2017 Q1 Form 10-Q Financial Statement

#000156459017008267 Filed on May 03, 2017

View on sec.gov

Income Statement

Concept 2017 Q1 2016 Q2 2016 Q1
Revenue $196.9M $186.4M $190.5M
YoY Change 3.36% -1.84% 5.83%
Cost Of Revenue $37.90M $40.00M $33.60M
YoY Change 12.8% 4.17% 1.82%
Gross Profit $159.0M $146.4M $156.9M
YoY Change 1.34% -3.37% 6.73%
Gross Profit Margin 80.75% 78.54% 82.36%
Selling, General & Admin $122.1M $91.30M $90.50M
YoY Change 34.92% -5.49% -0.88%
% of Gross Profit 76.79% 62.36% 57.68%
Research & Development $17.60M $19.50M $17.20M
YoY Change 2.33% 4.28% 2.99%
% of Gross Profit 11.07% 13.32% 10.96%
Depreciation & Amortization $3.700M $6.700M $3.500M
YoY Change 5.71% 1.52% 6.06%
% of Gross Profit 2.33% 4.58% 2.23%
Operating Expenses $139.7M $110.8M $107.7M
YoY Change 29.71% -3.9% -0.28%
Operating Profit $5.500M $35.60M $42.60M
YoY Change -87.09% -1.66% 19.33%
Interest Expense $1.500M $400.0K $300.0K
YoY Change 400.0% 300.0% 200.0%
% of Operating Profit 27.27% 1.12% 0.7%
Other Income/Expense, Net $300.0K $1.200M $500.0K
YoY Change -40.0% -250.0% -350.0%
Pretax Income $5.800M $37.20M $43.10M
YoY Change -86.54% 4.79% 21.41%
Income Tax $3.000M $1.500M $10.50M
% Of Pretax Income 51.72% 4.03% 24.36%
Net Earnings $2.800M $35.70M $32.60M
YoY Change -91.41% 90.91% 52.34%
Net Earnings / Revenue 1.42% 19.15% 17.11%
Basic Earnings Per Share $0.04 $0.46
Diluted Earnings Per Share $0.04 $482.4K $0.44
COMMON SHARES
Basic Shares Outstanding 68.10M 70.30M shares 70.90M shares
Diluted Shares Outstanding 68.30M 73.50M shares

Balance Sheet

Concept 2017 Q1 2016 Q2 2016 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $172.1M $159.0M $216.7M
YoY Change -20.58% 9.81% 61.24%
Cash & Equivalents $123.8M $68.50M $120.5M
Short-Term Investments $48.30M $90.50M $96.20M
Other Short-Term Assets $9.600M $22.20M $36.40M
YoY Change -73.63% -14.62% 54.89%
Inventory $47.40M $38.30M $25.30M
Prepaid Expenses
Receivables $114.8M $91.70M $91.10M
Other Receivables $4.400M $3.300M $2.900M
Total Short-Term Assets $348.3M $314.5M $372.4M
YoY Change -6.47% 10.9% 31.86%
LONG-TERM ASSETS
Property, Plant & Equipment $53.00M $58.30M $60.00M
YoY Change -11.67% -13.24% -13.17%
Goodwill $315.0M $195.3M $177.9M
YoY Change 77.07% 10.21% -3.96%
Intangibles $498.1M $227.5M $183.2M
YoY Change 171.89% 18.12% -6.38%
Long-Term Investments $53.40M $79.90M $69.70M
YoY Change -23.39% 96.8% 69.17%
Other Assets $5.000M $5.000M
YoY Change 0.0% 0.0%
Total Long-Term Assets $919.5M $566.0M $495.8M
YoY Change 85.46% 17.28% -0.17%
TOTAL ASSETS
Total Short-Term Assets $348.3M $314.5M $372.4M
Total Long-Term Assets $919.5M $566.0M $495.8M
Total Assets $1.268B $880.5M $868.2M
YoY Change 46.03% 14.92% 11.44%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $26.80M $21.10M $13.80M
YoY Change 94.2% 0.0% -23.14%
Accrued Expenses $49.30M $49.50M $50.80M
YoY Change -2.95% 7.38% 6.1%
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 $221.7M $72.30M $66.10M
YoY Change 235.4% 5.24% -1.6%
LONG-TERM LIABILITIES
Long-Term Debt $167.1M $0.00 $0.00
YoY Change
Other Long-Term Liabilities $21.50M $7.800M $2.000M
YoY Change 975.0% 100.0% -68.85%
Total Long-Term Liabilities $21.50M $7.800M $2.000M
YoY Change 975.0% 100.0% -68.85%
TOTAL LIABILITIES
Total Short-Term Liabilities $221.7M $72.30M $66.10M
Total Long-Term Liabilities $21.50M $7.800M $2.000M
Total Liabilities $519.9M $132.4M $98.00M
YoY Change 430.51% 27.19% -11.03%
SHAREHOLDERS EQUITY
Retained Earnings -$81.40M -$73.20M -$69.20M
YoY Change 17.63% -4.94% 11.11%
Common Stock $840.2M $830.8M $847.7M
YoY Change -0.88% 11.35% 121000.0%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $748.2M $739.6M $770.2M
YoY Change
Total Liabilities & Shareholders Equity $1.268B $880.5M $868.2M
YoY Change 46.03% 14.92% 11.44%

Cashflow Statement

Concept 2017 Q1 2016 Q2 2016 Q1
OPERATING ACTIVITIES
Net Income $2.800M $35.70M $32.60M
YoY Change -91.41% 90.91% 52.34%
Depreciation, Depletion And Amortization $3.700M $6.700M $3.500M
YoY Change 5.71% 1.52% 6.06%
Cash From Operating Activities $41.10M $38.50M $45.90M
YoY Change -10.46% -24.51% 53.51%
INVESTING ACTIVITIES
Capital Expenditures -$1.500M -$2.200M -$700.0K
YoY Change 114.29% 10.0% -84.44%
Acquisitions
YoY Change
Other Investing Activities $11.00M -$41.60M -$15.40M
YoY Change -171.43% 5100.0% -152.56%
Cash From Investing Activities $9.500M -$43.80M -$16.10M
YoY Change -159.01% 1464.29% -164.66%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -36.70M -46.30M -44.00M
YoY Change -16.59% 15.17% -21.43%
NET CHANGE
Cash From Operating Activities 41.10M 38.50M 45.90M
Cash From Investing Activities 9.500M -43.80M -16.10M
Cash From Financing Activities -36.70M -46.30M -44.00M
Net Change In Cash 13.90M -51.60M -14.20M
YoY Change -197.89% -745.0% 1083.33%
FREE CASH FLOW
Cash From Operating Activities $41.10M $38.50M $45.90M
Capital Expenditures -$1.500M -$2.200M -$700.0K
Free Cash Flow $42.60M $40.70M $46.60M
YoY Change -8.58% -23.21% 35.47%

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<div> <div align="left"> <table border="0" cellspacing="0" cellpadding="0" style="border-collapse:collapse; width:100%;"> <tr> <td valign="top" style="width:4.54%;white-space:nowrap"> <p style="margin-top:12pt;margin-bottom:0pt;font-weight:bold;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;"><font style="font-weight:bold;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;">(1)</font></p></td> <td valign="top"> <p style="margin-top:12pt;margin-bottom:0pt;font-weight:bold;font-style:normal;text-transform:none;font-variant: normal;font-family:Times New Roman;font-size:10pt;">BASIS OF PRESENTATION</p></td></tr></table></div> <p style="margin-top:6pt;margin-bottom:0pt;margin-left:4.54%;text-indent:0%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">The accompanying condensed consolidated financial statements have been prepared by Myriad Genetics, Inc. (the &#8220;Company&#8221; or &#8220;Myriad&#8221;) in accordance with U.S. generally accepted accounting principles (&#8220;GAAP&#8221;) for interim financial information and pursuant to the applicable rules and regulations of the Securities and Exchange Commission (&#8220;SEC&#8221;). The condensed consolidated financial statements include the accounts of the Company and its wholly owned subsidiaries.&nbsp;&nbsp;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&#8217;s audited consolidated financial statements and notes thereto for the fiscal year ended June 30, 2016, included in the Company&#8217;s Annual Report on Form 10-K for the fiscal year ended June 30, 2016. Operating results for the three and nine months ended March 31, 2017 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:4.54%;text-indent:0%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">The consolidated financial statements include the accounts of the Company&#8217;s majority-owned subsidiary, Assurex Canada, Ltd. which is 85% owned by Assurex Health, Inc. (&#8220;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.&#8217;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-top:6pt;margin-bottom:0pt;margin-left:4.54%;text-indent:0%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">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-top:6pt;margin-bottom:0pt;margin-left:4.54%;text-indent:0%;font-weight:bold;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;">New Accounting Pronouncements</p> <p style="margin-top:6pt;margin-bottom:0pt;margin-left:4.54%;text-indent:0%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">In February 2016, the FASB issued Accounting Standards Update 2016-02, Leases (&#8220;ASU 2016-02&#8221;). 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&#8217;s management is currently evaluating the impact of adopting ASU 2016-02 on the Company&#8217;s consolidated financial statements.</p> <p style="margin-top:6pt;margin-bottom:0pt;margin-left:4.54%;text-indent:0%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">In May 2014, the Financial Accounting Standards Board issued ASU No. 2014-09, "Revenue from Contracts with Customers."&nbsp;&nbsp;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.&nbsp;&nbsp; In July 2015, the FASB voted to defer the effective date by one year to December 15, 2017 for interim and annual reporting periods beginning after that date.&nbsp;&nbsp;Early adoption is permitted for interim and annual periods beginning after the original effective date of December 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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