Document and Entity Information - USD ($)	12 Months Ended
Document and Entity Information - USD ($)	Jun. 30, 2016	Aug. 01, 2016	Dec. 31, 2015
Document And Entity Information [Abstract]
Document Type	10-K
Amendment Flag	false
Document Period End Date	Jun. 30, 2016
Document Fiscal Year Focus	2016
Document Fiscal Period Focus	FY
Trading Symbol	MYGN
Entity Registrant Name	MYRIAD GENETICS INC
Entity Central Index Key	0000899923
Current Fiscal Year End Date	--06-30
Entity Well-known Seasoned Issuer	Yes
Entity Current Reporting Status	Yes
Entity Voluntary Filers	No
Entity Filer Category	Large Accelerated Filer
Entity Common Stock, Shares Outstanding		69,134,651
Entity Public Float			$ 3,028,034,947

Consolidated Balance Sheets - USD ($) $ in Millions	Jun. 30, 2016	Jun. 30, 2015
Current assets:
Cash and cash equivalents	$ 68.5	$ 64.1
Marketable investment securities	90.5	80.7
Prepaid expenses	18.4	12.5
Inventory	38.3	25.1
Trade accounts receivable, less allowance for doubtful accounts of $6.8 in 2016 and $7.6 in 2015	91.7	85.8
Deferred taxes		13.5
Prepaid taxes	3.8
Other receivables	3.3	1.9
Total current assets	314.5	283.6
Property, plant and equipment, net	58.3	67.2
Long-term marketable investment securities	79.9	40.6
Intangibles, net	227.5	192.6
Goodwill	195.3	177.2
Other assets	5.0	5.0
Total assets	880.5	766.2
Current liabilities:
Accounts payable	21.1	21.1
Accrued liabilities	49.5	46.1
Deferred revenue	1.7	1.5
Total current liabilities	72.3	68.7
Unrecognized tax benefits	24.0	26.4
Other long-term liabilities	18.2	8.8
Long-term deferred taxes	17.9	0.2
Total liabilities	132.4	104.1
Commitments and contingencies
Stockholders' equity:
Common stock, 69.1 and 68.9 shares outstanding at June 30, 2016 and 2015 respectively	0.7	0.7
Additional paid-in capital	830.1	745.4
Accumulated other comprehensive loss	(9.5)	(7.0)
Accumulated deficit	(73.2)	(77.0)
Total stockholders' equity	748.1	662.1
Total liabilities and stockholders' equity	$ 880.5	$ 766.2

Consolidated Balance Sheets (Parenthetical) - USD ($) shares in Millions, $ in Millions	Jun. 30, 2016	Jun. 30, 2015
Statement of Financial Position [Abstract]
Allowance for doubtful accounts	$ 6.8	$ 7.6
Common stock, shares outstanding	69.1	68.9

Consolidated Statements of Operations - USD ($) shares in Millions, $ in Millions	12 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2014
Income Statement [Abstract]
Molecular diagnostic testing	$ 705.7	$ 695.5	$ 748.2
Pharmaceutical and clinical services	48.1	27.6	30.0
Total revenue	753.8	723.1	778.2
Costs and expenses:
Cost of molecular diagnostic testing	132.8	132.8	96.1
Cost of pharmaceutical and clinical services	24.5	14.6	13.1
Research and development expense	70.6	75.5	67.5
Selling, general, and administrative expense	359.1	366.0	327.1
Total costs and expenses	587.0	588.9	503.8
Operating income	166.8	134.2	274.4
Other income (expense):
Interest income	0.9	0.4	5.4
Other	1.2	0.3	(2.0)
Total other income:	2.1	0.7	3.4
Income before income tax	168.9	134.9	277.8
Income tax provision	43.6	54.7	101.6
Net income	$ 125.3	$ 80.2	$ 176.2
Earnings per share:
Basic	$ 1.79	$ 1.12	$ 2.33
Diluted	$ 1.71	$ 1.08	$ 2.25
Weighted average shares outstanding:
Basic	70.0	71.3	75.7
Diluted	73.4	74.5	78.2

Consolidated Statements of Comprehensive Income - USD ($) $ in Millions	12 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2014
Statement of Comprehensive Income [Abstract]
Net income	$ 125.3	$ 80.2	$ 176.2
Unrealized gain (loss) on available-for-sale securities, net of tax	0.3	(0.3)	0.6
Change in pension liability	(0.2)
Change in foreign currency translation adjustment	(2.6)	(5.2)	(1.7)
Comprehensive income	$ 122.8	$ 74.7	$ 175.1

Consolidated Statements of Stockholders' Equity - USD ($) $ in Millions	Total	Common Stock	Additional paid-in capital	Accumulated other comprehensive loss	Retained earnings (accumulated deficit)
Beginning Balance at Jun. 30, 2013	$ 728.6	$ 0.8	$ 697.3	$ (0.4)	$ 30.9
Issuance of common stock under employee stock purchase plan	64.8		64.8
Share-based payment expense	27.1		27.1
Share-based compensation tax benefits	11.1		11.1
Repurchase and retirement of common stock	(287.7)	(0.1)	(82.5)		(205.1)
Net income	176.2				176.2
Other comprehensive loss, net of tax	(1.1)			(1.1)
Ending Balance at Jun. 30, 2014	719.0	0.7	717.8	(1.5)	2.0
Issuance of common stock under employee stock purchase plan	30.0		30.0
Share-based payment expense	45.7		45.7
Share-based compensation tax benefits	3.4		3.4
Repurchase and retirement of common stock	(210.7)		(51.5)		(159.2)
Net income	80.2				80.2
Other comprehensive loss, net of tax	(5.5)			(5.5)
Ending Balance at Jun. 30, 2015	662.1	0.7	745.4	(7.0)	(77.0)
Issuance of common stock under employee stock purchase plan	94.3		94.3
Share-based payment expense	31.6		31.6
Repurchase and retirement of common stock	(162.6)		(41.2)		(121.4)
Net income	125.3				125.3
Other comprehensive loss, net of tax	(2.5)			(2.5)
Ending Balance at Jun. 30, 2016	$ 748.1	$ 0.7	$ 830.1	$ (9.5)	$ (73.2)

Consolidated Statements of Cash Flows - USD ($) $ in Millions	12 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2014
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income	$ 125.3	$ 80.2	$ 176.2
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	26.7	25.0	13.8
Loss (gain) on disposition of assets	(0.9)	0.5	0.9
Share-based compensation expense	31.6	45.7	27.1
Bad debt expense	33.3	31.5	39.2
Deferred income taxes	18.1	(0.4)	8.1
Unrecognized tax benefits	(2.4)	2.1	(0.7)
Accreted interest on note receivable			(3.3)
Excess tax benefit from share-based compensation		(3.4)	(11.1)
Changes in assets and liabilities:
Prepaid expenses	(7.2)	(5.5)	(5.5)
Trade accounts receivable	(39.2)	(34.4)	(24.4)
Other receivables	(0.9)	2.5	(1.9)
Inventory	(14.6)	(0.8)	(15.8)
Prepaid taxes	(3.8)	13.6	(12.9)
Accounts payable		(3.1)	(1.5)
Accrued liabilities	0.5	(13.4)	3.1
Deferred revenue	(0.2)	0.4	(1.1)
Net cash provided by operating activities	166.3	140.5	190.2
CASH FLOWS FROM INVESTING ACTIVITIES
Capital expenditures	(5.0)	(23.9)	(14.3)
Acquisitions, net of cash acquired	(37.0)	(20.1)	(223.5)
Purchases of marketable investment securities	(164.5)	(80.7)	(161.8)
Proceeds from maturities and sales of marketable investment securities	115.1	165.6	382.5
Net cash provided by (used in) investing activities	(91.4)	40.9	(17.1)
CASH FLOWS FROM FINANCING ACTIVITIES:
Net proceeds from common stock issued under share-based compensation plans	94.3	30.0	64.8
Excess tax benefit from share-based compensation		3.4	11.1
Repurchase and retirement of common stock	(162.6)	(210.7)	(287.7)
Net cash used in financing activities	(68.3)	(177.3)	(211.8)
Effect of foreign exchange rates on cash and cash equivalents	(2.2)	(4.8)	(0.6)
Net (decrease) increase in cash and cash equivalents	4.4	(0.7)	(39.3)
Cash and cash equivalents at beginning of year	64.1	64.8	104.1
Cash and cash equivalents at end of year	$ 68.5	$ 64.1	$ 64.8

Organization and Summary of Significant Accounting Policies

12 Months Ended

Jun. 30, 2016

Accounting Policies [Abstract]

Organization and Summary of Significant Accounting Policies

1.	ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Basis of Financial Statement Presentation

Myriad Genetics, Inc. and subsidiaries (collectively, the Company) is a leading molecular diagnostic company focused on developing and marketing novel predictive medicine, personalized medicine and prognostic medicine tests. The Company employs a number of proprietary technologies, including DNA, RNA and protein analysis, that help it to understand the genetic basis of human disease and the role that genes and their related proteins may play in the onset and progression of disease. The Company uses this information to guide the development of new molecular diagnostic and companion diagnostic tests that are designed to assess an individual’s risk for developing disease later in life (predictive medicine), identify a patient’s likelihood of responding to drug therapy and guide a patient’s dosing to ensure optimal treatment (personalized medicine), or assess a patient’s risk of disease progression and disease recurrence (prognostic medicine). The Company generates revenue by performing molecular diagnostic tests as well as by providing pharmaceutical and clinical services to the pharmaceutical and biotechnology industries and medical research institutions utilizing its multiplexed immunoassay technology. The Company’s corporate headquarters are located in Salt Lake City, Utah.

The consolidated financial statements of the Company are prepared in accordance with U.S. generally accepted accounting principles (“GAAP”) and 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 U.S. GAAP. Certain reclassifications have been made to prior period amounts to conform to the current period presentation. A reclassification of $0.6 from proceeds from maturities and sales of marketable securities was made to reflect the effect of foreign exchange rates on cash and cash equivalents in the condensed consolidated statement of cash flows and for the fiscal year ended June 30, 2014 and a reclassification of $0.6 from other receivables to trade accounts receivable in the condensed consolidated balance sheet for fiscal year ended June 30, 2014 to conform to the current-year presentation.

Marketable Investment Securities

The Company has classified its marketable investment securities as available-for-sale. Available-for-sale investment securities with remaining maturities of greater than one year are classified as long-term. Available-for-sale investment securities with remaining maturities of one year or less are classified as short-term. Available-for-sale investment securities with remaining maturities of less than three months at the time of purchase are classified as cash equivalents. Marketable securities are carried at estimated fair value with unrealized holding gains and losses, net of the related tax effect, included in accumulated other comprehensive loss in stockholders’ equity until realized. Gains and losses on investment security transactions are reported using the specific-identification method. Dividend and interest income are recognized when earned.

A decline in the market value of any available-for-sale security below cost that is deemed other than temporary results in a charge to earnings and establishes a new cost basis for the security. Losses are charged against “Other income” when a decline in fair value is determined to be other than temporary. We review several factors to determine whether a loss is other than temporary. These factors include but are not limited to: (i) the extent to which the fair value is less than cost and the cause for the fair value decline, (ii) the financial condition and near term prospects of the issuer, (iii) the length of time a security is in an unrealized loss position and (iv) our ability to hold the security for a period of time sufficient to allow for any anticipated recovery in fair value. There were no other-than-temporary impairments recognized during the fiscal years ended June 30, 2016, 2015 and 2014.

Inventory

Inventories consist of reagents, plates and testing kits. Inventories are stated at the lower of cost or market on a first-in, first-out basis. In order to assess the ultimate realization of inventories, the Company is required to make judgments as to future demand requirements compared to current or committed inventory levels.

The Company evaluates its inventories for excess quantities and obsolescence. Inventories that are considered obsolete are expensed. The valuation of inventories requires the use of estimates as to the amounts of current inventories that will be sold. These estimates are dependent on management’s assessment of current and expected orders from the Company’s customers.

Trade Accounts Receivable and Allowance for Doubtful Accounts

Trade accounts receivable are comprised of amounts due from sales of the Company’s molecular diagnostic tests and pharmaceutical and clinical services and are recorded at the invoiced amount, net of discounts and contractual allowances. The allowance for doubtful accounts is based on the Company’s best estimate of the amount of probable losses in the Company’s existing accounts receivable, which is based on historical write-off experience, customer creditworthiness, facts and circumstances specific to outstanding balances, and payment terms. Account balances are charged against the allowance after all means of collection have been exhausted and the potential for recovery is considered remote. The Company does not have any off-balance-sheet credit exposure related to its customers and does not require collateral.

Property, Plant and Equipment

Equipment and leasehold improvements are stated at cost less accumulated depreciation. Depreciation and amortization are computed using the straight-line method based on the lesser of estimated useful lives of the related assets or lease terms. Equipment items have depreciable lives of five to seven years. Leasehold improvements are depreciated over the shorter of the estimated useful lives or the associated lease terms, which range from three to fifteen years. Repairs and maintenance costs are charged to expense as incurred.

Intangible Assets and Other Long-Lived Assets

Intangible and other long-lived assets are comprised of acquired licenses, technology and intellectual property and purchased in-process research and development. Acquired intangible assets are recorded at fair value and amortized over the shorter of the contractual life or the estimated useful life. The estimated useful life of acquired in-process research and development was also evaluated in conjunction with the annual impairment analysis of intangible assets. The classification of the acquired in-process research and development as an indefinite lived asset was deemed appropriate as the related research and development was not yet complete nor had it been abandoned.

The Company continually reviews and monitors long-lived assets for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. Recoverability of assets to be held and used is measured by a comparison of the carrying amount of an asset to future undiscounted net cash flows expected to be generated by the asset. If the carrying amount of an asset exceeds its estimated future undiscounted cash flows, an impairment charge is recognized in the amount by which the carrying amount of the asset exceeds the fair value of the asset. Assets to be disposed of are reported at the lower of the carrying amount or fair value less costs to sell.

Goodwill

Goodwill is tested for impairment on an annual basis as of April 1 and in the interim by reporting unit if events and circumstances indicate that goodwill may be impaired. The events and circumstances that are considered include business climate and market conditions, legal factors, operating performance indicators and competition. Impairment of goodwill was first assessed using a qualitative approach. If the qualitative assessment suggests that impairment is more likely than not, a two-step impairment analysis is performed. The first step involves a comparison of the fair value of the reporting unit with its carrying amount. If the carrying amount of the reporting unit exceeds its fair value, the second step of the process involves a comparison of the fair value and the carrying amount of the goodwill of that reporting unit. If the carrying amount of the goodwill of the reporting unit exceeds the fair value of that goodwill, an impairment loss would be recognized in an amount equal to the excess of carrying value over fair value. If an event occurs that would cause a revision to the estimates and assumptions used in analyzing the value of the goodwill, the revision could result in a non-cash impairment charge that could have a material impact on the financial results.

Revenue Recognition

Molecular diagnostic testing revenue is recognized when persuasive evidence of an agreement exists, results have been communicated to the patient, the fee is fixed or determinable, and collection is reasonably assured. Revenue from the sale of molecular diagnostic tests and related marketing agreements is recorded at the invoiced amount net of any discounts or contractual allowances.

Pharmaceutical and clinical service revenue is recognized when persuasive evidence of an agreement exists, the fee is fixed and or determinable, when the service has been completed and the results of the tests/service are provided to the customer, and collectability is reasonably assured. In addition, the Company’s wholly owned subsidiary, Myriad RBM, has received national, state, foreign government and private foundation grants and contracts. Revenue associated with these grants and contracts is recognized in the period in which qualifying costs for the services by the grants and contracts are incurred and the related grant or contract fee is earned.

Income Taxes

The Company recognizes income taxes under the asset and liability method. This approach requires the recognition of deferred tax assets and liabilities for the expected future tax consequences of temporary differences between the carrying amounts and the tax bases of assets and liabilities.

The provision for income taxes, including the effective tax rate and analysis of potential tax exposure items, if any, requires significant judgment and expertise in federal and state income tax laws, regulations and strategies, including the determination of deferred tax assets and liabilities and any estimated valuation allowances deemed necessary to recognize deferred tax assets at an amount that is more likely than not to be realized. The Company’s filings, including the positions taken therein, are subject to audit by various taxing authorities. While the Company believes it has provided adequately for its income tax liabilities in the consolidated financial statements, adverse determinations by these taxing authorities could have a material adverse effect on the consolidated financial condition, results of operations or cash flows.

Earnings Per Share

Basic earnings per share is computed based on the weighted-average number of shares of common stock outstanding. Diluted earnings per share is computed based on the weighted-average number of shares of common stock, including the dilutive effect of common stock equivalents, outstanding.

The following is a reconciliation of the denominators of the basic and diluted earnings per share computations:


	Years Ended June 30,
	2016		2015		2014
Denominator:
Weighted-average shares outstanding used to compute basic EPS		70.0		71.3		75.7
Effect of dilutive stock options		3.4		3.2		2.5

Weighted-average shares outstanding and dilutive securities used to compute diluted EPS		73.4		74.5		78.2

Certain outstanding options and RSUs were excluded from the computation of diluted earnings per share because the effect would have been anti-dilutive. These potential dilutive common shares, which may be dilutive to future diluted earnings per share, are as follows:

Years Ended June 30,

2016

2015

2014

Anti-dilutive options and RSUs excluded from EPS computation

—

Foreign Currency

The functional currency of the Company’s international subsidiaries is the local currency. For those subsidiaries, expenses denominated in the functional currency are translated into U.S. dollars using average exchange rates in effect during the period and assets and liabilities are translated using period-end exchange rates. The foreign currency translation adjustments are included in accumulated other comprehensive income (loss) as a separate component of stockholders’ (deficit) equity.

The following table shows the cumulative translation adjustments included in other comprehensive income:


Balance at June 30, 2015	$	(7.0	)
Period translation adjustments		(2.6	)

Ending balance June 30, 2016		(9.6	)

Use of Estimates

The preparation of the consolidated financial statements in accordance with U.S. GAAP requires Company management to make estimates and assumptions relating to the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the period. Significant items subject to such estimates and assumptions include the carrying amount of fixed assets, valuation allowances for receivables and deferred income tax assets, certain accrued liabilities, share-based compensation and impairment analysis of goodwill and intangible assets. Actual results could differ from those estimates.

Recent Accounting Pronouncements

In March 2016, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2016-09, Compensation—Stock Compensation (Topic 718) (“ASU 2016-09”), which simplified certain aspects of the accounting for share-based payment transactions, including income taxes, classification of awards and classification in the statement of cash flows. ASU 2016-09 will be effective for the Company beginning in its first quarter of 2018. We adopted this guidance during the current fiscal year. For discussion of impact see note 10 to the financial statements.

In February 2016, the FASB issued ASU No. 2016-02, Leases (Topic 842) (“ASU 2016-02”), which modified lease accounting for both lessees and lessors to increase transparency and comparability by recognizing lease assets and lease liabilities by lessees for those leases classified as operating leases under previous accounting standards and disclosing key information about leasing arrangements. ASU 2016-02 will be effective for the Company beginning in its first quarter of 2020 and early adoption is permitted. We are currently evaluating the timing of its adoption and the impact of adopting the new lease standard on our consolidated financial statements.

In November 2015, the FASB issued ASU No. 2015-17, which requires all deferred tax assets and liabilities to be classified as non-current. ASU 2015-17 is effective for financial statements issued for annual periods beginning after December 15, 2016. Early adoption is permitted. We adopted this guidance in the current fiscal year. Refer to note 10 for discussion on the impact of adoption.

In May 2014, the Financial Accounting Standards Board issued ASU No. 2014-09, “Revenue from Contracts with Customers.” 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 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 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.

Business Acquisitions

12 Months Ended

Jun. 30, 2016

Business Combinations [Abstract]

Business Acquisitions

2.	BUSINESS ACQUISITIONS

Sividon

On May 31, 2016 we completed the acquisition of Sividon Diagnostics GmbH (“Sividon”), a leading breast cancer prognostic company with cash paid and total cash consideration transferred of $39.0 upfront and the potential for €15.0 ($16.7 converted at the June 30, 2016 period end exchange rate) in additional performance-based milestones.

Total consideration transferred was allocated to tangible assets acquired and liabilities assumed based on their fair values at the acquisition date as set forth below. We believe the acquisition brings us the best-in-class breast cancer prognostic test and strengthens our market leading oncology portfolio of high value personalized medicine products which can be expanded internationally as well as brought to the US market. These factors contributed to consideration transferred in excess of the fair value of Sividon’s net tangible and intangible assets acquired, resulting in the Company recording goodwill in connection with the transaction. The goodwill related to the purchase is not tax deductible.

Management estimated the fair value of tangible and intangible assets and liabilities in accordance with the applicable accounting guidance for business combinations and utilized the services of third-party valuation consultants. The preliminary allocation of the consideration transferred is based on a preliminary valuation and is subject to potential adjustments. Balances subject to adjustment primarily include the valuations of acquired assets (tangible and intangible), liabilities and the fair value of equipment, as well as tax-related matters, including tax basis of acquired assets and liabilities in the foreign jurisdiction. During the measurement period, the Company may record adjustments to the provisional amounts recognized in the Company’s initial accounting for the acquisition. The Company expects the allocation of the consideration transferred to be final within the measurement period (up to one year from the acquisition date).


	Estimated Fair Value
Current assets	$	2.7
Intangible assets		46.2
Equipment		0.3
Goodwill		17.7
Current liabilites		(15.4	)

Total fair value purchase price	$	51.5

Less: Contingent consideration		(10.5	)
Less: Cash acquired		(2.0	)

Total cash consideration transferred	$	39.0

The acquisition of Sividon has been deemed insignificant in relation to the consolidated financials. As such, proforma financial information will not be provided.

German Clinic

On February 27, 2015, the Company completed the acquisition of privately-held Privatklinik Dr. Robert Schindlbeck GmbH & Co. KG (the “Clinic”) approximately 15 miles from the Company’s European laboratories in Munich, Germany. The cash paid and total consideration transferred to acquire the Clinic was $20.1.

Total consideration transferred was allocated to tangible assets acquired and liabilities assumed based on their fair values at the acquisition date as set forth below. The Company believes acquisition of the Clinic should facilitate the Company’s penetration into the German molecular diagnostic market. The Clinic will allow the Company to directly negotiate reimbursement with government and private insurance providers for its tests in the German market and collaborate with hospitals and physician groups. These factors contributed to consideration transferred in excess of the fair value of the Clinic’s net tangible and intangible assets acquired, resulting in the Company recording goodwill in connection with the transaction. Under German tax law the goodwill related to the purchase of the clinic is deductible and will be amortized for tax purposes over 15 years.


	Fair Value
Current assets	$	3.1
Real property		20.7
Equipment		1.6
Goodwill		8.7
Current liabilites		(4.4	)
Long-term liabilities		(9.6	)

Total purchase price	$	20.1

During the year ended June 30, 2016 there was an adjustment to long-term liabilities. The long-term liabilities increased by approximately $0.6 due to information obtained from the third party actuarial analysis of the pension obligation which increased goodwill by the same amount.

- Definition

The entire disclosure for a business combination (or series of individually immaterial business combinations) completed during the period, including background, timing, and recognized assets and liabilities. The disclosure may include leverage buyout transactions (as applicable).

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
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-Section 50
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Reference 10: http://www.xbrl.org/2003/role/presentationRef
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-Section 50
-Paragraph 4A
-URI http://asc.fasb.org/extlink&oid=73530397&loc=SL65897772-128472

Reference 14: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 805
-SubTopic 10
-Section 50
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=65885119&loc=d3e1383-128463

Reference 15: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 805
-SubTopic 30
-Section 50
-Paragraph 2
-URI http://asc.fasb.org/extlink&oid=35744584&loc=d3e6996-128479

+ Details

Marketable Investment Securities

12 Months Ended

Jun. 30, 2016

Investments, Debt and Equity Securities [Abstract]

Marketable Investment Securities

3.	MARKETABLE INVESTMENT SECURITIES

The amortized cost, gross unrealized holding gains, gross unrealized holding losses, and fair value for available-for-sale securities by major security type and class of security at June 30, 2016 and 2015 were as follows:


	Amortized cost		Gross unrealized holding gains		Gross unrealized holding losses		Estimated fair value
At June 30, 2016:
Cash and cash equivalents:
Cash	$	66.1	$	—	$	—	$	66.1
Cash equivalents		2.4		—		—		2.4

Total cash and cash equivalents		68.5		—		—		68.5

Available-for-sale:
Corporate bonds and notes		50.8		0.2		—		51.0
Municipal bonds		85.4		0.2		—		85.6
Federal agency issues		25.5		—		—		25.5
US government securities		8.2		0.1		—		8.3

Total	$	238.4	$	0.5	$	—	$	238.9


	Amortized cost		Gross unrealized holding gains		Gross unrealized holding losses			Estimated fair value
At June 30, 2015:
Cash and cash equivalents:
Cash	$	54.7	$	—	$	—		$	54.7
Cash equivalents		9.4		—		—			9.4

Total cash and cash equivalents		64.1		—		—			64.1

Available-for-sale:
Corporate bonds and notes		41.8		—		—			41.8
Municipal bonds		66.3		0.1		(0.1	)		66.3
Federal agency issues		13.2		—		—			13.2
US government securities		—		—		—			—

Total	$	185.4	$	0.1	$	(0.1	)	$	185.4

Cash, cash equivalents, and maturities of debt securities classified as available-for-sale are as follows at June 30, 2016:


	Amortized cost		Estimated fair value
Cash	$	66.1	$	66.1
Cash equivalents		2.4		2.4
Available-for-sale:
Due within one year		90.5		90.5
Due after one year through five years		79.4		79.9
Due after five years		—		—

Total	$	238.4	$	238.9

Debt securities in an unrealized loss position as of June 30, 2016 were not impaired at acquisition and the declines in fair value are not attributed to declines in credit quality. Management believes that it is more likely than not that the securities will be held until a recovery of par value. All securities in an unrealized loss position as of June 30, 2016 and 2015 are debt securities. Debt securities available-for-sale in a gross unrealized loss position as of June 30, 2016 and 2015 are summarized as follows:


	Less than 12 months					More than 12 months				Total
	Fair value		Unrealized losses			Fair value		Unrealized losses		Fair value		Unrealized losses
At June 30, 2016:
Debt securities:
Corporate bonds and notes		5.0		—			1.5		—		6.5		—
Municipal bonds		7.6		—			6.3		—		13.9		—
Federal agency issues		6.0		—			—		—		6.0		—
US government securities		—		—			—		—		—		—

	$	18.6	$	—		$	7.8	$	—	$	26.4	$	—


	Less than 12 months					More than 12 months				Total
	Fair value		Unrealized losses			Fair value		Unrealized losses		Fair value		Unrealized losses
At June 30, 2015:
Debt securities:
Corporate bonds and notes		24.4		(0.0	)		—		—		24.4		(0.0	)
Municipal bonds		24.8		(0.1	)		—		—		24.8		(0.1	)
Federal agency issues		1.9		(0.0	)		—		—		1.9		(0.0	)

	$	51.1	$	(0.1	)	$	—	$	—	$	51.1	$	(0.1	)

Additional information relating to fair value of marketable investment securities can be found in Note 12.

- Definition

The entire disclosure for investments in certain debt and equity securities.

+ References + Details

Property, Plant and Equipment, Net

12 Months Ended

Jun. 30, 2016

Property, Plant and Equipment [Abstract]

Property, Plant and Equipment, Net

4.	PROPERTY, PLANT AND EQUIPMENT, NET


	Years Ended June 30,
	2016			2015
Land	$	2.3		$	2.3
Buildings and improvements		17.3			18.2
Leasehold improvements		18.7			18.5
Equipment		103.4			99.1

		141.7			138.1
Less accumulated depreciation		(83.4	)		(70.9	)

Property, plant and equipment, net	$	58.3		$	67.2


	Years Ended June 30,
	2016		2015		2014
Depreciation expense	$	14.1	$	12.3	$	9.2

Goodwill and Intangible Assets

12 Months Ended

Jun. 30, 2016

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill and Intangible Assets

5.	GOODWILL AND INTANGIBLE ASSETS

Goodwill

The Company has recorded goodwill of $195.3 from the acquisitions of Sividon Diagnostics that was completed on May 31, 2016, GmbH, Privatklinik Dr. Robert Schindlbeck GmbH & Co. KG that was completed on February 27, 2015, Crescendo Bioscience, Inc. that was completed on February 28, 2014 and Rules-Based Medicine, Inc. that was completed on May 31, 2011. Of this goodwill, $129.9 relates to the Company’s diagnostic segment and $65.4 related to the other segment. The Company assessed goodwill for impairment in accordance with the appropriate guidance (see Note 1) and recorded no impairment of goodwill for the period ended June 30, 2016, 2015 and 2014. Included in the diagnostic segment is $17.7 in goodwill associated with the acquisition of Sividon which is preliminary and subject to adjustment within the measurement period (see Note 2).

The following summarizes changes to the goodwill balance for the years ended June 30, 2016 and 2015:


	Years Ended June 30,
	2016			2015
Beginning balance	$	177.2		$	169.2
Acquisitions		17.7			8.1
Translation adjustments		(0.2	)		(0.1	)
Measurement period adjustments (see note 2)		0.6			(0.1	)

Ending balance	$	195.3		$	177.1

Intangible Assets

Intangible assets primarily consist of amortizable assets of purchased licenses and technologies, developed technology, a laboratory database, trademarks, and customer relationships as well as non-amortizable intangible assets of in-process technologies, research and development. Certain of these intangible assets were recorded as part of the Company’s purchase of Sividon on March 31, 2016, Crescendo on February 28, 2014 and Myriad RBM on May 31, 2011. The Company’s developed technology and database acquired have estimated remaining useful lives between 16 and 20 years, trademarks acquired have an estimated remaining useful life of approximately 13 years and customer relationships have an estimated remaining useful life of approximately 6 years. The estimated useful life of acquired in-process research and development was also evaluated in conjunction with the annual impairment analysis of intangible assets. The classification of the acquired in-process research and development as an indefinite lived asset was deemed appropriate as the related research and development was not yet complete nor had it been abandoned. The Company concluded there was no impairment of long-lived assets for the years ended June 30, 2016, 2015 and 2014.

The following summarizes the amounts reported as intangible assets:


	Gross Carrying Amount		Accumulated Amortization			Net
At June 30, 2016:
Purchased licenses and technologies	$	228.7	$	(28.5	)	$	200.2
Customer relationships		4.7		(2.4	)		2.3
Trademarks		3.0		(0.6	)		2.4

Total amortizable intangible assets		236.4		(31.5	)		204.9

In-process research and development		22.6		—			22.6

Total unamortized intangible assets		22.6		—			22.6

Total intangible assets	$	259.0	$	(31.5	)	$	227.5


	Gross Carrying Amount		Accumulated Amortization			Net
At June 30, 2015:
Purchased licenses and technologies	$	199.1	$	(16.7	)	$	182.4
Customer relationships		4.7		(1.9	)		2.8
Trademarks		3.0		(0.4	)		2.6

Total amortizable intangible assets		206.8		(19.0	)		187.8

In-process research and development		4.8		—			4.8

Total unamortized intangible assets		4.8		—			4.8

Total intangible assets	$	211.6	$	(19.0	)	$	192.6

As of June 30, 2016 the weighted average remaining amortization period for purchased licenses and technologies, trademarks, and customer relationships is approximately 15 years.

The Company recorded amortization during the respective periods for these intangible assets as follows:


	Years Ended June 30,
	2016		2015		2014
Amortization on intangible assets	$	12.6	$	12.7	$	4.6

Amortization expense of intangible assets is estimated to be $14.2 in 2017, $14.2 in 2018, $14.2 in 2019, $13.8 in 2020 and $13.8 in 2021 and $134.7 thereafter.

- Definition

The entire disclosure for the aggregate amount of goodwill and a description of intangible assets, which may include (a) for amortizable intangible assets (also referred to as finite-lived intangible assets), the carrying amount, the amount of any significant residual value, and the weighted-average amortization period, (b) for intangible assets not subject to amortization (also referred to as indefinite-lived intangible assets), the carrying amount, and (c) the amount of research and development assets acquired and written off in the period, including the line item in the income statement in which the amounts written off are aggregated, if not readily apparent from the income statement. Also discloses (a) for amortizable intangibles assets in total and by major class, the gross carrying amount and accumulated amortization, the total amortization expense for the period, and the estimated aggregate amortization expense for each of the five succeeding fiscal years, (b) for intangible assets not subject to amortization the carrying amount in total and by major class, and (c) for goodwill, in total and for each reportable segment, the changes in the carrying amount of goodwill during the period (including the aggregate amount of goodwill acquired, the aggregate amount of impairment losses recognized, and the amount of goodwill included in the gain (loss) on disposal of a reporting unit). If any part of goodwill has not been allocated to a reportable segment, discloses the unallocated amount and the reasons for not allocating. For each impairment loss recognized related to an intangible asset (excluding goodwill), discloses: (a) a description of the impaired intangible asset and the facts and circumstances leading to the impairment, (b) the amount of the impairment loss and the method for determining fair value, (c) the caption in the income statement or the statement of activities in which the impairment loss is aggregated, and (d) the segment in which the impaired intangible asset is reported. For each goodwill impairment loss recognized, discloses: (a) a description of the facts and circumstances leading to the impairment, (b) the amount of the impairment loss and the method of determining the fair value of the associated reporting unit, and (c) if a recognized impairment loss is an estimate not finalized and the reasons why the estimate is not final. May also disclose the nature and amount of any significant adjustments made to a previous estimate of an impairment loss.

+ References + Details

Cost Basis Investment

12 Months Ended

Jun. 30, 2016

Investments, All Other Investments [Abstract]

Cost Basis Investment

6.	COST BASIS INVESTMENT

In April 2013, the Company acquired approximately 28 shares of Series E preferred stock of RainDance Technologies, Inc. (“RainDance”) of Lexington, Massachusetts, for $5.0. RainDance provides high-throughput picodroplet-based technology that can encapsulate a single molecule, cell or reaction and be digitally analyzed and sorted one at a time. The Series E shares purchased by the Company represented less than 5% of the total shares outstanding of RainDance’s capital stock. Subsequent to the investment the Company evaluated its relationship with RainDance and determined it did not have significant influence over the operations of RainDance. The Company’s investment in RainDance has been recorded under the cost method as an “Other Asset” on the Company’s consolidated balance sheet. The Company periodically evaluates the investment for impairment. No impairment indicators were noted at June 30, 2016.

Other Long Term Liabilities

12 Months Ended

Jun. 30, 2016

Other Liabilities Disclosure [Abstract]

Other Long Term Liabilities

8.	OTHER LONG TERM LIABILITIES


	Years Ended June 30,
	2016		2015
Pension obligation	$	5.9	$	4.9
Other		12.3		3.9

Total other long term liabilities	$	18.2	$	8.8

The Company has two non-contributory defined benefit pension plans for its current and former Clinic employees. The Company has closed participation in the plans to exclude those employees hired after 2002. As of June 30, 2016 the fair value of the plan assets were approximately $0.1 resulting in a net pension liability of $5.9.

Preferred and Common Stockholder's Equity

12 Months Ended

Jun. 30, 2016

Equity [Abstract]

Preferred and Common Stockholder's Equity

9.	PREFERRED AND COMMON STOCKHOLDER’S EQUITY

The Company is authorized to issue up to 5.0 shares of preferred stock, par value $0.01 per share. There were no preferred shares outstanding at June 30, 2016, 2015 and 2014.

The Company is authorized to issue up to 150.0 shares of common stock, par value $0.01 per share. There were 69.1, 68.9, and 73.5 shares issued and outstanding at June 30, 2016, 2015 and 2014 respectively.

Common shares issued and outstanding


	Years Ended June 30,
	2016			2015			2014
Common stock issued and outstanding at July 1		68.9			73.5			80.6
Common stock issued upon exercise of options and employee stock plans		4.7			1.4			3.3
Repurchase and retirement of common stock		(4.5	)		(6.0	)		(10.4	)

Common stock issued and outstanding at June 30		69.1			68.9			73.5

Stock Repurchase Program

In June 2016, the Company’s Board of Directors authorized an eighth share repurchase program of $200.0 of the Company’s outstanding common stock. The Company plans to repurchase its common stock from time to time or on an accelerated basis through open market transactions or privately negotiated transactions as determined by the Company’s management. The amount and timing of stock repurchases under the program will depend on business and market conditions, stock price, trading restrictions, acquisition activity and other factors. As of June 30, 2016, the Company has $192.3 remaining on its current share repurchase authorization.

The Company uses the par value method of accounting for its stock repurchases. As a result of the stock repurchases, the Company reduced common stock and additional paid-in capital and recorded charges to accumulated deficit. The shares retired, aggregate common stock and additional paid-in capital reductions, and related charges to accumulated deficit for the repurchases for periods ended June 30, 2016, 2015 and 2014 were as follows:


	Year ended June 30,
	2016		2015		2014
Shares purchased and retired		4.5		6.0		10.4
Common stock and additional paid-in-capital reductions	$	41.2	$	51.5	$	82.5
Charges to retained earnings	$	121.4	$	159.2	$	205.1

- Definition

The entire disclosure for shareholders' equity comprised of portions attributable to the parent entity and noncontrolling interest, including other comprehensive income. Includes, but is not limited to, balances of common stock, preferred stock, additional paid-in capital, other capital and retained earnings, accumulated balance for each classification of other comprehensive income and amount of comprehensive income.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 310
-SubTopic 10
-Section S99
-Paragraph 4
-Subparagraph (SAB Topic 4.E)
-URI http://asc.fasb.org/extlink&oid=27010918&loc=d3e74567-122707

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 4
-URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21484-112644

Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 210
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(29))
-URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682

Reference 4: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 5
-URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21488-112644

Reference 5: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(e))
-URI http://asc.fasb.org/extlink&oid=26873400&loc=d3e23780-122690

Reference 6: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 210
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(31))
-URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682

Reference 7: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section S99
-Paragraph 4
-Subparagraph (SAB Topic 4.C)
-URI http://asc.fasb.org/extlink&oid=27012166&loc=d3e187143-122770

Reference 8: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 210
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(30))
-URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682

Reference 9: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 6
-URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21506-112644

Reference 10: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(d))
-URI http://asc.fasb.org/extlink&oid=26873400&loc=d3e23780-122690

Reference 11: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.3-04)
-URI http://asc.fasb.org/extlink&oid=27012166&loc=d3e187085-122770

Reference 12: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 30
-Section 50
-Paragraph 2
-URI http://asc.fasb.org/extlink&oid=6405834&loc=d3e23285-112656

Reference 13: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
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-URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21475-112644

Reference 14: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Glossary Preferred Stock
-URI http://asc.fasb.org/extlink&oid=6521494

Reference 15: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
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Reference 16: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
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-URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21564-112644

+ Details

Income Taxes

12 Months Ended

Jun. 30, 2016

Income Tax Disclosure [Abstract]

Income Taxes

10.

INCOME TAXES

Income tax expense consists of the following:


	Year ended June 30,
	2016			2015			2014
Current:
Federal	$	22.2		$	53.7		$	97.4
State		3.5			4.7			3.5

Total Current		25.7			58.4			100.9

Deferred:
Federal		15.4			(2.1	)		(0.7	)
State		(3.2	)		8.7			0.8
Foreign		3.5			(2.3	)		(2.9	)
Change in valuation allowance		2.2			(8.0	)		3.5

Total Deferred		17.9			(3.7	)		0.7

Total income tax expense	$	43.6		$	54.7		$	101.6

Income (loss) before income taxes consists of the following:


	Year ended June 30,
	2016			2015			2014
United States	$	169.5		$	147.0		$	292.0
Foreign		(0.6	)		(12.1	)		(14.2	)

Total	$	168.9		$	134.9		$	277.8

The differences between income taxes at the statutory federal income tax rate and income taxes reported in the consolidated statements of operations were as follows:


	Year ended June 30,
	2016			2015			2014
Federal income tax expense at the statutory rate		35.0	%		35.0	%		35.0	%
State income taxes, net of federal benefit		2.0			1.7			1.6
Research and development credits, net of the federal tax on state credits		(1.3	)		(2.5	)		(0.2	)
Uncertain tax positions, net of federal benefit		0.6			1.2			(0.1	)
Uncertain tax benefits statute expired, net of federal benefit		(4.4	)		0.0			0.0
Incentive stock option and employee stock purchase plan expense		(0.3	)		0.2			(0.3	)
Adjustment to deferred tax liability attributable to acquired intangible assets		0.0			1.6			0.0
Foreign rate differential		0.0			1.6			0.8
Change in valuation allowance		1.2			2.6			1.2
Basis difference, disposition of foreign subsidiary		0.0			0.0			(1.9	)
California basis step-up election, net of related valuation allowance impact		0.0			(1.2	)		0.0
Early adoption of ASU 2016-09		(7.5	)		0.0			0.0
Other, net		0.5			0.4			0.5

		25.8	%		40.6	%		36.6

The Company’s effective tax rate for the year ended June 30, 2016 was lower than the years ended June 30, 2015 and 2013. This decrease was primarily due the early adoption of ASU 2016-09 regarding stock compensation and a decrease in the Company’s liability for unrecognized tax benefits mainly due to a lapse of statute of limitations.

Pursuant to the guidelines of the recently issued ASU 2015-17 (“the Update”), all deferred tax assets and liabilities are to be classified as non-current. The effective date of the Update for public companies is for annual periods beginning after December 15, 2016 and later dates for all other entities. Early adoption is permitted. To comply with the guidance, the Company elected to adopt this Update for the quarter ended December 31, 2015 and the annual period ending June 30, 2016. The guidance indicates that the Update may be applied either prospectively or retrospectively. The Company chose to apply the Update prospectively. Accordingly, no prior periods were adjusted. Upon adoption during the quarter ended December 31, 2015, approximately $13.5 of net current deferred tax assets were reclassified to non-current and netted against non-current deferred tax liabilities. At June 30, 2016, approximately $12.7 of what were formerly recorded as current deferred tax assets were reclassified to non-current and netted against non-current deferred tax liabilities.

The FASB issued ASU 2016-09, Improvements to Employee Share-Based Payment Accounting, on March 30, 2016, in an effort to simplify the accounting for income taxes surrounding excess tax benefits. The Company elected early adoption in the fourth quarter of the current fiscal year. The guidance indicates that the provision is to be adopted prospectively and that any adjustment for the period ending June 30, 2016 must be reflected as of the beginning of the fiscal year. These adjustments have been reflected as required in both the effective tax rate table above, and the deferred tax asset and liabilities table below. The Company has made an entity-wide accounting policy election to continue to estimate the number of awards that are expected to vest and adjusting the estimate when it is likely to change.

The significant components of the Company’s deferred tax assets and liabilities were comprised of the following at June 30, 2016 and 2015:


	Year ended June 30,
	2016			2015
Deferred tax assets:
Net operating loss carryforwards	$	54.4		$	61.1
Property, plant and equipment		1.8			2.9
Accrued vacation		2.0			1.7
Allowance for doubtful accounts		2.4			2.7
Stock compensation expense		27.0			36.8
Research and development credits		9.4			8.9
Uncertain state tax positions		1.1			1.1
Other, net		0.7			0.9

Total gross deferred tax assets		98.8			116.1
Less valuation allowance		(35.6	)		(33.4	)

Total deferred tax assets		63.2			82.7

Deferred tax liabilities:
Intangible assets		81.1			69.4

Total deferred tax liabilities		81.1			69.4

Net deferred tax assets (liability)		(17.9	)		13.3

Current net deferred tax asset		0.0			13.5
Long term net deferred tax asset (liability)		(17.9	)		(0.2	)

Net deferred tax asset (liability)	$	(17.9	)	$	13.3

Due to sustained positive operating performance and the availability of expected future taxable income, the Company concluded that it is more likely than not that the benefits of the majority of its deferred income tax assets will be realized. However, for certain deferred tax assets, a valuation allowance has been established. For the years ended June 30, 2016 and 2015, the Company’s valuation allowance increased by $2.2 and decreased by $8.0, respectively. The net increase of the valuation allowance in the year ended June 30, 2016 consisted of an increase of $3.8 related to the early adoption of ASU 2016-09 with regard to state excess tax benefits, an increase of $1.9 related to additional state research credit carry-forwards, for which the company concluded it was more likely than not that the benefits of the losses and credits will not be realized. In addition, there was an offsetting decrease in the valuation allowance on foreign net operating losses in the amount of $3.5 which related to a corresponding decrease in the foreign net operating losses. The net decrease of the valuation allowance in the year ended June 30, 2015 consisted of a decrease of $11.5 related to the use of California net operating losses and credits made available through a post-acquisition California stand-alone state tax election and an offsetting increase in the amount of $3.5 which was related to foreign net operating losses and state tax research credits, for which the company concluded it was more likely than not that the benefits of the losses and credits will not be realized.

The Company acquired Sividon Diagnostics GmbH on May 31, 2016 (see Note 2). As part of the purchase accounting for this acquisition a net deferred tax liability of approximately $13.2 was recorded, consisting primarily of intangible assets for which the book basis exceeds the tax basis.

For the years ended June 30, 2016 and 2015, the Company realized $12.7 and $3.4, respectively, of excess tax benefits from stock-based compensation as a reduction of taxes payable. Company previously had adopted the with-and-without tax allocation approach for excess tax benefits, which results in the windfall tax benefits being utilized last after considering all other tax attributes available to the Company. Prior to the adoption of ASU 2016-09, excess tax benefits from stock based compensation were credited directly to additional paid-in-capital. The With the early adoption of ASU 2016-09, all excess tax benefits and tax deficiencies are recognized as income tax expense or benefit in the income statement.

At June 30, 2016, the Company had the following net operating loss and research credit carryforwards, with their respective expiration periods. Certain carryforwards are subject to the limitations of Section 382 and 383 of the Internal Revenue Code as indicated.


Carryforwards	Amount		Subject to sections 382, 383	Expires beginning in year	Through
Federal net operating loss	$	112.3	Yes	2027	2033
Utah net operating loss		209.5	No	2016	2024
Oklahoma net operating loss		14.1	Yes	2023	2033
Foreign net operating losses (various jurisdictions)		30.1	No	Various	Various
Federal research credit		3.2	Yes	2025	2032
Utah research credit		9.5	No	2021	2029

Due to a post-acquisition California stand-alone state election related to the acquisition of Crescendo Bioscience, Inc., all of Crescendo’s California net operating loss carryforwards and California research credit carryforwards were utilized or lost at the acquisition, resulting in no remaining carryforwards.

All of the Utah net operating loss carryforwards are ‘excess tax benefits’ as defined by ASC guidance and, if realized in future years, will be recognized as a credit to tax benefit, pursuant to the guidance of ASU 2016-09 which was adopted during this fiscal year. The Company’s deferred tax asset for the Utah net operating loss ‘excess tax benefits’ is approximately $6.8 and is offset by a full valuation allowance at June 30, 2016.

Consistent with the indefinite reversal criteria of ASC 740-30-25-17, the Company intends to invest undistributed earnings of its foreign subsidiaries indefinitely. Due to the cumulative losses that have been incurred to date in its foreign operations, the amount of unrecorded deferred liability resulting from the indefinite reversal criteria at June 30, 2016 is $0.

In July 2006, the FASB issued ASC Topic 740 Subtopic 10 Section 05, which clarifies the accounting for uncertainty in tax positions. Accounting guidance requires that the impact of a tax position be recognized in the financial statements if that position is more likely than not of being sustained on audit, based on the technical merits of the position. The Company adopted the guidance on July 1, 2007 and recorded $0 cumulative effect. A reconciliation of the beginning and ending amount of unrecognized tax benefits is as follows:


	Year ended June 30,
	2016			2015		2014
Unrecognized tax benefits at the beginning of year	$	26.3		$	24.2	$	10.9
Gross increases—current year tax positions		0.6			1.1		1.8
Gross increases—prior year tax positions		5.4			1.0		0.3
Gross increases—acquisitions		—			—		14.2
Gross decreases—prior year tax positions		(8.1	)		—		(3.0	)

Unrecognized tax benefits at end of year	$	24.2		$	26.3	$	24.2

Interest and penalties in year-end balance	$	0.5		$	0.6	$	0.3

Interest and penalties related to uncertain tax positions are included as a component of income tax expense.

The Company files U.S., foreign and state income tax returns in jurisdictions with various statutes of limitations. The years ended June 30, 2013 through June 30, 2016 remain subject to examination at June 30, 2016. The Company’s income tax returns for the following jurisdictions are currently under examination: New Jersey State income tax returns for the years ended June 30, 2007 through 2013; New York State income tax return for the years ended June 30, 2014 through 2015; and U.S. income tax return for the year June 30, 2014. Annual tax provisions include amounts considered necessary to pay assessments that may result from examination of prior year tax returns; however, the amount ultimately paid upon resolution of issues may differ materially from the amount accrued. The Company’s foreign income tax returns and all other state tax returns are not currently under examination.

Share-Based Compensation

12 Months Ended

Jun. 30, 2016

Disclosure of Compensation Related Costs, Share-based Payments [Abstract]

Share-Based Compensation

11.

SHARE-BASED COMPENSATION

The Company maintains a share-based compensation plan, the 2010 Employee, Director and Consultant Equity Incentive Plan, as amended (the “2010 Plan”), that has been approved by the Company’s shareholders. The 2010 Plan allows the Company, under the direction of the Compensation Committee of the Board of Directors, to make grants of stock options, restricted and unrestricted stock awards and other stock-based awards to employees, consultants and directors. On December 5, 2013, the shareholders approved an amendment to the 2010 Plan to set the number of shares available for grant to 3.5. As of June 30, 2016, a total of 2.3 shares of common stock are available for issuance under the 2010 Plan. In addition, as of June 30, 2016, the Company may grant up to 2.5 additional shares under the 2010 Plan if options previously granted under the Company’s terminated 2003 Employee, Director and Consultant Option Plan are cancelled or expire in the future without the issuance of shares of common stock by the Company. The exercise price of options granted in 2016, 2015 and 2014 was equivalent to the fair market value of the stock at the date of grant. The number of shares, terms, and vesting periods are determined by the Company’s board of directors or a committee thereof on an option-by-option basis. Options generally vest ratably over service periods of four years. Options granted after December 5, 2012 expire eight years from the date of grant, and options granted prior to that date generally expire ten years from the date of grant. In September 2014, the Company began issuing restricted stock units (“RSUs”) in lieu of stock options. RSUs generally vest ratably over four years on the anniversary date of the grant to all employees. The number of RSUs awarded to certain executive officers may be reduced if certain additional performance

metrics are not met. 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.

The fair value of each option grant is estimated on the date of the grant using the Black-Scholes option-pricing model with the following weighted-average assumptions used for grants for the fiscal year ended June 30:


	2014
Risk-free interest rate		1.6	%
Expected dividend yield		0	%
Expected lives (in years)		4.1 - 4.7
Expected volatility		40	%

Expected option lives and volatilities are based on historical data of the Company and other factors.

Stock Options

A summary of option activity is as follows for the fiscal years ended June 30:


	2016					2015					2014
	Number of shares			Weighted average exercise price		Number of shares			Weighted average exercise price		Number of shares			Weighted average exercise price
Options outstanding at beginning of year		12.5		$	23.49		14.2		$	23.30		14.4		$	21.75
Options granted		—		$	—		—		$	—		3.3		$	26.52
Less:
Options exercised		(4.3	)	$	21.51		(1.2	)	$	20.17		(3.1	)	$	19.44
Options canceled or expired		—		$	0.00		(0.5	)	$	25.98		(0.4	)	$	24.30

Options outstanding at end of year		8.2		$	24.52		12.5		$	23.49		14.2		$	23.30

Options exercisable at end of year		6.7		$	24.04		9.6		$	22.80		7.1		$	21.90
Options vested and expected to vest		8.2		$	24.52		12.5		$	23.49		13.4		$	23.12
Weighted average fair value of options granted during the year				$	—				$	—				$	10.04

The following table summarizes information about stock options outstanding at June 30, 2016:


	Options outstanding						Options exercisable
Range of exercise prices	Number outstanding at June 30, 2016		Weighted average remaining contractual life (years)		Weighted average exercise price		Number exercisable at June 30, 2016		Weighted average exercise price
$9.04 - 21.29		2.1		4.55	$	18.25		2.1	$	18.25
21.66 - 26.49		3.3		4.71		25.32		2.3		24.80
26.84 - 30.12		2.2		5.39		27.83		1.8		27.98
$30.34 - 37.73		0.6		3.26		30.46		0.5		30.40

		8.2		4.76	$	24.52		6.7	$	24.04

Options exercisable at June 30, 2016 had a weighted average remaining contractual life of 4.6 years.

As of June 30, 2016, there was $6.5 of total unrecognized share-based compensation expense related to stock options that will be recognized over a weighted-average period of 0.9 years.

Restricted Stock Units

A summary of RSU activity is as follows:


	2016					2015
	Number of shares			Weighted average grant date fair value		Number of shares			Weighted average grant date fair value
RSUs outstanding at the beginning of year		1.0		$	37.63		—		$	—
RSUs granted		0.8			40.62		1.2			37.66
Less:
RSUs released		(0.4	)		39.74		—			34.22
RSUs canceled		—			—		(0.2	)		38.12

RSUs outstanding at end of year		1.4		$	38.76		1.0		$	37.63

As of June 30, 2016, there was $30.9 of total unrecognized share-based compensation expense related to RSUs that will be recognized over a weighted-average period of 2.3 years.

Share-based compensation expense recognized and included in the consolidated statements of operations for the fiscal years ended June 30, 2016, 2015 and 2014 was as follows:


	Years Ended June 30,
	2016		2015		2014
Cost of molecular diagnostic testing	$	0.9	$	0.9	$	0.8
Cost of pharmaceutical and clinical services		0.4		0.5		0.3
Research and development expense		5.4		4.3		5.4
Selling, general, and administrative expense		24.9		40.0		27.5

Total share-based compensation expense	$	31.6	$	45.7	$	34.0

In October 2014, the Company and its former Chief Financial Officer entered into a resignation agreement under which the vesting of certain awards were modified such that the specified awards were vested in full. As a result of this award modification the Company recognized approximately $3.1 in share-based compensation expense for year ended June 30, 2015.

In February 2015, the Company and its former Chief Executive Officer entered into a resignation agreement under which the vesting of certain awards were modified such that the specified awards were accelerated. As a result of this award modification the Company recognized approximately $12.8 in share-based compensation expense for year ended June 30, 2015.

The Company has unrecognized share-based compensation cost related to share-based compensation granted under its current plans. The estimated unrecognized share-based compensation cost and related weighted average recognition period, aggregate intrinsic value of options outstanding, aggregate intrinsic value of options that are fully vested and aggregate intrinsic value of RSUs vested and expected to vest is as follows:


	As of June 30, 2016
Unrecognized share-based compensation cost	$	38.2
Aggregate intrinsic value of options outstanding		49.6
Aggregate intrinsic value of options fully vested		43.9
Aggregate intrinsic value of RSUs outstanding	$	43.5

The total intrinsic value of options exercised during 2016, 2015 and 2014 was as follows:


	Years Ended June 30,
	2016		2015		2014
Total intrinsic value of options exercised	$	86.1	$	20.5	$	49.4

Employee Stock Purchase Plan

The Company had an Employee Stock Purchase Plan that was approved by shareholders in 1995 (the “1995 Purchase Plan”), and subsequently amended, under which 2.0 shares of common stock had been authorized. As of December 5, 2012, a total of 2.0 shares of common stock had been issued under the 1995 Purchase Plan when it was terminated. On December 5, 2012, following shareholder approval, the Company adopted the 2012 Employee Stock Purchase Plan (the “2012 Purchase Plan”), under which 2.0 shares of common stock have been authorized. Shares are issued under the 2012 Purchase Plan twice yearly at the end of each offering period. At June 30, 2016, a total of 0.7 shares of common stock had been purchased under the 2012 Plan. Shares purchased under and compensation expense associated with the 1995 and 2012 Plans for the years reported are as follows:


	Years Ended June 30,
	2016		2015		2014
Shares purchased under the plans		0.2		0.2		0.2
Plan compensation expense	$	1.9	$	1.8	$	1.3

As of June 30, 2016, there was $0.8 of total unrecognized share-based compensation expense related to ESPP.

The fair value of shares issued under the Plan that was in effect for each period reported was calculated using the Black-Scholes option-pricing model using the following weighted-average assumptions:


	2016			2015			2014
Risk-free interest rate		0.4	%		0.1	%		0.1	%
Expected dividend yield		0	%		0	%		0	%
Expected lives (in years)		0.5			0.5			0.5
Expected volatility		31	%		33	%		56	%

- Definition

The entire disclosure for compensation-related costs for equity-based compensation, which may include disclosure of policies, compensation plan details, allocation of equity compensation, incentive distributions, equity-based arrangements to obtain goods and services, deferred compensation arrangements, employee stock ownership plan details and employee stock purchase plan details.

+ References + Details

Fair Value Measurements

12 Months Ended

Jun. 30, 2016

Fair Value Disclosures [Abstract]

Fair Value Measurements

12.

FAIR VALUE MEASUREMENTS

The fair value of the Company’s financial instruments reflects the amounts that the Company estimates to receive in connection with the sale of an asset or paid in connection with the transfer of a liability in an orderly transaction between market participants at the measurement date (exit price). The fair value hierarchy prioritizes the use of inputs used in valuation techniques into the following three levels:

Level 1—quoted prices in active markets for identical assets and liabilities.

Level 2— observable inputs other than quoted prices in active markets for identical assets and liabilities; quoted prices in markets that are not active; or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities. Some of the Company’s marketable securities primarily utilize broker quotes in a non-active market for valuation of these securities.

Level 3—unobservable inputs.

The substantial majority of the Company’s financial instruments are valued using quoted prices in active markets or based on other observable inputs. The following table sets forth the fair value of the Company’s financial assets that are re-measured on a regular basis:


	Level 1		Level 2		Level 3		Total
June 30, 2016
Money market funds (a)	$	2.4	$	—	$	—	$	2.4
Corporate bonds and notes		—		51.0		—		51.0
Municipal bonds		—		85.6		—		85.6
Federal agency issues		—		25.5		—		25.5
US government securities		—		8.3		—		8.3

Total	$	2.4	$	170.4	$	—	$	172.8

(a)

Money market funds are primarily comprised of exchange traded funds and accrued interest


	Level 1		Level 2		Level 3		Total
June 30, 2015
Money market funds (a)	$	2.4	$	—	$	—	$	2.4
Corporate bonds and notes		—		44.8		—		44.8
Municipal bonds		—		70.3		—		70.3
Federal agency issues		—		13.2		—		13.2

Total	$	2.4	$	128.3	$	—	$	130.7

(a)

Money market funds are primarily comprised of exchange traded funds and accrued interest

The Company’s Level 1 assets include money market instruments. Level 2 assets consist of marketable investment securities that include federal agency issues, commercial paper, corporate bonds, US government securities and municipal bonds. Level 2 securities are valued based upon observable inputs that may include benchmark yields, reported trades, broker/dealer quotes, issuer spreads, two-sided markets, benchmark securities, bids, offers and reference data including market research publications. As of June 30, 2016 and 2015, the Company had no investments which were measured using unobservable (Level 3) inputs.

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

+ References + Details

Commitment and Contingencies

12 Months Ended

Jun. 30, 2016

Commitments and Contingencies Disclosure [Abstract]

Commitment and Contingencies

13.

COMMITMENT AND CONTINGENCIES

The Company is subject to various claims and legal proceedings covering matters that arise in the ordinary course of its business activities. As of June 30, 2016, management of the Company believes any liability that may ultimately result from the resolution of these matters will not have a material adverse effect on the Company’s consolidated financial position, operating results, or cash flows.

As of June 30, 2016, Crescendo Bioscience, Inc. has approximately two months remaining under an unconditional purchase obligation with a vendor to purchase goods and services used in the Company’s diagnostic processes. The agreement specifies certain minimum quantities and pricing terms.

As of June 30, 2016 under this agreement the Company has expended as follows:


	Amount
Fiscal year ending:
2014	$	10.4
2015		10.9
2016		27.3

Total expended on unconditional purchase obligations	$	48.6

In addition to the minimum quantities and pricing terms, the Company may also make additional purchase commitments of anticipated purchases based upon forecasted needs which are not included in the unconditional purchase obligation amounts below.

As of June 30, 2016, the remaining obligations under this agreement were as follows:


	Amount
Fiscal year ending:
2017	$	6.1

Total commitment for unconditional purchase obligations	$