2016 Q2 Form 10-Q Financial Statement

#000119312516576683 Filed on May 04, 2016

View on sec.gov

Income Statement

Concept 2016 Q2 2016 Q1 2015 Q1
Revenue $186.4M $190.5M $180.0M
YoY Change -1.84% 5.83% -1.6%
Cost Of Revenue $40.00M $33.60M $33.00M
YoY Change 4.17% 1.82% 39.55%
Gross Profit $146.4M $156.9M $147.0M
YoY Change -3.37% 6.73% -7.71%
Gross Profit Margin 78.54% 82.36% 81.67%
Selling, General & Admin $91.30M $90.50M $91.30M
YoY Change -5.49% -0.88% 4.19%
% of Gross Profit 62.36% 57.68% 62.11%
Research & Development $19.50M $17.20M $16.70M
YoY Change 4.28% 2.99% 24.65%
% of Gross Profit 13.32% 10.96% 11.36%
Depreciation & Amortization $6.700M $3.500M $3.300M
YoY Change 1.52% 6.06% -5.71%
% of Gross Profit 4.58% 2.23% 2.24%
Operating Expenses $110.8M $107.7M $108.0M
YoY Change -3.9% -0.28% 6.9%
Operating Profit $35.60M $42.60M $35.70M
YoY Change -1.66% 19.33% -35.43%
Interest Expense $400.0K $300.0K $100.0K
YoY Change 300.0% 200.0% -96.0%
% of Operating Profit 1.12% 0.7% 0.28%
Other Income/Expense, Net $1.200M $500.0K -$200.0K
YoY Change -250.0% -350.0% -109.73%
Pretax Income $37.20M $43.10M $35.50M
YoY Change 4.79% 21.41% -38.09%
Income Tax $1.500M $10.50M $14.10M
% Of Pretax Income 4.03% 24.36% 39.72%
Net Earnings $35.70M $32.60M $21.40M
YoY Change 90.91% 52.34% -41.8%
Net Earnings / Revenue 19.15% 17.11% 11.89%
Basic Earnings Per Share $0.46 $0.30
Diluted Earnings Per Share $482.4K $0.44 $0.29
COMMON SHARES
Basic Shares Outstanding 70.30M shares 70.90M shares 70.70M shares
Diluted Shares Outstanding 73.50M shares 73.90M shares

Balance Sheet

Concept 2016 Q2 2016 Q1 2015 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $159.0M $216.7M $134.4M
YoY Change 9.81% 61.24% -36.66%
Cash & Equivalents $68.50M $120.5M $55.20M
Short-Term Investments $90.50M $96.20M $79.20M
Other Short-Term Assets $22.20M $36.40M $23.50M
YoY Change -14.62% 54.89% 10.85%
Inventory $38.30M $25.30M $29.36M
Prepaid Expenses
Receivables $91.70M $91.10M $92.20M
Other Receivables $3.300M $2.900M $2.992M
Total Short-Term Assets $314.5M $372.4M $282.4M
YoY Change 10.9% 31.86% -16.48%
LONG-TERM ASSETS
Property, Plant & Equipment $58.30M $60.00M $69.10M
YoY Change -13.24% -13.17% 111.54%
Goodwill $195.3M $177.9M $185.2M
YoY Change 10.21% -3.96% 11.08%
Intangibles $227.5M $183.2M $195.7M
YoY Change 18.12% -6.38% -6.05%
Long-Term Investments $79.90M $69.70M $41.20M
YoY Change 96.8% 69.17% -37.2%
Other Assets $5.000M $5.000M $5.000M
YoY Change 0.0% 0.0% 0.0%
Total Long-Term Assets $566.0M $495.8M $496.6M
YoY Change 17.28% -0.17% 3.84%
TOTAL ASSETS
Total Short-Term Assets $314.5M $372.4M $282.4M
Total Long-Term Assets $566.0M $495.8M $496.6M
Total Assets $880.5M $868.2M $779.0M
YoY Change 14.92% 11.44% -4.58%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $21.10M $13.80M $17.96M
YoY Change 0.0% -23.14% -5.18%
Accrued Expenses $49.50M $50.80M $47.88M
YoY Change 7.38% 6.1% -6.31%
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 $72.30M $66.10M $67.17M
YoY Change 5.24% -1.6% -6.91%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $0.00
YoY Change
Other Long-Term Liabilities $7.800M $2.000M $6.420M
YoY Change 100.0% -68.85% -52.79%
Total Long-Term Liabilities $7.800M $2.000M $6.420M
YoY Change 100.0% -68.85% -52.79%
TOTAL LIABILITIES
Total Short-Term Liabilities $72.30M $66.10M $67.17M
Total Long-Term Liabilities $7.800M $2.000M $6.420M
Total Liabilities $132.4M $98.00M $110.2M
YoY Change 27.19% -11.03% 16.95%
SHAREHOLDERS EQUITY
Retained Earnings -$73.20M -$69.20M -$62.28M
YoY Change -4.94% 11.11% -430.15%
Common Stock $830.8M $847.7M $700.0K
YoY Change 11.35% 121000.0% -6.04%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $739.6M $770.2M $668.9M
YoY Change
Total Liabilities & Shareholders Equity $880.5M $868.2M $779.0M
YoY Change 14.92% 11.44% -4.58%

Cashflow Statement

Concept 2016 Q2 2016 Q1 2015 Q1
OPERATING ACTIVITIES
Net Income $35.70M $32.60M $21.40M
YoY Change 90.91% 52.34% -41.8%
Depreciation, Depletion And Amortization $6.700M $3.500M $3.300M
YoY Change 1.52% 6.06% -5.71%
Cash From Operating Activities $38.50M $45.90M $29.90M
YoY Change -24.51% 53.51% 164.6%
INVESTING ACTIVITIES
Capital Expenditures -$2.200M -$700.0K -$4.500M
YoY Change 10.0% -84.44% 181.25%
Acquisitions
YoY Change
Other Investing Activities -$41.60M -$15.40M $29.30M
YoY Change 5100.0% -152.56% 29200.0%
Cash From Investing Activities -$43.80M -$16.10M $24.90M
YoY Change 1464.29% -164.66% -1760.0%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -46.30M -44.00M -56.00M
YoY Change 15.17% -21.43% -1700.0%
NET CHANGE
Cash From Operating Activities 38.50M 45.90M 29.90M
Cash From Investing Activities -43.80M -16.10M 24.90M
Cash From Financing Activities -46.30M -44.00M -56.00M
Net Change In Cash -51.60M -14.20M -1.200M
YoY Change -745.0% 1083.33% -109.02%
FREE CASH FLOW
Cash From Operating Activities $38.50M $45.90M $29.90M
Capital Expenditures -$2.200M -$700.0K -$4.500M
Free Cash Flow $40.70M $46.60M $34.40M
YoY Change -23.21% 35.47% 166.67%

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<div> <table style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; BORDER-COLLAPSE: collapse; TEXT-TRANSFORM: none; WORD-SPACING: 0px; WIDOWS: 1; 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"><b>(1)</b></td> <td valign="top" align="left"><b>BASIS OF PRESENTATION</b></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; WIDOWS: 1; 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, 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 and nine months ended March&#xA0;31, 2016 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; WIDOWS: 1; 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; WIDOWS: 1; MARGIN-TOP: 18pt; LETTER-SPACING: normal; TEXT-INDENT: 0px; -webkit-text-stroke-width: 0px"> <b>New Accounting Pronouncements</b></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; WIDOWS: 1; MARGIN-TOP: 6pt; LETTER-SPACING: normal; TEXT-INDENT: 0px; -webkit-text-stroke-width: 0px"> In February 2016, the FASB issued Accounting Standards Update 2016-02, Leases (&#x201C;ASU 2016-02&#x201D;). ASU 2016-02 amends the existing accounting standards for lease accounting, including requiring lessees to recognize most leases on their balance sheets and making targeted changes to lessor accounting. ASU 2016-02 will be effective beginning in the first quarter of 2019. Early adoption of ASU 2016-02 is permitted. ASU 2016-02 requires a modified retrospective transition approach for all leases existing at, or entered into after, the date of initial application, with an option to use certain transition relief. The Company&#x2019;s management is currently evaluating the impact of adopting ASU 2016-02 on the Company&#x2019;s consolidated financial statements.</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; WIDOWS: 1; MARGIN-TOP: 6pt; LETTER-SPACING: normal; TEXT-INDENT: 0px; -webkit-text-stroke-width: 0px"> In March 2016, the FASB issued Accounting Standards Update No.&#xA0;2016-09, Compensation&#x2014;Stock Compensation (Topic 718). (&#x201C;ASU 2016-09&#x201D;), ASU 2016-09 makes several modifications to Topic 718 related to the accounting for forfeitures, employer tax withholding on share-based compensation and the financial statement presentation of excess tax benefits or deficiencies. ASU 2016-09 also clarifies the statement of cash flows presentation for certain components of share-based awards. ASU 2016-09 is effective for interim and annual reporting periods beginning after December&#xA0;15, 2016, although early adoption is permitted. The Company&#x2019;s management is currently evaluating how the adoption of ASU 2016-09 will impact the Company&#x2019;s Consolidated Financial Statements.</p> </div>
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