UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
(Mark One)
☒ |
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
For the quarterly period ended March 31, 2019
OR
☐ |
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
For the transition period from to
Commission file number: 0-26642
MYRIAD GENETICS, INC.
(Exact name of registrant as specified in its charter)
Delaware |
87-0494517 |
(State or other jurisdiction of incorporation or organization) |
(I.R.S. Employer Identification No.) |
|
|
320 Wakara Way, Salt Lake City, UT |
84108 |
(Address of principal executive offices) |
(Zip Code) |
Registrant's telephone number, including area code: (801) 584-3600
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐
Indicate by check mark whether the registrant has every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒ No ☐
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “accelerated filer,” “large accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act. Check one:
Large accelerated filer |
☒ |
Accelerated filer ☐ |
|
|
Non-accelerated filer |
☐ |
Smaller reporting company ☐ |
|
|
Emerging growth company |
☐ |
|
|
|
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐ |
|
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☒
Securities registered pursuant to Section 12(b) of the Act:
Title of each class |
|
Trading Symbol(s) |
|
Name of each exchange on which registered |
Public Common Stock, $0.01 par value |
|
MYGN |
|
Nasdaq Global Select Market |
As of May 1, 2019, the registrant had 73,373,443 shares of $0.01 par value common stock outstanding.
INDEX TO FORM 10-Q
|
|
Page |
|
PART I - Financial Information |
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|
|
Item 1. |
Financial Statements |
|
|
|
|
|
Condensed Consolidated Balance Sheets (Unaudited) as of March 31, 2019 and June 30, 2018 |
3 |
|
|
|
|
4 |
|
|
|
|
|
5 |
|
|
|
|
|
Condensed Consolidated Statements of Stockholders’ Equity (Unaudited) for the nine months ended March 31, 2019 and 2018 |
6 |
|
|
|
|
8 |
|
|
|
|
|
Notes to Condensed Consolidated Financial Statements (Unaudited) |
9 |
|
|
|
Item 2. |
Management's Discussion and Analysis of Financial Condition and Results of Operations |
25 |
|
|
|
Item 3. |
32 |
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Item 4. |
32 |
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|
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PART II - Other Information |
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|
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Item 1. |
33 |
|
|
|
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Item 1A. |
34 |
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|
|
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Item 2. |
34 |
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Item 3. |
34 |
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Item 4. |
34 |
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Item 5. |
34 |
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Item 6. |
34 |
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|
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|
35 |
2
AND SUBSIDIARIES
Condensed Consolidated Balance Sheets (Unaudited)
(In millions)
|
|
March 31, |
|
|
June 30, |
|
||
ASSETS |
|
2019 |
|
|
2018(a) |
|
||
Current assets: |
|
|
|
|
|
|
|
|
Cash and cash equivalents |
|
$ |
84.9 |
|
|
$ |
110.9 |
|
Marketable investment securities |
|
|
64.8 |
|
|
|
69.7 |
|
Prepaid expenses |
|
|
11.3 |
|
|
|
9.4 |
|
Inventory |
|
|
31.9 |
|
|
|
34.3 |
|
Trade accounts receivable |
|
|
142.6 |
|
|
|
99.5 |
|
Prepaid taxes |
|
|
3.0 |
|
|
|
— |
|
Other receivables |
|
|
4.4 |
|
|
|
3.8 |
|
Total current assets |
|
|
342.9 |
|
|
|
327.6 |
|
Property, plant and equipment, net |
|
|
58.7 |
|
|
|
43.2 |
|
Long-term marketable investment securities |
|
|
40.3 |
|
|
|
30.7 |
|
Intangibles, net |
|
|
699.5 |
|
|
|
455.2 |
|
Goodwill |
|
|
415.9 |
|
|
|
318.6 |
|
Total assets |
|
$ |
1,557.3 |
|
|
$ |
1,175.3 |
|
LIABILITIES AND STOCKHOLDERS' EQUITY |
|
|
|
|
|
|
|
|
Current liabilities: |
|
|
|
|
|
|
|
|
Accounts payable |
|
$ |
24.1 |
|
|
$ |
26.0 |
|
Accrued liabilities |
|
|
78.8 |
|
|
|
68.3 |
|
Short-term contingent consideration |
|
|
3.7 |
|
|
|
5.3 |
|
Deferred revenue |
|
|
2.3 |
|
|
|
2.6 |
|
Total current liabilities |
|
|
108.9 |
|
|
|
102.2 |
|
Unrecognized tax benefits |
|
|
19.9 |
|
|
|
24.9 |
|
Other long-term liabilities |
|
|
7.3 |
|
|
|
6.3 |
|
Contingent consideration |
|
|
10.3 |
|
|
|
9.2 |
|
Long-term debt |
|
|
263.4 |
|
|
|
9.3 |
|
Long-term deferred taxes |
|
|
65.8 |
|
|
|
57.3 |
|
Total liabilities |
|
|
475.6 |
|
|
|
209.2 |
|
Commitments and contingencies |
|
|
|
|
|
|
|
|
Stockholders’ equity: |
|
|
|
|
|
|
|
|
Common stock, 73.4 and 70.6 shares outstanding at March 31, 2019 and June 30, 2018 respectively |
|
|
0.7 |
|
|
|
0.7 |
|
Additional paid-in capital |
|
|
1,057.0 |
|
|
|
915.4 |
|
Accumulated other comprehensive loss |
|
|
(5.7 |
) |
|
|
(4.1 |
) |
Retained earnings |
|
|
29.8 |
|
|
|
54.1 |
|
Total Myriad Genetics, Inc. stockholders’ equity |
|
|
1,081.8 |
|
|
|
966.1 |
|
Non-Controlling Interest |
|
|
(0.1 |
) |
|
|
— |
|
Total stockholders' equity |
|
|
1,081.7 |
|
|
|
966.1 |
|
Total liabilities and stockholders’ equity |
|
$ |
1,557.3 |
|
|
$ |
1,175.3 |
|
See accompanying notes to condensed consolidated financial statements.
(a) |
Amounts adjusted due to the adoption of Accounting Standards Update No. 2014-09, Revenue from Contracts with Customers (Topic 606). See Note 1 to the financial statements contained in Part I, Item 1 of this report for additional information. |
3
AND SUBSIDIARIES
Condensed Consolidated Statements of Operations (Unaudited)
(In millions, except per share amounts)
|
|
Three months ended |
|
|
Nine months ended |
|
||||||||||
|
|
March 31, |
|
|
March 31, |
|
||||||||||
|
|
2019 |
|
|
2018(a) |
|
|
2019 |
|
|
2018(a) |
|
||||
Molecular diagnostic testing |
|
$ |
200.5 |
|
|
$ |
169.3 |
|
|
$ |
592.5 |
|
|
$ |
509.7 |
|
Pharmaceutical and clinical services |
|
|
16.1 |
|
|
|
13.8 |
|
|
|
43.2 |
|
|
|
40.1 |
|
Total revenue |
|
|
216.6 |
|
|
|
183.1 |
|
|
|
635.7 |
|
|
|
549.8 |
|
Costs and expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cost of molecular diagnostic testing |
|
|
40.3 |
|
|
|
36.8 |
|
|
|
126.6 |
|
|
|
110.7 |
|
Cost of pharmaceutical and clinical services |
|
|
8.3 |
|
|
|
7.3 |
|
|
|
23.8 |
|
|
|
20.7 |
|
Research and development expense |
|
|
21.5 |
|
|
|
18.5 |
|
|
|
65.0 |
|
|
|
53.1 |
|
Change in the fair value of contingent consideration |
|
|
— |
|
|
|
(1.2 |
) |
|
|
1.4 |
|
|
|
(61.3 |
) |
Selling, general, and administrative expense |
|
|
140.6 |
|
|
|
107.9 |
|
|
|
405.7 |
|
|
|
322.3 |
|
Total costs and expenses |
|
|
210.7 |
|
|
|
169.3 |
|
|
|
622.5 |
|
|
|
445.5 |
|
Operating income |
|
|
5.9 |
|
|
|
13.8 |
|
|
|
13.2 |
|
|
|
104.3 |
|
Other income (expense): |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest income |
|
|
0.7 |
|
|
|
0.5 |
|
|
|
2.3 |
|
|
|
1.2 |
|
Interest expense |
|
|
(3.2 |
) |
|
|
(0.5 |
) |
|
|
(8.8 |
) |
|
|
(2.2 |
) |
Other |
|
|
(0.1 |
) |
|
|
(0.5 |
) |
|
|
1.0 |
|
|
|
(1.3 |
) |
Total other expense: |
|
|
(2.6 |
) |
|
|
(0.5 |
) |
|
|
(5.5 |
) |
|
|
(2.3 |
) |
Income before income tax |
|
|
3.3 |
|
|
|
13.3 |
|
|
|
7.7 |
|
|
|
102.0 |
|
Income tax provision |
|
|
(3.6 |
) |
|
|
4.3 |
|
|
|
(1.0 |
) |
|
|
(16.7 |
) |
Net income |
|
$ |
6.9 |
|
|
$ |
9.0 |
|
|
$ |
8.7 |
|
|
$ |
118.7 |
|
Net loss attributable to non-controlling interest |
|
|
— |
|
|
|
(0.1 |
) |
|
|
(0.1 |
) |
|
|
(0.2 |
) |
Net income attributable to Myriad Genetics, Inc. stockholders |
|
$ |
6.9 |
|
|
$ |
9.1 |
|
|
$ |
8.8 |
|
|
$ |
118.9 |
|
Earnings per share: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
|
$ |
0.09 |
|
|
$ |
0.13 |
|
|
$ |
0.12 |
|
|
$ |
1.72 |
|
Diluted |
|
$ |
0.09 |
|
|
$ |
0.13 |
|
|
$ |
0.12 |
|
|
$ |
1.66 |
|
Weighted average shares outstanding: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
|
|
73.3 |
|
|
|
69.8 |
|
|
|
73.5 |
|
|
|
69.2 |
|
Diluted |
|
|
74.9 |
|
|
|
72.4 |
|
|
|
76.4 |
|
|
|
71.7 |
|
See accompanying notes to condensed consolidated financial statements.
(a) |
Amounts adjusted due to the adoption of Accounting Standards Update No. 2014-09, Revenue from Contracts with Customers (Topic 606). See Note 1 to the financial statements contained in Part I, Item 1 of this report for additional information. |
4
AND SUBSIDIARIES
Condensed Consolidated Statements of Comprehensive Income (Unaudited)
(In millions)
|
|
Three months ended |
|
|
Nine months ended |
|
||||||||||
|
|
March 31, |
|
|
March 31, |
|
||||||||||
|
|
2019 |
|
|
2018(a) |
|
|
2019 |
|
|
2018(a) |
|
||||
Net income attributable to Myriad Genetics, Inc. stockholders |
|
$ |
6.9 |
|
|
$ |
9.1 |
|
|
$ |
8.8 |
|
|
$ |
118.9 |
|
Unrealized gain (loss) on available-for-sale securities, net of tax |
|
|
0.3 |
|
|
|
(0.2 |
) |
|
$ |
0.7 |
|
|
$ |
(0.5 |
) |
Change in foreign currency translation adjustment, net of tax |
|
|
(1.0 |
) |
|
|
4.4 |
|
|
$ |
(2.3 |
) |
|
|
7.8 |
|
Comprehensive income |
|
|
6.2 |
|
|
|
13.3 |
|
|
|
7.2 |
|
|
|
126.2 |
|
Comprehensive income attributable to non-controlling interest |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
Comprehensive income attributable to Myriad Genetics, Inc. shareholders |
|
$ |
6.2 |
|
|
$ |
13.3 |
|
|
$ |
7.2 |
|
|
$ |
126.2 |
|
See accompanying notes to condensed consolidated financial statements.
(a) |
Amounts adjusted due to the adoption of Accounting Standards Update No. 2014-09, Revenue from Contracts with Customers (Topic 606). See Note 1 to the financial statements contained in Part I, Item 1 of this report for additional information. |
5
AND SUBSIDIARIES
Condensed Consolidated Statements of Stockholders’ Equity (Unaudited)
(In millions)
|
|
|
|
|
|
|
|
|
|
Accumulated |
|
|
Retained |
|
|
Myriad |
|
|
|
|
|
|
|
|
|
|
|||
|
|
|
|
|
|
Additional |
|
|
other |
|
|
earnings |
|
|
Genetics, Inc. |
|
|
Non- |
|
|
Total |
|
|
||||||
|
|
Common |
|
|
paid-in |
|
|
comprehensive |
|
|
(accumulated |
|
|
Stockholders’ |
|
|
Controlling |
|
|
Stockholders’ |
|
|
|||||||
|
|
stock |
|
|
capital |
|
|
loss (a) |
|
|
deficit) (a) |
|
|
equity (a) |
|
|
Interest |
|
|
equity (a) |
|
|
|||||||
BALANCES AT JUNE 30, 2018 |
|
$ |
0.7 |
|
|
$ |
915.4 |
|
|
$ |
(4.1 |
) |
|
$ |
54.1 |
|
|
$ |
966.1 |
|
|
$ |
— |
|
|
$ |
966.1 |
|
|
Issuance of common stock under share-based compensation plans |
|
|
— |
|
|
|
1.9 |
|
|
|
— |
|
|
|
— |
|
|
|
1.9 |
|
|
|
— |
|
|
|
1.9 |
|
|
Issuance of common stock for acquisition |
|
|
— |
|
|
|
127.4 |
|
|
|
— |
|
|
|
— |
|
|
|
127.4 |
|
|
|
— |
|
|
|
127.4 |
|
|
Share-based payment expense |
|
|
— |
|
|
|
7.7 |
|
|
|
— |
|
|
|
— |
|
|
|
7.7 |
|
|
|
— |
|
|
|
7.7 |
|
|
Net income (loss) |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(0.7 |
) |
|
|
(0.7 |
) |
|
|
— |
|
|
|
(0.7 |
) |
|
Other comprehensive income, net of tax |
|
|
— |
|
|
|
— |
|
|
|
(0.2 |
) |
|
|
— |
|
|
|
(0.2 |
) |
|
|
— |
|
|
|
(0.2 |
) |
|
BALANCES AT SEPTEMBER 30, 2018 |
|
$ |
0.7 |
|
|
$ |
1,052.4 |
|
|
$ |
(4.3 |
) |
|
$ |
53.4 |
|
|
$ |
1,102.2 |
|
|
$ |
- |
|
|
$ |
1,102.2 |
|
|
Issuance of common stock under share-based compensation plans |
|
|
— |
|
|
|
2.6 |
|
|
|
— |
|
|
|
— |
|
|
|
2.6 |
|
|
|
— |
|
|
|
2.6 |
|
|
Share-based payment expense |
|
|
— |
|
|
|
7.5 |
|
|
|
— |
|
|
|
— |
|
|
|
7.5 |
|
|
|
— |
|
|
|
7.5 |
|
|
Repurchase and retirement of common stock |
|
|
— |
|
|
|
(16.9 |
) |
|
|
— |
|
|
|
(33.1 |
) |
|
|
(50.0 |
) |
|
|
— |
|
|
|
(50.0 |
) |
|
Non-controlling interest |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(0.1 |
) |
|
|
(0.1 |
) |
|
Net income |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
2.6 |
|
|
|
2.6 |
|
|
|
— |
|
|
|
2.6 |
|
|
Other comprehensive income, net of tax |
|
|
— |
|
|
|
— |
|
|
|
(0.7 |
) |
|
|
— |
|
|
|
(0.7 |
) |
|
|
— |
|
|
|
(0.7 |
) |
|
BALANCES AT DECEMBER 31, 2018 |
|
$ |
0.7 |
|
|
$ |
1,045.6 |
|
|
$ |
(5.0 |
) |
|
$ |
22.9 |
|
|
$ |
1,064.2 |
|
|
$ |
(0.1 |
) |
|
$ |
1,064.1 |
|
|
Issuance of common stock under share-based compensation plans |
|
|
— |
|
|
|
1.9 |
|
|
|
— |
|
|
|
— |
|
|
|
1.9 |
|
|
|
— |
|
|
|
1.9 |
|
|
Share-based payment expense |
|
|
— |
|
|
|
9.5 |
|
|
|
— |
|
|
|
— |
|
|
|
9.5 |
|
|
|
— |
|
|
|
9.5 |
|
|
Net income |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
6.9 |
|
|
|
6.9 |
|
|
|
— |
|
|
|
6.9 |
|
|
Other comprehensive income, net of tax |
|
|
— |
|
|
|
— |
|
|
|
(0.7 |
) |
|
|
— |
|
|
|
(0.7 |
) |
|
|
— |
|
|
|
(0.7 |
) |
|
BALANCES AT MARCH 31, 2019 |
|
$ |
0.7 |
|
|
$ |
1,057.0 |
|
|
$ |
(5.7 |
) |
|
$ |
29.8 |
|
|
$ |
1,081.8 |
|
|
$ |
(0.1 |
) |
|
$ |
1,081.7 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
See accompanying notes to consolidated financial statements.
(a) |
Amounts adjusted due to the adoption of Accounting Standards Update No. 2014-09, Revenue from Contracts with Customers (Topic 606). See Note 1 to the financial statements contained in Part I, Item 1 of this report for additional information. |
6
AND SUBSIDIARIES
Condensed Consolidated Statements of Stockholders’ Equity (Unaudited) - Continued
(In millions)
|
|
|
|
|
|
|
|
|
|
Accumulated |
|
|
Retained |
|
|
Myriad |
|
|
|
|
|
|
|
|
|
|
|||
|
|
|
|
|
|
Additional |
|
|
other |
|
|
earnings |
|
|
Genetics, Inc. |
|
|
Non- |
|
|
Total |
|
|
||||||
|
|
Common |
|
|
paid-in |
|
|
comprehensive |
|
|
(accumulated |
|
|
Stockholders’ |
|
|
Controlling |
|
|
Stockholders’ |
|
|
|||||||
|
|
stock |
|
|
capital |
|
|
loss (a) |
|
|
deficit) (a) |
|
|
equity (a) |
|
|
Interest |
|
|
equity (a) |
|
|
|||||||
BALANCES AT JUNE 30, 2017 |
|
$ |
0.7 |
|
|
$ |
851.4 |
|
|
$ |
(5.5 |
) |
|
$ |
(78.2 |
) |
|
$ |
768.4 |
|
|
$ |
(0.4 |
) |
|
$ |
768.0 |
|
|
Issuance of common stock under share-based compensation plans |
|
|
— |
|
|
|
1.7 |
|
|
|
— |
|
|
|
— |
|
|
|
1.7 |
|
|
|
— |
|
|
|
1.7 |
|
|
Non-controlling interest |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
0.1 |
|
|
|
0.1 |
|
|
Share-based payment expense |
|
|
— |
|
|
|
6.4 |
|
|
|
— |
|
|
|
— |
|
|
|
6.4 |
|
|
|
— |
|
|
|
6.4 |
|
|
Net income (loss) |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
78.9 |
|
|
|
78.9 |
|
|
|
— |
|
|
|
78.9 |
|
|
Other comprehensive income, net of tax |
|
|
— |
|
|
|
— |
|
|
|
3.3 |
|
|
|
— |
|
|
|
3.3 |
|
|
|
— |
|
|
|
3.3 |
|
|
BALANCES AT SEPTEMBER 30, 2017 |
|
$ |
0.7 |
|
|
$ |
859.5 |
|
|
$ |
(2.2 |
) |
|
$ |
0.7 |
|
|
$ |
858.7 |
|
|
$ |
(0.3 |
) |
|
$ |
858.4 |
|
|
Issuance of common stock under share-based compensation plans |
|
|
— |
|
|
|
4.6 |
|
|
|
— |
|
|
|
— |
|
|
|
4.6 |
|
|
|
— |
|
|
|
4.6 |
|
|
Share-based payment expense |
|
|
— |
|
|
|
6.9 |
|
|
|
— |
|
|
|
— |
|
|
|
6.9 |
|
|
|
— |
|
|
|
6.9 |
|
|
Non-controlling interest |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
0.3 |
|
|
|
0.3 |
|
|
Net income |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
30.9 |
|
|
|
30.9 |
|
|
|
— |
|
|
|
30.9 |
|
|
Other comprehensive income, net of tax |
|
|
— |
|
|
|
— |
|
|
|
(0.2 |
) |
|
|
— |
|
|
|
(0.2 |
) |
|
|
— |
|
|
|
(0.2 |
) |
|
BALANCES AT DECEMBER 31, 2017 |
|
$ |
0.7 |
|
|
$ |
871.0 |
|
|
$ |
(2.4 |
) |
|
$ |
31.6 |
|
|
$ |
900.9 |
|
|
$ |
— |
|
|
$ |
900.9 |
|
|
Issuance of common stock under share-based compensation plans |
|
|
— |
|
|
|
11.9 |
|
|
|
— |
|
|
|
— |
|
|
|
11.9 |
|
|
|
— |
|
|
|
11.9 |
|
|
Share-based payment expense |
|
|
— |
|
|
|
6.6 |
|
|
|
— |
|
|
|
— |
|
|
|
6.6 |
|
|
|
— |
|
|
|
6.6 |
|
|
Non-controlling interest |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
0.1 |
|
|
|
0.1 |
|
|
Net income |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
9.1 |
|
|
|
9.1 |
|
|
|
— |
|
|
|
9.1 |
|
|
Other comprehensive income, net of tax |
|
|
— |
|
|
|
— |
|
|
|
4.2 |
|
|
|
— |
|
|
|
4.2 |
|
|
|
— |
|
|
|
4.2 |
|
|
BALANCES AT MARCH 31, 2018 |
|
$ |
0.7 |
|
|
$ |
889.5 |
|
|
$ |
1.8 |
|
|
$ |
40.7 |
|
|
$ |
932.7 |
|
|
$ |
0.1 |
|
|
$ |
932.8 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
See accompanying notes to consolidated financial statements.
(a) |
Amounts adjusted due to the adoption of Accounting Standards Update No. 2014-09, Revenue from Contracts with Customers (Topic 606). See Note 1 to the financial statements contained in Part I, Item 1 of this report for additional information. |
7
AND SUBSIDIARIES
Condensed Consolidated Statements of Cash Flows (Unaudited)
(In millions)
|
|
Nine months ended |
|
|||||
|
|
March 31, |
|
|||||
|
|
2019 |
|
|
2018(a) |
|
||
CASH FLOWS FROM OPERATING ACTIVITIES: |
|
|
|
|
|
|
|
|
Net Income attributable to Myriad Genetics, Inc. stockholders |
|
$ |
8.8 |
|
|
|
118.9 |
|
Adjustments to reconcile net income to net cash provided by operating activities: |
|
|
|
|
|
|
|
|
Depreciation and amortization |
|
|
54.6 |
|
|
|
39.3 |
|
Non-cash interest expense |
|
|
0.3 |
|
|
|
0.1 |
|
Loss (gain) on disposition of assets |
|
|
(0.9 |
) |
|
|
0.1 |