$MYGN
MYRIAD GENETICS INC

2016 Q3 Form 10-Q Financial Statement

#000119312516756511 Filed on November 02, 2016

View on sec.gov

Income Statement

Concept 2016 Q3 2015 Q3
Revenue $177.5M $183.5M
YoY Change -3.27% 8.71%
Cost Of Revenue $34.30M $30.90M
YoY Change 11.0% -5.79%
Gross Profit $143.2M $152.6M
YoY Change -6.16% 12.21%
Gross Profit Margin 80.68% 83.16%
Selling, General & Admin $111.9M $86.50M
YoY Change 29.36% 1.29%
% of Gross Profit 78.14% 56.68%
Research & Development $19.40M $17.20M
YoY Change 12.79% -23.89%
% of Gross Profit 13.55% 11.27%
Depreciation & Amortization $3.700M $3.600M
YoY Change 2.78% 38.46%
% of Gross Profit 2.58% 2.36%
Operating Expenses $131.3M $103.7M
YoY Change 26.62% -3.98%
Operating Profit $7.100M $43.30M
YoY Change -83.6% 67.18%
Interest Expense $700.0K $100.0K
YoY Change 600.0% 0.0%
% of Operating Profit 9.86% 0.23%
Other Income/Expense, Net -$2.200M $200.0K
YoY Change -1200.0% -565.12%
Pretax Income $4.900M $43.50M
YoY Change -88.74% 67.95%
Income Tax $5.600M $13.20M
% Of Pretax Income 114.29% 30.34%
Net Earnings -$700.0K $30.30M
YoY Change -102.31% 89.38%
Net Earnings / Revenue -0.39% 16.51%
Basic Earnings Per Share -$0.01 $0.44
Diluted Earnings Per Share -$0.01 $0.42
COMMON SHARES
Basic Shares Outstanding 68.80M 68.70M shares
Diluted Shares Outstanding 68.80M 72.10M shares

Balance Sheet

Concept 2016 Q3 2015 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $148.4M $155.4M
YoY Change -4.5% -2.63%
Cash & Equivalents $86.90M $87.40M
Short-Term Investments $61.50M $68.00M
Other Short-Term Assets $17.80M $32.60M
YoY Change -45.4% -49.06%
Inventory $53.90M $34.30M
Prepaid Expenses
Receivables $98.20M $83.40M
Other Receivables $4.600M $1.600M
Total Short-Term Assets $322.9M $307.3M
YoY Change 5.08% -8.37%
LONG-TERM ASSETS
Property, Plant & Equipment $56.80M $64.90M
YoY Change -12.48% 49.46%
Goodwill $312.8M $177.3M
YoY Change 76.42% 4.8%
Intangibles $521.2M $189.4M
YoY Change 175.18% -6.22%
Long-Term Investments $52.20M $43.10M
YoY Change 21.11% -20.33%
Other Assets $5.000M $5.000M
YoY Change 0.0% 0.0%
Total Long-Term Assets $948.0M $479.7M
YoY Change 97.62% 1.28%
TOTAL ASSETS
Total Short-Term Assets $322.9M $307.3M
Total Long-Term Assets $948.0M $479.7M
Total Assets $1.271B $787.0M
YoY Change 61.49% -2.72%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $19.90M $15.80M
YoY Change 25.95% -38.59%
Accrued Expenses $54.80M $41.80M
YoY Change 31.1% 2.82%
Deferred Revenue
YoY Change
Short-Term Debt $200.0M $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $274.9M $59.00M
YoY Change 365.93% -12.88%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00
YoY Change
Other Long-Term Liabilities $1.100M $2.200M
YoY Change -50.0% -91.02%
Total Long-Term Liabilities $1.100M $2.200M
YoY Change -50.0% -91.02%
TOTAL LIABILITIES
Total Short-Term Liabilities $274.9M $59.00M
Total Long-Term Liabilities $1.100M $2.200M
Total Liabilities $535.6M $99.90M
YoY Change 436.14% 3.14%
SHAREHOLDERS EQUITY
Retained Earnings -$86.50M -$78.80M
YoY Change 9.77% 351.6%
Common Stock $827.6M $773.0M
YoY Change 7.06% 105935.67%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $735.5M $687.1M
YoY Change
Total Liabilities & Shareholders Equity $1.271B $787.0M
YoY Change 61.49% -2.72%

Cashflow Statement

Concept 2016 Q3 2015 Q3
OPERATING ACTIVITIES
Net Income -$700.0K $30.30M
YoY Change -102.31% 89.38%
Depreciation, Depletion And Amortization $3.700M $3.600M
YoY Change 2.78% 38.46%
Cash From Operating Activities -$2.900M $29.80M
YoY Change -109.73% 325.71%
INVESTING ACTIVITIES
Capital Expenditures -$1.500M -$1.000M
YoY Change 50.0% -91.3%
Acquisitions $213.0M
YoY Change
Other Investing Activities -$156.5M $10.00M
YoY Change -1665.0% -74.42%
Cash From Investing Activities -$158.0M $9.000M
YoY Change -1855.56% -67.39%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $21.30M $38.00M
YoY Change -43.95% -16.67%
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 175.8M -15.20M
YoY Change -1256.58% -47.4%
NET CHANGE
Cash From Operating Activities -2.900M 29.80M
Cash From Investing Activities -158.0M 9.000M
Cash From Financing Activities 175.8M -15.20M
Net Change In Cash 14.90M 23.60M
YoY Change -36.86% 314.04%
FREE CASH FLOW
Cash From Operating Activities -$2.900M $29.80M
Capital Expenditures -$1.500M -$1.000M
Free Cash Flow -$1.400M $30.80M
YoY Change -104.55% 66.49%

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<div> <table style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td valign="top" width="6%" align="left"><b>(1)</b></td> <td valign="top" align="left"><b>BASIS OF PRESENTATION</b></td> </tr> </table> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-LEFT: 6%; MARGIN-TOP: 6pt"> The accompanying condensed consolidated financial statements have been prepared by Myriad Genetics, Inc. (the &#x201C;Company&#x201D; or &#x201C;Myriad&#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, 2016, included in the Company&#x2019;s Annual Report on Form 10-K for the fiscal year ended June&#xA0;30, 2016. Operating results for the three months ended September&#xA0;30, 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; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-LEFT: 6%; MARGIN-TOP: 6pt"> The consolidated financial statements include the accounts of the Company&#x2019;s majority-owned subsidiary, Assurex Canada. Assurex Canada, Ltd. is 85% owned by Assurex Health, Inc. and 15% owned by the Centre for Addiction and Mental Health (&#x201C;CAMH&#x201D;). Assurex Canada, Ltd. is a consolidated subsidiary of Assurex Health, Inc. The value of the non-controlling interest represents the portion of Assurex Canada Ltd.&#x2019;s profit or loss and net assets that is not held by Assurex Health, Inc. The Company attributes comprehensive income or loss of the subsidiary between the Company and the non-controlling interest based on the respective ownership interest.</p> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-LEFT: 6%; MARGIN-TOP: 6pt"> 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; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-LEFT: 6%; MARGIN-TOP: 18pt"> <b>New Accounting Pronouncements</b></p> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-LEFT: 6%; MARGIN-TOP: 6pt"> 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; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-LEFT: 6%; MARGIN-TOP: 6pt"> In May 2014, the Financial Accounting Standards Board issued ASU No.&#xA0;2014-09, &#x201C;Revenue from Contracts with Customers.&#x201D; Under the new standard, revenue is recognized at the time a good or service is transferred to a customer for the amount of consideration received for that specific good or service. In July 2015, the FASB voted to defer the effective date by one year to December&#xA0;15, 2017 for interim and annual reporting periods beginning after that date. Early adoption is permitted for interim and annual periods beginning after the original effective date of December&#xA0;15, 2016. Companies may use either a full retrospective or a modified retrospective approach to adopt the standard. We are currently evaluating the impact the adoption of this standard will have on our consolidated financial statements.</p> </div>
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-0.28
CY2016Q3 dei Current Fiscal Year End Date
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CY2016Q3 dei Document Period End Date
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2016-09-30
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EarningsPerShareBasic
-0.02
CY2016Q3 dei Entity Filer Category
EntityFilerCategory
Large Accelerated Filer
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300000 shares
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StockIssuedDuringPeriodSharesStockOptionsExercised
100000 shares
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1.30 pure
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MYRIAD GENETICS INC
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2 Segment
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Options and restricted stock units granted to our non-employee directors vest in full upon the earlier of (i) one full year of service on the Board following date of grant or (ii) the date of the next annual meeting of stockholders.
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PaymentsForRepurchaseOfCommonStock
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PaymentsToAcquireBusinessesNetOfCashAcquired
213000000
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OtherSalesRevenueNet
12400000
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PaymentsToAcquireProductiveAssets
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OperatingIncomeLoss
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IncreaseDecreaseInPrepaidTaxes
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13000000
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5900000
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400000
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IncomeTaxesPaid
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CY2016Q3 us-gaap Comprehensive Income Net Of Tax Attributable To Noncontrolling Interest
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CY2016Q3 mygn Amount Charged To Retained Earnings As Result Of Stock Repurchases
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CY2016Q3 mygn Employers Contribution Not To Exceed Percentage Of Employees Compensation
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CY2016Q3 mygn Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Liability Purchase Accounting Current Period Adjustments
FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisLiabilityPurchaseAccountingCurrentPeriodAdjustments
500000

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