Document and Entity Information
Document and Entity Information - shares | 9 Months Ended | |
Mar. 31, 2020 | May 01, 2020 | |
Cover [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Mar. 31, 2020 | |
Document Fiscal Year Focus | 2020 | |
Document Fiscal Period Focus | Q3 | |
Trading Symbol | MYGN | |
Entity Registrant Name | MYRIAD GENETICS, INC. | |
Entity Central Index Key | 0000899923 | |
Current Fiscal Year End Date | --06-30 | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Large Accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 74,554,701 | |
Title of 12(b) Security | Public Common Stock, $0.01 par value | |
Security Exchange Name | NASDAQ | |
Entity File Number | 0-26642 | |
Entity Incorporation, State or Country Code | DE | |
Entity Tax Identification Number | 87-0494517 | |
Entity Address, Address Line One | 320 Wakara Way | |
Entity Address, City or Town | Salt Lake City | |
Entity Address, State or Province | UT | |
Entity Address, Postal Zip Code | 84108 | |
City Area Code | 801 | |
Local Phone Number | 584-3600 | |
Document Quarterly Report | true | |
Document Transition Report | false |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets - USD ($) $ in Millions | Mar. 31, 2020 | Jun. 30, 2019 |
Current assets: | ||
Cash and cash equivalents | $ 121 | $ 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 | 684.7 |
Goodwill | 327.1 | 417.2 |
Total assets | 1,446.7 | 1,562.7 |
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 |
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 |
Total stockholders' equity | 967.2 | 1,088.9 |
Total liabilities and stockholders’ equity | $ 1,446.7 | $ 1,562.7 |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (Parenthetical) - shares shares in Millions | Mar. 31, 2020 | Jun. 30, 2019 | Jun. 30, 2018 |
Statement Of Financial Position [Abstract] | |||
Common stock, shares outstanding | 74.5 | 73.5 | 70.6 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Operations - USD ($) shares in Millions, $ in Millions | 3 Months Ended | 9 Months Ended | ||
Mar. 31, 2020 | Mar. 31, 2019 | Mar. 31, 2020 | Mar. 31, 2019 | |
Total revenue | $ 164 | $ 216.6 | $ 545.4 | $ 635.7 |
Costs and expenses: | ||||
Research and development expense | 19.7 | 21.5 | 59.8 | 65 |
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 |
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) |
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 |
Molecular Diagnostic Testing [Member] | ||||
Total revenue | $ 150.5 | $ 200.5 | $ 503.6 | $ 592.5 |
Costs and expenses: | ||||
Total costs and expenses | 43.1 | 40.3 | 125.3 | 126.6 |
Pharmaceutical and Clinical Services [Member] | ||||
Total revenue | 13.5 | 16.1 | 41.8 | 43.2 |
Costs and expenses: | ||||
Total costs and expenses | $ 7 | $ 8.3 | $ 24.1 | $ 23.8 |
Condensed Consolidated Statem_2
Condensed Consolidated Statements of Comprehensive Income (Loss) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Mar. 31, 2020 | Mar. 31, 2019 | Mar. 31, 2020 | Mar. 31, 2019 | |
Statement Of Income And Comprehensive Income [Abstract] | ||||
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) | (2.4) | (2.3) |
Comprehensive income (loss) | (117.8) | 6.2 | (146.6) | 7.2 |
Comprehensive income attributable to non-controlling interest | 0 | 0 | 0 | 0 |
Comprehensive income (loss) attributable to Myriad Genetics, Inc. shareholders | $ (117.8) | $ 6.2 | $ (146.6) | $ 7.2 |
Condensed Consolidated Statem_3
Condensed Consolidated Statements of Stockholders' Equity - USD ($) $ in Millions | Total | Common Stock [Member] | Additional paid-in capital [Member] | Accumulated other comprehensive loss [Member] | Retained earnings (accumulated deficit) [Member] | Non-Controlling Interest [Member] |
Beginning Balance at Jun. 30, 2018 | $ 966.1 | $ 0.7 | $ 915.4 | $ (4.1) | $ 54.1 | |
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 income (loss) | (0.7) | (0.7) | ||||
Other comprehensive income (loss), net of tax | (0.2) | (0.2) | ||||
Ending Balance at Sep. 30, 2018 | 1,102.2 | 0.7 | 1,052.4 | (4.3) | 53.4 | |
Beginning Balance at Jun. 30, 2018 | 966.1 | 0.7 | 915.4 | (4.1) | 54.1 | |
Net income (loss) | 8.8 | |||||
Ending Balance at Mar. 31, 2019 | 1,081.8 | 0.7 | 1,057 | (5.7) | 29.8 | |
Beginning Balance at Sep. 30, 2018 | 1,102.2 | 0.7 | 1,052.4 | (4.3) | 53.4 | |
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 | (50) | (16.9) | (33.1) | |||
Net income (loss) | 2.6 | 2.6 | ||||
Other comprehensive income (loss), net of tax | (0.7) | (0.7) | ||||
Ending Balance at Dec. 31, 2018 | 1,064.2 | 0.7 | 1,045.6 | (5) | 22.9 | |
Issuance of common stock under share-based compensation plans | 1.9 | 1.9 | ||||
Share-based payment expense | 9.5 | 9.5 | ||||
Net income (loss) | 6.9 | 6.9 | ||||
Other comprehensive income (loss), net of tax | (0.7) | (0.7) | ||||
Ending Balance at Mar. 31, 2019 | 1,081.8 | 0.7 | 1,057 | (5.7) | 29.8 | |
Beginning Balance at Jun. 30, 2019 | 1,088.9 | 0.7 | 1,068 | (5.4) | 25.6 | |
Issuance of common stock under share-based compensation plans | (0.5) | (0.5) | ||||
Share-based payment expense | 8.8 | 8.8 | ||||
Net income (loss) | (20.6) | (20.6) | ||||
Other comprehensive income (loss), net of tax | (2.1) | (2.1) | ||||
Ending Balance at Sep. 30, 2019 | 1,074.5 | 0.7 | 1,076.3 | (7.5) | 5 | |
Beginning Balance at Jun. 30, 2019 | 1,088.9 | 0.7 | 1,068 | (5.4) | 25.6 | |
Net income (loss) | (144.1) | |||||
Ending Balance at Mar. 31, 2020 | 967.2 | 0.7 | 1,092.8 | (7.8) | (118.5) | |
Beginning Balance at Sep. 30, 2019 | 1,074.5 | 0.7 | 1,076.3 | (7.5) | 5 | |
Issuance of common stock under share-based compensation plans | 1.8 | 1.8 | ||||
Share-based payment expense | 7 | 7 | ||||
Non-controlling interest | 0.1 | $ 0.1 | ||||
Net income (loss) | (8.3) | (8.3) | ||||
Other comprehensive income (loss), net of tax | 2.2 | 2.2 | ||||
Ending Balance at Dec. 31, 2019 | 1,077.3 | 0.7 | 1,085.1 | (5.3) | (3.3) | 0.1 |
Issuance of common stock under share-based compensation plans | 0.2 | 0.2 | ||||
Share-based payment expense | 7.5 | 7.5 | ||||
Non-controlling interest | (0.1) | $ (0.1) | ||||
Net income (loss) | (115.2) | (115.2) | ||||
Reclassification out of accumulated other comprehensive loss upon the deconsolidation of a subsidiary | 0.1 | 0.1 | ||||
Other comprehensive income (loss), net of tax | (2.6) | (2.6) | ||||
Ending Balance at Mar. 31, 2020 | $ 967.2 | $ 0.7 | $ 1,092.8 | $ (7.8) | $ (118.5) |
Condensed Consolidated Statem_4
Condensed Consolidated Statements of Cash Flows - USD ($) $ in Millions | 9 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
CASH FLOWS FROM OPERATING ACTIVITIES: | ||
Net income (loss) attributable to Myriad Genetics, Inc. stockholders | $ (144.1) | $ 8.8 |
Adjustments to reconcile net income (loss) to net cash provided by operating activities: | ||
Depreciation and amortization | 54.3 | 54.6 |
Non-cash interest expense | 0.3 | 0.3 |
Gain on deconsolidation of subsidiary | (1) | |
Gain on disposition of assets | (0.2) | (0.9) |
Share-based compensation expense | 23.3 | 24.7 |
Deferred income taxes | (22.9) | 3 |
Unrecognized tax benefits | 0.6 | (7.3) |
Impairment of goodwill and intangible assets | 99.7 | |
Change in fair value of contingent consideration | 2.8 | (1.4) |
Payment of contingent consideration | (1.5) | |
Changes in assets and liabilities: | ||
Prepaid expenses | 3.5 | 2 |
Trade accounts receivable | 29.5 | (27) |
Other receivables | 0.9 | (0.4) |
Inventory | 7.4 | |
Prepaid taxes | (0.3) | (3) |
Accounts payable | (2.1) | (8.1) |
Accrued liabilities | (15.4) | 1.4 |
Deferred revenue | 1.8 | (0.4) |
Net cash provided by operating activities | 30.7 | 52.2 |
CASH FLOWS FROM INVESTING ACTIVITIES | ||
Capital expenditures | (7.8) | (7.2) |
Acquisitions, net of cash acquired | (278.5) | |
Proceeds from sale of subsidiary | 21.3 | |
Purchases of marketable investment securities | (60.8) | (57) |
Proceeds from maturities and sales of marketable investment securities | 56.3 | 51.8 |
Net cash provided by (used in) investing activities | 9 | (290.9) |
CASH FLOWS FROM FINANCING ACTIVITIES: | ||
Net proceeds from common stock issued under share-based compensation plans | 1.5 | 6.5 |
Payment of contingent consideration recognized at acquisition | (3.9) | |
Net proceeds from revolving credit facility | 340 | |
Repayment of revolving credit facility | (8.6) | (85) |
Fees associated with refinancing of revolving credit facility | (1.4) | |
Repurchase and retirement of common stock | (50) | |
Net cash provided by (used in) financing activities | (11) | 210.1 |
Effect of foreign exchange rates on cash and cash equivalents | (0.9) | 2.6 |
Net increase (decrease) in cash and cash equivalents | 27.8 | (26) |
Cash and cash equivalents at beginning of the period | 93.2 | 110.9 |
Cash and cash equivalents at end of the period | $ 121 | $ 84.9 |
Basis of Presentation
Basis of Presentation | 9 Months Ended |
Mar. 31, 2020 | |
Accounting Policies [Abstract] | |
Basis of Presentation | (1) BASIS OF PRESENTATION The accompanying condensed consolidated financial statements have been prepared by Myriad Genetics, Inc. (the “Company” or “Myriad”) in accordance with U.S. generally accepted accounting principles (“GAAP”) for interim financial information and pursuant to the applicable rules and regulations of the Securities and Exchange Commission (“SEC”). The condensed consolidated financial statements 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 GAAP. The condensed consolidated financial statements herein should be read in conjunction with the Company’s audited consolidated financial statements and notes thereto for the fiscal year ended June 30, 2019, included in the Company’s Annual Report on Form 10-K for the fiscal year ended June 30, 2019. Operating results for the three and nine months ended March 31, 2020 may not necessarily be indicative of results to be expected for any other interim period or for the full year. The consolidated financial statements include the accounts of the Company’s majority-owned subsidiary, Assurex Canada, Ltd. which is 85% owned by Assurex Health, Inc. (“Assurex”), a wholly owned subsidiary of the Company, and 15% owned by the Centre for Addiction and Mental Health. Assurex Canada, Ltd. is a consolidated subsidiary of Assurex Health, Inc. The value of the non-controlling interest represents the portion of Assurex Canada, Ltd.’s profit or loss and net assets that is not held by Assurex Health, Inc. The Company attributes comprehensive income or loss of the subsidiary between the Company and the non-controlling interest based on the respective ownership interest. The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities at the date of the financial statements, as well as the reported amounts of revenue and expenses during the reporting period. Actual results could differ from those estimates. Reclassifications Certain immaterial prior period goodwill impairment charges that were previously classified as part of selling, general and administrative expense in the condensed consolidated statements of operations were reclassified to conform to the current period presentation and are included as part of the goodwill and intangible asset impairment charges financial statement line item in the current period. Recent Accounting Pronouncements Recently Adopted Standards In February 2016, the Financial Accounting Standards Board (the “FASB”) issued ASU 2016-02, Leases (“ASU 2016-02”). ASU 2016-02 amends the existing accounting standards for lease accounting, including requiring lessees to recognize most leases on their balance sheets and changing certain lessor accounting requirements. ASU 2016-02 also requires entities to provide enhanced disclosures surrounding the amount, timing and uncertainty of cash flows arising from leasing arrangements. On July 1, 2019, the Company adopted ASU 2016-02 under the modified retrospective approach by initially applying ASU 2016-02 at the adoption date, rather than at the beginning of the earliest comparative period presented. Results for the three and nine months ended March 31, 2020 are presented under ASU 2016-02. Prior period amounts were not adjusted and continue to be reported under previous lease accounting guidance. Under ASU 2016-02, the Company determines if an arrangement is or contains a lease at inception by assessing whether the arrangement contains an identified asset and whether it has the right to control the identified asset. Right-of-use (“ROU”) assets represent the Company's right to use an underlying asset for the lease term and lease liabilities represent the Company's obligation to make lease payments arising from the lease. Lease liabilities are recognized at the lease commencement date based on the present value of future lease payments over the lease term. ROU assets are based on the measurement of the lease liability and also include any lease payments made prior to or on lease commencement and exclude lease incentives and initial direct costs incurred, as applicable. As the implicit rate in the Company's leases is generally unknown, the Company uses its incremental borrowing rate based on the information available at the lease commencement date in determining the present value of future lease payments. When calculating the Company’s incremental borrowing rates, the Company gives consideration to its credit risk, term of the lease, total lease payments and adjust for the impacts of collateral, as necessary. The lease term used may reflect any option to extend or terminate the lease when it is reasonably certain the Company will exercise such options. Lease expenses for the Company's operating leases are recognized on a straight-line basis over the lease term. ASU 2016-02 provides a number of optional practical expedients in transitioning to ASU 2016-02. The Company has elected the package of practical expedients to avoid reassessing under ASU 2016-02 prior conclusions about lease identification, lease classification and initial direct costs. The Company has also elected the practical expedient allowing the use of hindsight in determining the lease term and assessing impairment of right-of-use ROU assets based on all facts and circumstances through the effective date of the new standard. ASU 2016-02 also provides practical expedients for ongoing lease accounting. The Company has elected the recognition exemption for short-term leases for all leases that qualify. Under this exemption, the Company will not recognize ROU assets or lease liabilities for those leases that qualify as a short-term lease (leases with lease terms of 12 months or less), which includes not recognizing ROU assets or lease liabilities for existing short-term leases in transition. The Company also has elected the practical expedient to avoid separating lease and non-lease components for any of its leases within its existing classes of assets. As of the July 1, 2019 adoption date, the Company recognized operating lease liabilities of $78.8 and right-of-use assets related to operating leases totaling $74.5 as of the adoption date. These are presented as “Current maturities of operating lease liabilities” for a total of $13.1, “Noncurrent operating lease liabilities” for a total of $65.7, and “Operating lease right-of-use assets” for a total of $74.5 on the Company’s consolidated balance sheet. No adjustments to the beginning retained earnings balance were required. On October 1, 2019, the Company early adopted ASU 2017-04, Intangibles – Goodwill and Other (Topic 350) (“ASU 2017-04”) as permitted under the standard. The standard simplifies the accounting for goodwill impairment by requiring a goodwill impairment to be measured using a single step impairment model, whereby the impairment equals the difference between the carrying amount and the fair value of the specified reporting units as a whole. This eliminates the second step of the current impairment model that requires a company to first estimate the fair value of all assets in a reporting unit and measure impairments based on those fair values and a residual measurement approach. The standard also specifies that any loss recognized should not exceed the total amount of goodwill allocated to that reporting unit. This ASU was adopted on a prospective basis with no material impact to the Company’s consolidated financial statements. Standards Effective in Future Years and Not Yet Adopted In June 2016, the FASB issued ASU 2016-13, Financial Instruments – Credit Losses (Topic 326) (“ASU 2016-13”) which introduces new guidance for the accounting for credit losses on certain instruments within its scope. ASU 2016-13 introduces an approach based on expected losses to estimate credit losses on certain types of financial instruments. For trade receivables, the Company will be required to use a forward-looking expected loss model rather than the incurred loss model for recognizing credit losses, which reflects losses that are probable. Credit losses relating to available-for-sale debt securities will also be recorded through an allowance for credit losses rather than as a reduction in the amortized cost basis of the securities. ASU 2016-13 is effective for fiscal years beginning after December 31, 2019, including interim periods within those years. Early application of the guidance is permitted for all entities for fiscal years beginning after December 15, 2018, including the interim periods within those fiscal years. Application of the amendments is through a cumulative-effect adjustment to retained earnings as of the effective date. The Company is currently evaluating the impact of ASU 2016-13 on its consolidated financial statements . In August 2018, the FASB issued ASU 2018-15, Intangibles – Goodwill and Other - Internal-Use Software (Subtopic 350-40): Customer’s Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement That Is a Service Contract (“ASU 2018-15”). ASU 2018-15 aligns the requirements for capitalizing implementation costs incurred in a hosting arrangement that is a service contract with the requirements for capitalizing implementation costs incurred to develop or obtain internal-use software, including hosting arrangements that include an internal-use software license. This guidance is effective for public entities for fiscal years beginning after December 15, 2019, and for interim periods within those fiscal years, with early adoption permitted. The Company is currently evaluating the potential effects of this guidance on its consolidated financial statements. |
Revenue
Revenue | 9 Months Ended |
Mar. 31, 2020 | |
Revenue From Contract With Customer [Abstract] | |
Revenue | (2) REVENUE The following table presents detail regarding the composition of our total revenue by product and by U.S versus rest of world, “RoW”: Three months ended March 31, 2020 2019 (In millions) U.S. RoW Total U.S. RoW Total Molecular diagnostic revenues: Hereditary Cancer Testing $ 81.3 $ 3.9 $ 85.2 $ 114.3 $ 3.3 $ 117.6 GeneSight 20.4 — 20.4 29.6 — 29.6 Prenatal 20.2 0.1 20.3 30.6 — 30.6 Vectra 10.5 — 10.5 11.3 — 11.3 Prolaris 6.8 — 6.8 6.9 — 6.9 EndoPredict 0.6 2.9 3.5 0.5 2.3 2.8 Other 3.6 0.2 3.8 1.5 0.2 1.7 Total molecular diagnostic revenue 143.4 7.1 150.5 194.7 5.8 200.5 Pharmaceutical and clinical service revenue 9.6 3.9 13.5 9.7 6.4 16.1 Total revenue $ 153.0 $ 11.0 $ 164.0 $ 204.4 $ 12.2 $ 216.6 Nine months ended March 31, 2020 2019 (In millions) U.S. RoW Total U.S. RoW Total Molecular diagnostic revenues: Hereditary Cancer Testing $ 295.0 $ 12.6 $ 307.6 $ 351.4 $ 9.3 $ 360.7 GeneSight 65.6 — 65.6 82.8 — 82.8 Prenatal 59.9 0.2 60.1 80.0 — 80.0 Vectra 31.8 — 31.8 36.1 — 36.1 Prolaris 20.0 0.1 20.1 19.1 0.1 19.2 EndoPredict 1.5 6.8 8.3 1.2 6.2 7.4 Other 9.9 0.2 10.1 5.8 0.5 6.3 Total molecular diagnostic revenue 483.7 19.9 503.6 576.4 16.1 592.5 Pharmaceutical and clinical service revenue 26.3 15.5 41.8 25.5 17.7 43.2 Total revenue $ 510.0 $ 35.4 $ 545.4 $ 601.9 $ 33.8 $ 635.7 The Company performs its obligation under a contract with a customer by processing diagnostic tests and communicating the test results to customers, in exchange for consideration from the customer. The Company has the right to bill its customers upon the completion of performance obligations and thus does not record contract assets. Occasionally customers make payments prior to the Company's performance of its contractual obligations. When this occurs, the Company records a contract liability as deferred revenue. A reconciliation of the beginning and ending balances of deferred revenue is shown in the table below: Nine months ended March 31, 2020 2019 Deferred revenue - beginning balance $ 2.2 $ 2.6 Revenue recognized (2.4 ) (5.9 ) Prepayments 4.0 5.6 Deferred revenue - Ending Balance $ 3.8 $ 2.3 Myriad Companies generate revenue by performing molecular diagnostic testing and pharmaceutical & clinical services. Revenue from the sale of molecular diagnostic tests and pharmaceutical and clinical services is recorded at the invoiced amount net of any discounts or contractual allowances. The Company has determined that the communication of test results or the completion of clinical and pharmaceutical services indicates transfer of control for revenue recognition purposes. In accordance with ASU 2014-09, the Company has elected not to disclose the aggregate amount of the transaction price allocated to remaining performance obligations for its contracts that are one year or less, as the revenue is expected to be recognized within the next year. Furthermore, the Company has elected not to disclose the aggregate amount of the transaction price allocated to remaining performance obligations for its agreements wherein the Company’s right to payment is in an amount that directly corresponds with the value of Company’s performance to date. However, the Company periodically enters into arrangements with customers to provide diagnostic testing and/or pharmaceutical and clinical services that may have terms longer than one year and include multiple performance obligations. As of March 31, 2020, the aggregate amount of the transaction price of such contracts that is allocated to the remaining performance obligations is $4.1. The Company provides discounts such as self-pay and volume discounts to its customers. In determining the transaction price, Myriad includes an estimate of the expected amount of consideration as revenue. The Company applies this method consistently for similar contracts when estimating the effect of any uncertainty on an amount of variable consideration to which it will be entitled. The Company applies the expected value method for sales where the Company has a large number of contracts with similar characteristics. In addition, the Company considers all the information (historical, current, and forecast) that is reasonably available to identify possible consideration amounts. The Company considers the probability of the variable consideration for each possible scenario. The Company also has significant experience with historical discount patterns and uses this experience to estimate transaction prices. The Company excludes from the measurement of transaction price all taxes assessed by a governmental authority that are both imposed on and concurrent with a specific revenue-producing transaction and collected by the Company from a customer for e.g. sales tax, value added tax etc. The Company applies the practical expedient related to costs to obtain or fulfill a contract since the amortization period for such costs will be one year or less. Accordingly, no costs incurred to obtain or fulfill a contract have been capitalized. The Company also applies the practical expedient for not adjusting revenue recognized for the effects of the time value of money. This practical expedient has been elected because the Company collects very little cash from customers under payment terms and the vast majority of payments terms have a payback period of less than one year. During the three and nine months ended March 31, 2020, the Company recognized a $5.5 and $10.8 decrease in revenue respectively, which resulted in an ($0.06) and ($0.11) impact to EPS, for tests in which the performance obligation of delivering the tests results was met in prior periods. The changes were primarily driven by changes in the estimated transaction price due to contractual adjustments, obtaining updated information from payors and patients that was unknown at the time the performance obligation was met and settlements with third party payors. |
Acquisitions
Acquisitions | 9 Months Ended |
Mar. 31, 2020 | |
Business Combinations [Abstract] | |
Acquisitions | (3) ACQUISITIONS Acquisition of Counsyl, Inc. On July 31, 2018, the Company completed the acquisition of Counsyl, Inc. (“Counsyl”), a leading provider of genetic testing and DNA analysis services, pursuant to the Agreement and Plan of Merger (the “Merger Agreement”), dated May 25, 2018. Pursuant to the terms of the Merger Agreement, Myriad Merger Sub, Inc., a newly-created wholly-owned subsidiary of the Company, was merged with and into Counsyl, with Counsyl continuing as the surviving corporation and a wholly-owned subsidiary of Myriad. The Company believes the acquisition allows for greater entry into the high-growth reproductive testing market, with the ability to become a leader in women’s health genetic testing. The Company acquired Counsyl for total consideration of $405.9, consisting of $278.5 in cash, financed in part by the Amendment to the Facility (see Note 8) and 2,994,251 shares of common stock issued, valued at $127.4. The shares were issued and valued as of July 31, 2018 at a per share market closing price of $42.53. To complete the purchase transaction, the Company incurred approximately $6.8 of acquisition costs, which were recorded as selling, general and administrative expenses in the period incurred. Of the cash consideration, $5.0 was deposited into an escrow account to fund any post-closing adjustments payable to Myriad based upon differences between the estimated working capital and the actual working capital of Counsyl at closing. The working capital was finalized during the quarter ended December 31, 2018 and $1.1 of the escrow was returned to Myriad as a result of a working capital adjustment which reduced total consideration and goodwill. Consideration transferred was allocated to the tangible and intangible assets acquired and liabilities assumed based on their fair values as of the acquisition date. 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 allocation of the consideration transferred was finalized within the measurement period (which was up to one year from the acquisition date) . Estimated Fair Value Current assets $ 42.5 Intangible assets 290.0 Equipment 18.2 Other assets 0.1 Goodwill 99.3 Current liabilities (19.6 ) Long term liabilities (0.1 ) Deferred tax liability (9.2 ) Total fair value purchase price $ 421.2 Less: Cash acquired (15.3 ) Total consideration transferred $ 405.9 Identifiable Intangible Assets Through its acquisition of Counsyl, the Company acquired intangible assets that consisted of developed screening processes with an estimated fair value of $290.0. The fair values of these developed screening processes were estimated using a probability-weighted income approach that discounts expected future cash flows to present value. Under the probability-weighted income approach, the estimated net cash flows from these developed screening processes were discounted using a discount rate of 12.5%, which is based on the estimated internal rate of return for the acquired developed screening processes and represents the rate that market participants may use to value these intangible assets. The Company will amortize these intangible assets on a straight-line basis over their estimated useful lives of 12 years. Goodwill The goodwill represents the excess of consideration transferred over the fair value of assets acquired and liabilities assumed from Counsyl and is attributable to the benefits expected from combining the Company’s expertise with Counsyl’s technology and customer insights and the opportunity to integrate genetic screening into clinical practice with OBGYNs. Changes in goodwill since the Counsyl acquisition to the balance as of March 31, 2020 are shown below: Carrying amount Balance September 30, 2018 $ 94.9 Fair value adjustment to equipment 0.7 Intangible adjustment 2.9 Working capital adjustment (1.1 ) Change in deferred tax liability 1.9 Balance March 31, 2020 $ 99.3 This goodwill is not deductible for income tax purposes. Pro Forma Information (Unaudited) The unaudited pro-forma results presented below include the effects of the Counsyl acquisition as if it had been consummated as of July 1, 2017, with adjustments to give effect to pro forma events that are directly attributable to the acquisition, which includes adjustments related to the amortization of acquired intangible assets, interest income and expense, and depreciation. The unaudited pro forma results do not reflect any operating efficiency or potential cost savings that may result from the consolidation of Counsyl. Accordingly, these unaudited pro forma results are presented for informational purposes only and are not necessarily indicative of what the actual results of operation of the combined company would have been if the acquisition had occurred at the beginning of the period presented, nor are they indicative of future results of operations and are not necessarily indicative of results that might have been achieved had the acquisition been consummated as of July 1, 2017. Three months ended Nine months ended March 31, March 31, 2020 2019 2020 2019 Revenue $ 164.0 $ 216.6 $ 545.4 $ 645.9 Income (loss) from operations (133.7 ) 5.9 (163.4 ) 23.5 Net income (loss) (115.2 ) 6.9 (144.1 ) 18.2 Earnings (loss) per share, basic $ (1.55 ) $ 0.09 $ (1.94 ) $ 0.25 Earnings (loss) per share, diluted $ (1.55 ) $ 0.09 $ (1.94 ) $ 0.24 |
Marketable Investment Securitie
Marketable Investment Securities | 9 Months Ended |
Mar. 31, 2020 | |
Investments Debt And Equity Securities [Abstract] | |
Marketable Investment Securities | (4) MARKETABLE INVESTMENT SECURITIES The Company has classified its debt investment securities as available-for-sale securities. These 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 on the specific-identification method. Dividend and interest income are recognized when earned. The Company’s cash equivalents consist of short-term, highly liquid investments that are readily convertible to known amounts of cash. 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 March 31, 2020 and June 30, 2019 were as follows: Gross Gross unrealized unrealized Amortized holding holding Estimated cost gains losses fair value At March 31, 2020: Cash and cash equivalents: Cash $ 103.7 $ — $ — $ 103.7 Cash equivalents 17.3 — — $ 17.3 Total cash and cash equivalents 121.0 — — 121.0 Available-for-sale: Corporate bonds and notes 61.0 0.2 (0.2 ) 61.0 Municipal bonds 19.9 0.1 — 20.0 Federal agency issues 5.5 0.1 — 5.6 US government securities 16.4 0.3 — 16.7 Total $ 223.8 $ 0.7 $ (0.2 ) $ 224.3 Gross Gross unrealized unrealized Amortized holding holding Estimated cost gains losses fair value At June 30, 2019: Cash and cash equivalents: Cash $ 68.7 $ — $ — $ 68.7 Cash equivalents 24.5 — — 24.5 Total cash and cash equivalents 93.2 — — 93.2 Available-for-sale: Corporate bonds and notes 64.0 0.6 — 64.6 Municipal bonds 15.3 — — 15.3 Federal agency issues 9.0 — — 9.0 US government securities 9.7 — — 9.7 Total $ 191.2 $ 0.6 $ — $ 191.8 Cash, cash equivalents, and maturities of debt securities classified as available-for-sale securities are as follows at March 31, 2020: Amortized Estimated cost fair value Cash $ 103.7 $ 103.7 Cash equivalents 17.3 17.3 Available-for-sale: Due within one year 60.2 60.5 Due after one year through five years 42.6 42.8 Due after five years — — Total $ 223.8 $ 224.3 |
Property, Plant and Equipment,
Property, Plant and Equipment, Net | 9 Months Ended |
Mar. 31, 2020 | |
Property Plant And Equipment [Abstract] | |
Property, Plant and Equipment, Net | (5) PROPERTY, PLANT AND EQUIPMENT, NET March 31, June 30, 2020 2019 Land $ — $ 2.3 Buildings and improvements — 18.8 Leasehold improvements 31.1 31.0 Equipment 111.2 117.1 142.3 169.2 Less accumulated depreciation (105.2 ) (111.9 ) Property, plant and equipment, net $ 37.1 $ 57.3 As of March 31, 2020, $19.5 of the balance of property, plant and equipment has been deconsolidated upon the sale of Privatklinik Dr. Robert Schindlbeck GmbH & Co. KG (the “Clinic”). See Note 18 for additional information regarding the sale of the Clinic. Three months ended Nine months ended March 31, March 31, 2020 2019 2020 2019 Depreciation expense $ 2.6 $ 3.1 $ 8.5 $ 10.6 |
Goodwill and Intangible Assets
Goodwill and Intangible Assets | 9 Months Ended |
Mar. 31, 2020 | |
Goodwill And Intangible Assets Disclosure [Abstract] | |
Goodwill and Intangible Assets | (6) GOODWILL AND INTANGIBLE ASSETS Goodwill The Company has recorded goodwill of $327.1 from the acquisitions of Counsyl that was completed on July 31, 2018, Assurex that was completed on August 31, 2016, Sividon Diagnostics GmbH (“Sividon”) that was completed on May 31, 2016, 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, $270.3 relates to the Company’s diagnostic segment and $56.8 relates to the other segment. The Company previously had recorded goodwill associated with the Clinic that was completed on February 27, 2015. The following summarizes changes to the goodwill balance for the nine months ended March 31, 2020: Carrying amount Ending balance June 30, 2019 $ 417.2 Goodwill deconsolidated on sale of the Clinic (7.3 ) Goodwill impairment charge (82.0 ) Translation adjustments (0.8 ) Ending balance March 31, 2020 $ 327.1 As a result of the effect of COVID-19 on expected future cash flows and a corresponding decline in market capitalization and enterprise value, the Company performed an interim quantitative impairment review of goodwill for the Assurex, Crescendo Bioscience and Myriad International reporting units as of March 31, 2020. The Company estimated the fair values of each reporting unit using both the market approach, applying a multiple of earnings based on observable multiples for guideline publicly traded companies, and the income approach, discounting future cash flows based on management’s expectations of the current and future operating environment for each reporting unit. The Company corroborated the reasonableness of the estimated reporting unit fair values by reconciling to its enterprise value and market capitalization. Based on this analysis, the Company recognized a goodwill impairment charge of $80.7 related to the goodwill from the Crescendo reporting unit in the third quarter of fiscal year 2020. The Crescendo reporting unit is part of the Company’s diagnostic segment. The calculation of the impairment charge includes substantial fact-based determinations and estimates including weighted average cost of capital, future revenue, profitability, cash flows and fair values of assets and liabilities. The goodwill impairment charge is reflected in g oodwill and intangible asset impairment charges in the Condensed Consolidated Statements of Operations. The Company recognized a $1.3 impairment charge for goodwill allocated to the Clinic asset group during the second quarter of fiscal year 2020 that is included in goodwill and intangible asset impairment expense for the nine months ended March 31, 2020. The Clinic asset group is part of the Company’s other segment. See Note 18 for further discussions regarding the deconsolidation of goodwill upon the closing of the sale of the Clinic. Intangible Assets Intangible assets primarily consist of amortizable assets of purchased licenses and technologies, customer relationships, and trade names as well as non-amortizable intangible assets of in-process technologies and research and development. The following summarizes the amounts reported as intangible assets: Gross Carrying Accumulated Amount Amortization Net At March 31, 2020: Purchased licenses and technologies $ 814.9 $ (201.8 ) $ 613.0 Customer relationships 4.7 (4.1 ) 0.5 Trademarks 3.0 (1.4 ) 1.7 Total amortized intangible assets 822.5 (207.3 ) 615.2 In-process research and development 4.8 — 4.8 Total unamortized intangible assets 4.8 — 4.8 Total intangible assets $ 827.3 $ (207.3 ) $ 620.0 Gross Carrying Accumulated Amount Amortization Net At June 30, 2019: Purchased licenses and technologies $ 815.7 $ (156.6 ) $ 659.1 Customer relationships 4.6 (3.8 ) 0.8 Trademarks 3.0 (1.2 ) 1.8 Total amortized intangible assets 823.3 (161.6 ) 661.7 In-process research and development 23.0 — 23.0 Total unamortized intangible assets 23.0 — 23.0 Total intangible assets $ 846.3 $ (161.6 ) $ 684.7 As of March 31, 2020, the Company decided to abandon the development of one of its in-process research and development intangible assets, and as a result the Company recognized a charge of $17.7 in the third quarter of fiscal year 2020, which is reflected in goodwill and intangible asset impairment charges in the Condensed Consolidated Statements of Operations. The in-process research and development intangible asset was reported as part of the Company’s diagnostic segment. The Company recorded amortization expense during the respective periods for these intangible assets as follows: Three months ended Nine months ended March 31, March 31, 2020 2019 2020 2019 Amortization of intangible assets $ 15.3 $ 15.2 $ 45.8 $ 44.0 |
Accrued Liabilities
Accrued Liabilities | 9 Months Ended |
Mar. 31, 2020 | |
Payables And Accruals [Abstract] | |
Accrued Liabilities | (7) ACCRUED LIABILITIES March 31, June 30, 2020 2019 Employee compensation and benefits $ 55.3 $ 48.8 Accrued taxes payable 3.5 3.0 Qui tam settlement — 9.1 Other 4.3 18.0 Total accrued liabilities $ 63.1 $ 78.9 |
Long-Term Debt
Long-Term Debt | 9 Months Ended |
Mar. 31, 2020 | |
Debt Disclosure [Abstract] | |
Long-Term Debt | (8) LONG-TERM DEBT On December 23, 2016, the Company entered into a senior secured revolving credit facility (the “Facility”) by and among Myriad, as borrower, with the lenders from time to time party thereto. On July 31, 2018, the Company entered into Amendment No. 1 (the “Amended Facility”) which effects an “amend and extend” transaction with respect to the Facility by which the maturity date thereof was extended to July 31, 2023 and the maximum aggregate principal commitment was increased from $300.0 to $350.0. This was accounted for as a modification pursuant to guidance in ASC 470-50. Pursuant to the Amended Facility, Myriad borrowed revolving loans in an aggregate principal amount of $300.0 with $1.8 in upfront fees and $0.3 debt issuance costs recorded as a debt discount to be amortized over the term of the Amended Facility. The current balance of the net long-term debt is $225.2. There are no scheduled principal payments of the Amended Facility prior to its maturity date. The proceeds of the Amended Facility were used to: (i) refinance in full the obligations under the Facility, (ii) finance the acquisition of Counsyl (See Note 3), (iii) pay fees, commissions, transactions costs and expenses incurred in connection with the foregoing, and (iv) for working capital and other general corporate purposes. The Amended Facility contains customary loan terms, interest rates, representations and warranties, affirmative and negative covenants, in each case, subject to customary limitations, exceptions and exclusions. The Amended Facility also contains certain customary events of default. Covenants in the Amended Facility impose operating and financial restrictions on the Company. These restrictions may prohibit or place limitations on, among other things, the Company’s ability to incur additional indebtedness, create certain types of liens, complete mergers or consolidations, and/or change in control transactions. The Amended Facility may also prohibit or place limitations on the Company’s ability to sell assets, pay dividends or provide other distributions to shareholders. The Company must maintain specified leverage and interest ratios measured as of the end of each quarter as a financial covenant in the Amended Facility. As of March 31, 2020, the Company was not in compliance with the leverage covenant related to the Amended Facility. As discussed in Note 19, on May 1, 2020 the Company entered into Amendment No. 2 to the Amended Facility which included a waiver of non-compliance with the leverage covenant through March 31, 2021. During the nine months ended March 31, 2020, the Company made $8.6 in principal repayments. The Amended Facility is secured by a first-lien security interest in substantially all of the assets of Myriad and certain of its domestic subsidiaries and each such domestic subsidiary of Myriad has guaranteed the repayment of the Amended Facility. Amounts outstanding under the Amended Facility and Facility were as follows: March 31, June 30, 2020 2019 Long-term debt $ 226.6 $ 235.0 Long-term debt discount (1.4 ) (1.5 ) Net long-term debt $ 225.2 $ 233.5 |
Other Long Term Liabilities
Other Long Term Liabilities | 9 Months Ended |
Mar. 31, 2020 | |
Other Liabilities Disclosure [Abstract] | |
Other Long Term Liabilities | (9) OTHER LONG-TERM LIABILITIES March 31, June 30, 2020 2019 Pension obligation $ — $ 6.8 Other — 1.0 Total other long-term liabilities $ — $ 7.8 The Company previously held two non-contributory defined benefit pension plans for certain Clinic employees. The Company sold the Clinic in February 2020 and as a result the net pension liability was removed upon deconsolidation. See Note 18 for further discussions regarding the sale of the Clinic. |
Preferred and Common Stockholde
Preferred and Common Stockholder's Equity | 9 Months Ended |
Mar. 31, 2020 | |
Equity [Abstract] | |
Preferred and Common Stockholder's Equity | (10) 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 March 31, 2020. The Company is authorized to issue up to 150.0 shares of common stock, par value $0.01 per share. There were 74.5 shares issued and outstanding at March 31, 2020. Common shares issued and outstanding Nine months ended Year ended March 31, June 30, 2020 2019 Beginning common stock issued and outstanding 73.5 70.6 Common stock issued upon exercise of options and employee stock plans 1.0 4.5 Repurchase and retirement of common stock — (1.6 ) Common stock issued and outstanding at end of period 74.5 73.5 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. In periods when the Company has a net loss, stock awards are excluded from the calculation of diluted net loss per share as their inclusion would have an antidilutive effect. The following is a reconciliation of the denominators of the basic and diluted earnings per share (“EPS”) computations: Three months ended Nine months ended March 31, March 31, 2020 2019 2020 2019 Denominator: Weighted-average shares outstanding used to compute basic EPS 74.5 73.3 74.2 73.5 Effect of dilutive shares — 1.6 — 2.9 Weighted-average shares outstanding and dilutive securities used to compute diluted EPS 74.5 74.9 74.2 76.4 Certain outstanding options and restricted stock units (“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: Three months ended Nine months ended March 31, March 31, 2020 2019 2020 2019 Anti-dilutive options and RSU's excluded from EPS computation 0.4 1.0 0.9 0.7 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 March 31, 2020, the Company has $110.7 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 three and nine months ended March 31, 2020 and 2019 were as follows: Three months ended Nine months ended March 31, March 31, 2020 2019 2020 2019 Shares purchased and retired — — — 1.6 Common stock and additional paid-in-capital reductions $ — $ — $ — $ 16.9 Charges to retained earnings $ — $ — $ — $ 33.1 |
Income Taxes
Income Taxes | 9 Months Ended |
Mar. 31, 2020 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | (11) INCOME TAXES In order to determine the Company’s quarterly provision for income taxes, the Company used an estimated annual effective tax rate that is based on expected annual income and statutory tax rates in the various jurisdictions in which the Company operates. The Tax Act Cuts and Jobs Act reduces the federal corporate tax rate to 21% for the fiscal year ending June 30, 2020. Certain significant or unusual items are separately recognized in the quarter during which they occur and can be a source of variability in the effective tax rate from quarter to quarter. Income tax benefit for the three months ended March 31, 2020 was $(15.9), or approximately 12.1% of pre-tax income compared to income tax benefit of $(3.6), or approximately 109.1% of pre-tax income, for the three months ended March 31, 2019. Income tax expense for the three months ended March 31, 2020 is based on the Company’s estimated annual effective tax rate for the full fiscal year ending June 30, 2020, adjusted by discrete items recognized during the period. For the three months ended March 31, 2020, the Company’s recognized effective tax rate differs from the U.S. federal statutory rate primarily due to the effect of state income taxes, foreign income taxes, impairment of intangible assets, sale of foreign subsidiaries, and differences related to the tax effect of equity compensation expense and the deduction realized when exercised, released or sold. On March 27, 2020, the Coronavirus Aid, Relief, and Economic Security Act (“CARES”) was enacted. CARES impacted several provisions to the U.S. tax code that may affect our fiscal year ending June 30, 2020, including, but not limited to, (1) NOL carry-back and carry-forward provisions, (2) deductibility of interest, (3) acceleration of corporate AMT credits, and (4) classification of qualified improvement property. As of the quarter ended March 31, 2020, no material impact has been recognized. The Company will continue to evaluate the application of any and all provisions through the remainder of the fiscal year. The Company files U.S., foreign and state income tax returns in jurisdictions with various statutes of limitations. The Company is currently under audit by the state of New Jersey for the fiscal years June 30, 2013 through 2017; the state of New York and Massachusetts for the fiscal years June 30, 2014 through 2016; Germany for the fiscal years June 30, 2013 through 2015; and Switzerland for the fiscal years June 30, 2015 through 2016. Annual and interim 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. |
Share-Based Compensation
Share-Based Compensation | 9 Months Ended |
Mar. 31, 2020 | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | |
Share-Based Compensation | (12) SHARE-BASED COMPENSATION On November 30, 2017, the Company’s shareholders approved the adoption of the 2017 Employee, Director and Consultant Equity Incentive Plan (the “2017 Plan”). On December 5, 2019 the shareholders approved an amendment to the 2017 Plan increasing the shares available to grant. The 2017 Plan allows the Company, under the direction of the Compensation Committee of the Board of Directors, to make grants of restricted and unrestricted stock awards to employees, consultants and directors. As of March 31, 2020, the Company may grant additional shares of common stock under the 2017 Plan with respect to the 0.2 options outstanding under our 2003 Plan and 5.2 options and restricted stock units outstanding under our 2010 Plan, that expire or are cancelled without delivery of shares of common stock. If an RSU awarded under the 2017 Plan is cancelled or forfeited without the issuance of shares of common stock, the unissued or reacquired shares, which were subject to the RSU, shall again be available for issuance pursuant to the 2017 Plan. 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 granted to employees generally vest ratably over four years on the anniversary date of the designated day of the last week of the month in which the RSUs are granted. The number of RSUs awarded to certain executive officers may be reduced if certain additional performance metrics are not met. Options and RSUs granted to our non-employee directors vest in full upon completion of one year of service on the Board following the date of the grant . Stock Options A summary of the stock option activity under the Company’s plans for the nine months ended March 31, 2020 is as follows: Number of shares Weighted average exercise price Options outstanding at June 30, 2019 5.5 $ 24.45 Options granted — $ — Less: Options exercised (0.4 ) $ 22.93 Options canceled or expired (0.3 ) $ 26.78 Options outstanding at March 31, 2020 4.8 $ 24.43 Options exercisable at March 31, 2020 4.8 $ 24.43 As of March 31, 2020, there was no unrecognized share-based compensation expense related to stock options. Restricted Stock Units A summary of the RSU activity under the Company’s plans for the nine months ended March 31, 2020 is as follows: Number of shares Weighted average grant date fair value RSUs outstanding at June 30, 2019 2.4 $ 37.70 RSUs granted 1.4 $ 28.50 Less: RSUs vested (0.9 ) $ 35.66 RSUs canceled (0.3 ) $ 39.31 RSUs outstanding at March 31, 2020 2.6 $ 33.21 As of March 31, 2020, there was $50.3 of total unrecognized share-based compensation expense related to RSUs that will be recognized over a weighted-average period of 2.3 years. This unrecognized compensation expense is equal to the fair value of RSUs expected to vest. Employee Stock Purchase Plan The Company also has an Employee Stock Purchase Plan that was approved by shareholders in 2012 (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. As of March 31, 2020, approximately 0.5 shares of common stock are available for issuance under the 2012 Purchase Plan. Share-Based Compensation Expense Share-based compensation expense recognized and included in the condensed consolidated statements of income and comprehensive income was allocated as follows: Three months ended Nine months ended March 31, March 31, 2020 2019 2020 2019 Cost of molecular diagnostic testing $ 0.3 $ 0.3 $ 0.9 $ 0.6 Cost of pharmaceutical and clinical services 0.1 0.1 0.2 0.2 Research and development expense 1.2 1.7 3.8 3.9 Selling, general, and administrative expense 5.9 7.4 18.4 20.0 Total share-based compensation expense $ 7.5 $ 9.5 $ 23.3 $ 24.7 |
Fair Value Measurements
Fair Value Measurements | 9 Months Ended |
Mar. 31, 2020 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | (13) FAIR VALUE MEASUREMENTS The fair value of the Company’s financial instruments reflects the amounts that the Company estimates it will receive in connection with the sale of an asset or pay in connection with the transfer of a liability in an orderly transaction between market participants at the measurement date (exit price). The fair value of contingent consideration related to the Sividon acquisition as well as the long-term debt were categorized as a level 3 liability, as the measurement amount is based primarily on significant inputs not observable in the market. 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. All of the Company’s financial instruments are valued using quoted prices in active markets or based on other observable inputs. For Level 2 securities, the Company uses a third party pricing service which provides documentation on an ongoing basis that includes, among other things, pricing information with respect to reference data, methodology, inputs summarized by asset class, pricing application and corroborative information. For Level 3 contingent consideration, the Company reassesses the fair value of expected contingent consideration and the corresponding liability each reporting period using the Monte Carlo Method, which is consistent with the initial measurement of the expected earn out liability. This fair value measurement is considered a Level 3 measurement because the Company estimates projections during the earn out period utilizing various potential pay-out scenarios. Probabilities were applied to each potential scenario and the resulting values were discounted using a rate that considers weighted average cost of capital as well as a specific risk premium associated with the riskiness of the earn-out itself, the related projections, and the overall business. The contingent earn-out liabilities are classified as a component of long-term and short-term contingent consideration in the Company’s consolidated balance sheets. Changes to the earn-out liabilities are reflected in change in the fair value of contingent consideration in our consolidated statements of operations. Changes to the unobservable inputs could have a material impact on the Company’s financial statements. The fair value of our long-term debt, which we consider a Level 3 measurement, is estimated using discounted cash flow analyses, based on the Company’s current estimated incremental borrowing rates for similar borrowing arrangements. The fair value of long-term debt is estimated to be $225.3 at March 31, 2020. During the quarter ended December 31, 2019, there was a triggering event that required the Company to perform an impairment analysis for the Clinic reporting unit. As a result, the Company recognized a $1.3 impairment charge for goodwill. The fair value used to determine the impairment charge, which we consider a Level 3 measurement, was based on the expected sale price of the Clinic from a recent purchase offer. During the quarter ended March 31, 2020, there was a triggering event that required the Company to perform an impairment analysis for the Crescendo Bioscience reporting unit. As a result, the Company recognized a $80.7 impairment charge for goodwill. We consider the fair value used to determine the impairment charge to be a Level 3 measurement. The following table sets forth the fair value of the financial assets and liabilities that the Company re-measures on a regular basis: Level 1 Level 2 Level 3 Total March 31, 2020 Money market funds (a) $ 17.3 $ — $ — $ 17.3 Corporate bonds and notes — 61.0 — 61.0 Municipal bonds — 20.0 — 20.0 Federal agency issues — 5.6 — 5.6 US government securities — 16.7 — 16.7 Contingent consideration — — (6.7 ) (6.7 ) Total $ 17.3 $ 103.3 $ (6.7 ) $ 113.9 (a) Money market funds are primarily comprised of exchange traded funds and accrued interest. Level 1 Level 2 Level 3 Total June 30, 2019 Money market funds (a) $ 17.2 $ — $ — $ 17.2 Corporate bonds and notes 2.5 64.4 — 66.9 Municipal bonds — 15.4 — 15.4 Federal agency issues — 9.0 — 9.0 US government securities — 9.8 — 9.8 Contingent consideration — — (13.8 ) (13.8 ) Total $ 19.7 $ 98.6 $ (13.8 ) $ 104.5 (a) Money market funds are primarily comprised of exchange traded funds and accrued interest. The following table reconciles the change in the fair value of the contingent consideration during the periods presented: Carrying amount Balance June 30, 2019 $ 13.8 Payment of contingent consideration (3.9 ) Change in fair value recognized in the income statement (2.8 ) Translation adjustments recognized in other comprehensive income (0.4 ) Ending balance March 31, 2020 $ 6.7 |
Commitments and Contingencies
Commitments and Contingencies | 9 Months Ended |
Mar. 31, 2020 | |
Commitments And Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | (14) COMMITMENTS 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 March 31, 2020, the management of the Company believes any reasonably possible liability that may 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. The Company leases certain office spaces and research and development laboratory facilities, vehicles, and office equipment with remaining lease terms ranging from one to seven years. These leases require monthly lease payments that may be subject to annual increases throughout the lease term. Certain of these leases also include renewal options which allows the Company to, at its election, renew or extend the lease for a fixed or indefinite period of time. These optional periods have not been considered in the determination of the right-of-use-assets or lease liabilities associated with these leases as the Company did not consider it reasonably certain it would exercise the options. The Company performed evaluations of its contracts and determined each of its identified leases are operating leases. For the nine months ended March 31, 2020, the Company incurred $13.6 in lease costs which are included in operating expenses in the consolidated statement of operations in relation to these operating leases. Of such lease costs, $1.9 was variable lease expense and $0.2 was short-term lease expense, and neither of them were included in the measurement of the Company's operating ROU assets and lease liabilities. The variable rent expense is comprised primarily of the Company's proportionate share of operating expenses, property taxes, and insurance and is classified as lease expense due to the Company's election to not separate lease and non-lease components. As of March 31, 2020, the maturities of the Company’s operating lease liabilities were as follows: Fiscal year ending: 2020 $ 3.9 2021 14.7 2022 13.5 2023 12.3 2024 12.1 Thereafter 19.3 Total lease payments $ 75.8 As of March 31, 2020, the weighted average remaining lease term is 5.5 years and the weighted average discount rate used to determine the operating lease liability was 3.87%. Disclosures related to periods prior to the adoption of ASU 2016-02 The following table summarizes the future minimum lease payments as of June 30, 2019: Fiscal year ending: 2020 $ 15.1 2021 14.1 2022 13.1 2023 12.2 2024 11.9 Thereafter 19.1 Total lease payments $ 85.5 |
Employee Deferred Savings Plan
Employee Deferred Savings Plan | 9 Months Ended |
Mar. 31, 2020 | |
Postemployment Benefits [Abstract] | |
Employee Deferred Savings Plan | (15) EMPLOYEE DEFERRED SAVINGS PLAN The Company has a deferred savings plan which qualifies under Section 401(k) of the Internal Revenue Code. Substantially all of the Company’s U.S. employees are covered by the plan. The Company makes matching contributions of 50% of each employee’s contribution with the employer’s contribution not to exceed 4% of the employee’s compensation. Subsequent to the quarter ended March 31, 2020, the Company temporarily suspended its matching contributions. The Company recorded contributions to the plan as follows: Three months ended Nine months ended March 31, March 31, 2020 2019 2020 2019 Deferred savings plan contributions $ 2.2 $ 2.3 $ 6.8 $ 6.0 |
Segment and Related Information
Segment and Related Information | 9 Months Ended |
Mar. 31, 2020 | |
Segment Reporting [Abstract] | |
Segment and Related Information | (16) SEGMENT AND RELATED INFORMATION The Company’s business is aligned with how the Chief Operating Decision Maker reviews performance and makes decisions in managing the Company. The business units have been aggregated into two reportable segments: (i) diagnostics and (ii) other. The diagnostics segment provides testing and collaborative development of testing that is designed to assess an individual’s risk for developing disease later in life, identify a patient’s likelihood of responding to drug therapy and guide a patient’s dosing to ensure optimal treatment, or assess a patient’s risk of disease progression and disease recurrence. The other segment provides testing products and services to the pharmaceutical, biotechnology and medical research industries, research and development, and clinical services for patients, and includes corporate services such as finance, human resources, legal and information technology. Segment revenue and operating income (loss) were as follows during the periods presented: Diagnostics Other Total Three months ended March 31, 2020 Revenues $ 150.5 $ 13.5 $ 164.0 Depreciation and amortization 16.8 1.1 17.9 Segment operating income (loss) (93.6 ) (40.1 ) (133.7 ) Three months ended March 31, 2019 Revenues $ 200.5 $ 16.1 $ 216.6 Depreciation and amortization 17.0 1.3 18.3 Segment operating income (loss) 40.6 (34.7 ) 5.9 Nine months ended March 31, 2020 Revenues $ 503.6 $ 41.8 $ 545.4 Depreciation and amortization 50.5 3.8 54.3 Segment operating income (loss) (46.2 ) (117.2 ) (163.4 ) Nine months ended March 31, 2019 Revenues $ 592.5 $ 43.2 $ 635.7 Depreciation and amortization 50.7 3.9 54.6 Segment operating income (loss) 96.6 (83.4 ) 13.2 Three months ended Nine months ended March 31, March 31, 2020 2019 2020 2019 Total operating income (loss) for reportable segments $ (133.7 ) $ 5.9 $ (163.4 ) $ 13.2 Unallocated amounts: 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 Income (loss) from operations before income taxes (131.1 ) 3.3 (164.8 ) 7.7 Income tax provision (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 |
Supplemental Cash Flow Informat
Supplemental Cash Flow Information | 9 Months Ended |
Mar. 31, 2020 | |
Supplemental Cash Flow Elements [Abstract] | |
Supplemental Cash Flow Information | (17) SUPPLEMENTAL CASH FLOW INFORMATION Nine months ended March 31, 2020 2019 Cash paid during the period for income taxes $ 0.4 $ 5.3 Cash paid for interest 7.3 9.1 Establishment of operating lease right-of-use assets and lease liabilities Operating lease right-of-use assets $ 74.5 $ — Operating lease liabilities (78.8 ) — Accrued liabilities and other long-term liabilities 4.3 — |
Sale of Subsidiary
Sale of Subsidiary | 9 Months Ended |
Mar. 31, 2020 | |
Discontinued Operations And Disposal Groups [Abstract] | |
Sale of Subsidiary | (18) SALE OF SUBSIDIARY On February 28, 2020, the Company closed the sale of the Clinic with Landkreis Starnberg. As a result of the sale, the Clinic was deconsolidated from the consolidated financial statements in accordance with ASC 810. The Company recorded a pre-tax net gain of $1.0 on the sale, which is recorded in other income in the Company’s Condensed Consolidated Statements of Operations. The gain recorded consists of a pre-tax gain of $1.2 associated with the settlement of the Clinic pension, offset by a loss of $0.2 due to the difference between the purchase price and net assets as well as the effects of foreign currency. The Clinic was previously reported as part of the Company’s other segment. |
Subsequent Events
Subsequent Events | 9 Months Ended |
Mar. 31, 2020 | |
Subsequent Events [Abstract] | |
Subsequent Events | (19) SUBSEQUENT EVENTS COVID-19 Pandemic On January 30, 2020, the World Health Organization (“WHO”) announced a global health emergency because of a new strain of coronavirus originating in Wuhan, China (“COVID-19”) and the risks to the international community as the virus spreads globally beyond its point of origin. In March 2020, the WHO classified the COVID-19 outbreak as a pandemic, based on the rapid increase in exposure globally. The full impact of the COVID-19 outbreak continues to evolve as of the date of this report. As such, it is uncertain as to the full magnitude that the pandemic will have on the Company’s financial condition, liquidity, and future results of operations. Management is actively monitoring the impact of the global situation on the Company’s financial condition, liquidity, operations, suppliers, industry, and workforce. Given the daily evolution of the COVID-19 outbreak and the global responses to curb its spread, the Company is not able to estimate the effects of the COVID-19 outbreak on its results of operations, financial condition, or liquidity for future periods. CARES Act The CARES Act was enacted on March 27, 2020 to provide relief from the economic impacts of COVID-19. On April 10, 2020, the Company received approximately $8.0 from the Public Health and Social Services Emergency Fund to reimburse the Company for health care related expenses or lost revenues that are attributable to COVID-19. These funds do not need to be paid back. The Company also received approximately $29.7 in advance Medicare payments as part of the CARES Act. Second Amendment to Credit Facility On May 1, 2020, the Company entered into Amendment No. 2 to the Amended Facility discussed in Note 8. Under Amendment No. 2, the lenders waived the Company’s failure to comply with certain covenants for the period ended March 31, 2020. In addition, Amendment No. 2 modified the Amended Facility as follows: • The interest rate increased to be fixed at a spread of LIBOR plus 350.0 basis points on drawn balances and the undrawn fee was increased to 50 basis points from March 31, 2020 through June 30, 2021 (“Amendment Period”), at which point they return to the existing pricing. The LIBOR floor was also increased to 1.0% during the Amendment Period. • The Company is required to make mandatory prepayments of the revolver when debt exceeds $250.0 and unrestricted cash exceeds $100.0. The Company is also required to make mandatory prepayments in the event of certain asset sales, debt issuance, equity issuance and extraordinary events. • Compliance with the leverage ratio covenant and the interest coverage ratio covenant were waived through March 31, 2021, a minimum liquidity covenant was added for the period beginning May 2020 until March 2021, and a minimum EBITDA covenant was added for the second and third quarter of fiscal year 2021. Amendment No. 2 also revises certain negative covenants of the Amended Facility during the Amendment Period. |
Basis of Presentation (Policies
Basis of Presentation (Policies) | 9 Months Ended |
Mar. 31, 2020 | |
Accounting Policies [Abstract] | |
Basis of Presentation | The accompanying condensed consolidated financial statements have been prepared by Myriad Genetics, Inc. (the “Company” or “Myriad”) in accordance with U.S. generally accepted accounting principles (“GAAP”) for interim financial information and pursuant to the applicable rules and regulations of the Securities and Exchange Commission (“SEC”). The condensed consolidated financial statements 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 GAAP. The condensed consolidated financial statements herein should be read in conjunction with the Company’s audited consolidated financial statements and notes thereto for the fiscal year ended June 30, 2019, included in the Company’s Annual Report on Form 10-K for the fiscal year ended June 30, 2019. Operating results for the three and nine months ended March 31, 2020 may not necessarily be indicative of results to be expected for any other interim period or for the full year. The consolidated financial statements include the accounts of the Company’s majority-owned subsidiary, Assurex Canada, Ltd. which is 85% owned by Assurex Health, Inc. (“Assurex”), a wholly owned subsidiary of the Company, and 15% owned by the Centre for Addiction and Mental Health. Assurex Canada, Ltd. is a consolidated subsidiary of Assurex Health, Inc. The value of the non-controlling interest represents the portion of Assurex Canada, Ltd.’s profit or loss and net assets that is not held by Assurex Health, Inc. The Company attributes comprehensive income or loss of the subsidiary between the Company and the non-controlling interest based on the respective ownership interest. The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities at the date of the financial statements, as well as the reported amounts of revenue and expenses during the reporting period. Actual results could differ from those estimates. |
Reclassification | Reclassifications Certain immaterial prior period goodwill impairment charges that were previously classified as part of selling, general and administrative expense in the condensed consolidated statements of operations were reclassified to conform to the current period presentation and are included as part of the goodwill and intangible asset impairment charges financial statement line item in the current period. |
Recent Accounting Pronouncements | Recent Accounting Pronouncements Recently Adopted Standards In February 2016, the Financial Accounting Standards Board (the “FASB”) issued ASU 2016-02, Leases (“ASU 2016-02”). ASU 2016-02 amends the existing accounting standards for lease accounting, including requiring lessees to recognize most leases on their balance sheets and changing certain lessor accounting requirements. ASU 2016-02 also requires entities to provide enhanced disclosures surrounding the amount, timing and uncertainty of cash flows arising from leasing arrangements. On July 1, 2019, the Company adopted ASU 2016-02 under the modified retrospective approach by initially applying ASU 2016-02 at the adoption date, rather than at the beginning of the earliest comparative period presented. Results for the three and nine months ended March 31, 2020 are presented under ASU 2016-02. Prior period amounts were not adjusted and continue to be reported under previous lease accounting guidance. Under ASU 2016-02, the Company determines if an arrangement is or contains a lease at inception by assessing whether the arrangement contains an identified asset and whether it has the right to control the identified asset. Right-of-use (“ROU”) assets represent the Company's right to use an underlying asset for the lease term and lease liabilities represent the Company's obligation to make lease payments arising from the lease. Lease liabilities are recognized at the lease commencement date based on the present value of future lease payments over the lease term. ROU assets are based on the measurement of the lease liability and also include any lease payments made prior to or on lease commencement and exclude lease incentives and initial direct costs incurred, as applicable. As the implicit rate in the Company's leases is generally unknown, the Company uses its incremental borrowing rate based on the information available at the lease commencement date in determining the present value of future lease payments. When calculating the Company’s incremental borrowing rates, the Company gives consideration to its credit risk, term of the lease, total lease payments and adjust for the impacts of collateral, as necessary. The lease term used may reflect any option to extend or terminate the lease when it is reasonably certain the Company will exercise such options. Lease expenses for the Company's operating leases are recognized on a straight-line basis over the lease term. ASU 2016-02 provides a number of optional practical expedients in transitioning to ASU 2016-02. The Company has elected the package of practical expedients to avoid reassessing under ASU 2016-02 prior conclusions about lease identification, lease classification and initial direct costs. The Company has also elected the practical expedient allowing the use of hindsight in determining the lease term and assessing impairment of right-of-use ROU assets based on all facts and circumstances through the effective date of the new standard. ASU 2016-02 also provides practical expedients for ongoing lease accounting. The Company has elected the recognition exemption for short-term leases for all leases that qualify. Under this exemption, the Company will not recognize ROU assets or lease liabilities for those leases that qualify as a short-term lease (leases with lease terms of 12 months or less), which includes not recognizing ROU assets or lease liabilities for existing short-term leases in transition. The Company also has elected the practical expedient to avoid separating lease and non-lease components for any of its leases within its existing classes of assets. As of the July 1, 2019 adoption date, the Company recognized operating lease liabilities of $78.8 and right-of-use assets related to operating leases totaling $74.5 as of the adoption date. These are presented as “Current maturities of operating lease liabilities” for a total of $13.1, “Noncurrent operating lease liabilities” for a total of $65.7, and “Operating lease right-of-use assets” for a total of $74.5 on the Company’s consolidated balance sheet. No adjustments to the beginning retained earnings balance were required. On October 1, 2019, the Company early adopted ASU 2017-04, Intangibles – Goodwill and Other (Topic 350) (“ASU 2017-04”) as permitted under the standard. The standard simplifies the accounting for goodwill impairment by requiring a goodwill impairment to be measured using a single step impairment model, whereby the impairment equals the difference between the carrying amount and the fair value of the specified reporting units as a whole. This eliminates the second step of the current impairment model that requires a company to first estimate the fair value of all assets in a reporting unit and measure impairments based on those fair values and a residual measurement approach. The standard also specifies that any loss recognized should not exceed the total amount of goodwill allocated to that reporting unit. This ASU was adopted on a prospective basis with no material impact to the Company’s consolidated financial statements. Standards Effective in Future Years and Not Yet Adopted In June 2016, the FASB issued ASU 2016-13, Financial Instruments – Credit Losses (Topic 326) (“ASU 2016-13”) which introduces new guidance for the accounting for credit losses on certain instruments within its scope. ASU 2016-13 introduces an approach based on expected losses to estimate credit losses on certain types of financial instruments. For trade receivables, the Company will be required to use a forward-looking expected loss model rather than the incurred loss model for recognizing credit losses, which reflects losses that are probable. Credit losses relating to available-for-sale debt securities will also be recorded through an allowance for credit losses rather than as a reduction in the amortized cost basis of the securities. ASU 2016-13 is effective for fiscal years beginning after December 31, 2019, including interim periods within those years. Early application of the guidance is permitted for all entities for fiscal years beginning after December 15, 2018, including the interim periods within those fiscal years. Application of the amendments is through a cumulative-effect adjustment to retained earnings as of the effective date. The Company is currently evaluating the impact of ASU 2016-13 on its consolidated financial statements . In August 2018, the FASB issued ASU 2018-15, Intangibles – Goodwill and Other - Internal-Use Software (Subtopic 350-40): Customer’s Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement That Is a Service Contract (“ASU 2018-15”). ASU 2018-15 aligns the requirements for capitalizing implementation costs incurred in a hosting arrangement that is a service contract with the requirements for capitalizing implementation costs incurred to develop or obtain internal-use software, including hosting arrangements that include an internal-use software license. This guidance is effective for public entities for fiscal years beginning after December 15, 2019, and for interim periods within those fiscal years, with early adoption permitted. The Company is currently evaluating the potential effects of this guidance on its consolidated financial statements. |
Revenue (Tables)
Revenue (Tables) | 9 Months Ended |
Mar. 31, 2020 | |
Revenue From Contract With Customer [Abstract] | |
Composition of Total Revenue by Product and by U.S versus Rest of World | The following table presents detail regarding the composition of our total revenue by product and by U.S versus rest of world, “RoW”: Three months ended March 31, 2020 2019 (In millions) U.S. RoW Total U.S. RoW Total Molecular diagnostic revenues: Hereditary Cancer Testing $ 81.3 $ 3.9 $ 85.2 $ 114.3 $ 3.3 $ 117.6 GeneSight 20.4 — 20.4 29.6 — 29.6 Prenatal 20.2 0.1 20.3 30.6 — 30.6 Vectra 10.5 — 10.5 11.3 — 11.3 Prolaris 6.8 — 6.8 6.9 — 6.9 EndoPredict 0.6 2.9 3.5 0.5 2.3 2.8 Other 3.6 0.2 3.8 1.5 0.2 1.7 Total molecular diagnostic revenue 143.4 7.1 150.5 194.7 5.8 200.5 Pharmaceutical and clinical service revenue 9.6 3.9 13.5 9.7 6.4 16.1 Total revenue $ 153.0 $ 11.0 $ 164.0 $ 204.4 $ 12.2 $ 216.6 Nine months ended March 31, 2020 2019 (In millions) U.S. RoW Total U.S. RoW Total Molecular diagnostic revenues: Hereditary Cancer Testing $ 295.0 $ 12.6 $ 307.6 $ 351.4 $ 9.3 $ 360.7 GeneSight 65.6 — 65.6 82.8 — 82.8 Prenatal 59.9 0.2 60.1 80.0 — 80.0 Vectra 31.8 — 31.8 36.1 — 36.1 Prolaris 20.0 0.1 20.1 19.1 0.1 19.2 EndoPredict 1.5 6.8 8.3 1.2 6.2 7.4 Other 9.9 0.2 10.1 5.8 0.5 6.3 Total molecular diagnostic revenue 483.7 19.9 503.6 576.4 16.1 592.5 Pharmaceutical and clinical service revenue 26.3 15.5 41.8 25.5 17.7 43.2 Total revenue $ 510.0 $ 35.4 $ 545.4 $ 601.9 $ 33.8 $ 635.7 |
Reconciliation of Deferred Revenue Balances | A reconciliation of the beginning and ending balances of deferred revenue is shown in the table below: Nine months ended March 31, 2020 2019 Deferred revenue - beginning balance $ 2.2 $ 2.6 Revenue recognized (2.4 ) (5.9 ) Prepayments 4.0 5.6 Deferred revenue - Ending Balance $ 3.8 $ 2.3 |
Acquisitions (Tables)
Acquisitions (Tables) | 9 Months Ended |
Mar. 31, 2020 | |
Changes in Carrying Amount of Goodwill | The following summarizes changes to the goodwill balance for the nine months ended March 31, 2020 Carrying amount Ending balance June 30, 2019 $ 417.2 Goodwill deconsolidated on sale of the Clinic (7.3 ) Goodwill impairment charge (82.0 ) Translation adjustments (0.8 ) Ending balance March 31, 2020 $ 327.1 |
Counsyl Inc [Member] | |
Allocation of Consideration Transferred | The allocation of the consideration transferred was finalized within the measurement period (which was up to one year from the acquisition date) Estimated Fair Value Current assets $ 42.5 Intangible assets 290.0 Equipment 18.2 Other assets 0.1 Goodwill 99.3 Current liabilities (19.6 ) Long term liabilities (0.1 ) Deferred tax liability (9.2 ) Total fair value purchase price $ 421.2 Less: Cash acquired (15.3 ) Total consideration transferred $ 405.9 |
Changes in Carrying Amount of Goodwill | Changes in goodwill since the Counsyl acquisition to the balance as of March 31, 2020 are shown below: Carrying amount Balance September 30, 2018 $ 94.9 Fair value adjustment to equipment 0.7 Intangible adjustment 2.9 Working capital adjustment (1.1 ) Change in deferred tax liability 1.9 Balance March 31, 2020 $ 99.3 |
Pro Forma Results of Acquisitions | Accordingly, these unaudited pro forma results are presented for informational purposes only and are not necessarily indicative of what the actual results of operation of the combined company would have been if the acquisition had occurred at the beginning of the period presented, nor are they indicative of future results of operations and are not necessarily indicative of results that might have been achieved had the acquisition been consummated as of July 1, 2017. Three months ended Nine months ended March 31, March 31, 2020 2019 2020 2019 Revenue $ 164.0 $ 216.6 $ 545.4 $ 645.9 Income (loss) from operations (133.7 ) 5.9 (163.4 ) 23.5 Net income (loss) (115.2 ) 6.9 (144.1 ) 18.2 Earnings (loss) per share, basic $ (1.55 ) $ 0.09 $ (1.94 ) $ 0.25 Earnings (loss) per share, diluted $ (1.55 ) $ 0.09 $ (1.94 ) $ 0.24 |
Marketable Investment Securit_2
Marketable Investment Securities (Tables) | 9 Months Ended |
Mar. 31, 2020 | |
Investments Debt And Equity Securities [Abstract] | |
Schedule of Fair Value for Available-for-Sale Securities by Major Security Type and Class of Security | 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 March 31, 2020 and June 30, 2019 were as follows: Gross Gross unrealized unrealized Amortized holding holding Estimated cost gains losses fair value At March 31, 2020: Cash and cash equivalents: Cash $ 103.7 $ — $ — $ 103.7 Cash equivalents 17.3 — — $ 17.3 Total cash and cash equivalents 121.0 — — 121.0 Available-for-sale: Corporate bonds and notes 61.0 0.2 (0.2 ) 61.0 Municipal bonds 19.9 0.1 — 20.0 Federal agency issues 5.5 0.1 — 5.6 US government securities 16.4 0.3 — 16.7 Total $ 223.8 $ 0.7 $ (0.2 ) $ 224.3 Gross Gross unrealized unrealized Amortized holding holding Estimated cost gains losses fair value At June 30, 2019: Cash and cash equivalents: Cash $ 68.7 $ — $ — $ 68.7 Cash equivalents 24.5 — — 24.5 Total cash and cash equivalents 93.2 — — 93.2 Available-for-sale: Corporate bonds and notes 64.0 0.6 — 64.6 Municipal bonds 15.3 — — 15.3 Federal agency issues 9.0 — — 9.0 US government securities 9.7 — — 9.7 Total $ 191.2 $ 0.6 $ — $ 191.8 |
Schedule of Maturities of Debt Securities Classified as Cash Equivalents and Available-For-Sale Securities | Cash, cash equivalents, and maturities of debt securities classified as available-for-sale securities are as follows at March 31, 2020: Amortized Estimated cost fair value Cash $ 103.7 $ 103.7 Cash equivalents 17.3 17.3 Available-for-sale: Due within one year 60.2 60.5 Due after one year through five years 42.6 42.8 Due after five years — — Total $ 223.8 $ 224.3 |
Property, Plant and Equipment_2
Property, Plant and Equipment, Net (Tables) | 9 Months Ended |
Mar. 31, 2020 | |
Property Plant And Equipment [Abstract] | |
Schedule of Property, Plant and Equipment, Net | March 31, June 30, 2020 2019 Land $ — $ 2.3 Buildings and improvements — 18.8 Leasehold improvements 31.1 31.0 Equipment 111.2 117.1 142.3 169.2 Less accumulated depreciation (105.2 ) (111.9 ) Property, plant and equipment, net $ 37.1 $ 57.3 As of March 31, 2020, $19.5 of the balance of property, plant and equipment has been deconsolidated upon the sale of Privatklinik Dr. Robert Schindlbeck GmbH & Co. KG (the “Clinic”). See Note 18 for additional information regarding the sale of the Clinic. Three months ended Nine months ended March 31, March 31, 2020 2019 2020 2019 Depreciation expense $ 2.6 $ 3.1 $ 8.5 $ 10.6 |
Goodwill and Intangible Assets
Goodwill and Intangible Assets (Tables) | 9 Months Ended |
Mar. 31, 2020 | |
Goodwill And Intangible Assets Disclosure [Abstract] | |
Changes in Carrying Amount of Goodwill | The following summarizes changes to the goodwill balance for the nine months ended March 31, 2020 Carrying amount Ending balance June 30, 2019 $ 417.2 Goodwill deconsolidated on sale of the Clinic (7.3 ) Goodwill impairment charge (82.0 ) Translation adjustments (0.8 ) Ending balance March 31, 2020 $ 327.1 |
Summarized Amounts Reported as Intangible Assets | The following summarizes the amounts reported as intangible assets Gross Carrying Accumulated Amount Amortization Net At March 31, 2020: Purchased licenses and technologies $ 814.9 $ (201.8 ) $ 613.0 Customer relationships 4.7 (4.1 ) 0.5 Trademarks 3.0 (1.4 ) 1.7 Total amortized intangible assets 822.5 (207.3 ) 615.2 In-process research and development 4.8 — 4.8 Total unamortized intangible assets 4.8 — 4.8 Total intangible assets $ 827.3 $ (207.3 ) $ 620.0 Gross Carrying Accumulated Amount Amortization Net At June 30, 2019: Purchased licenses and technologies $ 815.7 $ (156.6 ) $ 659.1 Customer relationships 4.6 (3.8 ) 0.8 Trademarks 3.0 (1.2 ) 1.8 Total amortized intangible assets 823.3 (161.6 ) 661.7 In-process research and development 23.0 — 23.0 Total unamortized intangible assets 23.0 — 23.0 Total intangible assets $ 846.3 $ (161.6 ) $ 684.7 |
Amortization for Intangible Assets | The Company recorded amortization expense during the respective periods for these intangible assets as follows: Three months ended Nine months ended March 31, March 31, 2020 2019 2020 2019 Amortization of intangible assets $ 15.3 $ 15.2 $ 45.8 $ 44.0 |
Accrued Liabilities (Tables)
Accrued Liabilities (Tables) | 9 Months Ended |
Mar. 31, 2020 | |
Payables And Accruals [Abstract] | |
Summary of Accrued Liabilities | March 31, June 30, 2020 2019 Employee compensation and benefits $ 55.3 $ 48.8 Accrued taxes payable 3.5 3.0 Qui tam settlement — 9.1 Other 4.3 18.0 Total accrued liabilities $ 63.1 $ 78.9 |
Long-Term Debt (Tables)
Long-Term Debt (Tables) | 9 Months Ended |
Mar. 31, 2020 | |
Debt Disclosure [Abstract] | |
Schedule of Long-Term Debt | Amounts outstanding under the Amended Facility and Facility were as follows: March 31, June 30, 2020 2019 Long-term debt $ 226.6 $ 235.0 Long-term debt discount (1.4 ) (1.5 ) Net long-term debt $ 225.2 $ 233.5 |
Other Long Term Liabilities (Ta
Other Long Term Liabilities (Tables) | 9 Months Ended |
Mar. 31, 2020 | |
Other Liabilities Disclosure [Abstract] | |
Summary of Other Long Term Liabilities | March 31, June 30, 2020 2019 Pension obligation $ — $ 6.8 Other — 1.0 Total other long-term liabilities $ — $ 7.8 |
Preferred and Common Stockhol_2
Preferred and Common Stockholder's Equity (Tables) | 9 Months Ended |
Mar. 31, 2020 | |
Equity [Abstract] | |
Summary of Common Shares Issued and Outstanding | Common shares issued and outstanding Nine months ended Year ended March 31, June 30, 2020 2019 Beginning common stock issued and outstanding 73.5 70.6 Common stock issued upon exercise of options and employee stock plans 1.0 4.5 Repurchase and retirement of common stock — (1.6 ) Common stock issued and outstanding at end of period 74.5 73.5 |
Reconciliation of Denominators of Basic and Diluted Earnings Per Share Computations | The following is a reconciliation of the denominators of the basic and diluted earnings per share (“EPS”) computations: Three months ended Nine months ended March 31, March 31, 2020 2019 2020 2019 Denominator: Weighted-average shares outstanding used to compute basic EPS 74.5 73.3 74.2 73.5 Effect of dilutive shares — 1.6 — 2.9 Weighted-average shares outstanding and dilutive securities used to compute diluted EPS 74.5 74.9 74.2 76.4 |
Schedule of Anti-Dilutive Options and Restricted Stock Units Excluded from EPS Computation | These potential dilutive common shares, which may be dilutive to future diluted earnings per share, are as follows: Three months ended Nine months ended March 31, March 31, 2020 2019 2020 2019 Anti-dilutive options and RSU's excluded from EPS computation 0.4 1.0 0.9 0.7 |
Schedule of Stock Repurchases | The shares retired, aggregate common stock and additional paid-in capital reductions, and related charges to accumulated deficit for the repurchases for three and nine months ended March 31, 2020 and 2019 were as follows: Three months ended Nine months ended March 31, March 31, 2020 2019 2020 2019 Shares purchased and retired — — — 1.6 Common stock and additional paid-in-capital reductions $ — $ — $ — $ 16.9 Charges to retained earnings $ — $ — $ — $ 33.1 |
Share-Based Compensation (Table
Share-Based Compensation (Tables) | 9 Months Ended |
Mar. 31, 2020 | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | |
Schedule of Share-Based Compensation Arrangement by Share Based Payment Award Options Outstanding | A summary of the stock option activity under the Company’s plans for the nine months ended March 31, 2020 is as follows: Number of shares Weighted average exercise price Options outstanding at June 30, 2019 5.5 $ 24.45 Options granted — $ — Less: Options exercised (0.4 ) $ 22.93 Options canceled or expired (0.3 ) $ 26.78 Options outstanding at March 31, 2020 4.8 $ 24.43 Options exercisable at March 31, 2020 4.8 $ 24.43 |
Schedule of Share-Based Compensation Arrangement by Share Based Payment Award Restricted Stock Units Outstanding | A summary of the RSU activity under the Company’s plans for the nine months ended March 31, 2020 is as follows: Number of shares Weighted average grant date fair value RSUs outstanding at June 30, 2019 2.4 $ 37.70 RSUs granted 1.4 $ 28.50 Less: RSUs vested (0.9 ) $ 35.66 RSUs canceled (0.3 ) $ 39.31 RSUs outstanding at March 31, 2020 2.6 $ 33.21 |
Schedule of Share-Based Compensation Recognized in Consolidated Statements of Operations | Share-based compensation expense recognized and included in the condensed consolidated statements of income and comprehensive income was allocated as follows: Three months ended Nine months ended March 31, March 31, 2020 2019 2020 2019 Cost of molecular diagnostic testing $ 0.3 $ 0.3 $ 0.9 $ 0.6 Cost of pharmaceutical and clinical services 0.1 0.1 0.2 0.2 Research and development expense 1.2 1.7 3.8 3.9 Selling, general, and administrative expense 5.9 7.4 18.4 20.0 Total share-based compensation expense $ 7.5 $ 9.5 $ 23.3 $ 24.7 |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 9 Months Ended |
Mar. 31, 2020 | |
Fair Value Disclosures [Abstract] | |
Schedule of Fair Value of Financial Assets and Liabilities | The following table sets forth the fair value of the financial assets and liabilities that the Company re-measures on a regular basis: Level 1 Level 2 Level 3 Total March 31, 2020 Money market funds (a) $ 17.3 $ — $ — $ 17.3 Corporate bonds and notes — 61.0 — 61.0 Municipal bonds — 20.0 — 20.0 Federal agency issues — 5.6 — 5.6 US government securities — 16.7 — 16.7 Contingent consideration — — (6.7 ) (6.7 ) Total $ 17.3 $ 103.3 $ (6.7 ) $ 113.9 (a) Money market funds are primarily comprised of exchange traded funds and accrued interest. Level 1 Level 2 Level 3 Total June 30, 2019 Money market funds (a) $ 17.2 $ — $ — $ 17.2 Corporate bonds and notes 2.5 64.4 — 66.9 Municipal bonds — 15.4 — 15.4 Federal agency issues — 9.0 — 9.0 US government securities — 9.8 — 9.8 Contingent consideration — — (13.8 ) (13.8 ) Total $ 19.7 $ 98.6 $ (13.8 ) $ 104.5 (a) Money market funds are primarily comprised of exchange traded funds and accrued interest. |
Change in Fair Value of Contingent Consideration | The following table reconciles the change in the fair value of the contingent consideration during the periods presented: Carrying amount Balance June 30, 2019 $ 13.8 Payment of contingent consideration (3.9 ) Change in fair value recognized in the income statement (2.8 ) Translation adjustments recognized in other comprehensive income (0.4 ) Ending balance March 31, 2020 $ 6.7 |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 9 Months Ended |
Mar. 31, 2020 | |
Commitments And Contingencies Disclosure [Abstract] | |
Maturities of Operating Lease Liabilities | As of March 31, 2020, the maturities of the Company’s operating lease liabilities were as follows: Fiscal year ending: 2020 $ 3.9 2021 14.7 2022 13.5 2023 12.3 2024 12.1 Thereafter 19.3 Total lease payments $ 75.8 |
Future Minimum Lease Payments | The following table summarizes the future minimum lease payments as of June 30, 2019: Fiscal year ending: 2020 $ 15.1 2021 14.1 2022 13.1 2023 12.2 2024 11.9 Thereafter 19.1 Total lease payments $ 85.5 |
Employee Deferred Savings Plan
Employee Deferred Savings Plan (Tables) | 9 Months Ended |
Mar. 31, 2020 | |
Postemployment Benefits [Abstract] | |
Company Recorded Contributions To Plan | The Company recorded contributions to the plan as follows: Three months ended Nine months ended March 31, March 31, 2020 2019 2020 2019 Deferred savings plan contributions $ 2.2 $ 2.3 $ 6.8 $ 6.0 |
Segment and Related Informati_2
Segment and Related Information (Tables) | 9 Months Ended |
Mar. 31, 2020 | |
Segment Reporting [Abstract] | |
Schedule of Segment Performance Based on Income (Loss) before Interest Income and Other Income and Expense | Segment revenue and operating income (loss) were as follows during the periods presented: Diagnostics Other Total Three months ended March 31, 2020 Revenues $ 150.5 $ 13.5 $ 164.0 Depreciation and amortization 16.8 1.1 17.9 Segment operating income (loss) (93.6 ) (40.1 ) (133.7 ) Three months ended March 31, 2019 Revenues $ 200.5 $ 16.1 $ 216.6 Depreciation and amortization 17.0 1.3 18.3 Segment operating income (loss) 40.6 (34.7 ) 5.9 Nine months ended March 31, 2020 Revenues $ 503.6 $ 41.8 $ 545.4 Depreciation and amortization 50.5 3.8 54.3 Segment operating income (loss) (46.2 ) (117.2 ) (163.4 ) Nine months ended March 31, 2019 Revenues $ 592.5 $ 43.2 $ 635.7 Depreciation and amortization 50.7 3.9 54.6 Segment operating income (loss) 96.6 (83.4 ) 13.2 Three months ended Nine months ended March 31, March 31, 2020 2019 2020 2019 Total operating income (loss) for reportable segments $ (133.7 ) $ 5.9 $ (163.4 ) $ 13.2 Unallocated amounts: 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 Income (loss) from operations before income taxes (131.1 ) 3.3 (164.8 ) 7.7 Income tax provision (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 |
Supplemental Cash Flow Inform_2
Supplemental Cash Flow Information (Tables) | 9 Months Ended |
Mar. 31, 2020 | |
Supplemental Cash Flow Elements [Abstract] | |
Schedule of Supplemental Cash Flow Information | Nine months ended March 31, 2020 2019 Cash paid during the period for income taxes $ 0.4 $ 5.3 Cash paid for interest 7.3 9.1 Establishment of operating lease right-of-use assets and lease liabilities Operating lease right-of-use assets $ 74.5 $ — Operating lease liabilities (78.8 ) — Accrued liabilities and other long-term liabilities 4.3 — |
Basis of Presentation - Additio
Basis of Presentation - Additional Information (Detail) - USD ($) $ in Millions | Mar. 31, 2020 | Jul. 01, 2019 |
Organization, Consolidation and Presentation of Financial Statements Disclosure [Line Items] | ||
Operating lease right-of-use assets | $ 64.5 | |
Operating lease liability current | 12.9 | |
Operating lease liability noncurrent | 55.9 | |
ASU 2016-02 | ||
Organization, Consolidation and Presentation of Financial Statements Disclosure [Line Items] | ||
Operating lease liability | 78.8 | $ 78.8 |
Operating lease right-of-use assets | $ 74.5 | 74.5 |
Operating lease liability current | 13.1 | |
Operating lease liability noncurrent | $ 65.7 | |
Assurex [Member] | Assurex Canada Ltd [Member] | ||
Organization, Consolidation and Presentation of Financial Statements Disclosure [Line Items] | ||
Non controlling interest ownership percentage by parent | 85.00% | |
Centre For Addiction And Mental Health [Member] | Assurex Canada Ltd [Member] | ||
Organization, Consolidation and Presentation of Financial Statements Disclosure [Line Items] | ||
Non controlling interest ownership percentage by noncontrolling owners | 15.00% |
Revenue - Composition of Total
Revenue - Composition of Total Revenue by Product and by U.S versus Rest of World (Detail) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Mar. 31, 2020 | Mar. 31, 2019 | Mar. 31, 2020 | Mar. 31, 2019 | |
Disaggregation Of Revenue [Line Items] | ||||
Total revenue | $ 164 | $ 216.6 | $ 545.4 | $ 635.7 |
U.S. [Member] | ||||
Disaggregation Of Revenue [Line Items] | ||||
Total revenue | 153 | 204.4 | 510 | 601.9 |
RoW [Member] | ||||
Disaggregation Of Revenue [Line Items] | ||||
Total revenue | 11 | 12.2 | 35.4 | 33.8 |
Molecular Diagnostic - Hereditary Cancer Testing [Member] | ||||
Disaggregation Of Revenue [Line Items] | ||||
Total revenue | 85.2 | 117.6 | 307.6 | 360.7 |
Molecular Diagnostic - Hereditary Cancer Testing [Member] | U.S. [Member] | ||||
Disaggregation Of Revenue [Line Items] | ||||
Total revenue | 81.3 | 114.3 | 295 | 351.4 |
Molecular Diagnostic - Hereditary Cancer Testing [Member] | RoW [Member] | ||||
Disaggregation Of Revenue [Line Items] | ||||
Total revenue | 3.9 | 3.3 | 12.6 | 9.3 |
Molecular Diagnostic - GeneSight [Member] | ||||
Disaggregation Of Revenue [Line Items] | ||||
Total revenue | 20.4 | 29.6 | 65.6 | 82.8 |
Molecular Diagnostic - GeneSight [Member] | U.S. [Member] | ||||
Disaggregation Of Revenue [Line Items] | ||||
Total revenue | 20.4 | 29.6 | 65.6 | 82.8 |
Molecular Diagnostic - Prenatal [Member] | ||||
Disaggregation Of Revenue [Line Items] | ||||
Total revenue | 20.3 | 30.6 | 60.1 | 80 |
Molecular Diagnostic - Prenatal [Member] | U.S. [Member] | ||||
Disaggregation Of Revenue [Line Items] | ||||
Total revenue | 20.2 | 30.6 | 59.9 | 80 |
Molecular Diagnostic - Prenatal [Member] | RoW [Member] | ||||
Disaggregation Of Revenue [Line Items] | ||||
Total revenue | 0.1 | 0.2 | ||
Molecular Diagnostic - Vectra [Member] | ||||
Disaggregation Of Revenue [Line Items] | ||||
Total revenue | 10.5 | 11.3 | 31.8 | 36.1 |
Molecular Diagnostic - Vectra [Member] | U.S. [Member] | ||||
Disaggregation Of Revenue [Line Items] | ||||
Total revenue | 10.5 | 11.3 | 31.8 | 36.1 |
Molecular Diagnostic - Prolaris [Member] | ||||
Disaggregation Of Revenue [Line Items] | ||||
Total revenue | 6.8 | 6.9 | 20.1 | 19.2 |
Molecular Diagnostic - Prolaris [Member] | U.S. [Member] | ||||
Disaggregation Of Revenue [Line Items] | ||||
Total revenue | 6.8 | 6.9 | 20 | 19.1 |
Molecular Diagnostic - Prolaris [Member] | RoW [Member] | ||||
Disaggregation Of Revenue [Line Items] | ||||
Total revenue | 0.1 | 0.1 | ||
Molecular Diagnostic - EndoPredict [Member] | ||||
Disaggregation Of Revenue [Line Items] | ||||
Total revenue | 3.5 | 2.8 | 8.3 | 7.4 |
Molecular Diagnostic - EndoPredict [Member] | U.S. [Member] | ||||
Disaggregation Of Revenue [Line Items] | ||||
Total revenue | 0.6 | 0.5 | 1.5 | 1.2 |
Molecular Diagnostic - EndoPredict [Member] | RoW [Member] | ||||
Disaggregation Of Revenue [Line Items] | ||||
Total revenue | 2.9 | 2.3 | 6.8 | 6.2 |
Molecular Diagnostic - Other [Member] | ||||
Disaggregation Of Revenue [Line Items] | ||||
Total revenue | 3.8 | 1.7 | 10.1 | 6.3 |
Molecular Diagnostic - Other [Member] | U.S. [Member] | ||||
Disaggregation Of Revenue [Line Items] | ||||
Total revenue | 3.6 | 1.5 | 9.9 | 5.8 |
Molecular Diagnostic - Other [Member] | RoW [Member] | ||||
Disaggregation Of Revenue [Line Items] | ||||
Total revenue | 0.2 | 0.2 | 0.2 | 0.5 |
Molecular Diagnostic Testing [Member] | ||||
Disaggregation Of Revenue [Line Items] | ||||
Total revenue | 150.5 | 200.5 | 503.6 | 592.5 |
Molecular Diagnostic Testing [Member] | U.S. [Member] | ||||
Disaggregation Of Revenue [Line Items] | ||||
Total revenue | 143.4 | 194.7 | 483.7 | 576.4 |
Molecular Diagnostic Testing [Member] | RoW [Member] | ||||
Disaggregation Of Revenue [Line Items] | ||||
Total revenue | 7.1 | 5.8 | 19.9 | 16.1 |
Pharmaceutical and Clinical Services [Member] | ||||
Disaggregation Of Revenue [Line Items] | ||||
Total revenue | 13.5 | 16.1 | 41.8 | 43.2 |
Pharmaceutical and Clinical Services [Member] | U.S. [Member] | ||||
Disaggregation Of Revenue [Line Items] | ||||
Total revenue | 9.6 | 9.7 | 26.3 | 25.5 |
Pharmaceutical and Clinical Services [Member] | RoW [Member] | ||||
Disaggregation Of Revenue [Line Items] | ||||
Total revenue | $ 3.9 | $ 6.4 | $ 15.5 | $ 17.7 |
Revenue - Reconciliation of Def
Revenue - Reconciliation of Deferred Revenue Balances (Detail) - USD ($) $ in Millions | 9 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Revenue From Contract With Customer [Abstract] | ||
Deferred revenue - beginning balance | $ 2.2 | $ 2.6 |
Revenue recognized | (2.4) | (5.9) |
Prepayments | 4 | 5.6 |
Deferred revenue - Ending Balance | $ 3.8 | $ 2.3 |
Revenue - Additional Informatio
Revenue - Additional Information (Detail) | 3 Months Ended | 9 Months Ended |
Mar. 31, 2020USD ($)$ / shares | Mar. 31, 2020USD ($)$ / shares | |
Disaggregation Of Revenue [Line Items] | ||
Revenue, practical expedient, remaining performance obligation, description | In accordance with ASU 2014-09, the Company has elected not to disclose the aggregate amount of the transaction price allocated to remaining performance obligations for its contracts that are one year or less, as the revenue is expected to be recognized within the next year. Furthermore, the Company has elected not to disclose the aggregate amount of the transaction price allocated to remaining performance obligations for its agreements wherein the Company’s right to payment is in an amount that directly corresponds with the value of Company’s performance to date. However, the Company periodically enters into arrangements with customers to provide diagnostic testing and/or pharmaceutical and clinical services that may have terms longer than one year and include multiple performance obligations. | |
Revenue, practical expedient, remaining performance obligation | true | |
Revenue, practical expedient, initial application and transition, nondisclosure of transaction price allocation to remaining performance obligation | true | |
Revenue, remaining performance obligation | $ 4,100,000 | $ 4,100,000 |
Capitalized costs incurred to obtain or fulfill contract | 0 | $ 0 |
Revenue practical expedient, incremental cost of obtaining contract | true | |
Revenue, performance obligation, description of payment terms | This practical expedient has been elected because the Company collects very little cash from customers under payment terms and the vast majority of payments terms have a payback period of less than one year. | |
Revenue increase (decrease) performance obligation | $ (5,500,000) | $ (10,800,000) |
Earnings per share increase (decrease) performance obligation | $ / shares | $ (0.06) | $ (0.11) |
Acquisitions - Additional Infor
Acquisitions - Additional Information (Detail) - Counsyl Inc [Member] $ / shares in Units, $ in Millions | Jul. 31, 2018USD ($)$ / sharesshares | Dec. 31, 2018USD ($) | Mar. 31, 2020USD ($) |
Business Acquisition [Line Items] | |||
Business acquisition consideration | $ 405.9 | ||
Acquisition costs | 6.8 | ||
Goodwill, working capital adjustment reduction | $ (1.1) | $ (1.1) | |
Acquired intangible assets | 290 | ||
Developed Screening Processes [Member] | |||
Business Acquisition [Line Items] | |||
Acquired intangible assets | $ 290 | ||
Intangible assets estimated useful lives | 12 years | ||
Developed Screening Processes [Member] | Measurement Input, Discount Rate [Member] | |||
Business Acquisition [Line Items] | |||
Estimated net cash flows, discount rate | 12.5 | ||
Agreement and Plan of Merger [Member] | |||
Business Acquisition [Line Items] | |||
Effective date of business acquisition | Jul. 31, 2018 | ||
Business acquisition consideration | $ 405.9 | ||
Cash payment on business acquisition | 278.5 | ||
Amount of cash consideration deposited in escrow account | $ 5 | ||
Agreement and Plan of Merger [Member] | Common Stock [Member] | |||
Business Acquisition [Line Items] | |||
Business acquisition, shares issued | shares | 2,994,251 | ||
Business acquisition, shares issued, value | $ 127.4 | ||
Business acquisition, per share market closing price | $ / shares | $ 42.53 |
Acquisitions - Allocation of Co
Acquisitions - Allocation of Consideration Transferred (Detail) - USD ($) $ in Millions | Jul. 31, 2018 | Mar. 31, 2020 | Jun. 30, 2019 | Sep. 30, 2018 |
Business Acquisition [Line Items] | ||||
Goodwill | $ 327.1 | $ 417.2 | ||
Counsyl Inc [Member] | ||||
Business Acquisition [Line Items] | ||||
Current assets | $ 42.5 | |||
Intangible assets | 290 | |||
Equipment | 18.2 | |||
Other assets | 0.1 | |||
Goodwill | 99.3 | $ 99.3 | $ 94.9 | |
Current liabilities | (19.6) | |||
Long term liabilities | (0.1) | |||
Deferred tax liability | (9.2) | |||
Total fair value purchase price | 421.2 | |||
Less: Cash acquired | (15.3) | |||
Total consideration transferred | $ 405.9 |
Acquisitions - Summary of Chang
Acquisitions - Summary of Changes to Goodwill Balance (Detail) - USD ($) $ in Millions | 3 Months Ended | 18 Months Ended |
Dec. 31, 2018 | Mar. 31, 2020 | |
Goodwill [Line Items] | ||
Ending balance | $ 327.1 | |
Counsyl Inc [Member] | ||
Goodwill [Line Items] | ||
Beginning balance | $ 94.9 | 94.9 |
Fair value adjustment to equipment | 0.7 | |
Intangible adjustment | 2.9 | |
Working capital adjustment | $ (1.1) | (1.1) |
Change in deferred tax liability | 1.9 | |
Ending balance | $ 99.3 |
Acquisitions - Pro Forma Result
Acquisitions - Pro Forma Results of Acquisitions (Detail) - Counsyl Inc [Member] - USD ($) $ / shares in Units, $ in Millions | 3 Months Ended | 9 Months Ended | ||
Mar. 31, 2020 | Mar. 31, 2019 | Mar. 31, 2020 | Mar. 31, 2019 | |
Business Acquisition [Line Items] | ||||
Revenue | $ 164 | $ 216.6 | $ 545.4 | $ 645.9 |
Income (loss) from operations | (133.7) | 5.9 | (163.4) | 23.5 |
Net income (loss) | $ (115.2) | $ 6.9 | $ (144.1) | $ 18.2 |
Earnings (loss) per share, basic | $ (1.55) | $ 0.09 | $ (1.94) | $ 0.25 |
Earnings (loss) per share, diluted | $ (1.55) | $ 0.09 | $ (1.94) | $ 0.24 |
Marketable Investment Securit_3
Marketable Investment Securities - Schedule of Fair Value for Available-for-Sale Securities by Major Security Type and Class of Security (Detail) - USD ($) $ in Millions | Mar. 31, 2020 | Jun. 30, 2019 |
Schedule of Available-for-sale Securities [Line Items] | ||
Cash and cash equivalents, Amortized cost | $ 121 | $ 93.2 |
Available-for-sale, Amortized cost | 223.8 | 191.2 |
Gross unrealized holding gains | 0.7 | 0.6 |
Gross unrealized holding losses | (0.2) | |
Available-for-sale, Estimated fair value | 224.3 | 191.8 |
Amortized cost | 223.8 | 191.2 |
Estimated fair value | 224.3 | 191.8 |
Cash [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Cash and cash equivalents, Amortized cost | 103.7 | 68.7 |
Cash and cash equivalents, Estimated fair value | 103.7 | 68.7 |
Cash Equivalents [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Cash and cash equivalents, Amortized cost | 17.3 | 24.5 |
Cash and cash equivalents, Estimated fair value | 17.3 | 24.5 |
Total Cash and Cash Equivalents [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Cash and cash equivalents, Amortized cost | 121 | 93.2 |
Cash and cash equivalents, Estimated fair value | 121 | 93.2 |
Corporate Bonds and Notes [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Available-for-sale, Amortized cost | 61 | 64 |
Gross unrealized holding gains | 0.2 | 0.6 |
Gross unrealized holding losses | (0.2) | |
Available-for-sale, Estimated fair value | 61 | 64.6 |
Municipal Bonds [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Available-for-sale, Amortized cost | 19.9 | 15.3 |
Gross unrealized holding gains | 0.1 | |
Available-for-sale, Estimated fair value | 20 | 15.3 |
Federal Agency Issues [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Available-for-sale, Amortized cost | 5.5 | 9 |
Gross unrealized holding gains | 0.1 | |
Available-for-sale, Estimated fair value | 5.6 | 9 |
US Government Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Available-for-sale, Amortized cost | 16.4 | 9.7 |
Gross unrealized holding gains | 0.3 | |
Available-for-sale, Estimated fair value | $ 16.7 | $ 9.7 |
Marketable Investment Securit_4
Marketable Investment Securities - Schedule of Maturities of Debt Securities Classified as Cash Equivalents and Available-For-Sale Securities (Detail) - USD ($) $ in Millions | Mar. 31, 2020 | Jun. 30, 2019 |
Schedule of Available-for-sale Securities [Line Items] | ||
Cash and cash equivalents, Amortized cost | $ 121 | $ 93.2 |
Due within one year, Amortized cost | 60.2 | |
Due after one year through five years, Amortized cost | 42.6 | |
Total, Amortized cost | 223.8 | 191.2 |
Due within one year, Estimated fair value | 60.5 | |
Due after one year through five years, Estimated fair value | 42.8 | |
Total, Estimated fair value | 224.3 | 191.8 |
Cash [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Cash and cash equivalents, Amortized cost | 103.7 | 68.7 |
Cash equivalents, Estimated fair value | 103.7 | 68.7 |
Cash Equivalents [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Cash and cash equivalents, Amortized cost | 17.3 | 24.5 |
Cash equivalents, Estimated fair value | $ 17.3 | $ 24.5 |
Property, Plant and Equipment_3
Property, Plant and Equipment, Net - Schedule of Property, Plant and Equipment, Net (Detail) - USD ($) $ in Millions | Mar. 31, 2020 | Jun. 30, 2019 |
Property Plant And Equipment [Abstract] | ||
Land | $ 2.3 | |
Buildings and improvements | 18.8 | |
Leasehold improvements | $ 31.1 | 31 |
Equipment | 111.2 | 117.1 |
Gross property, plant and equipment | 142.3 | 169.2 |
Less accumulated depreciation | (105.2) | (111.9) |
Property, plant and equipment, net | $ 37.1 | $ 57.3 |
Property, Plant and Equipment_4
Property, Plant and Equipment, Net - Additional Information (Detail) $ in Millions | Mar. 31, 2020USD ($) |
Clinic Asset Group [Member] | |
Property, Plant and Equipment [Line Items] | |
Property, plant and equipment | $ 19.5 |
Property, Plant and Equipment_5
Property, Plant and Equipment, Net - Schedule of Depreciation Expense (Detail) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Mar. 31, 2020 | Mar. 31, 2019 | Mar. 31, 2020 | Mar. 31, 2019 | |
Property Plant And Equipment [Abstract] | ||||
Depreciation expense | $ 2.6 | $ 3.1 | $ 8.5 | $ 10.6 |
Goodwill and Intangible Asset_2
Goodwill and Intangible Assets - Additional Information (Detail) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Mar. 31, 2020 | Dec. 31, 2019 | Mar. 31, 2020 | Jun. 30, 2019 | |
Goodwill And Intangible Assets [Line Items] | ||||
Goodwill | $ 327.1 | $ 327.1 | $ 417.2 | |
Goodwill impairment charge | 82 | |||
In-Process Research and Development [Member] | ||||
Goodwill And Intangible Assets [Line Items] | ||||
Intangible assets impairment charge | 17.7 | |||
Clinic Asset Group [Member] | ||||
Goodwill And Intangible Assets [Line Items] | ||||
Goodwill impairment charge | $ 1.3 | |||
Crescendo Bioscience, Inc. [Member] | ||||
Goodwill And Intangible Assets [Line Items] | ||||
Goodwill impairment charge | 80.7 | |||
Diagnostics [Member] | ||||
Goodwill And Intangible Assets [Line Items] | ||||
Goodwill | 270.3 | 270.3 | ||
Other [Member] | ||||
Goodwill And Intangible Assets [Line Items] | ||||
Goodwill | $ 56.8 | $ 56.8 |
Goodwill and Intangible Asset_3
Goodwill and Intangible Assets - Summary of Changes to Goodwill Balance (Detail) $ in Millions | 9 Months Ended |
Mar. 31, 2020USD ($) | |
Goodwill And Intangible Assets Disclosure [Abstract] | |
Beginning balance | $ 417.2 |
Goodwill deconsolidated on sale of the Clinic | (7.3) |
Goodwill impairment charge | (82) |
Translation adjustments | (0.8) |
Ending balance | $ 327.1 |
Goodwill and Intangible Asset_4
Goodwill and Intangible Assets - Summarized Amounts Reported as Intangible Assets (Detail) - USD ($) $ in Millions | Mar. 31, 2020 | Jun. 30, 2019 |
Intangible Assets [Line Items] | ||
Gross Carrying Amount, amortized intangible assets | $ 822.5 | $ 823.3 |
Gross Carrying Amount, total intangible assets | 827.3 | 846.3 |
Accumulated Amortization | (207.3) | (161.6) |
Net, amortized intangible assets | 615.2 | 661.7 |
Net, total intangible assets | 620 | 684.7 |
Net, non-amortizable intangible assets | 4.8 | 23 |
In-Process Research and Development [Member] | ||
Intangible Assets [Line Items] | ||
Net, non-amortizable intangible assets | 4.8 | 23 |
Purchased Licenses and Technologies [Member] | ||
Intangible Assets [Line Items] | ||
Gross Carrying Amount, amortized intangible assets | 814.9 | 815.7 |
Accumulated Amortization | (201.8) | (156.6) |
Net, amortized intangible assets | 613 | 659.1 |
Customer Relationships [Member] | ||
Intangible Assets [Line Items] | ||
Gross Carrying Amount, amortized intangible assets | 4.7 | 4.6 |
Accumulated Amortization | (4.1) | (3.8) |
Net, amortized intangible assets | 0.5 | 0.8 |
Trademarks [Member] | ||
Intangible Assets [Line Items] | ||
Gross Carrying Amount, amortized intangible assets | 3 | 3 |
Accumulated Amortization | (1.4) | (1.2) |
Net, amortized intangible assets | $ 1.7 | $ 1.8 |
Goodwill and Intangible Asset_5
Goodwill and Intangible Assets - Amortization on Intangible Assets (Detail) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Mar. 31, 2020 | Mar. 31, 2019 | Mar. 31, 2020 | Mar. 31, 2019 | |
Goodwill And Intangible Assets Disclosure [Abstract] | ||||
Amortization of intangible assets | $ 15.3 | $ 15.2 | $ 45.8 | $ 44 |
Accrued Liabilities - Summary o
Accrued Liabilities - Summary of Accrued Liabilities (Detail) - USD ($) $ in Millions | Mar. 31, 2020 | Jun. 30, 2019 |
Payables And Accruals [Abstract] | ||
Employee compensation and benefits | $ 55.3 | $ 48.8 |
Accrued taxes payable | 3.5 | 3 |
Qui tam settlement | 9.1 | |
Other | 4.3 | 18 |
Total accrued liabilities | $ 63.1 | $ 78.9 |
Long Term Debt - Additional Inf
Long Term Debt - Additional Information (Detail) - USD ($) | Jul. 31, 2018 | Mar. 31, 2020 | Mar. 31, 2019 | Jun. 30, 2019 | Dec. 23, 2016 |
Debt Instrument [Line Items] | |||||
Aggregate principal amount of loan | $ 226,600,000 | $ 235,000,000 | |||
Long term debt, net | 225,200,000 | $ 233,500,000 | |||
Principal repayment | 8,600,000 | $ 85,000,000 | |||
Revolving Credit Facility [Member] | |||||
Debt Instrument [Line Items] | |||||
Principal repayment | 8,600,000 | ||||
Revolving Credit Facility [Member] | Amendment to Credit Agreement [Member] | |||||
Debt Instrument [Line Items] | |||||
Aggregate principal amount of loan | $ 300,000,000 | ||||
Upfront fees | 1,800,000 | ||||
Debt issuance costs | 300,000 | ||||
Long term debt, net | $ 225,200,000 | ||||
Scheduled principal payments prior to maturity date | $ 0 | ||||
Revolving Credit Facility [Member] | Counsyl Inc [Member] | Amendment to Credit Agreement [Member] | |||||
Debt Instrument [Line Items] | |||||
Loan agreement, maturity date | Jul. 31, 2023 | ||||
Loans maximum borrowing capacity | $ 350,000,000 | $ 300,000,000 |
Long-Term Debt - Schedule of Lo
Long-Term Debt - Schedule of Long-Term Debt (Detail) - USD ($) $ in Millions | Mar. 31, 2020 | Jun. 30, 2019 |
Long-term Debt, Unclassified [Abstract] | ||
Long-term debt | $ 226.6 | $ 235 |
Long-term debt discount | (1.4) | (1.5) |
Net long-term debt | $ 225.2 | $ 233.5 |
Other Long Term Liabilities - S
Other Long Term Liabilities - Summary of Other Long Term Liabilities (Detail) $ in Millions | Jun. 30, 2019USD ($) |
Other Liabilities Disclosure [Abstract] | |
Pension obligation | $ 6.8 |
Other | 1 |
Total other long-term liabilities | $ 7.8 |
Other Long Term Liabilities - A
Other Long Term Liabilities - Additional Information (Detail) | Mar. 31, 2020plan |
Other Liabilities Disclosure [Abstract] | |
Number of defined benefit pension plans | 2 |
Preferred and Common Stockhol_3
Preferred and Common Stockholder's Equity - Additional Information (Detail) - USD ($) | Mar. 31, 2020 | Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2016 |
Class of Stock [Line Items] | ||||
Preferred stock, shares authorized | 5,000,000 | |||
Preferred stock, par value | $ 0.01 | |||
Preferred stock, shares outstanding | 0 | |||
Common stock, shares authorized | 150,000,000 | |||
Common stock, par value | $ 0.01 | |||
Common stock, shares issued | 74,500,000 | 73,500,000 | 70,600,000 | |
Common stock, shares outstanding | 74,500,000 | 73,500,000 | 70,600,000 | |
Share repurchase program, remaining authorized repurchase amount | $ 110,700,000 | |||
Eighth Share Repurchase Program [Member] | ||||
Class of Stock [Line Items] | ||||
Share repurchase program, authorized amount | $ 200,000,000 |
Preferred and Common Stockhol_4
Preferred and Common Stockholder's Equity - Summary of Common Shares Issued and Outstanding (Detail) - shares shares in Millions | 9 Months Ended | 12 Months Ended |
Mar. 31, 2020 | Jun. 30, 2019 | |
Equity [Abstract] | ||
Beginning common stock issued, Beginning balance | 73.5 | 70.6 |
Beginning common stock outstanding, Beginning balance | 73.5 | 70.6 |
Common stock issued upon exercise of options and employee stock plans | 1 | 4.5 |
Repurchase and retirement of common stock | (1.6) | |
Common stock issued, Ending balance | 74.5 | 73.5 |
Common stock outstanding, Ending balance | 74.5 | 73.5 |
Preferred and Common Stockhol_5
Preferred and Common Stockholder's Equity - Reconciliation of Denominators of Basic and Diluted Earnings Per Share Computations (Detail) - shares shares in Millions | 3 Months Ended | 9 Months Ended | ||
Mar. 31, 2020 | Mar. 31, 2019 | Mar. 31, 2020 | Mar. 31, 2019 | |
Equity [Abstract] | ||||
Weighted-average shares outstanding used to compute basic EPS | 74.5 | 73.3 | 74.2 | 73.5 |
Effect of dilutive shares | 1.6 | 2.9 | ||
Weighted-average shares outstanding and dilutive securities used to compute diluted EPS | 74.5 | 74.9 | 74.2 | 76.4 |
Preferred and Common Stockhol_6
Preferred and Common Stockholder's Equity - Schedule of Anti-Dilutive Options and Restricted Stock Units Excluded from EPS Computation (Detail) - shares shares in Millions | 3 Months Ended | 9 Months Ended | ||
Mar. 31, 2020 | Mar. 31, 2019 | Mar. 31, 2020 | Mar. 31, 2019 | |
Equity [Abstract] | ||||
Anti-dilutive options and RSU's excluded from EPS computation | 0.4 | 1 | 0.9 | 0.7 |
Preferred and Common Stockhol_7
Preferred and Common Stockholder's Equity - Schedule of Stock Repurchases (Detail) - USD ($) shares in Millions, $ in Millions | 9 Months Ended | 12 Months Ended |
Mar. 31, 2019 | Jun. 30, 2019 | |
Stockholders Equity [Line Items] | ||
Shares purchased and retired | 1.6 | |
Common stock and additional paid-in-capital reductions | $ 16.9 | |
Charges to retained earnings | $ 33.1 | |
Common Stock [Member] | ||
Stockholders Equity [Line Items] | ||
Shares purchased and retired | 1.6 |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Detail) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||
Mar. 31, 2020 | Mar. 31, 2019 | Mar. 31, 2020 | Mar. 31, 2019 | Jun. 30, 2020 | |
Income Tax Contingency [Line Items] | |||||
Income tax expense (benefit) | $ (15.9) | $ (3.6) | $ (20.7) | $ (1) | |
Approximate rate on pre-tax income | 12.10% | 109.10% | |||
State Tax Authority [Member] | Earliest Tax Year [Member] | State of New Jersey [Member] | |||||
Income Tax Contingency [Line Items] | |||||
Tax year being audited in income tax examination | 2013 | ||||
State Tax Authority [Member] | Earliest Tax Year [Member] | State of New York [Member] | |||||
Income Tax Contingency [Line Items] | |||||
Tax year being audited in income tax examination | 2014 | ||||
State Tax Authority [Member] | Earliest Tax Year [Member] | State of Massachusetts [Member] | |||||
Income Tax Contingency [Line Items] | |||||
Tax year being audited in income tax examination | 2014 | ||||
State Tax Authority [Member] | Latest Tax Year [Member] | State of New Jersey [Member] | |||||
Income Tax Contingency [Line Items] | |||||
Tax year being audited in income tax examination | 2017 | ||||
State Tax Authority [Member] | Latest Tax Year [Member] | State of New York [Member] | |||||
Income Tax Contingency [Line Items] | |||||
Tax year being audited in income tax examination | 2016 | ||||
State Tax Authority [Member] | Latest Tax Year [Member] | State of Massachusetts [Member] | |||||
Income Tax Contingency [Line Items] | |||||
Tax year being audited in income tax examination | 2016 | ||||
Foreign Tax Authority [Member] | Earliest Tax Year [Member] | Federal Ministry of Finance, Germany [Member] | |||||
Income Tax Contingency [Line Items] | |||||
Tax year being audited in income tax examination | 2013 | ||||
Foreign Tax Authority [Member] | Earliest Tax Year [Member] | Switzerland Federal Tax Administration [Member] | |||||
Income Tax Contingency [Line Items] | |||||
Tax year being audited in income tax examination | 2015 | ||||
Foreign Tax Authority [Member] | Latest Tax Year [Member] | Federal Ministry of Finance, Germany [Member] | |||||
Income Tax Contingency [Line Items] | |||||
Tax year being audited in income tax examination | 2015 | ||||
Foreign Tax Authority [Member] | Latest Tax Year [Member] | Switzerland Federal Tax Administration [Member] | |||||
Income Tax Contingency [Line Items] | |||||
Tax year being audited in income tax examination | 2016 | ||||
Scenario Forecast [Member] | |||||
Income Tax Contingency [Line Items] | |||||
U.S. federal statutory rate | 21.00% |
Share-Based Compensation - Addi
Share-Based Compensation - Additional Information (Detail) - USD ($) $ in Millions | 1 Months Ended | 9 Months Ended |
Sep. 30, 2014 | Mar. 31, 2020 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Share-based compensation arrangement by share-based payment award, description | Options and RSUs granted to our non-employee directors vest in full upon completion of one year of service on the Board following the date of the grant | |
Total unrecognized share-based compensation cost related to stock options | $ 0 | |
Stock options [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Service period of share-based compensation vested, years | 4 years | |
Stock options [Member] | Share-based compensation granted after December 5, 2012 [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Share-based compensation expire from date of grant, years | 8 years | |
Stock options [Member] | Share-based compensation granted prior to December 5, 2012 [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Share-based compensation expire from date of grant, years | 10 years | |
Restricted Stock Units (RSUs) [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Service period of share-based compensation vested, years | 4 years | |
Total unrecognized share-based compensation cost related to RSUs | $ 50.3 | |
Total unrecognized share-based compensation cost, weighted-average period, years | 2 years 3 months 18 days | |
Restricted Stock Units (RSUs) [Member] | Non Employee Director [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Service period of share-based compensation vested, years | 1 year | |
2003 Plan [Member] | Stock options [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Shares available for future grant | 200,000 | |
The 2010 Plan [Member] | Options and Restricted Stock Units [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Shares available for future grant | 5,200,000 | |
2012 Purchase Plan [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Number of shares approved | 2,000,000 | |
Shares available for issuance under the Plan | 500,000 |
Share-Based Compensation - Sche
Share-Based Compensation - Schedule of Share-Based Compensation Arrangement by Share Based Payment Award Options Outstanding (Detail) shares in Millions | 9 Months Ended |
Mar. 31, 2020$ / sharesshares | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | |
Options outstanding at beginning of period, Number of shares | shares | 5.5 |
Options exercised, Number of shares | shares | (0.4) |
Options canceled or expired, Number of shares | shares | (0.3) |
Options outstanding at end of year, Number of shares | shares | 4.8 |
Options exercisable at end of period, Number of shares | shares | 4.8 |
Options outstanding at beginning of period, Weighted average exercise price | $ / shares | $ 24.45 |
Options exercised, Weighted average exercise price | $ / shares | 22.93 |
Options canceled or expired, Weighted average exercise price | $ / shares | 26.78 |
Options outstanding at end of year, Weighted average exercise price | $ / shares | 24.43 |
Options exercisable at end of period, Weighted average exercise price | $ / shares | $ 24.43 |
Share-Based Compensation - Sc_2
Share-Based Compensation - Schedule of Share-Based Compensation Arrangement by Share Based Payment Award Restricted Stock Units Outstanding (Detail) - Restricted Stock Units (RSUs) [Member] shares in Millions | 9 Months Ended |
Mar. 31, 2020$ / sharesshares | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
RSUs outstanding at beginning of period, Number of shares | shares | 2.4 |
RSUs granted, Number of shares | shares | 1.4 |
RSUs vested, Number of shares | shares | (0.9) |
RSUs canceled, Number of shares | shares | (0.3) |
RSUs outstanding at end of period, Number of shares | shares | 2.6 |
RSUs outstanding at beginning of period, Weighted average grant date fair value | $ / shares | $ 37.70 |
RSUs granted, Weighted average grant date fair value | $ / shares | 28.50 |
RSUs vested, Weighted average grant date fair value | $ / shares | 35.66 |
RSUs canceled, Weighted average grant date fair value | $ / shares | 39.31 |
RSUs outstanding at end of period, Weighted average grant date fair value | $ / shares | $ 33.21 |
Share-Based Compensation - Sc_3
Share-Based Compensation - Schedule of Share-Based Compensation Recognized in Consolidated Statements of Operations (Detail) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Mar. 31, 2020 | Mar. 31, 2019 | Mar. 31, 2020 | Mar. 31, 2019 | |
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | ||||
Total share-based compensation expense | $ 7.5 | $ 9.5 | $ 23.3 | $ 24.7 |
Molecular Diagnostic Testing Expense [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | ||||
Total share-based compensation expense | 0.3 | 0.3 | 0.9 | 0.6 |
Pharmaceutical and Clinical Services Expense [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | ||||
Total share-based compensation expense | 0.1 | 0.1 | 0.2 | 0.2 |
Research and Development Expense [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | ||||
Total share-based compensation expense | 1.2 | 1.7 | 3.8 | 3.9 |
Selling, General, and Administrative Expenses [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | ||||
Total share-based compensation expense | $ 5.9 | $ 7.4 | $ 18.4 | $ 20 |
Fair Value Measurements - Addit
Fair Value Measurements - Additional Information (Detail) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | |
Mar. 31, 2020 | Dec. 31, 2019 | Mar. 31, 2020 | |
Fair Value, Option, Qualitative Disclosures Related to Election [Line Items] | |||
Impairment of goodwill | $ 82 | ||
Crescendo Bioscience, Inc. [Member] | |||
Fair Value, Option, Qualitative Disclosures Related to Election [Line Items] | |||
Impairment of goodwill | $ 80.7 | ||
Clinic Asset Group [Member] | |||
Fair Value, Option, Qualitative Disclosures Related to Election [Line Items] | |||
Impairment of goodwill | $ 1.3 | ||
Level 3 [Member] | |||
Fair Value, Option, Qualitative Disclosures Related to Election [Line Items] | |||
Estimated fair value of long-term debt | 225.3 | $ 225.3 | |
Level 3 [Member] | Crescendo Bioscience, Inc. [Member] | |||
Fair Value, Option, Qualitative Disclosures Related to Election [Line Items] | |||
Impairment of goodwill | $ 80.7 | ||
Level 3 [Member] | Clinic Asset Group [Member] | |||
Fair Value, Option, Qualitative Disclosures Related to Election [Line Items] | |||
Impairment of goodwill | $ 1.3 |
Fair Value Measurements - Sched
Fair Value Measurements - Schedule of Fair Value of Financial Assets and Liabilities (Detail) - USD ($) $ in Millions | Mar. 31, 2020 | Jun. 30, 2019 | |
Fair Value, Option, Qualitative Disclosures Related to Election [Line Items] | |||
Total fair value of financial assets and liability | $ 113.9 | $ 104.5 | |
Money Market Funds [Member] | |||
Fair Value, Option, Qualitative Disclosures Related to Election [Line Items] | |||
Total fair value of financial assets | [1] | 17.3 | 17.2 |
Corporate Bonds and Notes [Member] | |||
Fair Value, Option, Qualitative Disclosures Related to Election [Line Items] | |||
Total fair value of financial assets | 61 | 66.9 | |
Municipal Bonds [Member] | |||
Fair Value, Option, Qualitative Disclosures Related to Election [Line Items] | |||
Total fair value of financial assets | 20 | 15.4 | |
Federal Agency Issues [Member] | |||
Fair Value, Option, Qualitative Disclosures Related to Election [Line Items] | |||
Total fair value of financial assets | 5.6 | 9 | |
US Government Securities [Member] | |||
Fair Value, Option, Qualitative Disclosures Related to Election [Line Items] | |||
Total fair value of financial assets | 16.7 | 9.8 | |
Contingent Consideration [Member] | |||
Fair Value, Option, Qualitative Disclosures Related to Election [Line Items] | |||
Total fair value of financial liability | (6.7) | (13.8) | |
Level 1 [Member] | |||
Fair Value, Option, Qualitative Disclosures Related to Election [Line Items] | |||
Total fair value of financial assets and liability | 17.3 | 19.7 | |
Level 1 [Member] | Money Market Funds [Member] | |||
Fair Value, Option, Qualitative Disclosures Related to Election [Line Items] | |||
Total fair value of financial assets | [1] | 17.3 | 17.2 |
Level 1 [Member] | Corporate Bonds and Notes [Member] | |||
Fair Value, Option, Qualitative Disclosures Related to Election [Line Items] | |||
Total fair value of financial assets | 2.5 | ||
Level 2 [Member] | |||
Fair Value, Option, Qualitative Disclosures Related to Election [Line Items] | |||
Total fair value of financial assets and liability | 103.3 | 98.6 | |
Level 2 [Member] | Corporate Bonds and Notes [Member] | |||
Fair Value, Option, Qualitative Disclosures Related to Election [Line Items] | |||
Total fair value of financial assets | 61 | 64.4 | |
Level 2 [Member] | Municipal Bonds [Member] | |||
Fair Value, Option, Qualitative Disclosures Related to Election [Line Items] | |||
Total fair value of financial assets | 20 | 15.4 | |
Level 2 [Member] | Federal Agency Issues [Member] | |||
Fair Value, Option, Qualitative Disclosures Related to Election [Line Items] | |||
Total fair value of financial assets | 5.6 | 9 | |
Level 2 [Member] | US Government Securities [Member] | |||
Fair Value, Option, Qualitative Disclosures Related to Election [Line Items] | |||
Total fair value of financial assets | 16.7 | 9.8 | |
Level 3 [Member] | |||
Fair Value, Option, Qualitative Disclosures Related to Election [Line Items] | |||
Total fair value of financial assets and liability | (6.7) | (13.8) | |
Level 3 [Member] | Contingent Consideration [Member] | |||
Fair Value, Option, Qualitative Disclosures Related to Election [Line Items] | |||
Total fair value of financial liability | $ (6.7) | $ (13.8) | |
[1] | Money market funds are primarily comprised of exchange traded funds and accrued interest. |
Fair Value Measurements - Chang
Fair Value Measurements - Change in Fair Value of Contingent Consideration (Detail) $ in Millions | 9 Months Ended |
Mar. 31, 2020USD ($) | |
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Abstract] | |
Balance June 30, 2019 | $ 13.8 |
Payment of contingent consideration | (3.9) |
Change in fair value recognized in the income statement | (2.8) |
Translation adjustments recognized in other comprehensive income | (0.4) |
Ending balance March 31, 2020 | $ 6.7 |
Commitments and Contingencies -
Commitments and Contingencies - Additional Information (Detail) $ in Millions | 9 Months Ended |
Mar. 31, 2020USD ($) | |
Commitments and Contingencies [Line Items] | |
Operating lease weighted average remaining lease term | 5 years 6 months |
Operating lease weighted average discount rate percent | 3.87% |
Operating Expense [Member] | |
Commitments and Contingencies [Line Items] | |
Lease cost | $ 13.6 |
Variable lease expense | 1.9 |
Short-term lease expense | $ 0.2 |
Minimum [Member] | Office Spaces, Research and Development Laboratory Facilities, Vehicles and Office Equipment [Member] | |
Commitments and Contingencies [Line Items] | |
Remaining lease term period | 1 year |
Maximum [Member] | Office Spaces, Research and Development Laboratory Facilities, Vehicles and Office Equipment [Member] | |
Commitments and Contingencies [Line Items] | |
Remaining lease term period | 7 years |
Commitments and Contingencies_2
Commitments and Contingencies - Maturities of Operating Lease Liabilities (Detail) $ in Millions | Mar. 31, 2020USD ($) |
Commitments And Contingencies Disclosure [Abstract] | |
2020 | $ 3.9 |
2021 | 14.7 |
2022 | 13.5 |
2023 | 12.3 |
2024 | 12.1 |
Thereafter | 19.3 |
Total lease payments | $ 75.8 |
Commitments and Contingencies_3
Commitments and Contingencies - Future Minimum Lease Payments (Detail) $ in Millions | Jun. 30, 2019USD ($) |
Commitments And Contingencies Disclosure [Abstract] | |
2020 | $ 15.1 |
2021 | 14.1 |
2022 | 13.1 |
2023 | 12.2 |
2024 | 11.9 |
Thereafter | 19.1 |
Total lease payments | $ 85.5 |
Employee Deferred Savings Pla_2
Employee Deferred Savings Plan - Additional Information (Detail) | 9 Months Ended |
Mar. 31, 2020 | |
Compensation And Retirement Disclosure [Abstract] | |
Percent of employee contribution to deferred savings plan | 50.00% |
Employer's contribution not to exceed percentage of the employees compensation | 4.00% |
Employee Deferred Savings Pla_3
Employee Deferred Savings Plan - Company Recorded Contributions To Plan (Detail) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Mar. 31, 2020 | Mar. 31, 2019 | Mar. 31, 2020 | Mar. 31, 2019 | |
Compensation And Retirement Disclosure [Abstract] | ||||
Deferred savings plan contributions | $ 2.2 | $ 2.3 | $ 6.8 | $ 6 |
Segment and Related Informati_3
Segment and Related Information - Additional Information (Detail) | 9 Months Ended |
Mar. 31, 2020Segment | |
Segment Reporting [Abstract] | |
Number of reportable segment | 2 |
Segment and Related Informati_4
Segment and Related Information - Schedule of Segment Performance Based on Income (Loss) before Interest Income and Other Income and Expense (Detail) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Mar. 31, 2020 | Mar. 31, 2019 | Mar. 31, 2020 | Mar. 31, 2019 | |
Segment Reporting Information [Line Items] | ||||
Revenues | $ 164 | $ 216.6 | $ 545.4 | $ 635.7 |
Depreciation and amortization | 17.9 | 18.3 | 54.3 | 54.6 |
Segment operating income (loss) | (133.7) | 5.9 | (163.4) | 13.2 |
Diagnostics [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Revenues | 150.5 | 200.5 | 503.6 | 592.5 |
Depreciation and amortization | 16.8 | 17 | 50.5 | 50.7 |
Segment operating income (loss) | (93.6) | 40.6 | (46.2) | 96.6 |
Other [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Revenues | 13.5 | 16.1 | 41.8 | 43.2 |
Depreciation and amortization | 1.1 | 1.3 | 3.8 | 3.9 |
Segment operating income (loss) | $ (40.1) | $ (34.7) | $ (117.2) | $ (83.4) |
Segment and Related Informati_5
Segment and Related Information - Schedule of Total Operating Income for Reportable Segments (Detail) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||||||
Mar. 31, 2020 | Dec. 31, 2019 | Sep. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Mar. 31, 2020 | Mar. 31, 2019 | |
Segment Reporting [Abstract] | ||||||||
Total operating income (loss) for reportable segments | $ (133.7) | $ 5.9 | $ (163.4) | $ 13.2 | ||||
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 | ||||
Income (loss) before income tax | (131.1) | 3.3 | (164.8) | 7.7 | ||||
Income tax provision (benefit) | (15.9) | (3.6) | (20.7) | (1) | ||||
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) | $ (8.3) | $ (20.6) | $ 6.9 | $ 2.6 | $ (0.7) | $ (144.1) | $ 8.8 |
Supplemental Cash Flow Inform_3
Supplemental Cash Flow Information - Schedule of Supplemental Cash Flow Information (Detail) - USD ($) $ in Millions | 9 Months Ended | ||
Mar. 31, 2020 | Mar. 31, 2019 | Jul. 01, 2019 | |
Cash paid during the period for income taxes | $ 0.4 | $ 5.3 | |
Cash paid for interest | 7.3 | $ 9.1 | |
Establishment of operating lease right-of-use assets and lease liabilities | |||
Operating lease right-of-use assets | 64.5 | ||
Accrued liabilities and other long-term liabilities | 4.3 | ||
ASU 2016-02 | |||
Establishment of operating lease right-of-use assets and lease liabilities | |||
Operating lease right-of-use assets | 74.5 | $ 74.5 | |
Operating lease liabilities | $ (78.8) | $ (78.8) |
Sale of Subsidiary - Additional
Sale of Subsidiary - Additional Information (Detail) - USD ($) $ in Millions | Feb. 28, 2020 | Mar. 31, 2020 |
Disposal of Subsidiary [Line Items] | ||
Pre-tax net gain on sale | $ 1 | |
Clinic Asset Group [Member] | ||
Disposal of Subsidiary [Line Items] | ||
Pre-tax net gain on sale | $ 1 | |
Pre-tax gain by settlement | 1.2 | |
Offset by a loss, due to the difference between the purchase price and net assets | $ 0.2 |
Subsequent Events - Additional
Subsequent Events - Additional Information (Detail) - Subsequent Event [Member] - USD ($) $ in Millions | May 01, 2020 | Apr. 10, 2020 |
Subsequent Event [Line Items] | ||
CARES act of 2020, public health and social services emergency fund amount | $ 8 | |
CARES act of 2020, medicare payment amount | $ 29.7 | |
Revolving Credit Facility [Member] | Second Amendment to Credit Facility [Member] | ||
Subsequent Event [Line Items] | ||
Debt instrument, interest rate on variable basis | 0.50% | |
Excess of debt due to prepayment | $ 250 | |
Excess of unrestricted cash | $ 100 | |
Revolving Credit Facility [Member] | Second Amendment to Credit Facility [Member] | LIBOR Floor [Member] | ||
Subsequent Event [Line Items] | ||
Debt instrument, interest rate on variable basis | 3.50% | |
Debt instrument, interest rate during the period | 1.00% |