$MYGN
MYRIAD GENETICS INC

2013 Q3 Form 10-Q Financial Statement

#000119312513438525 Filed on November 12, 2013

View on sec.gov

Income Statement

Concept 2013 Q3 2012 Q3
Revenue $202.5M $133.4M
YoY Change 51.73% 20.81%
Cost Of Revenue $21.44M $13.93M
YoY Change 53.88% 23.29%
Gross Profit $181.0M $119.5M
YoY Change 51.48% 20.53%
Gross Profit Margin 89.41% 89.56%
Selling, General & Admin $77.28M $56.13M
YoY Change 37.68% 21.72%
% of Gross Profit 42.69% 46.97%
Research & Development $16.80M $11.40M
YoY Change 47.39% 34.04%
% of Gross Profit 9.28% 9.54%
Depreciation & Amortization $2.400M $2.211M
YoY Change 8.55% 2.98%
% of Gross Profit 1.33% 1.85%
Operating Expenses $94.08M $67.53M
YoY Change 39.32% 23.63%
Operating Profit $82.90M $48.58M
YoY Change 70.65% 17.14%
Interest Expense $1.400M $1.400M
YoY Change 0.0% 180.0%
% of Operating Profit 1.69% 2.88%
Other Income/Expense, Net $923.0K $1.240M
YoY Change -25.56% -1340.0%
Pretax Income $83.83M $49.82M
YoY Change 68.25% 19.18%
Income Tax $28.36M $19.69M
% Of Pretax Income 33.83% 39.51%
Net Earnings $55.47M $30.14M
YoY Change 84.05% 20.07%
Net Earnings / Revenue 27.39% 22.58%
Basic Earnings Per Share $0.70 $0.37
Diluted Earnings Per Share $0.68 $0.36
COMMON SHARES
Basic Shares Outstanding 79.58M shares 81.57M shares
Diluted Shares Outstanding 81.80M shares 83.91M shares

Balance Sheet

Concept 2013 Q3 2012 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $357.0M $349.2M
YoY Change 2.23% -0.09%
Cash & Equivalents $84.99M $95.58M
Short-Term Investments $272.0M $253.6M
Other Short-Term Assets $13.70M $10.90M
YoY Change 25.69% -21.01%
Inventory $10.60M
Prepaid Expenses $4.857M $2.516M
Receivables $86.22M $62.50M
Other Receivables $1.800M $2.000M
Total Short-Term Assets $458.7M $435.1M
YoY Change 5.41% 3.97%
LONG-TERM ASSETS
Property, Plant & Equipment $30.68M $24.76M
YoY Change 23.9% 6.25%
Goodwill $56.85M $56.85M
YoY Change 0.0%
Intangibles $13.09M $15.45M
YoY Change -15.28%
Long-Term Investments $158.6M $117.1M
YoY Change 35.44% 124.33%
Other Assets $41.50M $34.10M
YoY Change 21.7% -3.94%
Total Long-Term Assets $323.0M $267.9M
YoY Change 20.55% 33.16%
TOTAL ASSETS
Total Short-Term Assets $458.7M $435.1M
Total Long-Term Assets $323.0M $267.9M
Total Assets $781.7M $703.1M
YoY Change 11.18% 13.45%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $18.75M $11.09M
YoY Change 69.09% 13.12%
Accrued Expenses $59.39M $43.00M
YoY Change 38.13% 110.76%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $79.03M $57.36M
YoY Change 37.79% 83.25%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00
YoY Change
Other Long-Term Liabilities $12.40M $10.10M
YoY Change 22.77% 7.45%
Total Long-Term Liabilities $12.40M $10.10M
YoY Change 22.77% 7.45%
TOTAL LIABILITIES
Total Short-Term Liabilities $79.03M $57.36M
Total Long-Term Liabilities $12.40M $10.10M
Total Liabilities $91.39M $67.49M
YoY Change 35.4% 65.83%
SHAREHOLDERS EQUITY
Retained Earnings $13.96M -$15.00M
YoY Change -193.05%
Common Stock $768.0K $814.0K
YoY Change -5.65%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $690.3M $635.6M
YoY Change
Total Liabilities & Shareholders Equity $781.7M $703.1M
YoY Change 11.18% 13.45%

Cashflow Statement

Concept 2013 Q3 2012 Q3
OPERATING ACTIVITIES
Net Income $55.47M $30.14M
YoY Change 84.05% 20.07%
Depreciation, Depletion And Amortization $2.400M $2.211M
YoY Change 8.55% 2.98%
Cash From Operating Activities $90.48M $51.36M
YoY Change 76.19% 61.38%
INVESTING ACTIVITIES
Capital Expenditures -$5.300M -$2.500M
YoY Change 112.0% 19.05%
Acquisitions
YoY Change
Other Investing Activities -$2.800M -$2.500M
YoY Change 12.0% 525.0%
Cash From Investing Activities -$8.057M -$5.005M
YoY Change 60.98% 97.67%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $102.3M $46.20M
YoY Change 121.47% 24.25%
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -101.5M -37.12M
YoY Change 173.47% 92.36%
NET CHANGE
Cash From Operating Activities 90.48M 51.36M
Cash From Investing Activities -8.057M -5.005M
Cash From Financing Activities -101.5M -37.12M
Net Change In Cash -19.09M 9.231M
YoY Change -306.76% -7.64%
FREE CASH FLOW
Cash From Operating Activities $90.48M $51.36M
Capital Expenditures -$5.300M -$2.500M
Free Cash Flow $95.78M $53.86M
YoY Change 77.85% 58.75%

Facts In Submission

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CY2013Q3 dei Trading Symbol
TradingSymbol
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CY2013Q3 dei Entity Registrant Name
EntityRegistrantName
MYRIAD GENETICS INC
CY2013Q3 dei Amendment Flag
AmendmentFlag
false
CY2013Q3 dei Entity Filer Category
EntityFilerCategory
Large Accelerated Filer
CY2013Q3 dei Document Fiscal Year Focus
DocumentFiscalYearFocus
2014
CY2013Q3 dei Document Type
DocumentType
10-Q
CY2013Q3 dei Document Period End Date
DocumentPeriodEndDate
2013-09-30
CY2013Q3 dei Entity Central Index Key
EntityCentralIndexKey
0000899923
CY2013Q3 dei Document Fiscal Period Focus
DocumentFiscalPeriodFocus
Q1
CY2013Q3 us-gaap Basis Of Accounting
BasisOfAccounting
<div> <table style="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" border="0" cellpadding="0" cellspacing="0" width="100%"> <tr> <td width="4%" valign="top" align="left">(1)</td> <td align="left" valign="top"><u>Basis of Presentation</u></td> </tr> </table> <p style="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"> The accompanying condensed consolidated financial statements have been prepared by Myriad Genetics, Inc. (the &#x201C;Company&#x201D;) in accordance with U.S. generally accepted accounting principles (&#x201C;GAAP&#x201D;) for interim financial information and pursuant to the applicable rules and regulations of the Securities and Exchange Commission (&#x201C;SEC&#x201D;). The condensed consolidated financial statements include the accounts of the Company and its wholly owned subsidiaries. All intercompany accounts and transactions have been eliminated in consolidation. In the opinion of management, the accompanying financial statements contain all adjustments (consisting of normal and recurring accruals) necessary to present fairly all financial statements in accordance with GAAP. The condensed consolidated financial statements herein should be read in conjunction with the Company&#x2019;s audited consolidated financial statements and notes thereto for the fiscal year ended June&#xA0;30, 2013, included in the Company&#x2019;s Annual Report on Form 10-K for the fiscal year ended June&#xA0;30, 2013. Operating results for the three months ended September&#xA0;30, 2013 may not necessarily be indicative of results to be expected for any other interim period or for the full year.</p> <p style="margin-top:12pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"> The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities at the date of the financial statements, as well as the reported amounts of revenue and expenses during the reporting period. Actual results could differ from those estimates.</p> <p style="margin-top:12pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"> Certain reclassifications have been made to prior period amounts to conform to the current period presentation.</p> </div>
CY2013Q3 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.70
CY2013Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriod
3119553 shares
CY2013Q3 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.68
CY2013Q3 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
81798000 shares
CY2013Q3 us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
2223000 shares
CY2013Q3 us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate
0.35 pure
CY2013Q3 us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Grants In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageExercisePrice
26.54
CY2013Q3 us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
90482000
CY2013Q3 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.34 pure
CY2013Q3 us-gaap Stock Repurchased And Retired During Period Shares
StockRepurchasedAndRetiredDuringPeriodShares
3806000 shares
CY2013Q3 us-gaap Unrecognized Tax Benefits Period Increase Decrease
UnrecognizedTaxBenefitsPeriodIncreaseDecrease
1638000
CY2013Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Award Vesting Period1
ShareBasedCompensationArrangementByShareBasedPaymentAwardAwardVestingPeriod1
P4Y
CY2013Q3 us-gaap Stock Issued During Period Shares Stock Options Exercised
StockIssuedDuringPeriodSharesStockOptionsExercised
43301 shares
CY2013Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Forfeitures And Expirations In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresAndExpirationsInPeriodWeightedAverageExercisePrice
22.63
CY2013Q3 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
5351000 shares
CY2013Q3 us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Exercises In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExercisesInPeriodWeightedAverageExercisePrice
18.27
CY2013Q3 us-gaap Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized Period For Recognition1
EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognizedPeriodForRecognition1
P2Y9M18D
CY2013Q3 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
79575000 shares
CY2013Q3 us-gaap Costs And Expenses
CostsAndExpenses
119563000
CY2013Q3 us-gaap Other Nonoperating Expense
OtherNonoperatingExpense
439000
CY2013Q3 us-gaap Number Of Reportable Segments
NumberOfReportableSegments
3 Segment
CY2013Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Forfeitures And Expirations In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresAndExpirationsInPeriod
106734 shares
CY2013Q3 us-gaap Payments To Acquire Productive Assets
PaymentsToAcquireProductiveAssets
5265000
CY2013Q3 us-gaap Other Comprehensive Income Unrealized Holding Gain Loss On Securities Arising During Period Net Of Tax
OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodNetOfTax
-285000
CY2013Q3 us-gaap Investment Income Interest
InvestmentIncomeInterest
1362000
CY2013Q3 us-gaap Increase Decrease In Other Receivables
IncreaseDecreaseInOtherReceivables
-1558000
CY2013Q3 us-gaap Payments To Acquire Marketable Securities
PaymentsToAcquireMarketableSecurities
60142000
CY2013Q3 us-gaap Other Operating Income Expense Net
OtherOperatingIncomeExpenseNet
-439000
CY2013Q3 us-gaap Increase Decrease In Deferred Income Taxes
IncreaseDecreaseInDeferredIncomeTaxes
588000
CY2013Q3 us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
923000
CY2013Q3 us-gaap Excess Tax Benefit From Share Based Compensation Operating Activities
ExcessTaxBenefitFromShareBasedCompensationOperatingActivities
14000
CY2013Q3 us-gaap Sales Revenue Services Net
SalesRevenueServicesNet
192987000
CY2013Q3 us-gaap Increase Decrease In Accrued Interest Receivable Net
IncreaseDecreaseInAccruedInterestReceivableNet
666000
CY2013Q3 us-gaap Income Loss From Continuing Operations Before Income Taxes Minority Interest And Income Loss From Equity Method Investments
IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments
83827000
CY2013Q3 us-gaap Other Comprehensive Income Loss Foreign Currency Transaction And Translation Adjustment Net Of Tax
OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax
-504000
CY2013Q3 us-gaap Increase Decrease In Accounts Receivable
IncreaseDecreaseInAccountsReceivable
3379000
CY2013Q3 us-gaap Revenues
Revenues
202467000
CY2013Q3 us-gaap Comprehensive Income Net Of Tax
ComprehensiveIncomeNetOfTax
54676000
CY2013Q3 us-gaap Operating Income Loss
OperatingIncomeLoss
82904000
CY2013Q3 us-gaap Other Sales Revenue Net
OtherSalesRevenueNet
9480000
CY2013Q3 us-gaap Increase Decrease In Prepaid Expense
IncreaseDecreaseInPrepaidExpense
-1106000
CY2013Q3 us-gaap Gain Loss On Disposition Of Assets
GainLossOnDispositionOfAssets
-40000
CY2013Q3 us-gaap Payments For Repurchase Of Common Stock
PaymentsForRepurchaseOfCommonStock
102316000
CY2013Q3 us-gaap Net Income Loss
NetIncomeLoss
55465000
CY2013Q3 us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
-101511000
CY2013Q3 us-gaap Share Based Compensation
ShareBasedCompensation
6935000
CY2013Q3 us-gaap Provision For Doubtful Accounts
ProvisionForDoubtfulAccounts
11494000
CY2013Q3 us-gaap Depreciation And Amortization
DepreciationAndAmortization
2372000
CY2013Q3 us-gaap Cash And Cash Equivalents Period Increase Decrease
CashAndCashEquivalentsPeriodIncreaseDecrease
-19086000
CY2013Q3 us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
77279000
CY2013Q3 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
28362000
CY2013Q3 us-gaap Increase Decrease In Deferred Revenue
IncreaseDecreaseInDeferredRevenue
-1148000
CY2013Q3 us-gaap Increase Decrease In Accrued Liabilities
IncreaseDecreaseInAccruedLiabilities
15056000
CY2013Q3 us-gaap Increase Decrease In Accounts Payable
IncreaseDecreaseInAccountsPayable
613000
CY2013Q3 us-gaap Cost Of Revenue
CostOfRevenue
21439000
CY2013Q3 us-gaap Excess Tax Benefit From Share Based Compensation Financing Activities
ExcessTaxBenefitFromShareBasedCompensationFinancingActivities
14000
CY2013Q3 us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
244000
CY2013Q3 us-gaap Proceeds From Sale And Maturity Of Marketable Securities
ProceedsFromSaleAndMaturityOfMarketableSecurities
57350000
CY2013Q3 us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-8057000
CY2013Q3 us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
16803000
CY2013Q3 us-gaap Other Cost Of Operating Revenue
OtherCostOfOperatingRevenue
4042000
CY2013Q3 us-gaap Proceeds From Issuance Of Shares Under Incentive And Share Based Compensation Plans Including Stock Options
ProceedsFromIssuanceOfSharesUnderIncentiveAndShareBasedCompensationPlansIncludingStockOptions
791000
CY2013Q3 mygn Share Based Compensation Arrangement Common Shares Eligible For Purchase Related To Options Vested And Exercisable Number
ShareBasedCompensationArrangementCommonSharesEligibleForPurchaseRelatedToOptionsVestedAndExercisableNumber
9222449 shares
CY2013Q3 mygn Amount Of Reduction In Common Stock As Result Of Stock Repurchases
AmountOfReductionInCommonStockAsResultOfStockRepurchases
29940000
CY2013Q3 mygn Income Related To Accretion Of Note Receivable And Stated Interest Rate
IncomeRelatedToAccretionOfNoteReceivableAndStatedInterestRate
1104000
CY2013Q3 mygn Amount Charged To Retained Earnings As Result Of Stock Repurchases
AmountChargedToRetainedEarningsAsResultOfStockRepurchases
72376000

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