$MYGN
MYRIAD GENETICS INC

2016 Q4 Form 10-Q Financial Statement

#000119312517034263 Filed on February 08, 2017

View on sec.gov

Income Statement

Concept 2016 Q4 2015 Q4
Revenue $196.5M $193.3M
YoY Change 1.66% 4.83%
Cost Of Revenue $37.40M $34.10M
YoY Change 9.68% -2.85%
Gross Profit $159.1M $159.2M
YoY Change -0.06% 6.63%
Gross Profit Margin 80.97% 82.36%
Selling, General & Admin $120.3M $90.80M
YoY Change 32.49% -2.05%
% of Gross Profit 75.61% 57.04%
Research & Development $18.60M $16.70M
YoY Change 11.38% -4.57%
% of Gross Profit 11.69% 10.49%
Depreciation & Amortization $3.600M $3.600M
YoY Change 0.0% 24.14%
% of Gross Profit 2.26% 2.26%
Operating Expenses $138.9M $107.5M
YoY Change 29.21% -2.45%
Operating Profit $17.20M $45.20M
YoY Change -61.95% 24.52%
Interest Expense $2.600M $100.0K
YoY Change 2500.0% 0.0%
% of Operating Profit 15.12% 0.22%
Other Income/Expense, Net -$4.900M -$200.0K
YoY Change 2350.0% -112.5%
Pretax Income $12.30M $45.00M
YoY Change -72.67% 18.73%
Income Tax $6.200M $7.900M
% Of Pretax Income 50.41% 17.56%
Net Earnings $6.100M $37.10M
YoY Change -83.56% 54.58%
Net Earnings / Revenue 3.1% 19.19%
Basic Earnings Per Share $0.09 $0.53
Diluted Earnings Per Share $0.09 $0.50
COMMON SHARES
Basic Shares Outstanding 68.20M 70.50M shares
Diluted Shares Outstanding 68.30M 73.80M shares

Balance Sheet

Concept 2016 Q4 2015 Q4
SHORT-TERM ASSETS
Cash & Short-Term Investments $162.5M $219.3M
YoY Change -25.9% 32.83%
Cash & Equivalents $108.0M $134.7M
Short-Term Investments $54.40M $84.60M
Other Short-Term Assets $16.30M $37.70M
YoY Change -56.76% -21.95%
Inventory $51.30M $29.10M
Prepaid Expenses
Receivables $107.6M $84.30M
Other Receivables $3.900M $5.100M
Total Short-Term Assets $341.6M $375.5M
YoY Change -9.03% 17.31%
LONG-TERM ASSETS
Property, Plant & Equipment $54.70M $61.70M
YoY Change -11.35% 32.81%
Goodwill $315.4M $177.0M
YoY Change 78.19% 4.62%
Intangibles $506.4M $186.3M
YoY Change 171.82% -6.3%
Long-Term Investments $55.50M $66.20M
YoY Change -16.16% 56.5%
Other Assets $2.500M $5.000M
YoY Change -50.0% 0.0%
Total Long-Term Assets $934.5M $496.2M
YoY Change 88.33% 7.46%
TOTAL ASSETS
Total Short-Term Assets $341.6M $375.5M
Total Long-Term Assets $934.5M $496.2M
Total Assets $1.276B $871.7M
YoY Change 46.39% 11.49%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $22.90M $16.50M
YoY Change 38.79% -1.98%
Accrued Expenses $57.70M $47.90M
YoY Change 20.46% 16.32%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $82.80M $65.90M
YoY Change 25.64% 10.13%
LONG-TERM LIABILITIES
Long-Term Debt $204.0M $0.00
YoY Change
Other Long-Term Liabilities $145.9M $2.000M
YoY Change 7195.0% -92.09%
Total Long-Term Liabilities $145.9M $2.000M
YoY Change 7195.0% -92.09%
TOTAL LIABILITIES
Total Short-Term Liabilities $82.80M $65.90M
Total Long-Term Liabilities $145.9M $2.000M
Total Liabilities $543.4M $100.9M
YoY Change 438.55% 15.17%
SHAREHOLDERS EQUITY
Retained Earnings -$85.70M -$68.60M
YoY Change 24.93% 85.53%
Common Stock $832.5M $848.5M
YoY Change -1.89% 117911.13%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $732.9M $770.8M
YoY Change
Total Liabilities & Shareholders Equity $1.276B $871.7M
YoY Change 46.39% 11.49%

Cashflow Statement

Concept 2016 Q4 2015 Q4
OPERATING ACTIVITIES
Net Income $6.100M $37.10M
YoY Change -83.56% 54.58%
Depreciation, Depletion And Amortization $3.600M $3.600M
YoY Change 0.0% 24.14%
Cash From Operating Activities $31.40M $52.10M
YoY Change -39.73% -0.95%
INVESTING ACTIVITIES
Capital Expenditures -$2.400M -$1.100M
YoY Change 118.18% -81.36%
Acquisitions
YoY Change
Other Investing Activities $300.0K -$39.40M
YoY Change -100.76% 1307.14%
Cash From Investing Activities -$2.100M -$40.50M
YoY Change -94.81% 360.23%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -4.000M 37.20M
YoY Change -110.75% -171.26%
NET CHANGE
Cash From Operating Activities 31.40M 52.10M
Cash From Investing Activities -2.100M -40.50M
Cash From Financing Activities -4.000M 37.20M
Net Change In Cash 25.30M 48.80M
YoY Change -48.16% -680.95%
FREE CASH FLOW
Cash From Operating Activities $31.40M $52.10M
Capital Expenditures -$2.400M -$1.100M
Free Cash Flow $33.80M $53.20M
YoY Change -36.47% -9.06%

Facts In Submission

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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="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; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-LEFT: 4%; 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 and six months ended December&#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; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-LEFT: 4%; MARGIN-TOP: 12pt"> The consolidated financial statements include the accounts of the Company&#x2019;s majority-owned subsidiary, Assurex Canada, Ltd. which is 85% owned by Assurex Health, Inc. (&#x201C;Assurex), a wholly owned subsidiary of the Company, and 15% owned by the Centre for Addiction and Mental Health. 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: 4%; MARGIN-TOP: 12pt"> 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: 4%; MARGIN-TOP: 18pt"> <b>New Accounting Pronouncements</b></p> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-LEFT: 4%; 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: 4%; MARGIN-TOP: 12pt"> 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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CY2016Q4 us-gaap Business Acquisitions Pro Forma Revenue
BusinessAcquisitionsProFormaRevenue
196500000
CY2016Q4 us-gaap Depreciation
Depreciation
3600000
CY2016Q4 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
6200000
CY2016Q4 us-gaap Interest Expense
InterestExpense
2600000
CY2016Q4 us-gaap Share Based Compensation
ShareBasedCompensation
7400000
CY2016Q4 us-gaap Defined Benefit Plan Contributions By Employer
DefinedBenefitPlanContributionsByEmployer
1400000
CY2016Q4 us-gaap Depreciation And Amortization
DepreciationAndAmortization
13000000
CY2016Q4 us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
120300000
CY2016Q4 us-gaap Costs And Expenses
CostsAndExpenses
183300000
CY2016Q4 us-gaap Net Income Loss Attributable To Noncontrolling Interest
NetIncomeLossAttributableToNoncontrollingInterest
0
CY2016Q4 us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
18600000
CY2016Q4 us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
9300000
CY2016Q4 us-gaap Comprehensive Income Net Of Tax Attributable To Noncontrolling Interest
ComprehensiveIncomeNetOfTaxAttributableToNoncontrollingInterest
0
CY2016Q4 us-gaap Cost Of Revenue
CostOfRevenue
37400000
CY2016Q4 mygn Cost Of Pharmaceutical And Clinical Services
CostOfPharmaceuticalAndClinicalServices
7000000
CY2016Q4 mygn Amount Of Reduction In Common Stock As Result Of Stock Repurchases
AmountOfReductionInCommonStockAsResultOfStockRepurchases
5400000
CY2016Q4 mygn Amount Charged To Retained Earnings As Result Of Stock Repurchases
AmountChargedToRetainedEarningsAsResultOfStockRepurchases
4800000

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