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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 December 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

 

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

 

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 submitted electronically 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 “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

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  

As of January 31, 2020 the registrant had 74,550,111 shares of $0.01 par value common stock outstanding.

 

 


MYRIAD GENETICS, INC.

INDEX TO FORM 10-Q

 

 

 

Page

 

PART I - Financial Information

 

 

 

 

Item 1.

Financial Statements

 

 

 

 

 

Condensed Consolidated Balance Sheets (Unaudited) as of December 31, 2019 and June 30, 2019

3

 

 

 

 

Condensed Consolidated Statements of Operations (Unaudited) for the three and six months ended December 31, 2019 and 2018

4

 

 

 

 

Condensed Consolidated Statements of Comprehensive Income (Unaudited) for the three and six months ended December 31, 2019 and 2018

5

 

 

 

 

Condensed Consolidated Statements of Stockholders’ Equity (Unaudited) for the six months ended December 31, 2019 and 2018

6

 

 

 

 

Condensed Consolidated Statements of Cash Flows (Unaudited) for the six months ended December 31, 2019 and 2018

7

 

 

 

 

Notes to Condensed Consolidated Financial Statements (Unaudited)

8

 

 

 

Item 2.

Management's Discussion and Analysis of Financial Condition and Results of Operations

24

 

 

 

Item 3.

Quantitative and Qualitative Disclosures About Market Risk

31

 

 

 

Item 4.

Controls and Procedures

31

 

 

 

 

PART II - Other Information

 

 

 

 

Item 1.

Legal Proceedings

32

 

 

 

Item 1A.

Risk Factors

32

 

 

 

Item 2.

Unregistered Sales of Equity Securities and Use of Proceeds

33

 

 

 

Item 3.

Defaults Upon Senior Securities

33

 

 

 

Item 4.

Mine Safety Disclosures

33

 

 

 

Item 5.

Other Information

33

 

 

 

Item 6.

Exhibits

33

 

 

 

Signatures

35

 

2


MYRIAD GENETICS, INC.

AND SUBSIDIARIES

Condensed Consolidated Balance Sheets (Unaudited)

(In millions)

 

 

 

December 31,

 

 

June 30,

 

ASSETS

 

2019

 

 

2019

 

Current assets:

 

 

 

 

 

 

 

 

Cash and cash equivalents

 

$

81.2

 

 

$

93.2

 

Marketable investment securities

 

 

60.4

 

 

 

43.7

 

Prepaid expenses

 

 

16.2

 

 

 

16.6

 

Inventory

 

 

28.1

 

 

 

31.4

 

Trade accounts receivable

 

 

118.3

 

 

 

133.9

 

Prepaid taxes

 

 

24.7

 

 

 

25.1

 

Other receivables

 

 

3.5

 

 

 

4.7

 

Assets held for sale

 

 

32.9

 

 

 

 

Total current assets

 

 

365.3

 

 

 

348.6

 

Property, plant and equipment, net

 

 

36.5

 

 

 

57.3

 

Operating lease right-of-use assets

 

 

67.3

 

 

 

 

Long-term marketable investment securities

 

 

47.6

 

 

 

54.9

 

Intangibles, net

 

 

653.5

 

 

 

684.7

 

Goodwill

 

 

408.1

 

 

 

417.2

 

Total assets

 

$

1,578.3

 

 

$

1,562.7

 

LIABILITIES AND STOCKHOLDERS' EQUITY

 

 

 

 

 

 

 

 

Current liabilities:

 

 

 

 

 

 

 

 

Accounts payable

 

$

21.0

 

 

$

33.3

 

Accrued liabilities

 

 

61.1

 

 

 

78.9

 

Current maturities of operating lease liabilities

 

 

12.8

 

 

 

 

Short-term contingent consideration

 

 

3.4

 

 

 

3.4

 

Deferred revenue

 

 

3.6

 

 

 

2.2

 

Liabilities held for sale

 

 

10.5

 

 

 

 

Total current liabilities

 

 

112.4

 

 

 

117.8

 

Unrecognized tax benefits

 

 

22.4

 

 

 

21.7

 

Noncurrent operating lease liabilities

 

 

58.7

 

 

 

 

Other long-term liabilities

 

 

 

 

 

7.8

 

Contingent consideration

 

 

6.9

 

 

 

10.4

 

Long-term debt

 

 

225.1

 

 

 

233.5

 

Long-term deferred taxes

 

 

75.5

 

 

 

82.6

 

Total liabilities

 

 

501.0

 

 

 

473.8

 

Commitments and contingencies

 

 

 

 

 

 

 

 

Stockholders’ equity:

 

 

 

 

 

 

 

 

Common stock, 74.5 and 73.5 shares outstanding at December 31, 2019 and

   June 30, 2019 respectively

 

 

0.7

 

 

 

0.7

 

Additional paid-in capital

 

 

1,085.1

 

 

 

1,068.0

 

Accumulated other comprehensive loss

 

 

(5.3

)

 

 

(5.4

)

Retained earnings (deficit)

 

 

(3.3

)

 

 

25.6

 

Total Myriad Genetics, Inc. stockholders’ equity

 

 

1,077.2

 

 

 

1,088.9

 

Non-Controlling Interest

 

 

0.1

 

 

 

 

Total stockholders' equity

 

 

1,077.3

 

 

 

1,088.9

 

Total liabilities and stockholders’ equity

 

$

1,578.3

 

 

$

1,562.7

 

 

See accompanying notes to condensed consolidated financial statements.

 

3


MYRIAD GENETICS, INC.

AND SUBSIDIARIES

Condensed Consolidated Statements of Operations (Unaudited)

(In millions, except per share amounts)

 

 

 

Three months ended

 

 

Six months ended

 

 

 

December 31,

 

 

December 31,

 

 

 

2019

 

 

2018

 

 

2019

 

 

2018

 

Molecular diagnostic testing

 

$

181.1

 

 

$

203.0

 

 

$

353.1

 

 

$

392.0

 

Pharmaceutical and clinical services

 

 

14.0

 

 

 

13.8

 

 

 

28.3

 

 

 

27.1

 

Total revenue

 

 

195.1

 

 

 

216.8

 

 

 

381.4

 

 

 

419.1

 

Costs and expenses:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cost of molecular diagnostic testing

 

 

41.0

 

 

 

44.0

 

 

 

82.2

 

 

 

86.3

 

Cost of pharmaceutical and clinical services

 

 

8.6

 

 

 

8.1

 

 

 

17.1

 

 

 

15.5

 

Research and development expense

 

 

18.8

 

 

 

22.4

 

 

 

40.1

 

 

 

43.5

 

Change in the fair value of contingent consideration

 

 

(0.1

)

 

 

1.0

 

 

 

0.6

 

 

 

1.4

 

Selling, general, and administrative expense

 

 

135.6

 

 

 

135.2

 

 

 

271.1

 

 

 

265.1

 

Total costs and expenses

 

 

203.9

 

 

 

210.7

 

 

 

411.1

 

 

 

411.8

 

Operating income (loss)

 

 

(8.8

)

 

 

6.1

 

 

 

(29.7

)

 

 

7.3

 

Other income (expense):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest income

 

 

0.8

 

 

 

0.9

 

 

 

1.7

 

 

 

1.6

 

Interest expense

 

 

(2.5

)

 

 

(3.4

)

 

 

(5.4

)

 

 

(5.6

)

Other

 

 

(0.9

)

 

 

 

 

 

(0.3

)

 

 

1.1

 

Total other expense:

 

 

(2.6

)

 

 

(2.5

)

 

 

(4.0

)

 

 

(2.9

)

Income (loss) before income tax

 

 

(11.4

)

 

 

3.6

 

 

 

(33.7

)

 

 

4.4

 

Income tax provision (benefit)

 

 

(3.1

)

 

 

1.0

 

 

 

(4.8

)

 

 

2.6

 

Net income (loss)

 

$

(8.3

)

 

$

2.6

 

 

$

(28.9

)

 

$

1.8

 

Net loss attributable to non-controlling interest

 

 

 

 

 

 

 

 

 

 

 

(0.1

)

Net income (loss) attributable to Myriad Genetics, Inc. stockholders

 

$

(8.3

)

 

$

2.6

 

 

$

(28.9

)

 

$

1.9

 

Earnings (loss) per share:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

$

(0.11

)

 

$

0.04

 

 

$

(0.39

)

 

$

0.03

 

Diluted

 

$

(0.11

)

 

$

0.03

 

 

$

(0.39

)

 

$

0.02

 

Weighted average shares outstanding:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

 

74.4

 

 

 

74.2

 

 

 

74.1

 

 

 

73.6

 

Diluted

 

 

74.4

 

 

 

76.5

 

 

 

74.1

 

 

 

76.9

 

 

See accompanying notes to condensed consolidated financial statements.

 

4


MYRIAD GENETICS, INC.

AND SUBSIDIARIES

Condensed Consolidated Statements of Comprehensive Income (Unaudited)

(In millions)

 

 

 

Three months ended

 

 

Six months ended

 

 

 

December 31,

 

 

December 31,

 

 

 

2019

 

 

2018

 

 

2019

 

 

2018

 

Net income (loss) attributable to Myriad Genetics, Inc. stockholders

 

$

(8.3

)

 

$

2.6

 

 

$

(28.9

)

 

$

1.9

 

Unrealized loss on available-for-sale securities, net of tax

 

 

 

 

 

(0.2

)

 

 

 

 

$

(0.4

)

Change in foreign currency translation adjustment, net of tax

 

 

2.2

 

 

 

0.9

 

 

 

0.1

 

 

 

1.3

 

Comprehensive income (loss)

 

 

(6.1

)

 

 

3.3

 

 

 

(28.8

)

 

 

2.8

 

Comprehensive income attributable to non-controlling interest

 

 

 

 

 

 

 

 

 

 

 

 

Comprehensive income (loss) attributable to Myriad Genetics, Inc.

   shareholders

 

$

(6.1

)

 

$

3.3

 

 

$

(28.8

)

 

$

2.8

 

 

See accompanying notes to condensed consolidated financial statements.

 

5


MYRIAD GENETICS, INC.

AND SUBSIDIARIES

Condensed Consolidated Statements of Stockholders’ Equity

(In millions)

 

 

 

 

 

 

 

 

 

 

 

Accumulated

 

 

Retained

 

 

 

 

 

 

Myriad

 

 

 

 

 

 

 

Additional

 

 

other

 

 

earnings

 

 

Non-

 

 

Genetics, Inc.

 

 

 

Common

 

 

paid-in

 

 

comprehensive

 

 

(accumulated

 

 

Controlling

 

 

Stockholders’

 

 

 

stock

 

 

capital

 

 

loss

 

 

deficit)

 

 

Interest

 

 

equity

 

BALANCES AT JUNE 30, 2018

 

$

0.7

 

 

$

915.4

 

 

$

(4.1

)

 

$

54.1

 

 

$

 

 

$

966.1

 

Issuance of common stock under share-based compensation plans

 

 

 

 

 

1.9

 

 

 

 

 

 

 

 

 

 

 

 

1.9

 

Issuance of common stock for acquisition

 

 

 

 

 

127.4

 

 

 

 

 

 

 

 

 

 

 

 

127.4

 

Share-based payment expense

 

 

 

 

 

7.7

 

 

 

 

 

 

 

 

 

 

 

 

7.7

 

Net loss

 

 

 

 

 

 

 

 

 

 

 

(0.7

)

 

 

 

 

 

(0.7

)

Other comprehensive loss, net of tax

 

 

 

 

 

 

 

 

(0.2

)

 

 

 

 

 

 

 

 

(0.2

)

BALANCES AT SEPTEMBER 30, 2018

 

$

0.7

 

 

$

1,052.4

 

 

$

(4.3

)

 

$

53.4

 

 

$

 

 

$

1,102.2

 

Issuance of common stock under share-based compensation plans

 

 

 

 

 

2.6

 

 

 

 

 

 

 

 

 

 

 

 

2.6

 

Share-based payment expense

 

 

 

 

 

7.5

 

 

 

 

 

 

 

 

 

 

 

 

7.5

 

Repurchase and retirement of common stock

 

 

 

 

 

(16.9

)

 

 

 

 

 

(33.1

)

 

 

 

 

 

(50.0

)

Net income

 

 

 

 

 

 

 

 

 

 

 

2.6

 

 

 

 

 

 

2.6

 

Other comprehensive loss, net of tax

 

 

 

 

 

 

 

 

(0.7

)

 

 

 

 

 

 

 

 

(0.7

)

BALANCES AT DECEMBER 31, 2018

 

$

0.7

 

 

$

1,045.6

 

 

$

(5.0

)

 

$

22.9

 

 

$

 

 

$

1,064.2

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

BALANCES AT JUNE 30, 2019

 

$

0.7

 

 

$

1,068.0

 

 

$

(5.4

)

 

$

25.6

 

 

$

 

 

$

1,088.9

 

Issuance of common stock under share-based compensation plans

 

 

 

 

 

(0.5

)

 

 

 

 

 

 

 

 

 

 

 

(0.5

)

Share-based payment expense

 

 

 

 

 

8.8

 

 

 

 

 

 

 

 

 

 

 

 

8.8

 

Net loss

 

 

 

 

 

 

 

 

 

 

 

(20.6

)

 

 

 

 

 

(20.6

)

Other comprehensive loss, net of tax

 

 

 

 

 

 

 

 

(2.1

)

 

 

 

 

 

 

 

 

(2.1

)

BALANCES AT SEPTEMBER 30, 2019

 

$

0.7

 

 

$

1,076.3

 

 

$

(7.5

)

 

$

5.0

 

 

$

 

 

$

1,074.5

 

Issuance of common stock under share-based compensation plans

 

 

 

 

 

1.8

 

 

 

 

 

 

 

 

 

 

 

 

1.8

 

Share-based payment expense

 

 

 

 

 

7.0

 

 

 

 

 

 

 

 

 

 

 

 

7.0

 

Non-controlling interest

 

 

 

 

 

 

 

 

 

 

 

 

 

 

0.1

 

 

 

0.1

 

Net loss

 

 

 

 

 

 

 

 

 

 

 

(8.3

)

 

 

 

 

 

(8.3

)

Other comprehensive income, net of tax

 

 

 

 

 

 

 

 

2.2

 

 

 

 

 

 

 

 

 

2.2

 

BALANCES AT DECEMBER 31, 2019

 

$

0.7

 

 

$

1,085.1

 

 

$

(5.3

)

 

$

(3.3

)

 

$

0.1

 

 

$

1,077.3

 

 

See accompanying notes to consolidated financial statements.

6


MYRIAD GENETICS, INC.

AND SUBSIDIARIES

Condensed Consolidated Statements of Cash Flows (Unaudited)

(In millions)

 

 

 

Six months ended

 

 

 

December 31,

 

 

 

2019

 

 

2018

 

CASH FLOWS FROM OPERATING ACTIVITIES:

 

 

 

 

 

 

 

 

Net Income (loss) attributable to Myriad Genetics, Inc. stockholders

 

$

(28.9

)

 

 

1.9

 

Adjustments to reconcile net income to net cash provided by operating activities:

 

 

 

 

 

 

 

 

Depreciation and amortization

 

 

36.4

 

 

 

36.3

 

Non-cash interest expense

 

 

0.2

 

 

 

(1.2

)

Loss on disposition of assets

 

 

(0.1

)

 

 

(0.9

)

Share-based compensation expense

 

 

15.8

 

 

 

15.2

 

Deferred income taxes