2014 Q4 Form 10-Q Financial Statement

#000119312515032873 Filed on February 04, 2015

View on sec.gov

Income Statement

Concept 2014 Q4 2014 Q2 2013 Q4
Revenue $184.4M $188.8M $204.1M
YoY Change -9.63% 8.44% 36.82%
Cost Of Revenue $35.10M $31.00M $22.76M
YoY Change 54.25% 40.27% 46.18%
Gross Profit $149.3M $157.8M $181.3M
YoY Change -17.65% 3.82% 35.73%
Gross Profit Margin 80.97% 83.58% 88.85%
Selling, General & Admin $92.70M $84.30M $77.84M
YoY Change 19.09% 17.9% 30.69%
% of Gross Profit 62.09% 53.42% 42.93%
Research & Development $17.50M $20.20M $17.09M
YoY Change 2.4% 38.36% 21.15%
% of Gross Profit 11.72% 12.8% 9.43%
Depreciation & Amortization $2.900M $5.500M $2.400M
YoY Change 20.83% 139.13% 4.35%
% of Gross Profit 1.94% 3.49% 1.32%
Operating Expenses $110.2M $104.5M $94.93M
YoY Change 16.09% 21.37% 28.86%
Operating Profit $36.30M $53.30M $83.00M
YoY Change -56.26% -19.12% 49.32%
Interest Expense $100.0K $200.0K $1.300M
YoY Change -92.31% -84.62% -7.14%
% of Operating Profit 0.28% 0.38% 1.57%
Other Income/Expense, Net $1.600M -$900.0K $1.145M
YoY Change 39.74% -18.16%
Pretax Income $37.90M $52.60M $84.14M
YoY Change -54.96% -21.73% 47.66%
Income Tax $13.90M $18.90M $33.78M
% Of Pretax Income 36.68% 35.93% 40.15%
Net Earnings $24.00M $33.60M $50.36M
YoY Change -52.34% -23.81% 43.74%
Net Earnings / Revenue 13.02% 17.8% 24.68%
Basic Earnings Per Share $0.33 $0.67
Diluted Earnings Per Share $0.32 $432.4K $0.66
COMMON SHARES
Basic Shares Outstanding 72.50M shares 74.82M shares 75.07M shares
Diluted Shares Outstanding 75.40M shares 76.83M shares

Balance Sheet

Concept 2014 Q4 2014 Q2 2013 Q4
SHORT-TERM ASSETS
Cash & Short-Term Investments $165.1M $186.5M $353.6M
YoY Change -53.31% -49.91% -1.39%
Cash & Equivalents $59.70M $64.80M $71.60M
Short-Term Investments $105.4M $121.6M $282.0M
Other Short-Term Assets $48.30M $26.90M $13.30M
YoY Change 263.16% 177.32% 13.68%
Inventory $20.17M $23.90M
Prepaid Expenses $7.694M $6.921M $4.237M
Receivables $81.22M $81.90M $84.14M
Other Receivables $5.331M $3.200M $3.500M
Total Short-Term Assets $320.1M $322.4M $454.5M
YoY Change -29.57% -33.39% -0.62%
LONG-TERM ASSETS
Property, Plant & Equipment $46.46M $34.60M $31.31M
YoY Change 48.37% 25.35% 14.76%
Goodwill $169.2M $169.2M $56.85M
YoY Change 197.59% 197.36% 0.0%
Intangibles $198.8M $205.3M $12.84M
YoY Change 1448.26% 1440.14% -6.39%
Long-Term Investments $42.30M $84.10M $135.2M
YoY Change -68.71% -47.01% 23.36%
Other Assets $5.000M $5.000M $43.00M
YoY Change -88.37% -61.54% 31.9%
Total Long-Term Assets $461.8M $501.4M $302.2M
YoY Change 52.81% 56.77% 16.04%
TOTAL ASSETS
Total Short-Term Assets $320.1M $322.4M $454.5M
Total Long-Term Assets $461.8M $501.4M $302.2M
Total Assets $781.9M $823.8M $756.7M
YoY Change 3.33% 2.49% 5.42%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $16.83M $23.10M $17.60M
YoY Change -4.34% 27.4% 29.62%
Accrued Expenses $41.18M $56.40M $45.84M
YoY Change -10.17% 27.22% 57.04%
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 $59.84M $80.60M $67.39M
YoY Change -11.21% 24.94% 48.15%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $0.00
YoY Change
Other Long-Term Liabilities $25.30M $0.00 $13.30M
YoY Change 90.23% -100.0% 31.68%
Total Long-Term Liabilities $25.30M $0.00 $13.30M
YoY Change 90.23% -100.0% 31.68%
TOTAL LIABILITIES
Total Short-Term Liabilities $59.84M $80.60M $67.39M
Total Long-Term Liabilities $25.30M $0.00 $13.30M
Total Liabilities $87.61M $104.8M $80.71M
YoY Change 8.55% 39.31% 45.09%
SHAREHOLDERS EQUITY
Retained Earnings -$36.98M $2.000M $11.60M
YoY Change -418.67% -93.52% -371.61%
Common Stock $719.0K $700.0K $740.0K
YoY Change -2.84% -13.15% -8.98%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $694.2M $719.0M $676.0M
YoY Change
Total Liabilities & Shareholders Equity $781.9M $823.8M $756.7M
YoY Change 3.33% 2.49% 5.42%

Cashflow Statement

Concept 2014 Q4 2014 Q2 2013 Q4
OPERATING ACTIVITIES
Net Income $24.00M $33.60M $50.36M
YoY Change -52.34% -23.81% 43.74%
Depreciation, Depletion And Amortization $2.900M $5.500M $2.400M
YoY Change 20.83% 139.13% 4.35%
Cash From Operating Activities $52.60M $40.90M $47.50M
YoY Change 10.74% -35.08% 114.93%
INVESTING ACTIVITIES
Capital Expenditures -$5.900M -$4.600M -$2.800M
YoY Change 110.71% 64.29% -37.78%
Acquisitions
YoY Change
Other Investing Activities -$2.800M -$14.30M $13.60M
YoY Change -120.59% -82.52% -146.1%
Cash From Investing Activities -$8.800M -$18.90M $10.80M
YoY Change -181.48% -77.66% -131.76%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -52.20M -42.10M -71.70M
YoY Change -27.2% -416.54% 368.63%
NET CHANGE
Cash From Operating Activities 52.60M 40.90M 47.50M
Cash From Investing Activities -8.800M -18.90M 10.80M
Cash From Financing Activities -52.20M -42.10M -71.70M
Net Change In Cash -8.400M -20.10M -13.40M
YoY Change -37.31% 142.17% -50.74%
FREE CASH FLOW
Cash From Operating Activities $52.60M $40.90M $47.50M
Capital Expenditures -$5.900M -$4.600M -$2.800M
Free Cash Flow $58.50M $45.50M $50.30M
YoY Change 16.3% -30.85% 89.1%

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<div> <table style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; BORDER-COLLAPSE: collapse; TEXT-TRANSFORM: none; WORD-SPACING: 0px; LETTER-SPACING: normal; TEXT-INDENT: 0px; -webkit-text-stroke-width: 0px" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td valign="top" width="4%" align="left">(1)</td> <td valign="top" align="left"><u>Basis of Presentation</u></td> </tr> </table> <p style="MARGIN-BOTTOM: 0pt; WHITE-SPACE: normal; TEXT-TRANSFORM: none; WORD-SPACING: 0px; COLOR: rgb(0,0,0); FONT: 10pt 'Times New Roman'; MARGIN-LEFT: 62px; MARGIN-TOP: 6pt; LETTER-SPACING: normal; TEXT-INDENT: 0px; -webkit-text-stroke-width: 0px"> 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, 2014, included in the Company&#x2019;s Annual Report on Form 10-K for the fiscal year ended June&#xA0;30, 2014. Operating results for the three and six months ended December&#xA0;31, 2014 may not necessarily be indicative of results to be expected for any other interim period or for the full year.</p> <p style="MARGIN-BOTTOM: 0pt; WHITE-SPACE: normal; TEXT-TRANSFORM: none; WORD-SPACING: 0px; COLOR: rgb(0,0,0); FONT: 10pt 'Times New Roman'; MARGIN-LEFT: 62px; MARGIN-TOP: 6pt; LETTER-SPACING: normal; TEXT-INDENT: 0px; -webkit-text-stroke-width: 0px"> 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-BOTTOM: 0pt; WHITE-SPACE: normal; TEXT-TRANSFORM: none; WORD-SPACING: 0px; COLOR: rgb(0,0,0); FONT: 10pt 'Times New Roman'; MARGIN-LEFT: 62px; MARGIN-TOP: 6pt; LETTER-SPACING: normal; TEXT-INDENT: 0px; -webkit-text-stroke-width: 0px"> Certain reclassifications have been made to prior period amounts to conform to the current period presentation. For the six months ended December&#xA0;31, 2013, a reclassification from proceeds from maturities and sales of marketable securities was made to the effect of foreign exchange rates on cash and cash equivalents in the condensed consolidated statement of cash flows to conform to current-year presentation.</p> </div>
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