2011 Q2 Form 10-K Financial Statement

#000119312512356879 Filed on August 15, 2012

View on sec.gov

Income Statement

Concept 2011 Q2 2010 2009 Q2
Revenue $107.4M $362.6M $86.10M
YoY Change 14.38% 11.07% 33.08%
Cost Of Revenue $12.50M $44.29M $11.20M
YoY Change 10.62% 2.28% 23.08%
Gross Profit $94.90M $318.4M $74.90M
YoY Change 14.75% 12.38% 34.71%
Gross Profit Margin 88.36% 87.79% 86.99%
Selling, General & Admin $43.90M $161.4M $36.00M
YoY Change 10.3% 16.21% 13.92%
% of Gross Profit 46.26% 50.7% 48.06%
Research & Development $9.200M $21.87M $4.400M
YoY Change 73.58% 22.2% -8.33%
% of Gross Profit 9.69% 6.87% 5.87%
Depreciation & Amortization $1.900M $7.084M $2.400M
YoY Change 5.56% -24.64% 4.35%
% of Gross Profit 2.0% 2.23% 3.2%
Operating Expenses $53.10M $183.3M $40.40M
YoY Change 18.0% 16.89% 10.99%
Operating Profit $41.80M $135.1M $34.50M
YoY Change 10.88% 6.78% 79.69%
Interest Expense $400.0K $5.700M $2.700M
YoY Change -60.0% -54.4% -6.9%
% of Operating Profit 0.96% 4.22% 7.83%
Other Income/Expense, Net -$100.0K $100.0K -$500.0K
YoY Change -104.0%
Pretax Income $42.10M $140.8M $36.70M
YoY Change 9.07% 3.25% 66.06%
Income Tax $16.10M -$11.47M $0.00
% Of Pretax Income 38.24% -8.14% 0.0%
Net Earnings $26.00M $152.3M $23.60M
YoY Change -51.22% 80.03% -63.97%
Net Earnings / Revenue 24.21% 42.0% 27.41%
Basic Earnings Per Share $1.58
Diluted Earnings Per Share $295.1K $1.54 $235.5K
COMMON SHARES
Basic Shares Outstanding 96.34M shares
Diluted Shares Outstanding 99.15M shares

Balance Sheet

Concept 2011 Q2 2010 2009 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $346.5M $403.2M $316.9M
YoY Change -14.06% 27.23% -3.59%
Cash & Equivalents $52.68M $92.80M $63.51M
Short-Term Investments $293.8M $310.4M $253.3M
Other Short-Term Assets $12.70M $22.70M $4.000M
YoY Change -44.05% 467.5% 29.03%
Inventory $8.218M $0.00
Prepaid Expenses $2.949M
Receivables $50.27M $47.80M $44.60M
Other Receivables $500.0K $300.0K $700.0K
Total Short-Term Assets $418.3M $474.0M $366.1M
YoY Change -11.76% 29.47% -2.97%
LONG-TERM ASSETS
Property, Plant & Equipment $23.08M $23.30M $22.60M
YoY Change -0.94% 3.1% -24.67%
Goodwill $56.05M
YoY Change
Intangibles $16.72M
YoY Change
Long-Term Investments $70.90M $85.20M $75.40M
YoY Change -16.78% 13.0% -17.42%
Other Assets $25.90M $9.400M $0.00
YoY Change 175.53%
Total Long-Term Assets $192.6M $119.8M $100.3M
YoY Change 60.74% 19.44% -17.79%
TOTAL ASSETS
Total Short-Term Assets $418.3M $474.0M $366.1M
Total Long-Term Assets $192.6M $119.8M $100.3M
Total Assets $610.8M $593.8M $466.4M
YoY Change 2.87% 27.32% -6.59%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $11.40M $8.900M $14.20M
YoY Change 28.03% -37.32% -42.97%
Accrued Expenses $21.65M $18.60M $18.00M
YoY Change 16.37% 3.33% -61.54%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $34.39M $27.50M $32.20M
YoY Change 25.04% -14.6% -56.31%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $0.00
YoY Change
Other Long-Term Liabilities $9.600M $8.800M $0.00
YoY Change 9.09%
Total Long-Term Liabilities $9.600M $8.800M $0.00
YoY Change 9.09%
TOTAL LIABILITIES
Total Short-Term Liabilities $34.39M $27.50M $32.20M
Total Long-Term Liabilities $9.600M $8.800M $0.00
Total Liabilities $44.04M $36.30M $32.20M
YoY Change 21.31% 12.73% -56.31%
SHAREHOLDERS EQUITY
Retained Earnings -$38.63M
YoY Change
Common Stock $862.0K
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $566.8M $557.6M $434.2M
YoY Change
Total Liabilities & Shareholders Equity $610.8M $593.8M $466.4M
YoY Change 2.87% 27.32% -6.59%

Cashflow Statement

Concept 2011 Q2 2010 2009 Q2
OPERATING ACTIVITIES
Net Income $26.00M $152.3M $23.60M
YoY Change -51.22% 80.03% -63.97%
Depreciation, Depletion And Amortization $1.900M $7.084M $2.400M
YoY Change 5.56% -24.64% 4.35%
Cash From Operating Activities $36.30M $155.1M $38.90M
YoY Change -21.94% 84.63% -65.21%
INVESTING ACTIVITIES
Capital Expenditures -$1.200M -$8.000M -$4.200M
YoY Change 33.33% -16.67% 0.0%
Acquisitions
YoY Change
Other Investing Activities -$59.70M -$68.70M -$41.70M
YoY Change -562.79% -65.07% 165.61%
Cash From Investing Activities -$60.90M -$76.67M -$45.90M
YoY Change -611.76% -62.84% 129.5%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $71.39M
YoY Change -15.21%
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 9.900M -49.09M -130.1M
YoY Change -114.6% -5.42% -3817.14%
NET CHANGE
Cash From Operating Activities 36.30M 155.1M 38.90M
Cash From Investing Activities -60.90M -76.67M -45.90M
Cash From Financing Activities 9.900M -49.09M -130.1M
Net Change In Cash -14.70M 29.33M -137.1M
YoY Change 56.38% -116.84% -243.86%
FREE CASH FLOW
Cash From Operating Activities $36.30M $155.1M $38.90M
Capital Expenditures -$1.200M -$8.000M -$4.200M
Free Cash Flow $37.50M $163.1M $43.10M
YoY Change -20.89% 74.24% -62.84%

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CY2010 us-gaap Effective Income Tax Rate Reconciliation Tax Credits Research
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CY2010 mygn Increase Decrease Operating Assets And Liabilities
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CY2010 mygn Income Tax Rate Reconciliation Change In Valuation Allowance
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CY2011 us-gaap Effective Income Tax Rate Reconciliation Change In Deferred Tax Assets Valuation Allowance
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CY2011 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercises In Period Total Intrinsic Value
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CY2011 us-gaap Adjustments To Additional Paid In Capital Sharebased Compensation Requisite Service Period Recognition Value
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CY2011 us-gaap Foreign Income Tax Expense Benefit Continuing Operations
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CY2011 us-gaap Revenues
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CY2011 us-gaap Income Tax Expense Benefit
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CY2011 us-gaap Unrecognized Tax Benefits Decreases Resulting From Settlements With Taxing Authorities
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997000
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CY2011 us-gaap Current Income Tax Expense Benefit
CurrentIncomeTaxExpenseBenefit
64616000
CY2011 mygn Finite Lived Intangible Assets Amortization Expense Within Operating Expenses
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386000
CY2012 us-gaap Deferred State And Local Income Tax Expense Benefit
DeferredStateAndLocalIncomeTaxExpenseBenefit
2326000
CY2012 dei Document Fiscal Period Focus
DocumentFiscalPeriodFocus
FY
CY2012 us-gaap Depreciation Depletion And Amortization
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CY2012 us-gaap Impairment Of Long Lived Assets To Be Disposed Of
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CY2011 us-gaap Payments To Acquire Marketable Securities
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CY2011 us-gaap Effective Income Tax Rate Reconciliation Nondeductible Expense Share Based Compensation Cost
EffectiveIncomeTaxRateReconciliationNondeductibleExpenseShareBasedCompensationCost
0.021 pure
CY2011 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
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CY2011 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
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CY2011 us-gaap Proceeds From Sale And Maturity Of Marketable Securities
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CY2011 us-gaap Increase Decrease In Other Receivables
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202000
CY2011 us-gaap Increase Decrease In Accrued Liabilities
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CY2011 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageGrantDateFairValue
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CY2011 us-gaap Increase Decrease In Accounts Payable
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CY2011 us-gaap Valuation Allowances And Reserves Charged To Cost And Expense
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16183000
CY2011 us-gaap Deferred Federal Income Tax Expense Benefit
DeferredFederalIncomeTaxExpenseBenefit
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CY2011 us-gaap Net Cash Provided By Used In Operating Activities
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CY2011 us-gaap Effective Income Tax Rate Reconciliation State And Local Income Taxes
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0.027 pure
CY2011 us-gaap Other Operating Income Expense Net
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CY2011 mygn Decrease In Valuation Allowance Attributable To Capital Losses
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CY2011 mygn Decrease In Valuation Allowances And Reserves
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CY2011 mygn Increase Decrease Operating Assets And Liabilities
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CY2011 mygn Income Tax Rate Reconciliation Change In Valuation Allowance
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CY2011 mygn Concentration Risk Percentage Of Revenue
ConcentrationRiskPercentageOfRevenue
0.10 pure
CY2011 mygn Amount Charged To Retained Earnings As Result Of Stock Repurchases
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128875000
CY2011 mygn Amount Of Reduction In Common Stock As Result Of Stock Repurchases
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71615000
CY2011 mygn Segment Reporting Depreciation And Amortization
SegmentReportingDepreciationAndAmortization
7219000
CY2012 dei Entity Voluntary Filers
EntityVoluntaryFilers
No
CY2012 dei Document Fiscal Year Focus
DocumentFiscalYearFocus
2012
CY2012 dei Document Type
DocumentType
10-K
CY2012 dei Document Period End Date
DocumentPeriodEndDate
2012-06-30
CY2012 dei Entity Central Index Key
EntityCentralIndexKey
0000899923
CY2012 dei Entity Well Known Seasoned Issuer
EntityWellKnownSeasonedIssuer
Yes
CY2012 dei Current Fiscal Year End Date
CurrentFiscalYearEndDate
--06-30
CY2012 dei Trading Symbol
TradingSymbol
MYGN
CY2012 dei Entity Registrant Name
EntityRegistrantName
MYRIAD GENETICS INC
CY2012 dei Entity Current Reporting Status
EntityCurrentReportingStatus
Yes
CY2012 dei Amendment Flag
AmendmentFlag
false
CY2012 dei Entity Filer Category
EntityFilerCategory
Large Accelerated Filer
CY2012 us-gaap Increase Decrease In Notes Receivables
IncreaseDecreaseInNotesReceivables
17000000
CY2012 us-gaap Increase Decrease In Deferred Income Taxes
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CY2012 us-gaap Stock Issued During Period Shares Stock Options Exercised
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1852245 shares
CY2012 us-gaap Other Than Temporary Impairment Losses Investments Portion Recognized In Earnings Net Availableforsale Securities
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0
CY2012 us-gaap Effective Income Tax Rate Reconciliation Tax Contingencies
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0.002 pure
CY2012 us-gaap Deferred Other Tax Expense Benefit
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CY2012 us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Exercises In Period Weighted Average Exercise Price
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CY2012 us-gaap Federal Income Tax Expense Benefit Continuing Operations
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CY2012 us-gaap Payments To Acquire Businesses Net Of Cash Acquired
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CY2012 us-gaap Net Cash Provided By Used In Investing Activities
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CY2012 us-gaap Investment Income Interest
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CY2012 us-gaap Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized Period For Recognition1
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CY2012 us-gaap Research And Development Expense
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CY2012 us-gaap Weighted Average Number Of Shares Outstanding Basic
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CY2012 us-gaap Number Of Reportable Segments
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3 Segment
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13207000
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CY2012 us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Grants In Period Weighted Average Exercise Price
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20.42
CY2012 us-gaap Effective Income Tax Rate Reconciliation Other Adjustments
EffectiveIncomeTaxRateReconciliationOtherAdjustments
0.006 pure
CY2012 us-gaap Provision For Doubtful Accounts
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24742000
CY2012 us-gaap Stock Repurchased During Period Value
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CY2012 us-gaap Effective Income Tax Rate Continuing Operations
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0.392 pure
CY2012 us-gaap Increase Decrease In Deferred Revenue
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748000
CY2012 us-gaap Increase Decrease In Accounts Receivable
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CY2012 us-gaap Stock Repurchased And Retired During Period Value
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CY2012 us-gaap Stock Repurchased And Retired During Period Shares
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CY2012 us-gaap Other Comprehensive Income Loss Foreign Currency Transaction And Translation Adjustment Net Of Tax
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CY2012 us-gaap Income Loss From Continuing Operations Before Income Taxes Minority Interest And Income Loss From Equity Method Investments
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CY2012 us-gaap Increase Decrease In Accrued Interest Receivable Net
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CY2012 us-gaap Valuation Allowance Deferred Tax Asset Change In Amount
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CY2012 us-gaap Effective Income Tax Rate Reconciliation Change In Deferred Tax Assets Valuation Allowance
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0.010 pure
CY2012 us-gaap Sales Revenue Services Net
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CY2012 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercises In Period Total Intrinsic Value
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CY2012 us-gaap Income Loss From Continuing Operations
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CY2012 us-gaap Debt Instrument Maturity Date Description
DebtInstrumentMaturityDateDescription
The loan will mature on the earlier of (i) September 8, 2017 or (ii) the third anniversary following the date that the Company's option to acquire Crescendo under the Option Agreement expires or; otherwise terminates under the terms of the agreement. The option can be accelerated by Crescendo as a result of (a) Crescendo's delivery of an early termination notice due to the achievement of triggering events under the Option Agreement or (b) Crescendo's delivery of an initial public offering notice
CY2012 us-gaap Stock Repurchase Program Remaining Authorized Repurchase Amount
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200000000
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CY2012 us-gaap Sharebased Compensation Shares Authorized Under Stock Option Plans Exercise Price Range Exercisable Options Weighted Average Remaining Contractual Term2
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CY2012 us-gaap Adjustments To Additional Paid In Capital Sharebased Compensation Requisite Service Period Recognition Value
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CY2012 us-gaap Earnings Per Share Diluted
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P6Y10M28D
CY2012 us-gaap Other Nonoperating Expense
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CY2012 us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
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0.350 pure
CY2012 us-gaap Comprehensive Income Net Of Tax
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CY2012 us-gaap Effective Income Tax Rate Reconciliation Tax Credits Research
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CY2012 us-gaap Current Federal Tax Expense Benefit
CurrentFederalTaxExpenseBenefit
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CY2012 us-gaap Proceeds From Issuance Of Shares Under Incentive And Share Based Compensation Plans Including Stock Options
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CY2012 us-gaap Foreign Income Tax Expense Benefit Continuing Operations
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CY2012 us-gaap Revenues
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CY2012 us-gaap Goodwill Impairment Loss
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CY2012 us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
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CY2012 us-gaap Current Income Tax Expense Benefit
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CY2012 us-gaap Marketable Securities Unrealized Gain Loss
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CY2012 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Forfeitures And Expirations In Period Weighted Average Exercise Price
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CY2012 us-gaap Depreciation
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CY2012 us-gaap Income Taxes Paid Net
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CY2012 us-gaap Effective Income Tax Rate Reconciliation Nondeductible Expense Share Based Compensation Cost
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0.010 pure
CY2012 us-gaap Allocated Share Based Compensation Expense
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892000
CY2012 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
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CY2012 us-gaap Deferred Foreign Income Tax Expense Benefit
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CY2012 us-gaap Proceeds From Sale And Maturity Of Marketable Securities
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CY2012 us-gaap Increase Decrease In Other Receivables
IncreaseDecreaseInOtherReceivables
2312000
CY2012 us-gaap Use Of Estimates
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<div> <table style="BORDER-COLLAPSE: collapse" border="0" cellspacing="0" cellpadding="0" width="100%"> <tr> <td width="4%"><font size="1">&#xA0;</font></td> <td valign="top" width="4%" align="left"><font style="FONT-FAMILY: Times New Roman" size="2"><b><i>(k)</i></b></font></td> <td valign="top" align="left"><font style="FONT-FAMILY: Times New Roman" size="2"><b><i>Use of Estimates</i></b></font></td> </tr> </table> <p style="MARGIN-TOP: 6px; MARGIN-BOTTOM: 0px; MARGIN-LEFT: 8%"> <font style="FONT-FAMILY: Times New Roman" size="2">The preparation of the consolidated financial statements in accordance with U.S. generally accepted accounting principles requires Company management to make estimates and assumptions relating to the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the period. Significant items subject to such estimates and assumptions include the carrying amount of fixed assets, valuation allowances for receivables and deferred income tax assets, certain accrued liabilities, share-based compensation and impairment analysis of goodwill and intangible assets. Actual results could differ from those estimates.</font></p> </div>
CY2012 us-gaap Increase Decrease In Accrued Liabilities
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CY2012 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Weighted Average Grant Date Fair Value
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CY2012 us-gaap Net Cash Provided By Used In Operating Activities
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CY2012 us-gaap Cumulative Effect On Retained Earnings Tax1
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CY2012 us-gaap Effective Income Tax Rate Reconciliation State And Local Income Taxes
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0.027 pure
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CY2012 mygn Debt Instruments Maturity Date
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CY2012 mygn Decrease In Valuation Allowances And Reserves
DecreaseInValuationAllowancesAndReserves
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CY2012 mygn Increase Decrease Operating Assets And Liabilities
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CY2012 mygn Goodwill Asset Impairment Cash Flow Discount Rate Low End
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0.10 pure
CY2012 mygn Finite Lived Intangible Assets Amortization Expense Within Operating Expenses
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1100000
CY2012 mygn Income Tax Rate Reconciliation Change In Valuation Allowance
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1601000
CY2012 mygn Goodwill Impairment Discount Rate
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0.14 pure
CY2012 mygn Concentration Risk Percentage Of Revenue
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0.10 pure
CY2012 mygn Amount Charged To Retained Earnings As Result Of Stock Repurchases
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86205000
CY2012 mygn Amount Of Reduction In Common Stock As Result Of Stock Repurchases
AmountOfReductionInCommonStockAsResultOfStockRepurchases
42262000
CY2012 mygn Effective Period Of Option
EffectivePeriodOfOption
3 pure
CY2012 mygn Employers Contribution Not To Exceed Percentage Of Employees Compensation
EmployersContributionNotToExceedPercentageOfEmployeesCompensation
0.04 pure
CY2012 mygn Federal And Alternative Minimum Tax Net Operating Loss Carry Forwards Expiration Dates
FederalAndAlternativeMinimumTaxNetOperatingLossCarryForwardsExpirationDates
2030 through 2031
CY2012 mygn Income Related To Accretion Of Note Receivable And Stated Interest Rate
IncomeRelatedToAccretionOfNoteReceivableAndStatedInterestRate
3250000
CY2012 mygn Number Of Shares Transferred From One Stock Option Plan To Another
NumberOfSharesTransferredFromOneStockOptionPlanToAnother
10590000 shares
CY2012 mygn Percentage Of Additional Interest On Defaults Payments
PercentageOfAdditionalInterestOnDefaultsPayments
0.05 pure
CY2012 mygn Percent Of Employee Contribution To Deferred Savings Plan
PercentOfEmployeeContributionToDeferredSavingsPlan
0.50 pure
CY2012 mygn Segment Reporting Depreciation And Amortization
SegmentReportingDepreciationAndAmortization
9069000
CY2012 mygn Share Based Compensation Arrangement By Share Based Payment Award Award Requisite Service Period Option Vested
ShareBasedCompensationArrangementByShareBasedPaymentAwardAwardRequisiteServicePeriodOptionVested
4 Year
CY2012 mygn Share Based Compensation Arrangement By Share Based Payment Award Options Expire From Date Of Grant
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExpireFromDateOfGrant
10 Year
CY2012 mygn State And Local Net Operating Loss Carry Forwards Expiration Dates
StateAndLocalNetOperatingLossCarryForwardsExpirationDates
2015 through 2028
CY2012 mygn Percentage Of Increase Decrease In Goodwill Carrying Amount After Impairment Test
PercentageOfIncreaseDecreaseInGoodwillCarryingAmountAfterImpairmentTest
0.005 pure

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