$MYGN
MYRIAD GENETICS INC

2015 Q3 Form 10-Q Financial Statement

#000119312515365547 Filed on November 04, 2015

View on sec.gov

Income Statement

Concept 2015 Q3 2014 Q3
Revenue $183.5M $168.8M
YoY Change 8.71% -16.63%
Cost Of Revenue $30.90M $32.80M
YoY Change -5.79% 52.99%
Gross Profit $152.6M $136.0M
YoY Change 12.21% -24.87%
Gross Profit Margin 83.16% 80.57%
Selling, General & Admin $86.50M $85.40M
YoY Change 1.29% 10.51%
% of Gross Profit 56.68% 62.79%
Research & Development $17.20M $22.60M
YoY Change -23.89% 34.5%
% of Gross Profit 11.27% 16.62%
Depreciation & Amortization $3.600M $2.600M
YoY Change 38.46% 8.33%
% of Gross Profit 2.36% 1.91%
Operating Expenses $103.7M $108.0M
YoY Change -3.98% 14.79%
Operating Profit $43.30M $25.90M
YoY Change 67.18% -68.76%
Interest Expense $100.0K $100.0K
YoY Change 0.0% -92.86%
% of Operating Profit 0.23% 0.39%
Other Income/Expense, Net $200.0K -$43.00K
YoY Change -565.12% -104.66%
Pretax Income $43.50M $25.90M
YoY Change 67.95% -69.1%
Income Tax $13.20M $9.900M
% Of Pretax Income 30.34% 38.22%
Net Earnings $30.30M $16.00M
YoY Change 89.38% -71.15%
Net Earnings / Revenue 16.51% 9.48%
Basic Earnings Per Share $0.44 $0.22
Diluted Earnings Per Share $0.42 $0.21
COMMON SHARES
Basic Shares Outstanding 68.70M shares 72.80M shares
Diluted Shares Outstanding 72.10M shares 76.10M shares

Balance Sheet

Concept 2015 Q3 2014 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $155.4M $159.6M
YoY Change -2.63% -55.29%
Cash & Equivalents $87.40M $69.80M
Short-Term Investments $68.00M $89.80M
Other Short-Term Assets $32.60M $64.00M
YoY Change -49.06% 367.15%
Inventory $34.30M $24.78M
Prepaid Expenses $9.419M
Receivables $83.40M $75.72M
Other Receivables $1.600M $11.24M
Total Short-Term Assets $307.3M $335.4M
YoY Change -8.37% -26.88%
LONG-TERM ASSETS
Property, Plant & Equipment $64.90M $43.42M
YoY Change 49.46% 41.56%
Goodwill $177.3M $169.2M
YoY Change 4.8% 197.59%
Intangibles $189.4M $202.0M
YoY Change -6.22% 1443.34%
Long-Term Investments $43.10M $54.10M
YoY Change -20.33% -65.89%
Other Assets $5.000M $5.000M
YoY Change 0.0% -87.95%
Total Long-Term Assets $479.7M $473.6M
YoY Change 1.28% 46.65%
TOTAL ASSETS
Total Short-Term Assets $307.3M $335.4M
Total Long-Term Assets $479.7M $473.6M
Total Assets $787.0M $809.0M
YoY Change -2.72% 3.5%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $15.80M $25.73M
YoY Change -38.59% 37.25%
Accrued Expenses $41.80M $40.65M
YoY Change 2.82% -31.55%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $59.00M $67.73M
YoY Change -12.88% -14.3%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00
YoY Change
Other Long-Term Liabilities $2.200M $24.50M
YoY Change -91.02% 97.58%
Total Long-Term Liabilities $2.200M $24.50M
YoY Change -91.02% 97.58%
TOTAL LIABILITIES
Total Short-Term Liabilities $59.00M $67.73M
Total Long-Term Liabilities $2.200M $24.50M
Total Liabilities $99.90M $96.86M
YoY Change 3.14% 5.99%
SHAREHOLDERS EQUITY
Retained Earnings -$78.80M -$17.45M
YoY Change 351.6% -225.04%
Common Stock $773.0M $729.0K
YoY Change 105935.67% -5.08%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $687.1M $712.2M
YoY Change
Total Liabilities & Shareholders Equity $787.0M $809.0M
YoY Change -2.72% 3.5%

Cashflow Statement

Concept 2015 Q3 2014 Q3
OPERATING ACTIVITIES
Net Income $30.30M $16.00M
YoY Change 89.38% -71.15%
Depreciation, Depletion And Amortization $3.600M $2.600M
YoY Change 38.46% 8.33%
Cash From Operating Activities $29.80M $7.000M
YoY Change 325.71% -92.26%
INVESTING ACTIVITIES
Capital Expenditures -$1.000M -$11.50M
YoY Change -91.3% 116.98%
Acquisitions
YoY Change
Other Investing Activities $10.00M $39.10M
YoY Change -74.42% -1496.43%
Cash From Investing Activities $9.000M $27.60M
YoY Change -67.39% -442.56%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $38.00M $45.60M
YoY Change -16.67% -55.43%
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -15.20M -28.90M
YoY Change -47.4% -71.53%
NET CHANGE
Cash From Operating Activities 29.80M 7.000M
Cash From Investing Activities 9.000M 27.60M
Cash From Financing Activities -15.20M -28.90M
Net Change In Cash 23.60M 5.700M
YoY Change 314.04% -129.86%
FREE CASH FLOW
Cash From Operating Activities $29.80M $7.000M
Capital Expenditures -$1.000M -$11.50M
Free Cash Flow $30.80M $18.50M
YoY Change 66.49% -80.69%

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IncreaseDecreaseInAccountsPayable
2600000
CY2014Q3 us-gaap Excess Tax Benefit From Share Based Compensation Financing Activities
ExcessTaxBenefitFromShareBasedCompensationFinancingActivities
1700000
CY2014Q3 us-gaap Share Based Compensation
ShareBasedCompensation
6900000
CY2014Q3 us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
85400000
CY2014Q3 us-gaap Increase Decrease In Accrued Liabilities
IncreaseDecreaseInAccruedLiabilities
-15800000
CY2014Q3 us-gaap Proceeds From Sale And Maturity Of Marketable Securities
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67600000
CY2014Q3 us-gaap Net Cash Provided By Used In Investing Activities Continuing Operations
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27500000
CY2014Q3 us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
22600000
CY2014Q3 mygn Amount Charged To Retained Earnings As Result Of Stock Repurchases
AmountChargedToRetainedEarningsAsResultOfStockRepurchases
35400000
CY2014Q3 mygn Amount Of Reduction In Common Stock As Result Of Stock Repurchases
AmountOfReductionInCommonStockAsResultOfStockRepurchases
10200000
CY2014Q3 mygn Cost Of Pharmaceutical And Clinical Services
CostOfPharmaceuticalAndClinicalServices
2100000
CY2015Q3 dei Document Type
DocumentType
10-Q
CY2015Q3 dei Trading Symbol
TradingSymbol
MYGN
CY2015Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriod
0 shares
CY2015Q3 dei Entity Central Index Key
EntityCentralIndexKey
0000899923
CY2015Q3 dei Document Period End Date
DocumentPeriodEndDate
2015-09-30
CY2015Q3 us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
3400000 shares
CY2015Q3 dei Entity Filer Category
EntityFilerCategory
Large Accelerated Filer
CY2015Q3 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
100000 shares
CY2015Q3 us-gaap Stock Issued During Period Shares Employee Stock Purchase Plans
StockIssuedDuringPeriodSharesEmployeeStockPurchasePlans
1600000 shares
CY2015Q3 dei Current Fiscal Year End Date
CurrentFiscalYearEndDate
--06-30
CY2015Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Forfeitures And Expirations In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresAndExpirationsInPeriodWeightedAverageExercisePrice
0
CY2015Q3 dei Document Fiscal Period Focus
DocumentFiscalPeriodFocus
Q1
CY2015Q3 us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Grants In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageExercisePrice
0
CY2015Q3 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
68700000 shares
CY2015Q3 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.39 pure
CY2015Q3 us-gaap Stock Repurchased And Retired During Period Shares
StockRepurchasedAndRetiredDuringPeriodShares
1100000 shares
CY2015Q3 us-gaap Net Cash Provided By Used In Operating Activities Continuing Operations
NetCashProvidedByUsedInOperatingActivitiesContinuingOperations
24900000
CY2015Q3 dei Amendment Flag
AmendmentFlag
false
CY2015Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Forfeitures And Expirations In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresAndExpirationsInPeriod
0 shares
CY2015Q3 us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Exercises In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExercisesInPeriodWeightedAverageExercisePrice
18.90
CY2015Q3 us-gaap Stock Issued During Period Shares Stock Options Exercised
StockIssuedDuringPeriodSharesStockOptionsExercised
1400000 shares
CY2015Q3 dei Entity Registrant Name
EntityRegistrantName
MYRIAD GENETICS INC
CY2015Q3 us-gaap Number Of Reportable Segments
NumberOfReportableSegments
2 Segment
CY2015Q3 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.39
CY2015Q3 dei Document Fiscal Year Focus
DocumentFiscalYearFocus
2016
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UnrecognizedTaxBenefitsPeriodIncreaseDecrease
900000
CY2015Q3 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
72100000 shares
CY2015Q3 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.37
CY2015Q3 us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate
0.35 pure
CY2015Q3 us-gaap Sales Revenue Services Net
SalesRevenueServicesNet
171900000
CY2015Q3 us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
100000
CY2015Q3 us-gaap Operating Income Loss
OperatingIncomeLoss
43300000
CY2015Q3 us-gaap Increase Decrease In Inventories
IncreaseDecreaseInInventories
9200000
CY2015Q3 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"><b>(1)</b></td> <td align="left" valign="top"><b>BASIS OF PRESENTATION</b></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, 2015, included in the Company&#x2019;s Annual Report on Form 10-K for the fiscal year ended June&#xA0;30, 2015. Operating results for the three months ended September&#xA0;30, 2015 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:6pt; 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> </div>
CY2015Q3 us-gaap Excess Tax Benefit From Share Based Compensation Operating Activities
ExcessTaxBenefitFromShareBasedCompensationOperatingActivities
4900000
CY2015Q3 us-gaap Increase Decrease In Other Receivables
IncreaseDecreaseInOtherReceivables
-200000
CY2015Q3 us-gaap Comprehensive Income Net Of Tax
ComprehensiveIncomeNetOfTax
26500000
CY2015Q3 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
43500000
CY2015Q3 us-gaap Gain Loss On Disposition Of Assets
GainLossOnDispositionOfAssets
400000
CY2015Q3 us-gaap Revenues
Revenues
183500000
CY2015Q3 us-gaap Increase Decrease In Accounts Receivable
IncreaseDecreaseInAccountsReceivable
3600000
CY2015Q3 us-gaap Investment Income Interest
InvestmentIncomeInterest
100000
CY2015Q3 us-gaap Increase Decrease In Deferred Income Taxes
IncreaseDecreaseInDeferredIncomeTaxes
-11400000
CY2015Q3 us-gaap Nonoperating Income Expense
NonoperatingIncomeExpense
200000
CY2015Q3 us-gaap Payments To Acquire Productive Assets
PaymentsToAcquireProductiveAssets
1000000
CY2015Q3 us-gaap Net Income Loss
NetIncomeLoss
26600000
CY2015Q3 us-gaap Other Sales Revenue Net
OtherSalesRevenueNet
11600000
CY2015Q3 us-gaap Other Comprehensive Income Unrealized Holding Gain Loss On Securities Arising During Period Net Of Tax
OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodNetOfTax
100000
CY2015Q3 us-gaap Payments To Acquire Available For Sale Securities
PaymentsToAcquireAvailableForSaleSecurities
21800000
CY2015Q3 us-gaap Other Comprehensive Income Loss Foreign Currency Transaction And Translation Adjustment Net Of Tax
OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax
-200000
CY2015Q3 us-gaap Payments For Repurchase Of Common Stock
PaymentsForRepurchaseOfCommonStock
38000000
CY2015Q3 us-gaap Increase Decrease In Prepaid Taxes
IncreaseDecreaseInPrepaidTaxes
13500000
CY2015Q3 us-gaap Income Taxes Paid
IncomeTaxesPaid
18400000
CY2015Q3 us-gaap Increase Decrease In Prepaid Expense
IncreaseDecreaseInPrepaidExpense
-7000000
CY2015Q3 us-gaap Depreciation And Amortization
DepreciationAndAmortization
6800000
CY2015Q3 us-gaap Depreciation
Depreciation
3600000
CY2015Q3 us-gaap Net Cash Provided By Used In Financing Activities Continuing Operations
NetCashProvidedByUsedInFinancingActivitiesContinuingOperations
-10300000
CY2015Q3 us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
3200000
CY2015Q3 us-gaap Effect Of Exchange Rate On Cash And Cash Equivalents Continuing Operations
EffectOfExchangeRateOnCashAndCashEquivalentsContinuingOperations
-300000
CY2015Q3 us-gaap Cost Of Revenue
CostOfRevenue
30900000
CY2015Q3 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
16900000
CY2015Q3 us-gaap Proceeds From Issuance Of Shares Under Incentive And Share Based Compensation Plans Including Stock Options
ProceedsFromIssuanceOfSharesUnderIncentiveAndShareBasedCompensationPlansIncludingStockOptions
22800000
CY2015Q3 us-gaap Provision For Doubtful Accounts
ProvisionForDoubtfulAccounts
6000000
CY2015Q3 us-gaap Goodwill Acquired During Period
GoodwillAcquiredDuringPeriod
0
CY2015Q3 us-gaap Increase Decrease In Deferred Revenue
IncreaseDecreaseInDeferredRevenue
-100000
CY2015Q3 us-gaap Costs And Expenses
CostsAndExpenses
140200000
CY2015Q3 us-gaap Cash And Cash Equivalents Period Increase Decrease
CashAndCashEquivalentsPeriodIncreaseDecrease
23300000
CY2015Q3 us-gaap Defined Benefit Plan Contributions By Employer
DefinedBenefitPlanContributionsByEmployer
1500000
CY2015Q3 us-gaap Assets Fair Value Adjustment
AssetsFairValueAdjustment
100000
CY2015Q3 us-gaap Increase Decrease In Accounts Payable
IncreaseDecreaseInAccountsPayable
-5300000
CY2015Q3 us-gaap Excess Tax Benefit From Share Based Compensation Financing Activities
ExcessTaxBenefitFromShareBasedCompensationFinancingActivities
4900000
CY2015Q3 us-gaap Share Based Compensation
ShareBasedCompensation
8700000
CY2015Q3 us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
86500000
CY2015Q3 us-gaap Increase Decrease In Accrued Liabilities
IncreaseDecreaseInAccruedLiabilities
-5700000
CY2015Q3 us-gaap Proceeds From Sale And Maturity Of Marketable Securities
ProceedsFromSaleAndMaturityOfMarketableSecurities
31800000
CY2015Q3 us-gaap Goodwill Translation Adjustments
GoodwillTranslationAdjustments
100000
CY2015Q3 us-gaap Net Cash Provided By Used In Investing Activities Continuing Operations
NetCashProvidedByUsedInInvestingActivitiesContinuingOperations
9000000
CY2015Q3 us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
17200000
CY2015Q3 mygn Percent Of Employee Contribution To Deferred Savings Plan
PercentOfEmployeeContributionToDeferredSavingsPlan
0.50 pure
CY2015Q3 mygn Amount Charged To Retained Earnings As Result Of Stock Repurchases
AmountChargedToRetainedEarningsAsResultOfStockRepurchases
28500000
CY2015Q3 mygn Amount Of Reduction In Common Stock As Result Of Stock Repurchases
AmountOfReductionInCommonStockAsResultOfStockRepurchases
9500000
CY2015Q3 mygn Cost Of Pharmaceutical And Clinical Services
CostOfPharmaceuticalAndClinicalServices
5600000
CY2015Q3 mygn Employers Contribution Not To Exceed Percentage Of Employees Compensation
EmployersContributionNotToExceedPercentageOfEmployeesCompensation
0.04 pure

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