Three and Twelve Months Ended December 31, 2025 and 2024 – Adjusted Gross Margin 19 (unaudited data in millions, except percentages) Three months ended December 31, Twelve months ended December 31, 2025 2024 2025 2024 Adjusted Gross Margin Gross Profit $ 146.8 $ 150.9 $ 576.6 $ 585.4 Acquisition - amortization of intangible assets(1) 0.1 0.4 0.7 1.3 Equity compensation(2) 0.2 0.2 1.1 1.5 Other adjustments(3) — 0.1 0.3 0.5 Adjusted Gross Profit $ 147.1 $ 151.6 $ 578.7 $ 588.7 Adjusted Gross Margin 70.1 % 72.0 % 70.2 % 70.3 % (1) Represents recurring amortization charges resulting from the acquisition of intangible assets. (2) Consists of the non-cash equity-based compensation provided to Myriad Genetics employees. (3) Other one-time non-recurring expenses for the twelve months ended December 31, 2025 and the three and twelve months ended December 31, 2024.
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©2026 Myriad Genetics, Inc. Reconciliation of GAAP to Non-GAAP Financial Measures for the Three and Twelve Months Ended December 31, 2025 and 2024 – Adjusted Operating Expenses 20 (unaudited data in millions) Three months ended December 31, Twelve months ended December 31, 2025 2024 2025 2024 Adjusted Operating Expenses Operating Expenses $ 152.5 $ 189.9 $ 963.8 $ 708.9 Acquisition - amortization of intangible assets(1) (6.4) (9.6) (29.8) (40.2) Goodwill and long-lived asset impairment(2) (2.7) (43.0) (319.4) (56.8) Equity compensation(3) (2.6) (10.7) (34.1) (48.3) Real estate optimization(4) — (1.7) (5.2) (7.2) Transformation initiatives(5) — — — (6.6) Strategic realignment(6) (2.1) — (12.2) — Legal settlements(7) — 21.1 — 20.6 Other adjustments(8) 0.3 — 0.3 (3.5) Adjusted Operating Expenses $ 139.0 $ 146.0 $ 563.4 $ 566.9
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©2026 Myriad Genetics, Inc. Reconciliation of GAAP to Non-GAAP Financial Measures for the Three and Twelve Months Ended December 31, 2025 and 2024 – Adjusted Operating Expenses (Cont.) 21 (1) Represents recurring amortization charges resulting from the acquisition of intangible assets. (2) Expense related to goodwill and long-lived asset impairment. For the twelve months ended December 31, 2025, consists of $319.4 million of impairment expense primarily associated with our Mental Health and Women's Health reporting units and asset groups. For the three months ended December 31, 2024, consists of $43.0 million of impairment expense for a GeneSight developed technology intangible asset. For the twelve months ended December 31, 2024, consists of $43.0 million of impairment expense for a GeneSight developed technology intangible asset and $13.8 million primarily related to the sale of the EndoPredict business to Eurobio Scientific. (3) Consists of the non-cash equity-based compensation provided to Myriad Genetics employees and directors. (4) Costs related to real estate initiatives. For the twelve months ended December 31, 2025, consists of additional rent as a result of the build- out of our new laboratories in Salt Lake City, Utah and South San Francisco, California, while maintaining our previous facil ities in those locations. For the three and twelve months ended December 31, 2024, includes additional rent as a result of the build -out of our new laboratories in Salt Lake City, Utah and South San Francisco, California, while maintaining our previous facilities in those locations, costs associated with the voluntary termination of a lease, testing and set -up costs for equipment in our new facilities, and impairment in connection with the ceased use of one of our facilities. (5) Costs related to transformation initiatives including consulting and professional fees for the twelve months ended December 31, 2024. (6) Costs related to strategic realignment of the company including severance and consulting fees for the three and twelve months ended December 31, 2025. (7) Costs related to one-time legal expenses. For the three and twelve months ended December 31, 2024, primarily includes reversal of $21.3 million related to the contingent settlement for the Ravgen litigation that is no longer considered probable. (8) Other one -time non-recurring adjustments for the three and twelve months ended December 31, 2025. For the twelve months ended December 31, 2024, primarily includes a gain recognized on acquisition, changes in the fair value of contingent consideration related to acquisitions from prior years, the reclassifications of cumulative translation adjustments to income upon liquidation of an investment in a foreign entity, and costs incurred in connection with executive personnel changes.
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©2026 Myriad Genetics, Inc. Reconciliation of GAAP to Non-GAAP Financial Measures for the Three and Twelve Months Ended December 31, 2025 and 2024 – Adjusted Net Income 22 (unaudited data in millions, except per share amounts) Three months ended December 31, Twelve months ended December 31, 2025 2024 2025 2024 Adjusted Net Income(1) Net Loss $ (7.9) $ (42.5) $ (365.9) $ (127.3) Acquisition - amortization of intangible assets(2) 6.5 10.0 30.5 41.5 Goodwill and long-lived asset impairment(3) 2.7 43.0 319.4 56.8 Equity compensation(4) 2.8 10.9 35.2 49.8 Real estate optimization(5) — 1.7 5.2 7.2 Transformation initiatives(6) — — — 6.6 Strategic realignment(7) 2.1 — 12.2 — Legal settlements(8) — (21.1) — (20.6) Other adjustments(9) (0.6) 0.8 (0.2) 3.3 Uncertain tax benefit(10) (0.4) — (29.4) — Tax adjustments(11) (1.3) 0.4 (1.2) (4.8) Adjusted Net Income $ 3.9 $ 3.2 $ 5.8 $ 12.5 Weighted average shares outstanding: Diluted 94.6 92.1 93.4 92.1 Adjusted Earnings Per Share Diluted $ 0.04 $ 0.03 $ 0.06 $ 0.14
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©2026 Myriad Genetics, Inc. Reconciliation of GAAP to Non-GAAP Financial Measures for the Three and Twelve Months Ended December 31, 2025 and 2024 – Adjusted Net Income (Cont.) 23 (1) To determine Adjusted Earnings Per Share, or adjusted EPS. (2) Represents recurring amortization charges resulting from the acquisition of intangible assets. (3) Expense related to goodwill and long -lived asset impairment. For the twelve months ended December 31, 2025 , consists of $319.4 million of impairment expense primarily associated with our Mental Health and Women's Health reporting units and asset groups. For the three months ended December 31, 2024 , consists of $43.0 million of impairment expense for a GeneSight developed technology intangible asset. For the twelve months ended December 31, 2024 , consists of $43.0 million of impairment expense for a GeneSi ght developed technology intangible asset and $13.8 million primarily related to the sale of the EndoPredict business to Eurobio Scientific. (4) Consists of the non-cash equity-based compensation provided to Myriad Genetics employees and directors. (5) Costs related to real estate initiatives. For the twelve months ended December 31, 2025 , consists of additional rent as a result of the build -out of our new laboratories in Salt Lake City, Utah and South San Francisco, California, while maintaining our previous facilitie s in those locations. For the three and twelve months ended December 31, 2024, includes additional rent as a result of the build -out of our new laboratories in Salt Lake City, Utah and South San Francisco, California, while maintaining our previous facilities in those locations, costs asso ciated with the voluntary termination of a lease, te sting and set -up costs for equipment in our new facilities, and impairment in connection with the ceased use of one of our facilities. (6) Costs related to transformation initiatives including consulting and professional fees for the twelve months ended December 31, 2024. (7) Costs related to strategic realignment of the company including severance and consulting fees for the three and twelve months ended December 31, 2025. (8) Costs related to one -time legal expenses. For the three and twelve months ended December 31, 2024 , primarily includes reversal of $21.3 million related to the contingent settlement for the Ravgen litigation that is no longer considered probable. (9) Other one -time non -recurring adjustments for the three and twelve months ended December 31, 2025 . For the twelve months ended December 31, 2024 , primarily includes a gain recognized on acquisition, changes in the fair value of contingent consideration related to acquisitions from prior years, the reclassifications of cumulative translation adjustments to income upon liquidation of an i nvestment in a foreign entity, and costs incurred in connection with executive personnel changes. (10) Consists of the release of unrecognized tax benefits and the recognition of valuation allowances for the three and twelve months ended December 31, 2025 . The unrecognized tax benefits released were primarily related to tax years under Joint Committee on Taxation review, which upon conclusion of the review were remeasured or released. (11) Tax expense or benefit due to non-GAAP adjustments, differences between stock compensation recorded for book purposes as compared to the allowable tax deductions, and valuation allowance recognized against federal and state deferred tax assets in the United Stat es. As of December 31, 2025, a valuation allowance of $103.6 million was not recognized for non -GAAP purposes given our historical and forecasted positive earnings performance. As of December 31, 2024, a valuation allowance of $64 million was not rec ognized for non -GAAP purposes given the company's historical and forecasted positive earnings performance.
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©2026 Myriad Genetics, Inc. Reconciliation of GAAP to Non-GAAP Financial Measures for the Three and Twelve Months Ended December 31, 2025 and 2024 – Adjusted EBITDA 24 (unaudited data in millions) Three months ended December 31, Twelve months ended December 31, 2025 2024 2025 2024 Adjusted EBITDA Net Loss $ (7.9) $ (42.5) $ (365.9) $ (127.3) Acquisition - amortization of intangible assets(1) 6.5 10.0 30.5 41.5 Depreciation expense(2) 4.7 4.7 19.5 17.9 Goodwill and long-lived asset impairment(3) 2.7 43.0 319.4 56.8 Equity compensation(4) 2.8 10.9 35.2 49.8 Real estate optimization(5) — 1.7 5.2 7.2 Transformation initiatives(6) — — — 6.6 Strategic realignment(7) 2.1 — 12.2 — Legal settlements(8) — (21.1) — (20.6) Interest expense, net of interest income(9) 3.6 0.4 8.7 1.1 Other adjustments(10) 0.8 0.1 3.3 3.6 Uncertain tax benefits(11) (0.4) — (29.4) — Income tax expense(12) (0.6) 3.4 0.2 3.8 Adjusted EBITDA $ 14.3 $ 10.6 $ 38.9 $ 40.4
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©2026 Myriad Genetics, Inc. Reconciliation of GAAP to Non-GAAP Financial Measures for the Three and Twelve Months Ended December 31, 2025 and 2024 – Adjusted EBITDA (Cont.) 25 (1) Represents recurring amortization charges resulting from the acquisition of intangible assets. (2) Depreciation expense excludes depreciation included in real estate optimization of $0.3 million and $1.6 million for the three and twelve months ended December 31, 2024, respectively. (3) Expense related to goodwill and long -lived asset impairment. For the twelve months ended December 31, 2025, consists of $319.4 million of impairment expense primarily associated with our Mental Health and Women's Health reporting units and asset groups. For the three months ended December 31, 2024, consists of $43.0 million of impairment expense for a GeneSight developed technology intangible asse t. For the twelve months ended December 31, 2024, consists of $43.0 million of impairment expense for a GeneSi ght developed technology intangible asset and $13.8 million primarily related to the sale of the EndoPredict business to Eurobio Scientific. (4) Consists of the non-cash equity-based compensation provided to Myriad Genetics employees and directors. (5) Costs related to real estate initiatives. For the twelve months ended December 31, 2025, consists of additional rent as a res ult of the build -out of our new laboratories in Salt Lake City, Utah and South San Francisco, California, while maintaining our previous facilitie s in those locations. For the three and twelve months ended December 31, 2024, includes additional rent as a result of the build -out of our new laboratories in Salt Lake City, Utah and South San Francisco, California, while maintaining our p revious facilities in those locations, costs associated with the voluntary termination of a lease, testing and set -up costs for equipment in our new facilities, and impairment in connection with the ceased use of one of our facilities. (6) Costs related to transformation initiatives including consulting and professional fees for the twelve months ended December 31, 2024. (7) Costs related to strategic realignment of the company including severance and consulting fees for the three and twelve months ended December 31, 2025. (8) Costs related to one -time legal expenses. For the three and twelve months ended December 31, 2024, primarily includes reversal of $21.3 million related to the contingent settlement for the Ravgen litigation that is no longer considered probable. (9) Derived from interest expense and interest income from the Condensed Consolidated Statements of Operations. (10) Other one -time non -recurring expenses. For purposes of adjusted EBITDA, this includes Other adjustments described in the Adjusted Net Income table above as well as the amounts reported as Other income (expense) in the Condensed Consolidated Statement of Operations. (11) Consists of the release of unrecognized tax benefits and the recognition of valuation allowances for the three and twelve months ended December 31, 2025. The unrecognized tax benefits released were primarily related to tax years under Joint Committee on Taxation review, which upon conclusion of the review were remeasured or released. (12) Derived from income tax (benefit) expense from the Condensed Consolidated Statement of Operations, net of the adjustment for unrecognized tax benefits described above in Note 11 above.
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©2026 Myriad Genetics, Inc. Reconciliation of GAAP to Non-GAAP Financial Measures for the Three and Twelve Months Ended December 31, 2025 and 2024 – Adjusted Free Cash Flow 26 (unaudited data in millions) Three months ended December 31, Twelve months ended December 31, 2025 2024 2025 2024 Adjusted operating and free cash flow Net cash provided by (used in) operating activities $ 10.6 $ 6.6 $ 1.8 $ (8.7) Real estate optimization(1) 0.5 2.7 9.2 14.4 Transformation initiatives(2) — — — 6.6 Strategic realignment(3) 6.8 — 10.9 — Legal settlements(4) — 6.1 — 6.7 Contingent consideration payment(5) — — — 5.8 Other adjustments(6) — — 0.2 3.5 Adjusted operating cash flow $ 17.9 $ 15.4 $ 22.1 $ 28.3 Capital expenditures(7) (4.7) (3.6) (15.6) (19.0) Capitalization of internal-use software costs (7) (1.3) (2.3) (11.8) (10.7) Adjusted free cash flow $ 11.9 $ 9.5 $ (5.3) $ (1.4) (1) The cash flow effect of real estate optimizations, excluding non-cash items such as accelerated depreciation. (2) Transformation initiatives includes the cash paid for those costs in the related periods. (3) Strategic realignment includes the cash paid for those costs for the three and twelve months ended December 31, 2025. (4) The cash flow effect of legal expense in the related period. (5) The payment of contingent consideration related to the previous acquisition of Sividon Diagnostics GmbH. (6) The cash flow effect of executive personnel changes and severance for the twelve months ended December 31, 2024. (7) Derived from the Condensed Consolidated Statements of Cash Flows.