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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 March 31, 2020

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 May 1, 2020, the registrant had 74,554,701 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 March 31, 2020 and June 30, 2019

3

 

 

 

 

Condensed Consolidated Statements of Operations (Unaudited) for the three and nine months ended March 31, 2020 and 2019

4

 

 

 

 

Condensed Consolidated Statements of Comprehensive Income (Loss) (Unaudited) for the three and nine months ended March 31, 2020 and 2019

5

 

 

 

 

Condensed Consolidated Statements of Stockholders’ Equity (Unaudited) for the nine months ended March 31, 2020 and 2019

6

 

 

 

 

Condensed Consolidated Statements of Cash Flows (Unaudited) for the nine months ended March 31, 2020 and 2019

7

 

 

 

 

Notes to Condensed Consolidated Financial Statements (Unaudited)

8

 

 

 

Item 2.

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

25

 

 

 

Item 3.

Quantitative and Qualitative Disclosures About Market Risk

33

 

 

 

Item 4.

Controls and Procedures

33

 

 

 

 

PART II - Other Information

 

 

 

 

Item 1.

Legal Proceedings

34

 

 

 

Item 1A.

Risk Factors

34

 

 

 

Item 2.

Unregistered Sales of Equity Securities and Use of Proceeds

35

 

 

 

Item 3.

Defaults Upon Senior Securities

35

 

 

 

Item 4.

Mine Safety Disclosures

35

 

 

 

Item 5.

Other Information

36

 

 

 

Item 6.

Exhibits

36

 

 

 

Signatures

37

 

2


MYRIAD GENETICS, INC.

AND SUBSIDIARIES

Condensed Consolidated Balance Sheets (Unaudited)

(In millions)

 

 

 

March 31,

 

 

June 30,

 

ASSETS

 

2020

 

 

2019

 

Current assets:

 

 

 

 

 

 

 

 

Cash and cash equivalents

 

$

121.0

 

 

$

93.2

 

Marketable investment securities

 

 

60.5

 

 

 

43.7

 

Prepaid expenses

 

 

12.5

 

 

 

16.6

 

Inventory

 

 

30.8

 

 

 

31.4

 

Trade accounts receivable

 

 

102.5

 

 

 

133.9

 

Prepaid taxes

 

 

25.4

 

 

 

25.1

 

Other receivables

 

 

2.5

 

 

 

4.7

 

Total current assets

 

 

355.2

 

 

 

348.6

 

Property, plant and equipment, net

 

 

37.1

 

 

 

57.3

 

Operating lease right-of-use assets

 

 

64.5

 

 

 

 

Long-term marketable investment securities

 

 

42.8

 

 

 

54.9

 

Intangibles, net

 

 

620.0

 

 

 

684.7

 

Goodwill

 

 

327.1

 

 

 

417.2

 

Total assets

 

$

1,446.7

 

 

$

1,562.7

 

LIABILITIES AND STOCKHOLDERS' EQUITY

 

 

 

 

 

 

 

 

Current liabilities:

 

 

 

 

 

 

 

 

Accounts payable

 

$

30.3

 

 

$

33.3

 

Accrued liabilities

 

 

63.1

 

 

 

78.9

 

Current maturities of operating lease liabilities

 

 

12.9

 

 

 

 

Short-term contingent consideration

 

 

3.1

 

 

 

3.4

 

Deferred revenue

 

 

3.8

 

 

 

2.2

 

Total current liabilities

 

 

113.2

 

 

 

117.8

 

Unrecognized tax benefits

 

 

22.3

 

 

 

21.7

 

Noncurrent operating lease liabilities

 

 

55.9

 

 

 

 

Other long-term liabilities

 

 

 

 

 

7.8

 

Contingent consideration

 

 

3.6

 

 

 

10.4

 

Long-term debt

 

 

225.2

 

 

 

233.5

 

Long-term deferred taxes

 

 

59.3

 

 

 

82.6

 

Total liabilities

 

 

479.5

 

 

 

473.8

 

Commitments and contingencies

 

 

 

 

 

 

 

 

Stockholders’ equity:

 

 

 

 

 

 

 

 

Common stock, 74.5 and 73.5 shares outstanding at March 31, 2020 and

   June 30, 2019 respectively

 

 

0.7

 

 

 

0.7

 

Additional paid-in capital

 

 

1,092.8

 

 

 

1,068.0

 

Accumulated other comprehensive loss

 

 

(7.8

)

 

 

(5.4

)

Retained earnings (deficit)

 

 

(118.5

)

 

 

25.6

 

Total Myriad Genetics, Inc. stockholders’ equity

 

 

967.2

 

 

 

1,088.9

 

Non-Controlling Interest

 

 

 

 

 

 

Total stockholders' equity

 

 

967.2

 

 

 

1,088.9

 

Total liabilities and stockholders’ equity

 

$

1,446.7

 

 

$

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

 

 

Nine months ended

 

 

 

March 31,

 

 

March 31,

 

 

 

2020

 

 

2019

 

 

2020

 

 

2019

 

Molecular diagnostic testing

 

$

150.5

 

 

$

200.5

 

 

$

503.6

 

 

$

592.5

 

Pharmaceutical and clinical services

 

 

13.5

 

 

 

16.1

 

 

 

41.8

 

 

 

43.2

 

Total revenue

 

 

164.0

 

 

 

216.6

 

 

 

545.4

 

 

 

635.7

 

Costs and expenses:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cost of molecular diagnostic testing

 

 

43.1

 

 

 

40.3

 

 

 

125.3

 

 

 

126.6

 

Cost of pharmaceutical and clinical services

 

 

7.0

 

 

 

8.3

 

 

 

24.1

 

 

 

23.8

 

Research and development expense

 

 

19.7

 

 

 

21.5

 

 

 

59.8

 

 

 

65.0

 

Change in the fair value of contingent consideration

 

 

(3.4

)

 

 

 

 

 

(2.8

)

 

 

1.4

 

Selling, general, and administrative expense

 

 

132.9

 

 

 

140.6

 

 

 

402.7

 

 

 

405.7

 

Goodwill and intangible asset impairment charges

 

 

98.4

 

 

 

 

 

 

99.7

 

 

 

 

Total costs and expenses

 

 

297.7

 

 

 

210.7

 

 

 

708.8

 

 

 

622.5

 

Operating income (loss)

 

 

(133.7

)

 

 

5.9

 

 

 

(163.4

)

 

 

13.2

 

Other income (expense):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest income

 

 

0.8

 

 

 

0.7

 

 

 

2.5

 

 

 

2.3

 

Interest expense

 

 

(2.3

)

 

 

(3.2

)

 

 

(7.7

)

 

 

(8.8

)

Other

 

 

4.1

 

 

 

(0.1

)

 

 

3.8

 

 

 

1.0

 

Total other income (expense):

 

 

2.6

 

 

 

(2.6

)

 

 

(1.4

)

 

 

(5.5

)

Income (loss) before income tax

 

 

(131.1

)

 

 

3.3

 

 

 

(164.8

)

 

 

7.7

 

Income tax provision (benefit)

 

 

(15.9

)

 

 

(3.6

)

 

 

(20.7

)

 

 

(1.0

)

Net income (loss)

 

$

(115.2

)

 

$

6.9

 

 

$

(144.1

)

 

$

8.7

 

Net loss attributable to non-controlling interest

 

 

 

 

 

 

 

 

 

 

 

(0.1

)

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

 

$

(115.2

)

 

$

6.9

 

 

$

(144.1

)

 

$

8.8

 

Earnings (loss) per share:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

$

(1.55

)

 

$

0.09

 

 

$

(1.94

)

 

$

0.12

 

Diluted

 

$

(1.55

)

 

$

0.09

 

 

$

(1.94

)

 

$

0.12

 

Weighted average shares outstanding:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

 

74.5

 

 

 

73.3

 

 

 

74.2

 

 

 

73.5

 

Diluted

 

 

74.5

 

 

 

74.9

 

 

 

74.2

 

 

 

76.4

 

 

See accompanying notes to condensed consolidated financial statements.

 

4


MYRIAD GENETICS, INC.

AND SUBSIDIARIES

Condensed Consolidated Statements of Comprehensive Income (Loss) (Unaudited)

(In millions)

 

 

 

Three months ended

 

 

Nine months ended

 

 

 

March 31,

 

 

March 31,

 

 

 

2020

 

 

2019

 

 

2020

 

 

2019

 

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

 

$

(115.2

)

 

$

6.9

 

 

$

(144.1

)

 

$

8.8

 

Unrealized gain (loss) on available-for-sale debt securities, net of tax

 

 

(0.1

)

 

 

0.3

 

 

 

(0.1

)

 

$

0.7

 

Change in foreign currency translation adjustment, net of tax

 

 

(2.5

)

 

 

(1.0

)

 

 

(2.4

)

 

 

(2.3

)

Comprehensive income (loss)

 

 

(117.8

)

 

 

6.2

 

 

 

(146.6

)

 

 

7.2

 

Comprehensive income attributable to non-controlling interest

 

 

 

 

 

 

 

 

 

 

 

 

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

   shareholders

 

$

(117.8

)

 

$

6.2

 

 

$

(146.6

)

 

$

7.2

 

 

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

 

Issuance of common stock under share-based compensation plans

 

 

 

 

 

1.9

 

 

 

 

 

 

 

 

 

 

 

 

1.9

 

Share-based payment expense

 

 

 

 

 

9.5

 

 

 

 

 

 

 

 

 

 

 

 

9.5

 

Net income

 

 

 

 

 

 

 

 

 

 

 

6.9

 

 

 

 

 

 

6.9

 

Other comprehensive loss, net of tax

 

 

 

 

 

 

 

 

(0.7

)

 

 

 

 

 

 

 

 

(0.7

)

BALANCES AT MARCH 31, 2019

 

$

0.7

 

 

$

1,057.0

 

 

$

(5.7

)

 

$

29.8

 

 

$

 

 

$

1,081.8

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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