UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
(Mark One)
x |
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
For the quarterly period ended December 31, 2015
OR
¨ |
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
For the transition period from
to
Commission file number: 0-26642
MYRIAD GENETICS, INC.
(Exact name of registrant as specified in its charter)
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Delaware |
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87-0494517 |
(State or other jurisdiction of
incorporation or organization) |
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(I.R.S. Employer
Identification No.) |
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320 Wakara Way, Salt Lake City, UT |
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84108 |
(Address of principal executive offices) |
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(Zip Code) |
Registrants telephone number, including area code: (801) 584-3600
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act
of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes x No ¨
Indicate by check mark
whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the
preceding 12 months (or for such shorter period that the registrant was required to submit and post such files). Yes x No ¨
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a
non-accelerated filer or a smaller reporting company. See the definitions of accelerated filer, large accelerated filer and smaller reporting company in Rule 12b-2 of the Exchange Act. Check one:
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Large accelerated filer |
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x |
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Accelerated filer |
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¨ |
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Non-accelerated filer |
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¨ (Do not check if smaller reporting company) |
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Smaller reporting company |
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¨ |
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange
Act). Yes ¨ No x
As of January 29, 2016 the registrant had 71,252,152 shares of $0.01 par value common stock outstanding.
MYRIAD GENETICS, INC.
INDEX TO FORM 10-Q
2
MYRIAD GENETICS, INC.
AND SUBSIDIARIES
Condensed Consolidated Balance Sheets (Unaudited)
(In millions)
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December 31, 2015 |
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June 30, 2015 |
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ASSETS |
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Current assets: |
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Cash and cash equivalents |
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$ |
134.7 |
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$ |
64.1 |
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Marketable investment securities |
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84.6 |
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80.7 |
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Prepaid expenses |
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9.7 |
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12.5 |
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Inventory |
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29.1 |
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25.1 |
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Trade accounts receivable, less allowance for doubtful accounts of $6.2 December 31, 2015 and $7.6 June 30, 2015 |
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84.3 |
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85.8 |
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Deferred taxes |
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13.5 |
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Prepaid taxes |
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28.0 |
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Other receivables |
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5.1 |
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1.9 |
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Total current assets |
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375.5 |
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283.6 |
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Property, plant and equipment, net |
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61.7 |
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67.2 |
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Long-term marketable investment securities |
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66.2 |
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40.6 |
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Intangibles, net |
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186.3 |
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192.6 |
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Goodwill |
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177.0 |
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177.2 |
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Other assets |
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5.0 |
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5.0 |
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Total assets |
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$ |
871.7 |
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$ |
766.2 |
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LIABILITIES AND STOCKHOLDERS EQUITY |
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Current liabilities: |
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Accounts payable |
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$ |
16.5 |
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$ |
21.1 |
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Accrued liabilities |
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47.9 |
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46.1 |
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Deferred revenue |
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1.5 |
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1.5 |
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Total current liabilities |
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65.9 |
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68.7 |
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Unrecognized tax benefits |
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27.9 |
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26.4 |
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Other long-term liabilities |
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6.8 |
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8.8 |
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Long-term deferred taxes |
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0.3 |
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0.2 |
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Total liabilities |
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100.9 |
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104.1 |
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Commitments and contingencies |
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Stockholders equity: |
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Common stock, 71.6 and 68.9 shares outstanding at December 31, 2015 and June 30, 2015 respectively |
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0.7 |
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0.7 |
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Additional paid-in capital |
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847.8 |
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745.4 |
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Accumulated other comprehensive loss |
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(9.1 |
) |
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(7.0 |
) |
Accumulated deficit |
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(68.6 |
) |
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(77.0 |
) |
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Total stockholders equity |
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770.8 |
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662.1 |
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Total liabilities and stockholders equity |
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$ |
871.7 |
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$ |
766.2 |
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See accompanying notes to condensed consolidated financial statements.
3
MYRIAD GENETICS, INC.
AND SUBSIDIARIES
Condensed Consolidated Statements of Operations (Unaudited)
(In millions, except per share amounts)
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Three months ended December 31, |
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Six months ended December 31, |
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2015 |
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2014 |
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2015 |
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2014 |
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Molecular diagnostic testing |
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$ |
182.6 |
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$ |
179.2 |
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$ |
354.5 |
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$ |
343.6 |
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Pharmaceutical and clinical services |
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10.7 |
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5.2 |
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22.3 |
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9.6 |
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Total revenue |
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193.3 |
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184.4 |
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376.8 |
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353.2 |
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Costs and expenses: |
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Cost of molecular diagnostic testing |
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34.1 |
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35.1 |
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65.0 |
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67.8 |
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Cost of pharmaceutical and clinical services |
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6.5 |
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2.8 |
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12.1 |
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4.9 |
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Research and development expense |
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16.7 |
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17.5 |
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33.9 |
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40.1 |
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Selling, general, and administrative expense |
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90.8 |
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92.7 |
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177.3 |
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178.1 |
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Total costs and expenses |
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148.1 |
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|
148.1 |
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288.3 |
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290.9 |
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Operating income |
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45.2 |
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36.3 |
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88.5 |
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62.3 |
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Other income (expense): |
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Interest income |
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0.1 |
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0.1 |
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0.2 |
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0.1 |
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Other |
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(0.3 |
) |
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1.5 |
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(0.1 |
) |
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1.4 |
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Total other income (expense): |
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(0.2 |
) |
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1.6 |
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0.1 |
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1.5 |
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Income before income tax |
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45.0 |
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37.9 |
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88.6 |
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63.8 |
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Income tax provision |
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14.7 |
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13.9 |
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31.6 |
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23.8 |
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Net income |
|
$ |
30.3 |
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$ |
24.0 |
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$ |
57.0 |
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$ |
40.0 |
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Earnings per share: |
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Basic |
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$ |
0.43 |
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$ |
0.33 |
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$ |
0.82 |
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$ |
0.55 |
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Diluted |
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$ |
0.41 |
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$ |
0.32 |
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$ |
0.78 |
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$ |
0.53 |
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Weighted average shares outstanding: |
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Basic |
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70.5 |
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|
72.5 |
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|
69.6 |
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|
72.6 |
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Diluted |
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|
73.8 |
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|
75.4 |
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|
|
73.1 |
|
|
|
75.8 |
|
See accompanying notes to condensed consolidated financial statements.
4
MYRIAD GENETICS, INC.
AND SUBSIDIARIES
Condensed Consolidated Statements of Comprehensive Income (Unaudited)
(In millions)
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Three months ended December 31, |
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Six months ended December 31, |
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2015 |
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2014 |
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2015 |
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|
2014 |
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Net income |
|
$ |
30.3 |
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|
$ |
24.0 |
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$ |
57.0 |
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$ |
40.0 |
|
Unrealized gain (loss) on available-for-sale securities, net of tax |
|
|
(0.2 |
) |
|
|
(0.1 |
) |
|
|
(0.1 |
) |
|
|
(0.3 |
) |
Change in foreign currency translation adjustment, net of tax |
|
|
(1.8 |
) |
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|
(1.7 |
) |
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(2.0 |
) |
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(2.4 |
) |
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Comprehensive income |
|
$ |
28.3 |
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$ |
22.2 |
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$ |
54.9 |
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$ |
37.3 |
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|
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|
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|
See accompanying notes to condensed consolidated financial statements.
5
MYRIAD GENETICS, INC.
AND SUBSIDIARIES
Condensed Consolidated Statements of Cash Flows (Unaudited)
(In millions)
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Six months ended December 31, |
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2015 |
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2014 |
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CASH FLOWS FROM OPERATING ACTIVITIES: |
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Net income |
|
$ |
57.0 |
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$ |
40.0 |
|
Adjustments to reconcile net income to net cash provided by operating activities: |
|
|
|
|
|
|
|
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Depreciation and amortization |
|
|
13.5 |
|
|
|
12.0 |
|
Gain on disposition of assets |
|
|
(0.4 |
) |
|
|
|
|
Share-based compensation expense |
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|
16.3 |
|
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|
19.0 |
|
Bad debt expense |
|
|
14.5 |
|
|
|
14.0 |
|
Deferred income taxes |
|
|
29.8 |
|
|
|
1.9 |
|
Unrecognized tax benefits |
|
|
1.5 |
|
|
|
1.1 |
|
Excess tax benefit from share-based compensation |
|
|
(16.1 |
) |
|
|
(2.6 |
) |
Gain on remeasurement of foreign currency |
|
|
|
|
|
|
(0.5 |
) |
Changes in assets and liabilities: |
|
|
|
|
|
|
|
|
Prepaid expenses |
|
|
2.8 |
|
|
|
(0.8 |
) |
Trade accounts receivable |
|
|
(11.1 |
) |
|
|
(13.9 |
) |
Other receivables |
|
|
(5.3 |
) |
|
|
(1.6 |
) |
Inventory |
|
|
(4.1 |
) |
|
|
3.7 |
|
Prepaid taxes |
|
|
(28.0 |
) |
|
|
8.0 |
|
Accounts payable |
|
|
(4.1 |
) |
|
|
(6.2 |
) |
Accrued liabilities |
|
|
(0.5 |
) |
|
|
(15.2 |
) |
Deferred revenue |
|
|
|
|
|
|
0.7 |
|
|
|
|
|
|
|
|
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Net cash provided by operating activities |
|
|
65.8 |
|
|
|
59.6 |
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|
|
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CASH FLOWS FROM INVESTING ACTIVITIES |
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|
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Capital expenditures |
|
|
(2.1 |
) |
|
|
(17.5 |
) |
Restricted cash |
|
|
|
|
|
|
(21.6 |
) |
Purchases of marketable investment securities |
|
|
(100.7 |
) |
|
|
(22.6 |
) |
Proceeds from maturities and sales of marketable investment securities |
|
|
71.3 |
|
|
|
80.5 |
|
|
|
|
|
|
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Net cash provided by (used in) investing activities |
|
|
(31.5 |
) |
|
|
18.8 |
|
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|
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|
|
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|
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CASH FLOWS FROM FINANCING ACTIVITIES: |
|
|
|
|
|
|
|
|
Net proceeds from common stock issued under share-based compensation plans |
|
|
84.9 |
|
|
|
20.2 |
|
Excess tax benefit from share-based compensation |
|
|
16.1 |
|
|
|
2.6 |
|
Repurchase and retirement of common stock |
|
|
(62.9 |
) |
|
|
(103.9 |
) |
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|
|
|
|
|
|
|
Net cash provided by (used in) financing activities |
|
|
38.1 |
|
|
|
(81.1 |
) |
|
|
|
|
|
|
|
|
|
Effect of foreign exchange rates on cash and cash equivalents |
|
|
(1.8 |
) |
|
|
(2.4 |
) |
Net increase (decrease) in cash and cash equivalents |
|
|
70.6 |
|
|
|
(5.1 |
) |
Cash and cash equivalents at beginning of the period |
|
|
64.1 |
|
|
|
64.8 |
|
|
|
|
|
|
|
|
|
|
Cash and cash equivalents at end of the period |
|
$ |
134.7 |
|
|
$ |
59.7 |
|
|
|
|
|
|
|
|
|
|
See accompanying notes to condensed consolidated financial statements.
6
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)
(Dollars and shares in millions, except per share data)
(1) |
BASIS OF PRESENTATION |
The accompanying condensed consolidated financial statements have been prepared by Myriad Genetics, Inc. (the
Company) 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 Companys audited consolidated financial statements and notes thereto for the fiscal year ended June 30, 2015, included in the Companys Annual Report on Form 10-K for the fiscal year ended
June 30, 2015. Operating results for the three and six months ended December 31, 2015 may not necessarily be indicative of results to be expected for any other interim period or for the full year.
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.
German Clinic
On February 27, 2015, the Company completed the acquisition of privately-held Privatklinik Dr. Robert Schindlbeck GmbH & Co.
KG (the Clinic) approximately 15 miles from the Companys European laboratories in Munich, Germany. The cash paid and preliminary total consideration transferred to acquire the Clinic was $20.1.
Total consideration transferred was allocated to tangible assets acquired and liabilities assumed based on their preliminary fair values at the
acquisition date as set forth below. The Company believes acquisition of the Clinic should facilitate the Companys penetration into the German molecular diagnostic market. The Clinic will allow the Company to directly negotiate reimbursement
with government and private insurance providers for its tests in the German market and collaborate with hospitals and physician groups. These factors contributed to consideration transferred in excess of the fair value of the Clinics net
tangible and intangible assets acquired, resulting in the Company recording goodwill in connection with the transaction. Under German tax law the goodwill related to the purchase of the clinic is deductible and will be amortized for tax purposes
over 15 years.
Management estimated the fair value of tangible and intangible assets and liabilities in accordance with the applicable
accounting guidance for business combinations and utilized the services of third-party valuation consultants. The preliminary allocation of the consideration transferred is subject to potential adjustments primarily due to tax-related matters,
including tax basis of acquired assets and liabilities in the foreign jurisdiction, and third party valuations of acquired assets and liabilities, including actuarial analysis of pension assets and liabilities and fair value of equipment. During the
measurement period, the Company may record adjustments to the provisional amounts recognized in the Companys initial accounting for the acquisition. The Company expects the allocation of the consideration transferred to be final within the
measurement period (up to one year from the acquisition date).
|
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Estimated Fair Value |
|
Current assets |
|
$ |
3.1 |
|
Real property |
|
|
20.7 |
|
Equipment |
|
|
1.6 |
|
Goodwill |
|
|
8.1 |
|
Current liabilities |
|
|
(4.4 |
) |
Long-term liabilities |
|
|
(9.0 |
) |
|
|
|
|
|
Total purchase price |
|
$ |
20.1 |
|
|
|
|
|
|
7
(3) |
MARKETABLE INVESTMENT SECURITIES |
The Company has classified its marketable 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 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 December 31, 2015 and June 30, 2015 were as follows:
|
|
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|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Amortized cost |
|
|
Gross unrealized holding gains |
|
|
Gross unrealized holding losses |
|
|
Estimated fair value |
|
At December 31, 2015: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash and cash equivalents: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash |
|
$ |
114.0 |
|
|
$ |
|
|
|
$ |
|
|
|
$ |
114.0 |
|
Cash equivalents |
|
|
20.7 |
|
|
|
|
|
|
|
|
|
|
|
20.7 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total cash and cash equivalents |
|
|
134.7 |
|
|
|
|
|
|
|
|
|
|
|
134.7 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Available-for-sale: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Corporate bonds and notes |
|
|
45.5 |
|
|
|
|
|
|
|
(0.1 |
) |
|
|
45.4 |
|
Municipal bonds |
|
|
66.5 |
|
|
|
0.1 |
|
|
|
(0.1 |
) |
|
|
66.5 |
|
Federal agency issues |
|
|
38.9 |
|
|
|
|
|
|
|
|
|
|
|
38.9 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total |
|
$ |
285.6 |
|
|
$ |
0.1 |
|
|
$ |
(0.2 |
) |
|
$ |
285.5 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Amortized cost |
|
|
Gross unrealized holding gains |
|
|
Gross unrealized holding losses |
|
|
Estimated fair value |
|
At June 30, 2015: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash and cash equivalents: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash |
|
$ |
54.7 |
|
|
$ |
|
|
|
$ |
|
|
|
$ |
54.7 |
|
Cash equivalents |
|
|
9.4 |
|
|
|
|
|
|
|
|
|
|
|
9.4 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total cash and cash equivalents |
|
|
64.1 |
|
|
|
|
|
|
|
|
|
|
|
64.1 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Available-for-sale: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Corporate bonds and notes |
|
|
41.8 |
|
|
|
|
|
|
|
|
|
|
|
41.8 |
|
Municipal bonds |
|
|
66.3 |
|
|
|
0.1 |
|
|
|
(0.1 |
) |
|
|
66.3 |
|
Federal agency issues |
|
|
13.2 |
|
|
|
|
|
|
|
|
|
|
|
13.2 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total |
|
$ |
185.4 |
|
|
$ |
0.1 |
|
|
$ |
(0.1 |
) |
|
$ |
185.4 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash, cash equivalents, and maturities of debt securities classified as available-for-sale securities are as
follows at December 31, 2015:
|
|
|
|
|
|
|
|
|
|
|
Amortized cost |
|
|
Estimated fair value |
|
Cash |
|
$ |
114.0 |
|
|
$ |
114.0 |
|
Cash equivalents |
|
|
20.7 |
|
|
|
20.7 |
|
Available-for-sale: |
|
|
|
|
|
|
|
|
Due within one year |
|
|
84.6 |
|
|
|
84.6 |
|
Due after one year through five years |
|
|
66.3 |
|
|
|
66.2 |
|
Due after five years |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total |
|
$ |
285.6 |
|
|
$ |
285.5 |
|
|
|
|
|
|
|
|
|
|
8
(4) |
PROPERTY, PLANT AND EQUIPMENT, NET |
|
|
|
|
|
|
|
|
|
|
|
December 31, 2015 |
|
|
June 30, 2015 |
|
Land |
|
$ |
2.3 |
|
|
$ |
2.3 |
|
Buildings and improvements |
|
|
17.3 |
|
|
|
18.2 |
|
Leasehold improvements |
|
|
18.6 |
|
|
|
18.5 |
|
Equipment |
|
|
101.0 |
|
|
|
99.1 |
|
|
|
|
|
|
|
|
|
|
|
|
|
139.2 |
|
|
|
138.1 |
|
Less accumulated depreciation |
|
|
(77.5 |
) |
|
|
(70.9 |
) |
|
|
|
|
|
|
|
|
|
Property, plant and equipment, net |
|
$ |
61.7 |
|
|
$ |
67.2 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three months ended December 31, |
|
|
Six months ended December 31, |
|
|
|
2015 |
|
|
2014 |
|
|
2015 |
|
|
2014 |
|
Depreciation expense |
|
|
3.6 |
|
|
|
2.9 |
|
|
|
7.2 |
|
|
|
5.5 |
|
(5) |
GOODWILL AND INTANGIBLE ASSETS |
Goodwill
The Company has recorded goodwill of $177.0 from the acquisitions of Privatklinik Dr. Robert Schindlbeck GmbH & Co. KG that was
completed on February 27, 2015, Crescendo Bioscience, Inc. that was completed on February 28, 2014 and Rules-Based Medicine, Inc. that was completed on May 31, 2011. Of this goodwill, $112.3 relates to the Companys diagnostic
segment and $64.7 relates to the other segment. The following summarizes changes to the goodwill balance for the six months ended December 31, 2015:
|
|
|
|
|
|
|
Carrying amount |
|
Beginning balance July 1, 2015 |
|
$ |
177.2 |
|
Acquisitions |
|
|
|
|
Translation adjustments |
|
|
(0.2 |
) |
|
|
|
|
|
Ending balance December 31, 2015 |
|
$ |
177.0 |
|
|
|
|
|
|
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:
|
|
|
|
|
|
|
|
|
|
|
|
|
At December 31, 2015: |
|
Gross Carrying Amount |
|
|
Accumulated Amortization |
|
|
Net |
|
Purchased licenses and technologies |
|
$ |
199.1 |
|
|
$ |
(22.6 |
) |
|
$ |
176.5 |
|
Customer relationships |
|
|
4.7 |
|
|
|
(2.2 |
) |
|
|
2.5 |
|
Trademarks |
|
|
3.0 |
|
|
|
(0.5 |
) |
|
|
2.5 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total amortized intangible assets |
|
|
206.8 |
|
|
|
(25.3 |
) |
|
|
181.5 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
In-process research and development |
|
|
4.8 |
|
|
|
|
|
|
|
4.8 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total unamortized intangible assets |
|
|
4.8 |
|
|
|
|
|
|
|
4.8 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total intangible assets |
|
$ |
211.6 |
|
|
$ |
(25.3 |
) |
|
$ |
186.3 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
9
|
|
|
|
|
|
|
|
|
|
|
|
|
At June 30, 2015: |
|
Gross Carrying Amount |
|
|
Accumulated Amortization |
|
|
Net |
|
Purchased licenses and technologies |
|
$ |
199.1 |
|
|
$ |
(16.7 |
) |
|
$ |
182.4 |
|
Customer relationships |
|
|
4.7 |
|
|
|
(1.9 |
) |
|
|
2.8 |
|
Trademarks |
|
|
3.0 |
|
|
|
(0.4 |
) |
|
|
2.6 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total amortized intangible assets |
|
|
206.8 |
|
|
|
(19.0 |
) |
|
|
187.8 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
In-process research and development |
|
|
4.8 |
|
|
|
|
|
|
|
4.8 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total unamortized intangible assets |
|
|
4.8 |
|
|
|
|
|
|
|
4.8 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total intangible assets |
|
$ |
211.6 |
|
|
$ |
(19.0 |
) |
|
$ |
192.6 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
The Company recorded amortization expense during the respective periods for these intangible assets as
follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three months ended December 31, |
|
|
Six months ended December 31, |
|
|
|
2015 |
|
|
2014 |
|
|
2015 |
|
|
2014 |
|
Amortization of intangible assets |
|
|
3.2 |
|
|
|
3.1 |
|
|
|
6.3 |
|
|
|
6.5 |
|
(6) |
COST BASIS INVESTMENT |
As of December 31, 2015, the Company had a $5.0 investment in RainDance Technologies, Inc., which has been recorded
under the cost method as an Other Asset on the Companys condensed consolidated balance sheet. There were no events or circumstances that indicated that impairment exists; therefore, the Company recorded no impairment in the
investment for the six months ended December 31, 2015.
|
|
|
|
|
|
|
|
|
|
|
December 31, 2015 |
|
|
June 30, 2015 |
|
Employee compensation and benefits |
|
$ |
34.4 |
|
|
$ |
33.8 |
|
Accrued taxes payable |
|
|
4.7 |
|
|
|
3.8 |
|
Other |
|
|
8.8 |
|
|
|
8.5 |
|
|
|
|
|
|
|
|
|
|
Total Accrued liabilities |
|
$ |
47.9 |
|
|
$ |
46.1 |
|
|
|
|
|
|
|
|
|
|
(8) |
OTHER LONG TERM LIABILITIES |
|
|
|
|
|
|
|
|
|
|
|
December 31, 2015 |
|
|
June 30, 2015 |
|
Pension obligation |
|
$ |
4.8 |
|
|
$ |
4.9 |
|
Other |
|
|
2.0 |
|
|
|
3.9 |
|
|
|
|
|
|
|
|
|
|
Total other long term liabilities |
|
$ |
6.8 |
|
|
$ |
8.8 |
|
|
|
|
|
|
|
|
|
|
The Company has two non-contributory defined benefit pension plans for its current and former Clinic
employees. The Company has closed participation in the plans to exclude those employees hired after 2002. As of December 31, 2015 the fair value of the plan assets were approximately $0.2 resulting in a net pension liability of $4.8.
(9) |
PREFERRED AND COMMON STOCKHOLDERS 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 December 31, 2015.
The Company is authorized to issue up to 150.0 shares of common stock, par value $0.01 per
share. There were 71.6 shares issued and outstanding at December 31, 2015.
10
Common shares issued and outstanding
|
|
|
|
|
|
|
|
|
|
|
Six months ended December 31, |
|
|
|
2015 |
|
|
2014 |
|
Common stock issued and outstanding at July 1 |
|
|
68.9 |
|
|
|
73.5 |
|
Common stock issued upon exercise of options and employee stock plans |
|
|
4.4 |
|
|
|
1.0 |
|
Repurchase and retirement of common stock |
|
|
(1.7 |
) |
|
|
(3.0 |
) |
|
|
|
|
|
|
|
|
|
Common stock issued and outstanding at December 31 |
|
|
71.6 |
|
|
|
71.5 |
|
|
|
|
|
|
|
|
|
|
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.
The following is a reconciliation of the denominators of the basic and diluted earnings per share (EPS) computations:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three months ended December 31, |
|
|
Six months ended December 31, |
|
|
|
2015 |
|
|
2014 |
|
|
2015 |
|
|
2014 |
|
Denominator: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted-average shares outstanding used to compute basic EPS |
|
|
70.5 |
|
|
|
72.5 |
|
|
|
69.6 |
|
|
|
72.6 |
|
Effect of dilutive shares |
|
|
3.3 |
|
|
|
2.9 |
|
|
|
3.5 |
|
|
|
3.2 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted-average shares outstanding and dilutive securities used to compute diluted EPS |
|
|
73.8 |
|
|
|
75.4 |
|
|
|
73.1 |
|
|
|
75.8 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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 December 31, |
|
|
Six months ended December 31, |
|
|
|
2015 |
|
|
2014 |
|
|
2015 |
|
|
2014 |
|
Anti-dilutive options and RSUs excluded from EPS computation |
|
|
|
|
|
|
0.9 |
|
|
|
|
|
|
|
|
|
Stock Repurchase Program
In February 2015, the Companys Board of Directors authorized a seventh share repurchase program of $200.0 of the Companys
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 Companys 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 December 31, 2015, the Company has $91.6 remaining on its current
share repurchase authorization.
The Company uses the par value method of accounting for its stock repurchases. As a result of the stock
repurchases, the Company reduced common stock and additional paid-in capital and recorded charges to accumulated deficit. The shares retired, aggregate common stock and additional paid-in capital reductions, and related charges to accumulated
deficit for the repurchases for periods ended December 31, 2015 and 2014 were as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three months ended December 31, |
|
|
Six months ended December 31, |
|
|
|
2015 |
|
|
2014 |
|
|
2015 |
|
|
2014 |
|
Shares purchased and retired |
|
|
0.6 |
|
|
|
1.7 |
|
|
|
1.7 |
|
|
|
3.0 |
|
Common stock and additional paid-in-capital reductions |
|
$ |
5.4 |
|
|
$ |
14.8 |
|
|
|
14.9 |
|
|
$ |
25.0 |
|
Charges to retained earnings |
|
$ |
20.0 |
|
|
$ |
43.6 |
|
|
|
48.5 |
|
|
$ |
79.0 |
|
11
In order to determine the Companys 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. 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 expense for the three months ended
December 31, 2015 was $14.7, or approximately 33% of pre-tax income, compared to $13.9, for the three months ended December 31, 2014, or approximately 37% of pre-tax income. Income tax expense for the six months ended December 31,
2015 was $31.6, or approximately 36% of pre-tax income, compared to $23.8, for the six months ended December 31, 2014, or approximately 37% of pre-tax income. Income tax expense for the three and six months ended December 31, 2015 is based
on the Companys estimated annual effective tax rate for the full fiscal year ending June 30, 2016, adjusted by discrete items recognized during the period. For the three and six months ended December 31, 2015, the Companys
recognized effective tax rate differs from the U.S. federal statutory rate of 35% primarily due to the effect of state income taxes, the reinstatement of the federal research tax credit, the sourcing of foreign losses and the benefits realized from
the differences related to the earlier recognition of the tax effect of equity compensation expense from incentive stock options and the deduction realized when those options are disqualified upon exercise and sale.
The Company files U.S., foreign and state income tax returns in jurisdictions with various statutes of limitations. The Companys New
Jersey State income tax returns for the years ended June 30, 2007 through 2013 are currently under examination by the State of New Jersey Department of Treasury, Division of Taxation. 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. The Companys U.S. federal tax return and
other state tax returns are not currently under examination.
Pursuant to the guidelines of the recently issued Accounting Standards Update
2015-17 (the Update), all deferred tax assets and liabilities are to be classified as non-current. The effective date of the Update for public companies is for annual periods beginning after December 15, 2016 and later dates for all
other entities. Early adoption is permitted. To comply with the guidance, the Company has elected to adopt this Update for the quarter ended December 31, 2015 and the annual period ending June 30, 2016. The guidance indicates that the
Update may be applied either prospectively or retrospectively. The Company has chosen to apply the Update prospectively. Accordingly, no prior periods were adjusted. During the quarter ended December 31, 2015, approximately $13.5 of net current
deferred tax assets were reclassified to non-current and netted against non-current deferred tax liabilities.
(11) |
SHARE-BASED COMPENSATION |
The Company maintains a share-based compensation plan, the 2010 Employee, Director and Consultant Equity Incentive Plan, as
amended (the 2010 Plan), that has been approved by the Companys shareholders. The 2010 Plan allows the Company, under the direction of the Compensation Committee of the Board of Directors, to make grants of stock options,
restricted and unrestricted stock awards and other stock-based awards to employees, consultants and directors. On December 3, 2015, the shareholders approved an amendment to the 2010 Plan to add 1.6 to the number of shares of common stock
available for grant. At December 30, 2015, 2.3 shares of common stock were available for issuance. If an option or RSU issued or awarded under the 2010 Plan is cancelled or expires without the issuance of shares of common stock, the unissued or
reacquired shares, which were subject to the option or RSU, shall again be available for issuance pursuant to the 2010 Plan. In addition, as of December 31, 2015, the Company may grant up to 2.5 additional shares of common stock under the 2010
Plan if options previously granted under the Companys terminated 2003 Employee, Director and Consultant Option Plan are cancelled or expire without the issuance of shares of common stock by the Company.
The number of shares, terms, and vesting period of awards under the 2010 Plan are determined by the Compensation Committee of the Board of
Directors for each equity award. Stock options granted under the plan prior to December 5, 2012 generally vest ratably over four years and expire ten years from the grant date. Stock options granted after December 5, 2012 generally vest
ratably over four years and expire eight years from the grant date. The exercise price of options granted is equivalent to the fair market value of the stock on the grant date. In September 2014, the Company began issuing restricted stock units
(RSUs) which generally vest ratably over four years on the anniversary date of the grant in lieu of stock options to employees and directors. Beginning in fiscal 2016, RSUs issued will generally vest ratably over four years from the last
day of the month in which the RSU award is granted. The number of RSUs awarded to certain executive officers may be reduced if certain additional financial performance metrics are not met.
12
Stock Options
A summary of the stock option activity under the Companys plans for the six months ended December 31, 2015 is as follows:
|
|
|
|
|
|
|
|
|
|
|
Number of shares |
|
|
Weighted average exercise price |
|
Options outstanding at June 30, 2015 |
|
|
12.5 |
|
|
$ |
23.49 |
|
Options granted |
|
|
|
|
|
$ |
|
|
Less: |
|
|
|
|
|
|
|
|
Options exercised |
|
|
(4.0 |
) |
|
$ |
21.38 |
|
Options canceled or expired |
|
|
|
|
|
$ |
|
|
|
|
|
|
|
|
|
|
|
Options outstanding at December 31, 2015 |
|
|
8.5 |
|
|
$ |
24.50 |
|
|
|
|
|
|
|
|
|
|
Options exercisable at December 31, 2015 |
|
|
6.9 |
|
|
$ |
24.00 |
|
As of December 31, 2015, there was $10.8 of total unrecognized share-based compensation expense related
to stock options that will be recognized over a weighted-average period of 1.34 years.
Restricted Stock Units
A summary of the RSU activity under the Companys plans for the six months ended December 31, 2015 is as follows:
|
|
|
|
|
|
|
|
|
|
|
Number of shares |
|
|
Weighted average grant date fair value |
|
RSUs outstanding at June 30, 2015 |
|
|
1.0 |
|
|
$ |
37.63 |
|
RSUs granted |
|
|
0.8 |
|
|
$ |
40.66 |
|
Less: |
|
|
|
|
|
|
|
|
RSUs vested |
|
|
(0.3 |
) |
|
$ |
39.74 |
|
RSUs canceled |
|
|
|
|
|
$ |
|
|
|
|
|
|
|
|
|
|
|
RSUs outstanding at December 31, 2015 |
|
|
1.5 |
|
|
$ |
38.80 |
|
|
|
|
|
|
|
|
|
|
As of December 31, 2015, there was $39.0 of total unrecognized share-based compensation expense related
to RSUs that will be recognized over a weighted-average period of 2.79 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 December 31, 2015, approximately 0.7 shares of common stock have been issued under the
2012 Purchase Plan.
13
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 December 31, |
|
|
Six months ended December 31, |
|
|
|
2015 |
|
|
2014 |
|
|
2015 |
|
|
2014 |
|
Cost of molecular diagnostic testing |
|
$ |
0.3 |
|
|
$ |
0.2 |
|
|
$ |
0.5 |
|
|
$ |
0.4 |
|
Cost of pharmaceutical and clinical services |
|
|
0.1 |
|
|
|
0.1 |
|
|
|
0.2 |
|
|
|
0.3 |
|
Research and development expense |
|
|
1.2 |
|
|
|
1.3 |
|
|
|
2.8 |
|
|
|
2.0 |
|
Selling, general, and administrative expense |
|
|
6.1 |
|
|
|
10.5 |
|
|
|
12.8 |
|
|
|
16.3 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total share-based compensation expense |
|
$ |
7.7 |
|
|
$ |
12.1 |
|
|
$ |
16.3 |
|
|
$ |
19.0 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(12) |
FAIR VALUE MEASUREMENTS |
The fair value of the Companys 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 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 Companys marketable securities primarily utilize broker quotes in a non-active market for valuation of these securities. |
|
|
|
Level 3 |
|
|
|
unobservable inputs. |
All of the Companys 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. The Company reviews, tests and validates this information. The following table sets forth the fair value of the financial assets that the Company re-measures on a
regular basis:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Level 1 |
|
|
Level 2 |
|
|
Level 3 |
|
|
Total |
|
at December 31, 2015 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Money market funds (a) |
|
$ |
1.1 |
|
|
$ |
|
|
|
$ |
|
|
|
$ |
1.1 |
|
Corporate bonds and notes |
|
|
|
|
|
|
59.6 |
|
|
|
|
|
|
|
59.6 |
|
Municipal bonds |
|
|
|
|
|
|
66.5 |
|
|
|
|
|
|
|
66.5 |
|
Federal agency issues |
|
|
|
|
|
|
44.3 |
|
|
|
|
|
|
|
44.3 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total |
|
$ |
1.1 |
|
|
$ |
170.4 |
|
|
$ |
|
|
|
$ |
171.5 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(a) |
Money market funds are primarily comprised of exchange traded funds and accrued interest |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Level 1 |
|
|
Level 2 |
|
|
Level 3 |
|
|
Total |
|
at June 30, 2015 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Money market funds (a) |
|
$ |
2.4 |
|
|
$ |
|
|
|
$ |
|
|
|
$ |
2.4 |
|
Corporate bonds and notes |
|
|
|
|
|
|
44.8 |
|
|
|
|
|
|
|
44.8 |
|
Municipal bonds |
|
|
|
|
|
|
70.3 |
|
|
|
|
|
|
|
70.3 |
|
Federal agency issues |
|
|
|
|
|
|
13.2 |
|
|
|
|
|
|
|
13.2 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total |
|
$ |
2.4 |
|
|
$ |
128.3 |
|
|
$ |
|
|
|
$ |
130.7 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(a) |
Money market funds are primarily comprised of exchange traded funds and accrued interest |
14
(13) |
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 December 31, 2015, the management of the Company believes any liability that may ultimately result from the resolution of these matters will not have a material adverse effect on the Companys consolidated
financial position, operating results, or cash flows.
(14) |
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 Companys U.S. employees are covered by the plan. The Company makes matching contributions of 50% of each employees contribution with the employers contribution not to exceed 4% of the employees
compensation. The Companys recorded contributions to the plan as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three months ended December 31, |
|
|
Six months ended December 31, |
|
|
|
2015 |
|
|
2014 |
|
|
2015 |
|
|
2014 |
|
Deferred savings plan Company contributions |
|
$ |
1.2 |
|
|
$ |
1.1 |
|
|
$ |
2.7 |
|
|
$ |
2.5 |
|
(15) |
SEGMENT AND RELATED INFORMATION |
The Companys business units have been aligned with how its Chief Operating Decision Maker (CODM) 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 individuals risk for developing disease later in life, identify a patients likelihood of responding to drug therapy and guide a patients dosing to ensure optimal treatment, or assess a
patients 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. The prior periods presented have been restated to conform to the current presentation.
Segment revenue and operating income (loss) were as follows during the periods presented:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Diagnostics |
|
|
Other |
|
|
Total |
|
Three months ended December 31, 2015 |
|
|
|
|
|
|
|
|
|
|
|
|
Revenues |
|
$ |
182.6 |
|
|
$ |
10.7 |
|
|
$ |
193.3 |
|
Depreciation and amortization |
|
|
5.5 |
|
|
|
1.3 |
|
|
|
6.8 |
|
Segment operating income (loss) |
|
|
64.6 |
|
|
|
(19.4 |
) |
|
|
45.2 |
|
Three months ended December 31, 2014 |
|
|
|
|
|
|
|
|
|
|
|
|
Revenues |
|
$ |
179.2 |
|
|
$ |
5.2 |
|
|
$ |
184.4 |
|
Depreciation and amortization |
|
|
5.0 |
|
|
|
1.0 |
|
|
|
6.0 |
|
Segment operating income (loss) |
|
|
59.0 |
|
|
|
(22.7 |
) |
|
|
36.3 |
|
Six months ended December 31, 2015 |
|
|
|
|
|
|
|
|
|
|
|
|
Revenues |
|
$ |
354.5 |
|
|
$ |
22.3 |
|
|
$ |
376.8 |
|
Depreciation and amortization |
|
|
10.9 |
|
|
|
2.6 |
|
|
|
13.5 |
|
Segment operating income (loss) |
|
|
127.0 |
|
|
|
(38.5 |
) |
|
|
88.5 |
|
Six months ended December 31, 2014 |
|
|
|
|
|
|
|
|
|
|
|
|
Revenues |
|
$ |
343.6 |
|
|
$ |
9.6 |
|
|
$ |
353.2 |
|
Depreciation and amortization |
|
|
10.0 |
|
|
|
2.0 |
|
|
|
12.0 |
|
Segment operating income (loss) |
|
|
104.1 |
|
|
|
(41.8 |
) |
|
|
62.3 |
|
15
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three months ended December 31, |
|
|
Six months ended December 31, |
|
|
|
2015 |
|
|
2014 |
|
|
2015 |
|
|
2014 |
|
Total operating income for reportable segments |
|
$ |
45.2 |
|
|
$ |
36.3 |
|
|
$ |
88.5 |
|
|
$ |
62.3 |
|
Unallocated amounts: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest income |
|
|
0.1 |
|
|
|
0.1 |
|
|
|
0.2 |
|
|
|
0.1 |
|
Other |
|
|
(0.3 |
) |
|
|
1.5 |
|
|
|
(0.1 |
) |
|
|
1.4 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income from operations before income taxes |
|
|
45.0 |
|
|
|
37.9 |
|
|
|
88.6 |
|
|
|
63.8 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income tax provision |
|
|
14.7 |
|
|
|
13.9 |
|
|
|
31.6 |
|
|
|
23.8 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income |
|
$ |
30.3 |
|
|
$ |
24.0 |
|
|
$ |
57.0 |
|
|
$ |
40.0 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(16) |
SUPPLEMENTAL CASH FLOW INFORMATION |
|
|
|
|
|
|
|
|
|
|
|
Six months ended December 31, |
|
|
|
2015 |
|
|
2014 |
|
Cash paid during the period for income taxes |
|
$ |
28.5 |
|
|
$ |
12.8 |
|
Non-cash investing and financing activities: |
|
|
|
|
|
|
|
|
Fair value adjustment on marketable investment securities recorded to stockholders equity |
|
$ |
(0.2 |
) |
|
$ |
(0.1 |
) |
16
Item 2. Managements Discussion and Analysis of Financial
Condition and Results of Operations
General
We
are a leading personalized medicine company dedicated to being a trusted advisor transforming patient lives through pioneering molecular diagnostics. Through our proprietary technologies, we believe we are positioned to identify important
disease genes, the proteins they produce, and the biological pathways in which they are involved to better understand the genetic basis of human disease and the role that genes and their related proteins may play in the disease process. We believe
that identifying biomarkers (DNA, RNA and proteins) will enable us to develop novel molecular diagnostic tests that can provide important information to solve unmet medical needs. During the three months ended December 31, 2015, we reported
total revenues of $193.3 million, net income of $30.3 million and diluted earnings per share of $0.41 that included income tax expense of $14.7 million. During the six months ended December 31, 2015, we reported total revenues of $376.8
million, net income of $57.0 million and diluted earnings per share of $0.78 that included income tax expense of $31.6 million.
On February 27,
2015, we completed the acquisition of Privatklinik Dr. Robert Schindlbeck GmbH & Co. KG (the Clinic) which contributed approximately $5.0 million and $10.1 million of revenue in the current quarter and year to date
respectively with no impact on diluted earnings per share. We believe the acquisition of the Clinic should facilitate our penetration into the German molecular diagnostic market. The Clinic will allow us to directly negotiate reimbursement with
government and private insurance providers for our tests in the German market and collaborate with hospitals and physician groups.
Our business units
have been aligned with how its Chief Operating Decision Maker (CODM) 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 individuals risk for developing disease later in life, identify a patients likelihood of responding to drug
therapy and guide a patients dosing to ensure optimal treatment, or assess a patients 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.
Business Highlights
During the second quarter, we
announced the issuance of a new patent pertaining to Vectra DA by the U.S. Patent and Trademark Office. This is the first issued patent covering the Vectra DA testing process.
In August, we received a favorable final local coverage determination for our Prolaris test from Noridian, the Medicare Administrative Contractor for the
Company. The coverage determination became effective during this quarter, on October 15, 2015, and covers Prolaris for patients defined as low or very-low risk by the National Comprehensive Cancer Network guidelines.
We have developed two new companion diagnostics. The first is a tumor sequencing test panel that contains evaluating approximately 80 genes our pharmaceutical
partners identified as clinically actionable in oncology and may augment our other companion products. The second is a proprietary immune pathway assay that can identify potential responders to immunotherapy. We have signed research collaborations
with major undisclosed pharmaceutical partners utilizing both of these new products.
During the fiscal second quarter, we won a competitive tender for
EndoPredict in France that is anticipated to begin generating revenue in calendar year 2016. Additionally, Helsana, the largest insurance provider in Switzerland, announced a favorable coverage decision for Prolaris.
Results of Operations for the Three Months Ended December 31, 2015 and 2014
Revenue
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three months ended December 31, |
|
|
|
|
(In millions) |
|
2015 |
|
|
2014 |
|
|
Change |
|
Revenue |
|
$ |
193.3 |
|
|
$ |
184.4 |
|
|
$ |
8.9 |
|
The increase in revenue is primarily due to growth in pharmaceutical and clinical service revenues of $5.5 million, growth in
hereditary cancer testing revenues of $1.6 million and growth in Prolaris revenues of $1.5 million. The increase in pharmaceutical and clinical service revenue was primarily driven by the acquisition of the Clinic. The increase in hereditary cancer
revenue was driven by increased volume associated primarily with our myRisk hereditary cancer panel test. The increase in Prolaris revenue was driven by increased volumes and the initiation of Medicare coverage for a portion of the Medicare
population effective October 15, 2015. Pricing and market share were relatively consistent with the prior year.
17
The following table presents additional detail regarding the composition of our total revenue for the three
months ended December 31, 2015 and 2014:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three months ending December 31, |
|
|
$ |
|
|
% of Total Revenue |
|
(In millions) |
|
2015 |
|
|
2014 |
|
|
Change |
|
|
2015 |
|
|
2014 |
|
Molecular diagnostic revenues: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Hereditary Cancer Testing |
|
$ |
166.6 |
|
|
$ |
165.0 |
|
|
$ |
1.6 |
|
|
|
86 |
% |
|
|
89 |
% |
VectraDA |
|
|
11.3 |
|
|
|
10.8 |
|
|
|
0.5 |
|
|
|
6 |
% |
|
|
6 |
% |
Prolaris |
|
|
1.9 |
|
|
|
0.4 |
|
|
|
1.5 |
|
|
|
1 |
% |
|
|
0 |
% |
Other |
|
|
2.8 |
|
|
|
3.0 |
|
|
|
(0.2 |
) |
|
|
1 |
% |
|
|
2 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total molecular diagnostic revenue |
|
|
182.6 |
|
|
|
179.2 |
|
|
|
3.4 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Pharmaceutical and clinical service revenue |
|
|
10.7 |
|
|
|
5.2 |
|
|
|
5.5 |
|
|
|
6 |
% |
|
|
3 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total revenue |
|
$ |
193.3 |
|
|
$ |
184.4 |
|
|
$ |
8.9 |
|
|
|
100 |
% |
|
|
100 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cost of Sales
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three months ended December 31, |
|
|
|
|
(In millions) |
|
2015 |
|
|
2014 |
|
|
Change |
|
Cost of sales |
|
$ |
40.6 |
|
|
$ |
37.9 |
|
|
$ |
2.7 |
|
Cost of sales as a % of sales |
|
|
21.0 |
% |
|
|
20.6 |
% |
|
|
|
|
Cost of sales as a percentage of revenue increased from 20.6% to 21.0% during the three months ended December 31, 2015
compared to the same period in the prior year driven by the impact of the Clinic, which was acquired in February 2015. This increase was partially offset by improved efficiencies in the laboratory performing molecular diagnostic tests.
Research and Development Expenses
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three months ended December 31, |
|
|
|
|
(In millions) |
|
2015 |
|
|
2014 |
|
|
Change |
|
R&D expense |
|
$ |
16.7 |
|
|
$ |
17.5 |
|
|
$ |
(0.8 |
) |
R&D expense as a % of sales |
|
|
8.6 |
% |
|
|
9.5 |
% |
|
|
|
|
Research and development expense for the three months ended December 31, 2015 decreased compared to the same period in
the prior year driven by a reduction in the cost of formulating, improving, validating and creating alternative or modified processes relating to the myRisk production process and the timing of clinical studies. In general, costs associated with
research and development can fluctuate dramatically due to the timing of clinical studies, the staging of products in the pipeline and other factors.
Selling, General and Administrative Expenses
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three months ended December 31, |
|
|
|
|
(In millions) |
|
2015 |
|
|
2014 |
|
|
Change |
|
SG&A expense |
|
$ |
90.8 |
|
|
$ |
92.7 |
|
|
$ |
(1.9 |
) |
SG&A expense as a % of sales |
|
|
47.0 |
% |
|
|
50.3 |
% |
|
|
|
|
Selling, general and administrative expense decreased for the three months ended December 31, 2015 compared to the same
period in the prior year due to a $4.8 million decrease in share-based compensation expense, of which $3.1 million related to the acceleration of vesting of certain options for our former Chief Financial Officer in the prior year period. This
decrease was partially offset by a $1.7 million increase in costs relating to the Clinic acquisition and a $0.9 million increase in other general administrative expenses.
Other Income (Expense)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three months ended December 31, |
|
|
|
|
(In millions) |
|
2015 |
|
|
2014 |
|
|
Change |
|
Other income (expense) |
|
$ |
(0.2 |
) |
|
$ |
1.6 |
|
|
$ |
(1.8 |
) |
18
For the three months ended December 31, 2015 compared to the same period in the prior year, the decrease in
other income was driven by the absence of foreign exchange gains on the funds held to acquire the Clinic in the prior year.
Income Tax Expense
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three months ended December 31, |
|
|
|
|
(In millions) |
|
2015 |
|
|
2014 |
|
|
Change |
|
Income tax expense |
|
$ |
14.7 |
|
|
$ |
13.9 |
|
|
$ |
0.8 |
|
Effective tax rate |
|
|
32.7 |
% |
|
|
36.7 |
% |
|
|
|
|
Our tax rate is the product of a U.S. federal effective rate of 35% and a blended state income tax rate of approximately 3%.
Certain significant or unusual items are separately recognized during the period in which they occur and can be a source of variability in the effective tax rates from period to period. The decrease in the effective rate for the three months ended
December 31, 2015 as compared to the same period in prior year is due to a change in the tax treatment of net losses generated by our international operations for which an income tax benefit was recognized. Differences related to the
recognition of the tax effect of equity compensation expense from the disqualification of incentive stock options also impacted the current and prior year effective tax rate.
Results of Operations for the Six Months Ended December 31, 2015 and 2014
Revenue
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Six months ended December 31, |
|
|
|
|
(In millions) |
|
2015 |
|
|
2014 |
|
|
Change |
|
Revenue |
|
$ |
376.8 |
|
|
$ |
353.2 |
|
|
$ |
23.6 |
|
The increase in revenue is primarily driven by growth in hereditary cancer testing revenues of $7.7 million and growth in
pharmaceutical and clinical service revenues of $12.7 million. The increase in hereditary cancer revenue was driven by increased volume associated primarily with our myRisk hereditary cancer panel test and Medicare reimbursement associated with our
Prolaris test. Pricing and market share were relatively consistent with the prior year. The increase in pharmaceutical and clinical service revenue was primarily due to the acquisition of the Clinic.
The following table presents additional detail regarding the composition of our total revenue for the six months ended December 31, 2015 and 2014:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Six months ending December 31, |
|
|
$ |
|
|
% of Total Revenue |
|
(In millions) |
|
2015 |
|
|
2014 |
|
|
Change |
|
|
2015 |
|
|
2014 |
|
Molecular diagnostic revenues: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Hereditary Cancer Testing |
|
$ |
323.2 |
|
|
$ |
315.5 |
|
|
$ |
7.7 |
|
|
|
86 |
% |
|
|
89 |
% |
VectraDA |
|
|
22.7 |
|
|
|
21.4 |
|
|
|
1.3 |
|
|
|
6 |
% |
|
|
6 |
% |
Prolaris |
|
|
2.6 |
|
|
|
0.8 |
|
|
|
1.8 |
|
|
|
1 |
% |
|
|
0 |
% |
Other |
|
|
6.0 |
|
|
|
5.9 |
|
|
|
0.1 |
|
|
|
1 |
% |
|
|
2 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total molecular diagnostic revenue |
|
|
354.5 |
|
|
|
343.6 |
|
|
|
10.9 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Pharmaceutical and clinical service revenue |
|
|
22.3 |
|
|
|
9.6 |
|
|
|
12.7 |
|
|
|
6 |
% |
|
|
3 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total revenue |
|
$ |
376.8 |
|
|
$ |
353.2 |
|
|
$ |
23.6 |
|
|
|
100 |
% |
|
|
100 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cost of Sales
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Six months ended December 31, |
|
|
|
|
(In millions) |
|
2015 |
|
|
2014 |
|
|
Change |
|
Cost of sales |
|
$ |
77.1 |
|
|
$ |
72.7 |
|
|
$ |
4.4 |
|
Cost of sales as a % of sales |
|
|
20.5 |
% |
|
|
20.6 |
% |
|
|
|
|
Cost of sales as a percentage of revenue decreased from 20.6% to 20.5% during the six months ended December 31, 2015
compared to the same period in the prior year driven by improved efficiencies in the laboratory performing molecular diagnostic tests. This was partially offset by the impact of the Clinic, which was acquired in February 2015.
19
Research and Development Expenses
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Six months ended December 31, |
|
|
|
|
(In millions) |
|
2015 |
|
|
2014 |
|
|
Change |
|
R&D expense |
|
$ |
33.9 |
|
|
$ |
40.1 |
|
|
$ |
(6.2 |
) |
R&D expense as a % of sales |
|
|
9.0 |
% |
|
|
11.4 |
% |
|
|
|
|
Research and development expense for the six months ended December 31, 2015 decreased compared to the same period in the
prior year driven by a reduction in the cost of formulating, improving, validating and creating alternative or modified processes relating to the myRisk production process and the timing of clinical studies. In general, costs associated with
research and development can fluctuate dramatically due to the timing of clinical studies, the staging of products in the pipeline and other factors.
Selling, General and Administrative Expenses
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Six months ended December 31, |
|
|
|
|
(In millions) |
|
2015 |
|
|
2014 |
|
|
Change |
|
SG&A expense |
|
$ |
177.3 |
|
|
$ |
178.1 |
|
|
$ |
(0.8 |
) |
SG&A expense as a % of sales |
|
|
47.1 |
% |
|
|
50.4 |
% |
|
|
|
|
Selling, general and administrative expense decreased for the six months ended December 31, 2015 compared to the same
period in the prior year due to $4.1 million reduction in share-based compensation expense, of which $3.1 million related to the acceleration of vesting of certain options for our former Chief Financial Officer in the prior year period. This
decrease was largely offset by a $3.8 million increase in costs relating to the Clinic acquisition.
Other Income (Expense)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Six months ended December 31, |
|
|
|
|
(In millions) |
|
2015 |
|
|
2014 |
|
|
Change |
|
Other income |
|
$ |
0.1 |
|
|
$ |
1.5 |
|
|
$ |
(1.4 |
) |
For the six months ended December 31, 2015 compared to the same period in the prior year, the decrease in other income
was driven by the absence of foreign exchange gains on funds held to acquire the Clinic in the prior year.
Income Tax Expense
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Six months ended December 31, |
|
|
|
|
(In millions) |
|
2015 |
|
|
2014 |
|
|
Change |
|
Income tax expense |
|
$ |
31.6 |
|
|
$ |
23.8 |
|
|
$ |
7.8 |
|
Effective tax rate |
|
|
35.7 |
% |
|
|
37.3 |
% |
|
|
|
|
Our tax rate is the product of a U.S. federal effective rate of 35% and a blended state income tax rate of approximately 3%.
Certain significant or unusual items are separately recognized during the period in which they occur and can be a source of variability in the effective tax rates from period to period. The decrease in the effective rate for the six months ended
December 31, 2015 as compared to the same period in the prior year is due to a change in the tax treatment of net losses generated by our international operations for which an income tax benefit was recognized. Differences related to the
recognition of the tax effect of equity compensation expense from the disqualification of incentive stock options also impacted the current and prior year effective tax rate.
Liquidity and Capital Resources
We believe that with our
existing capital resources and expected net cash to be generated from sales, that we will have adequate funds to maintain our current and planned operations for the foreseeable future, although no assurance can be given that changes will not occur
that would consume available capital resources more quickly than we currently expect and that we may need or want to raise capital.
Our capital
deployment strategy focuses on use of resources in three key areas: research and development, acquisitions and the repurchase of our common stock. We believe that research and development provides the best return on invested capital. We also
allocate capital for acquisitions that support our business strategy and share repurchases based on business and market conditions.
20
The following table represents the balances of cash, cash equivalents and marketable investment securities:
|
|
|
|
|
|
|
|
|
|
|
|
|
(In millions) |
|
December 31, 2015 |
|
|
June 30, 2015 |
|
|
Change |
|
Cash and cash equivalents |
|
$ |
134.7 |
|
|
$ |
64.1 |
|
|
$ |
70.6 |
|
Marketable investment securities |
|
|
84.6 |
|
|
|
80.7 |
|
|
|
3.9 |
|
Long-term marketable investment securities |
|
|
66.2 |
|
|
|
40.6 |
|
|
|
25.6 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash, cash equivalents and marketable investment securities |
|
$ |
285.5 |
|
|
$ |
185.4 |
|
|
$ |
100.1 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the six months ended December 31, 2015, the increase in cash, cash equivalents and marketable investment securities
was primarily driven by the $84.9 million in net proceeds from common stock issued under share-based compensation plans and $65.8 million in cash provided by operating activities. These increases were partially offset by $62.9 million used for the
repurchase and retirement of common stock.
The following table represents the condensed consolidated cash flow statement:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Six months ended
December 31, |
|
|
|
|
(In millions) |
|
2015 |
|
|
2014 |
|
|
Change |
|
Cash flows from operating activities |
|
$ |
65.8 |
|
|
|
59.6 |
|
|
$ |
6.2 |
|
Cash flows from investing activities |
|
|
(31.5 |
) |
|
|
18.8 |
|
|
|
(50.3 |
) |
Cash flows from financing activities |
|
|
38.1 |
|
|
|
(81.1 |
) |
|
|
119.2 |
|
Effect of foreign exchange rates on cash and cash equivalents |
|
|
(1.8 |
) |
|
|
(2.4 |
) |
|
|
0.6 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net increase in cash and cash equivalents |
|
|
70.6 |
|
|
|
(5.1 |
) |
|
|
75.7 |
|
Cash and cash equivalents at the beginning of the year |
|
|
64.1 |
|
|
|
64.8 |
|
|
|
(0.7 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash and cash equivalents at the end of the period |
|
$ |
134.7 |
|
|
$ |
59.7 |
|
|
$ |
75.0 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash Flows from Operating Activities
The increase in cash flows from operating activities for the six months ended December 31, 2015, compared to the same period in the prior year, was due to
the $17.0 million increase in net income and $14.2 million increase in non-cash charges included in net income partially offset by a $25.0 million decrease due to changes in assets and liabilities.
Cash Flows from Investing Activities
For the six months
ended December 31, 2015, compared to the same period in the prior year, the decrease in cash flows from investing activities was primarily related to the $78.1 million increase in purchases of marketable investment securities partially offset
by the reduction of $21.6 in restricted cash which, in fiscal 2015, was used for the acquisition of the Clinic.
Cash Flows from Financing Activities
For the six months ended December 31, 2015, compared to the same period in the prior year, the increase in cash flows from financing activities
was driven primarily by the $64.7 million increase in net proceeds from stock issued under share-based compensation plans and the $41.0 million reduction in cash spent for the repurchase and retirement of common stock.
Effects of Inflation
We do not believe that inflation
has had a material impact on our business, sales, or operating results during the periods presented.
Share Repurchase Program
In February 2015, our Board of Directors authorized a seventh share repurchase program of $200 million of our outstanding common stock. We plan to repurchase
our common stock from time to time or on an accelerated basis through open market transactions or privately negotiated transactions as determined by our 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 December 31, 2015, we have $91.6 million remaining on our current share repurchase authorization. See also Part II, Item 2.
Unregistered Sales of Equity Securities and Use of Proceeds Issuer Purchases of Equity Securities.
21
Critical Accounting Policies
Critical accounting policies are those policies which are both important to the presentation of a companys financial condition and results and require
managements most difficult, subjective or complex judgments, often as a result of the need to make estimates about the effect of matters that are inherently uncertain. No significant changes to our accounting policies took place during the
period. For a further discussion of our critical accounting policies, see our Annual Report on Form 10-K for the fiscal year ended June 30, 2015.
Certain Factors That May Affect Future Results of Operations
The Securities and Exchange Commission encourages companies to disclose forward-looking information so that investors can better understand a companys
future prospects and make informed investment decisions. This Quarterly Report on Form 10-Q contains such forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995.
Words such as may, anticipate, estimate, expects, projects, intends,
plans, believes, seek, could, continue, likely, will, strategy, goal and words and terms of similar substance used in connection with any discussion of
future operating or financial performance, identify forward-looking statements. All forward-looking statements are managements present expectations of future events and are subject to a number of risks and uncertainties that could cause actual
results to differ materially and adversely from those described in the forward-looking statements. These risks include, but are not limited to: the risk that sales and profit margins of our existing molecular diagnostic tests and pharmaceutical and
clinical services may decline or will not continue to increase at historical rates; risks related to our ability to transition from our existing product portfolio to our new tests; risks related to changes in the governmental or private
insurers reimbursement levels for our tests or our ability to obtain reimbursement for our new tests at comparable levels to our existing tests; risks related to increased competition and the development of new competing tests and services;
the risk that we may be unable to develop or achieve commercial success for additional molecular diagnostic tests and pharmaceutical and clinical services in a timely manner, or at all; the risk that we may not successfully develop new markets for
our molecular diagnostic tests and pharmaceutical and clinical services, including our ability to successfully generate revenue outside the United States; the risk that licenses to the technology underlying our molecular diagnostic tests and
pharmaceutical and clinical services tests and any future tests are terminated or cannot be maintained on satisfactory terms; risks related to delays or other problems with operating our laboratory testing facilities; risks related to public concern
over our genetic testing in general or our tests in particular; risks related to regulatory requirements or enforcement in the United States and foreign countries and changes in the structure of the healthcare system or healthcare payment systems;
risks related to our ability to obtain new corporate collaborations or licenses and acquire new technologies or businesses on satisfactory terms, if at all; risks related to our ability to successfully integrate and derive benefits from any
technologies or businesses that we license or acquire, including but not limited to our acquisition of a healthcare clinic in Germany; risks related to our projections about the potential market opportunity for our products; the risk that we or our
licensors may be unable to protect or that third parties will infringe the proprietary technologies underlying our tests; the risk of patent-infringement claims or challenges to the validity of our patents; risks related to changes in intellectual
property laws covering our molecular diagnostic tests and pharmaceutical and clinical services and patents or enforcement in the United States and foreign countries, such as the Supreme Court decision in the lawsuit brought against us by the
Association for Molecular Pathology et al; risks of new, changing and competitive technologies and regulations in the United States and internationally; and other factors discussed under the heading Risk Factors contained in Item 1A
of our Annual report on Form 10-K for the fiscal year ended June 30, 2015, which has been filed with the Securities and Exchange Commission, as well as any updates to those risk factors filed from time to time in our Quarterly Reports on Form
10-Q or Current Reports on Form 8-K.
In light of these assumptions, risks and uncertainties, the results and events discussed in the forward-looking
statements contained in this Quarterly Report or in any document incorporated by reference might not occur. Stockholders are cautioned not to place undue reliance on the forward-looking statements, which speak only as of the date of this Quarterly
Report. We are not under any obligation, and we expressly disclaim any obligation, to update or alter any forward-looking statements, whether as a result of new information, future events or otherwise. All subsequent forward-looking statements
attributable to us or to any person acting on our behalf are expressly qualified in their entirety by the cautionary statements contained or referred to in this section.
Item 3. Quantitative and Qualitative Disclosures About Market Risk
There have been no material changes in our market risk during the six months ended December 31, 2015 compared to the disclosures in Part II, Item 7A
of our Annual Report on Form 10-K for the fiscal year ended June 30, 2015, which is incorporated by reference herein.
22
Item 4. Controls and Procedures
(a) |
Evaluation of Disclosure Controls and Procedures. Our principal executive officer and principal financial officer, after evaluating the effectiveness of our disclosure controls and procedures (as defined in
Exchange Act Rules 13a-15(e) and 15d-15(e)) as of the end of the period covered by this Quarterly Report on Form 10-Q, have concluded that, based on such evaluation, our disclosure controls and procedures were effective to ensure that information
required to be disclosed by us in the reports that we file or submit under the Exchange Act is recorded, processed, summarized and communicated to our management, including our principal executive and principal financial officers, or persons
performing similar functions, as appropriate, to allow timely decisions regarding required disclosure. |
In designing and
evaluating our disclosure controls and procedures, our management recognized that any controls and procedures, no matter how well designed and operated, can provide only reasonable assurance of achieving the desired control objectives, and our
management necessarily is required to apply its judgment in evaluating the cost-benefit relationship of possible controls and procedures.
(b) |
Changes in Internal Controls. There were no changes in our internal control over financial reporting identified in connection with the evaluation of such internal control that occurred during our last fiscal
quarter that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting. |
23
PART II - Other Information
Item 1. Legal Proceedings
We are presently not a party to any legal proceedings that we believe will have a material impact on our business, financial position or results of operations.
Item 1A. Risk Factors
There have been no material changes to the risk factors included in our Annual Report on Form 10-K for the fiscal year ended June 30, 2015.
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds.
Issuer Purchases of Equity Securities
In February 2015,
we announced that our board of directors had authorized us to repurchase an additional $200.0 million of our outstanding common stock increasing the cumulative share repurchase authorization since we first authorized the program in May 2010 to $1.2
billion. In connection with our most recent stock repurchase authorization, we have been authorized to complete the repurchase through open market transactions or through an accelerated share repurchase program, in each case to be executed at
managements discretion based on business and market conditions, stock price, trading restrictions, acquisition activity and other factors. As of the date of this report, we have not entered into an accelerated share repurchase agreement under
our most recent stock repurchase program. The repurchase program may be suspended or discontinued at any time without prior notice. The transactions effectuated to date occurred in open market purchases.
During the three months ended December 31, 2015 we acquired the following shares of common stock under our stock repurchase program:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Period |
|
(a) Total Number of Shares Purchased |
|
(b) Average Price Paid per Share |
|
|
(c) Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs |
|
|
(d) Approximate Dollar Value of Shares that May Yet Be Purchased Under the Plans or Programs |
|
October 1, 2015 to October 31, 2015 |
|
0.2 |
|
$ |
38.62 |
|
|
|
0.2 |
|
|
|
110.4 |
|
November 1, 2015 to November 30, 2015 |
|
0.2 |
|
$ |
43.83 |
|
|
|
0.2 |
|
|
|
102.5 |
|
December 1, 2015 to December 31, 2015 |
|
0.2 |
|
$ |
43.37 |
|
|
|
0.2 |
|
|
|
91.6 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total |
|
0.6 |
|
|
|
|
|
|
0.6 |
|
|
|
91.6 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Item 3. Defaults Upon Senior Securities.
None.
Item 4. Mine Safety
Disclosures.
None.
Item 5. Other Information.
None.
Item 6. Exhibits.
|
10.1 |
Non-Employee Director Compensation Policy.+ |
|
31.1 |
Certification of Chief Executive Officer pursuant to Section 302(a) of the Sarbanes-Oxley Act of 2002. |
|
31.2 |
Certification of Chief Financial Officer pursuant to Section 302(a) of the Sarbanes-Oxley Act of 2002. |
|
32.1 |
Certifications pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 (Furnished). |
24
|
101 |
The following materials from Myriad Genetics, Inc.s Quarterly Report on Form 10-Q for the quarter ended December 31, 2015, formatted in XBRL (Extensible Business Reporting Language): (i) the unaudited
Condensed Consolidated Balance Sheets, (ii) the unaudited Condensed Consolidated Statements of Operations (iii) the unaudited Consolidated Statement of Comprehensive Income, (iv) the unaudited Condensed Consolidated Statements of Cash Flows, and (v)
Notes to Condensed Consolidated Financial Statements. |
(+) |
Management contract or compensatory plan arrangement. |
25
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned
thereunto duly authorized.
|
|
|
|
|
|
|
|
|
|
|
MYRIAD GENETICS, INC. |
|
|
|
|
Date: February 3, 2016 |
|
|
|
By: |
|
/s/ Mark C. Capone |
|
|
|
|
|
|
Mark C. Capone |
|
|
|
|
|
|
President and Chief Executive Officer |
|
|
|
|
|
|
(Principal executive officer) |
|
|
|
|
Date: February 3, 2016 |
|
|
|
By: |
|
/s/ R. Bryan Riggsbee |
|
|
|
|
|
|
R. Bryan Riggsbee |
|
|
|
|
|
|
Executive Vice President, Chief Financial Officer |
|
|
|
|
|
|
(Principal financial and chief accounting officer) |
26
Exhibit 10.1
MYRIAD GENETICS, INC.
NON-EMPLOYEE DIRECTOR COMPENSATION POLICY
(Effective December 2, 2015)
The following
is a description of the standard compensation arrangements under which our non-employee directors are compensated for their service as directors, including as members of the various committees of our Board.
|
|
|
Annual Retainer (all members) |
|
$60,000 |
|
|
Chairman of the Board |
|
$100,000 additional retainer |
|
|
Committee Chair Compensation |
|
|
Audit Committee |
|
$28,000 additional retainer |
Compensation Committee |
|
$20,000 additional retainer |
Nominating and Governance Committee |
|
$15,000 additional retainer |
|
|
Committee Member Compensation |
|
|
Audit Committee (1) |
|
$13,500 additional retainer |
Compensation Committee (1) |
|
$10,000 additional retainer |
Nominating and Governance Committee(1) |
|
$7,500 additional retainer |
Strategic Committee |
|
$5,000 additional retainer |
(1) |
Other than each Committee Chair |
Attendance
Board Meetings: In addition to the annual retainer amounts, we pay each non-employee director a per-meeting cash fee of $2,000 for attendance at Board
meetings in excess of five in-person meetings and four telephonic meetings per fiscal year.
Committee Meetings other than Strategic Committee: We
pay each non-employee director a per-meeting cash fee of $2,000 for attendance at committee meetings in excess of four meetings (per each committee), whether in person or telephonic, per fiscal year.
Strategic Committee: No per meeting fees.
All directors
are also reimbursed for their out-of pocket expenses incurred in attending meetings.
Stock Option, Restricted and Unrestricted Stock Grants and
Other-Stock-Based Awards
Under our 2010 Employee, Director and Consultant Equity Incentive Plan (the 2010 Plan), our
non-employee directors may be awarded stock options, restricted and unrestricted stock grants and/or other stock-based awards. As recommended and determined by our Compensation Committee, and approved by our Board of Directors, on each date of our
annual meeting of stockholders, the Company shall grant to each non-employee director, other than new non-employee directors appointed within six months of the annual meeting, a restricted stock unit award for 7,500 shares of common stock of the
Company. In addition, it is our policy to grant a restricted stock unit award for 7,500 shares of common stock to each new non-employee director upon initial appointment to the Board.
Options and restricted stock units granted to our non-employee directors vest in full upon the earlier of (i) one full year of service on
the Board following date of grant or (ii) the date of the next annual meeting of stockholders. Options granted to our non-employee directors are exercisable after the termination of the directors service on the Board to the extent
exercisable on the date of such termination for the remainder of the life of the option. All options or restricted stock units granted to our non-employee directors will become fully exercisable upon a change of control of Myriad or upon their death
as provided for under the forms of award agreement for directors under our 2010 Plan.
Exhibit 31.1
SARBANES-OXLEY SECTION 302(a) CERTIFICATION
I, Mark C. Capone, certify that:
1. |
I have reviewed this quarterly report on Form 10-Q of Myriad Genetics, Inc.; |
2. |
Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such
statements were made, not misleading with respect to the period covered by this report; |
3. |
Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the
registrant as of, and for, the periods presented in this report; |
4. |
The registrants other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control
over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have: |
|
a) |
designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its
consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; |
|
b) |
designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of
financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles; |
|
c) |
evaluated the effectiveness of the registrants disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of
the period covered by this report based on such evaluation; and |
|
d) |
disclosed in this report any change in the registrants internal control over financial reporting that occurred during the registrants most recent fiscal quarter (the registrants fourth fiscal quarter
in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrants internal control over financial reporting; and |
5. |
The registrants other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrants auditors and the audit committee of the
registrants board of directors (or persons performing the equivalent functions): |
|
a) |
all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrants ability to record,
process, summarize and report financial information; and |
|
b) |
any fraud, whether or not material, that involves management or other employees who have a significant role in the registrants internal control over financial reporting. |
Date: February 3, 2016
|
|
|
By: |
|
/s/ Mark C. Capone |
|
|
Mark C. Capone |
|
|
President and Chief Executive Officer |
Exhibit 31.2
SARBANES-OXLEY SECTION 302(a) CERTIFICATION
I, R. Bryan Riggsbee, certify that:
1. |
I have reviewed this quarterly report on Form 10-Q of Myriad Genetics, Inc.; |
2. |
Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such
statements were made, not misleading with respect to the period covered by this report; |
3. |
Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the
registrant as of, and for, the periods presented in this report; |
4. |
The registrants other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control
over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have: |
|
a) |
designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its
consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; |
|
b) |
designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of
financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles; |
|
c) |
evaluated the effectiveness of the registrants disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of
the period covered by this report based on such evaluation; and |
|
d) |
disclosed in this report any change in the registrants internal control over financial reporting that occurred during the registrants most recent fiscal quarter (the registrants fourth fiscal quarter
in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrants internal control over financial reporting; and |
5. |
The registrants other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrants auditors and the audit committee of the
registrants board of directors (or persons performing the equivalent functions): |
|
a) |
all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrants ability to record,
process, summarize and report financial information; and |
|
b) |
any fraud, whether or not material, that involves management or other employees who have a significant role in the registrants internal control over financial reporting. |
Date: February 3, 2016
|
|
|
By: |
|
/s/ R. Bryan Riggsbee |
|
|
R. Bryan Riggsbee |
|
|
Executive Vice President, Chief Financial Officer |
|
|
(Principal financial and chief accounting officer) |
Exhibit 32.1
Certification
Pursuant
to Section 906 of the Sarbanes-Oxley Act of 2002
(Subsections (a) and (b) of Section 1350, Chapter 63 of Title
18, United States Code)
Pursuant to section 906 of the Sarbanes-Oxley Act of 2002 (subsections (a) and (b) of section 1350, chapter 63 of
title 18, United States Code), each of the undersigned officers of Myriad Genetics, Inc., a Delaware corporation (the Company), does hereby certify, to such officers knowledge, that:
The Quarterly Report on Form 10-Q for the quarter ended December 31, 2015 (the Form 10-Q) of the Company fully complies with the requirements
of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, and the information contained in the Form 10-Q fairly presents, in all material respects, the financial condition and results of operations of the Company.
|
|
|
|
|
|
|
|
|
|
|
Date: February 3, 2016 |
|
|
|
Date: February 3, 2016 |
|
|
|
|
|
|
|
|
By: |
|
/s/ Mark C. Capone |
|
|
|
By: |
|
/s/ R. Bryan Riggsbee |
|
|
Mark C. Capone |
|
|
|
R. Bryan Riggsbee |
|
|
President and Chief Executive Officer |
|
|
|
Executive Vice President, Chief Financial Officer |
|
|
v3.3.1.900
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v3.3.1.900
Condensed Consolidated Balance Sheets - USD ($) $ in Millions |
Dec. 31, 2015 |
Jun. 30, 2015 |
Current assets: |
|
|
Cash and cash equivalents |
$ 134.7
|
$ 64.1
|
Marketable investment securities |
84.6
|
80.7
|
Prepaid expenses |
9.7
|
12.5
|
Inventory |
29.1
|
25.1
|
Trade accounts receivable, less allowance for doubtful accounts of $6.2 December 31, 2015 and $7.6 June 30, 2015 |
84.3
|
85.8
|
Deferred taxes |
|
13.5
|
Prepaid taxes |
28.0
|
|
Other receivables |
5.1
|
1.9
|
Total current assets |
375.5
|
283.6
|
Property, plant and equipment, net |
61.7
|
67.2
|
Long-term marketable investment securities |
66.2
|
40.6
|
Intangibles, net |
186.3
|
192.6
|
Goodwill |
177.0
|
177.2
|
Other assets |
5.0
|
5.0
|
Total assets |
871.7
|
766.2
|
Current liabilities: |
|
|
Accounts payable |
16.5
|
21.1
|
Accrued liabilities |
47.9
|
46.1
|
Deferred revenue |
1.5
|
1.5
|
Total current liabilities |
65.9
|
68.7
|
Unrecognized tax benefits |
27.9
|
26.4
|
Other long-term liabilities |
6.8
|
8.8
|
Long-term deferred taxes |
0.3
|
0.2
|
Total liabilities |
$ 100.9
|
$ 104.1
|
Commitments and contingencies |
|
|
Stockholders' equity: |
|
|
Common stock, 71.6 and 68.9 shares outstanding at December 31, 2015 and June 30, 2015 respectively |
$ 0.7
|
$ 0.7
|
Additional paid-in capital |
847.8
|
745.4
|
Accumulated other comprehensive loss |
(9.1)
|
(7.0)
|
Accumulated deficit |
(68.6)
|
(77.0)
|
Total stockholders' equity |
770.8
|
662.1
|
Total liabilities and stockholders' equity |
$ 871.7
|
$ 766.2
|
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v3.3.1.900
Basis of Presentation
|
6 Months Ended |
Dec. 31, 2015 |
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”)
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, 2015, included in the Company’s Annual Report
on Form 10-K for the fiscal year ended June 30, 2015.
Operating results for the three and six months ended
December 31, 2015 may not necessarily be indicative of results
to be expected for any other interim period or for the full
year.
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.
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v3.3.1.900
Acquisitions
|
6 Months Ended |
Dec. 31, 2015 |
Business Combinations [Abstract] |
|
Acquisitions |
German Clinic
On February 27, 2015, the Company completed the acquisition of
privately-held Privatklinik Dr. Robert Schindlbeck
GmbH & Co. KG (the “Clinic”) approximately 15
miles from the Company’s European laboratories in Munich,
Germany. The cash paid and preliminary total consideration
transferred to acquire the Clinic was $20.1.
Total consideration transferred was allocated to tangible assets
acquired and liabilities assumed based on their preliminary fair
values at the acquisition date as set forth below. The Company
believes acquisition of the Clinic should facilitate the
Company’s penetration into the German molecular diagnostic
market. The Clinic will allow the Company to directly negotiate
reimbursement with government and private insurance providers for
its tests in the German market and collaborate with hospitals and
physician groups. These factors contributed to consideration
transferred in excess of the fair value of the Clinic’s net
tangible and intangible assets acquired, resulting in the Company
recording goodwill in connection with the transaction. Under German
tax law the goodwill related to the purchase of the clinic is
deductible and will be amortized for tax purposes over 15
years.
Management estimated the fair value of tangible and intangible
assets and liabilities in accordance with the applicable accounting
guidance for business combinations and utilized the services of
third-party valuation consultants. The preliminary allocation of
the consideration transferred is subject to potential adjustments
primarily due to tax-related matters, including tax basis of
acquired assets and liabilities in the foreign jurisdiction, and
third party valuations of acquired assets and liabilities,
including actuarial analysis of pension assets and liabilities and
fair value of equipment. During the measurement period, the Company
may record adjustments to the provisional amounts recognized in the
Company’s initial accounting for the acquisition. The Company
expects the allocation of the consideration transferred to be final
within the measurement period (up to one year from the acquisition
date).
|
|
|
|
|
|
|
Estimated Fair
Value |
|
Current assets
|
|
$ |
3.1 |
|
Real property
|
|
|
20.7 |
|
Equipment
|
|
|
1.6 |
|
Goodwill
|
|
|
8.1 |
|
Current liabilities
|
|
|
(4.4 |
) |
Long-term liabilities
|
|
|
(9.0 |
) |
|
|
|
|
|
Total purchase price
|
|
$ |
20.1 |
|
|
|
|
|
|
|
X |
- DefinitionThe entire disclosure for a business combination (or series of individually immaterial business combinations) completed during the period, including background, timing, and recognized assets and liabilities. The disclosure may include leverage buyout transactions (as applicable).
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v3.3.1.900
Marketable Investment Securities
|
6 Months Ended |
Dec. 31, 2015 |
Investments, Debt and Equity Securities [Abstract] |
|
Marketable Investment Securities |
(3) |
MARKETABLE INVESTMENT
SECURITIES |
The Company has classified its marketable 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 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 December 31, 2015 and June 30, 2015 were as
follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Amortized
cost |
|
|
Gross
unrealized
holding
gains |
|
|
Gross
unrealized
holding
losses |
|
|
Estimated
fair value |
|
At December 31, 2015:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash and cash equivalents:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash
|
|
$ |
114.0 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
114.0 |
|
Cash equivalents
|
|
|
20.7 |
|
|
|
— |
|
|
|
— |
|
|
|
20.7 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total cash and cash equivalents
|
|
|
134.7 |
|
|
|
— |
|
|
|
— |
|
|
|
134.7 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Available-for-sale:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Corporate bonds and notes
|
|
|
45.5 |
|
|
|
— |
|
|
|
(0.1 |
) |
|
|
45.4 |
|
Municipal bonds
|
|
|
66.5 |
|
|
|
0.1 |
|
|
|
(0.1 |
) |
|
|
66.5 |
|
Federal agency issues
|
|
|
38.9 |
|
|
|
— |
|
|
|
— |
|
|
|
38.9 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
|
|
$ |
285.6 |
|
|
$ |
0.1 |
|
|
$ |
(0.2 |
) |
|
$ |
285.5 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Amortized
cost |
|
|
Gross
unrealized
holding
gains |
|
|
Gross
unrealized
holding
losses |
|
|
Estimated
fair value |
|
At June 30, 2015:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash and cash equivalents:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash
|
|
$ |
54.7 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
54.7 |
|
Cash equivalents
|
|
|
9.4 |
|
|
|
— |
|
|
|
— |
|
|
|
9.4 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total cash and cash equivalents
|
|
|
64.1 |
|
|
|
— |
|
|
|
— |
|
|
|
64.1 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Available-for-sale:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Corporate bonds and notes
|
|
|
41.8 |
|
|
|
— |
|
|
|
— |
|
|
|
41.8 |
|
Municipal bonds
|
|
|
66.3 |
|
|
|
0.1 |
|
|
|
(0.1 |
) |
|
|
66.3 |
|
Federal agency issues
|
|
|
13.2 |
|
|
|
— |
|
|
|
— |
|
|
|
13.2 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
|
|
$ |
185.4 |
|
|
$ |
0.1 |
|
|
$ |
(0.1 |
) |
|
$ |
185.4 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash, cash equivalents, and maturities of debt securities
classified as available-for-sale securities are as follows at
December 31, 2015:
|
|
|
|
|
|
|
|
|
|
|
Amortized
cost |
|
|
Estimated
fair value |
|
Cash
|
|
$ |
114.0 |
|
|
$ |
114.0 |
|
Cash equivalents
|
|
|
20.7 |
|
|
|
20.7 |
|
Available-for-sale:
|
|
|
|
|
|
|
|
|
Due within one year
|
|
|
84.6 |
|
|
|
84.6 |
|
Due after one year through five years
|
|
|
66.3 |
|
|
|
66.2 |
|
Due after five years
|
|
|
— |
|
|
|
— |
|
|
|
|
|
|
|
|
|
|
Total
|
|
$ |
285.6 |
|
|
$ |
285.5 |
|
|
|
|
|
|
|
|
|
|
|
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v3.3.1.900
Property, Plant and Equipment, Net
|
6 Months Ended |
Dec. 31, 2015 |
Property, Plant and Equipment [Abstract] |
|
Property, Plant and Equipment, Net |
(4) |
PROPERTY, PLANT AND EQUIPMENT,
NET |
|
|
|
|
|
|
|
|
|
|
|
December 31,
2015 |
|
|
June 30,
2015 |
|
Land
|
|
$ |
2.3 |
|
|
$ |
2.3 |
|
Buildings and improvements
|
|
|
17.3 |
|
|
|
18.2 |
|
Leasehold improvements
|
|
|
18.6 |
|
|
|
18.5 |
|
Equipment
|
|
|
101.0 |
|
|
|
99.1 |
|
|
|
|
|
|
|
|
|
|
|
|
|
139.2 |
|
|
|
138.1 |
|
Less accumulated depreciation
|
|
|
(77.5 |
) |
|
|
(70.9 |
) |
|
|
|
|
|
|
|
|
|
Property, plant and equipment, net
|
|
$ |
61.7 |
|
|
$ |
67.2 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three months ended
December 31, |
|
|
Six months ended
December 31, |
|
|
|
2015 |
|
|
2014 |
|
|
2015 |
|
|
2014 |
|
Depreciation expense
|
|
|
3.6 |
|
|
|
2.9 |
|
|
|
7.2 |
|
|
|
5.5 |
|
|
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v3.3.1.900
Goodwill and Intangible Assets
|
6 Months Ended |
Dec. 31, 2015 |
Goodwill and Intangible Assets Disclosure [Abstract] |
|
Goodwill and Intangible Assets |
(5) |
GOODWILL AND INTANGIBLE
ASSETS |
Goodwill
The Company has recorded goodwill of $177.0 from the acquisitions
of Privatklinik Dr. Robert Schindlbeck GmbH & Co. KG
that was completed on February 27, 2015, Crescendo Bioscience,
Inc. that was completed on February 28, 2014 and Rules-Based
Medicine, Inc. that was completed on May 31, 2011. Of this
goodwill, $112.3 relates to the Company’s diagnostic segment
and $64.7 relates to the other segment. The following summarizes
changes to the goodwill balance for the six months ended
December 31, 2015:
|
|
|
|
|
|
|
Carrying
amount |
|
Beginning balance July 1, 2015
|
|
$ |
177.2 |
|
Acquisitions
|
|
|
— |
|
Translation adjustments
|
|
|
(0.2 |
) |
|
|
|
|
|
Ending balance December 31, 2015
|
|
$ |
177.0 |
|
|
|
|
|
|
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:
|
|
|
|
|
|
|
|
|
|
|
|
|
At December 31, 2015: |
|
Gross
Carrying
Amount |
|
|
Accumulated
Amortization |
|
|
Net |
|
Purchased licenses and technologies
|
|
$ |
199.1 |
|
|
$ |
(22.6 |
) |
|
$ |
176.5 |
|
Customer relationships
|
|
|
4.7 |
|
|
|
(2.2 |
) |
|
|
2.5 |
|
Trademarks
|
|
|
3.0 |
|
|
|
(0.5 |
) |
|
|
2.5 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total amortized intangible assets
|
|
|
206.8 |
|
|
|
(25.3 |
) |
|
|
181.5 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
In-process research and development
|
|
|
4.8 |
|
|
|
— |
|
|
|
4.8 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total unamortized intangible assets
|
|
|
4.8 |
|
|
|
— |
|
|
|
4.8 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total intangible assets
|
|
$ |
211.6 |
|
|
$ |
(25.3 |
) |
|
$ |
186.3 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
At June 30, 2015: |
|
Gross
Carrying
Amount |
|
|
Accumulated
Amortization |
|
|
Net |
|
Purchased licenses and technologies
|
|
$ |
199.1 |
|
|
$ |
(16.7 |
) |
|
$ |
182.4 |
|
Customer relationships
|
|
|
4.7 |
|
|
|
(1.9 |
) |
|
|
2.8 |
|
Trademarks
|
|
|
3.0 |
|
|
|
(0.4 |
) |
|
|
2.6 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total amortized intangible assets
|
|
|
206.8 |
|
|
|
(19.0 |
) |
|
|
187.8 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
In-process research and development
|
|
|
4.8 |
|
|
|
— |
|
|
|
4.8 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total unamortized intangible assets
|
|
|
4.8 |
|
|
|
— |
|
|
|
4.8 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total intangible assets
|
|
$ |
211.6 |
|
|
$ |
(19.0 |
) |
|
$ |
192.6 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
The Company recorded amortization expense during the respective
periods for these intangible assets as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three months ended
December 31, |
|
|
Six months ended
December 31, |
|
|
|
2015 |
|
|
2014 |
|
|
2015 |
|
|
2014 |
|
Amortization of intangible assets
|
|
|
3.2 |
|
|
|
3.1 |
|
|
|
6.3 |
|
|
|
6.5 |
|
|
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+ ReferencesReference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 350 -SubTopic 30 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=26713463&loc=d3e16373-109275
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v3.3.1.900
Cost Basis Investment
|
6 Months Ended |
Dec. 31, 2015 |
Investments, All Other Investments [Abstract] |
|
Cost Basis Investment |
(6) |
COST BASIS INVESTMENT |
As of December 31, 2015, the Company had a $5.0 investment in
RainDance Technologies, Inc., which has been recorded under the
cost method as an “Other Asset” on the Company’s
condensed consolidated balance sheet. There were no events or
circumstances that indicated that impairment exists; therefore, the
Company recorded no impairment in the investment for the six months
ended December 31, 2015.
|
X |
- DefinitionThe entire disclosure for investments accounted for under the cost-method. The carrying amount of such investments may be adjusted, for example, distributions in excess of cost (return of capital) or for other-than-temporary impairments. The cost method and lower-of-cost or market, an adaptation of the cost method, is generally followed for most investments in noncontrolled corporations, in some corporate joint ventures, and to a lesser extent in unconsolidated subsidiaries in which the entity does not have the ability to exercise significant influence.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 325 -SubTopic 20 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=6872867&loc=d3e40691-111596
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v3.3.1.900
Accrued Liabilities
|
6 Months Ended |
Dec. 31, 2015 |
Payables and Accruals [Abstract] |
|
Accrued Liabilities |
|
|
|
|
|
|
|
|
|
|
|
December 31,
2015 |
|
|
June 30,
2015 |
|
Employee compensation and benefits
|
|
$ |
34.4 |
|
|
$ |
33.8 |
|
Accrued taxes payable
|
|
|
4.7 |
|
|
|
3.8 |
|
Other
|
|
|
8.8 |
|
|
|
8.5 |
|
|
|
|
|
|
|
|
|
|
Total Accrued liabilities
|
|
$ |
47.9 |
|
|
$ |
46.1 |
|
|
|
|
|
|
|
|
|
|
|
X |
- DefinitionThe entire disclosure for accounts payable and accrued liabilities at the end of the reporting period.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 210 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02.19(a),20,24) -URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682
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v3.3.1.900
Other Long Term Liabilities
|
6 Months Ended |
Dec. 31, 2015 |
Other Liabilities Disclosure [Abstract] |
|
Other Long Term Liabilities |
(8) |
OTHER LONG TERM
LIABILITIES |
|
|
|
|
|
|
|
|
|
|
|
December 31,
2015 |
|
|
June 30,
2015 |
|
Pension obligation
|
|
$ |
4.8 |
|
|
$ |
4.9 |
|
Other
|
|
|
2.0 |
|
|
|
3.9 |
|
|
|
|
|
|
|
|
|
|
Total other long term liabilities
|
|
$ |
6.8 |
|
|
$ |
8.8 |
|
|
|
|
|
|
|
|
|
|
The Company has two non-contributory defined benefit pension plans
for its current and former Clinic employees. The Company has closed
participation in the plans to exclude those employees hired after
2002. As of December 31, 2015 the fair value of the plan
assets were approximately $0.2 resulting in a net pension liability
of $4.8.
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v3.3.1.900
Preferred and Common Stockholder's Equity
|
6 Months Ended |
Dec. 31, 2015 |
Equity [Abstract] |
|
Preferred and Common Stockholder's Equity |
(9) |
PREFERRED AND COMMON
STOCKHOLDER’S EQUITY |
The Company is authorized to issue up to 5.0 shares of preferred
stock, par value $0.01 per share. There were no preferred shares
outstanding at December 31, 2015.
The Company is authorized to issue up to 150.0 shares of common
stock, par value $0.01 per share. There were 71.6 shares issued and
outstanding at December 31, 2015.
Common shares issued and outstanding
|
|
|
|
|
|
|
|
|
|
|
Six months ended
December 31, |
|
|
|
2015 |
|
|
2014 |
|
Common stock issued and outstanding at July 1
|
|
|
68.9 |
|
|
|
73.5 |
|
Common stock issued upon exercise of options and employee stock
plans
|
|
|
4.4 |
|
|
|
1.0 |
|
Repurchase and retirement of common stock
|
|
|
(1.7 |
) |
|
|
(3.0 |
) |
|
|
|
|
|
|
|
|
|
Common stock issued and outstanding at December 31
|
|
|
71.6 |
|
|
|
71.5 |
|
|
|
|
|
|
|
|
|
|
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.
The following is a reconciliation of the denominators of the basic
and diluted earnings per share (“EPS”)
computations:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three months ended
December 31, |
|
|
Six months ended
December 31, |
|
|
|
2015 |
|
|
2014 |
|
|
2015 |
|
|
2014 |
|
Denominator:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted-average shares outstanding used to compute basic EPS
|
|
|
70.5 |
|
|
|
72.5 |
|
|
|
69.6 |
|
|
|
72.6 |
|
Effect of dilutive shares
|
|
|
3.3 |
|
|
|
2.9 |
|
|
|
3.5 |
|
|
|
3.2 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted-average shares outstanding and dilutive securities used to
compute diluted EPS
|
|
|
73.8 |
|
|
|
75.4 |
|
|
|
73.1 |
|
|
|
75.8 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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
December 31, |
|
|
Six months ended
December 31, |
|
|
|
2015 |
|
|
2014 |
|
|
2015 |
|
|
2014 |
|
Anti-dilutive options and RSU’s excluded from EPS
computation
|
|
|
— |
|
|
|
0.9 |
|
|
|
— |
|
|
|
— |
|
Stock Repurchase Program
In February 2015, the Company’s Board of Directors authorized
a seventh 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 December 31, 2015, the
Company has $91.6 remaining on its current share repurchase
authorization.
The Company uses the par value method of accounting for its stock
repurchases. As a result of the stock repurchases, the Company
reduced common stock and additional paid-in capital and recorded
charges to accumulated deficit. The shares retired, aggregate
common stock and additional paid-in capital reductions, and related
charges to accumulated deficit for the repurchases for periods
ended December 31, 2015 and 2014 were as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three months ended
December 31, |
|
|
Six months ended
December 31, |
|
|
|
2015 |
|
|
2014 |
|
|
2015 |
|
|
2014 |
|
Shares purchased and retired
|
|
|
0.6 |
|
|
|
1.7 |
|
|
|
1.7 |
|
|
|
3.0 |
|
Common stock and additional paid-in-capital reductions
|
|
$ |
5.4 |
|
|
$ |
14.8 |
|
|
|
14.9 |
|
|
$ |
25.0 |
|
Charges to retained earnings
|
|
$ |
20.0 |
|
|
$ |
43.6 |
|
|
|
48.5 |
|
|
$ |
79.0 |
|
|
X |
- References
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- DefinitionThe entire disclosure for shareholders' equity comprised of portions attributable to the parent entity and noncontrolling interest, including other comprehensive income. Includes, but is not limited to, balances of common stock, preferred stock, additional paid-in capital, other capital and retained earnings, accumulated balance for each classification of other comprehensive income and amount of comprehensive income.
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v3.3.1.900
Income Taxes
|
6 Months Ended |
Dec. 31, 2015 |
Income Tax Disclosure [Abstract] |
|
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.
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 expense for the three months ended December 31,
2015 was $14.7, or approximately 33% of pre-tax income, compared to
$13.9, for the three months ended December 31, 2014, or
approximately 37% of pre-tax income. Income tax expense for the six
months ended December 31, 2015 was $31.6, or approximately 36%
of pre-tax income, compared to $23.8, for the six months ended
December 31, 2014, or approximately 37% of pre-tax income.
Income tax expense for the three and six months ended
December 31, 2015 is based on the Company’s estimated
annual effective tax rate for the full fiscal year ending
June 30, 2016, adjusted by discrete items recognized during
the period. For the three and six months ended December 31,
2015, the Company’s recognized effective tax rate differs
from the U.S. federal statutory rate of 35% primarily due to the
effect of state income taxes, the reinstatement of the federal
research tax credit, the sourcing of foreign losses and the
benefits realized from the differences related to the earlier
recognition of the tax effect of equity compensation expense from
incentive stock options and the deduction realized when those
options are disqualified upon exercise and sale.
The Company files U.S., foreign and state income tax returns in
jurisdictions with various statutes of limitations. The
Company’s New Jersey State income tax returns for the years
ended June 30, 2007 through 2013 are currently under
examination by the State of New Jersey Department of Treasury,
Division of Taxation. 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. The Company’s U.S. federal tax
return and other state tax returns are not currently under
examination.
Pursuant to the guidelines of the recently issued Accounting
Standards Update 2015-17 (“the Update”), all deferred
tax assets and liabilities are to be classified as non-current. The
effective date of the Update for public companies is for annual
periods beginning after December 15, 2016 and later dates for
all other entities. Early adoption is permitted. To comply with the
guidance, the Company has elected to adopt this Update for the
quarter ended December 31, 2015 and the annual period ending
June 30, 2016. The guidance indicates that the Update may be
applied either prospectively or retrospectively. The Company has
chosen to apply the Update prospectively. Accordingly, no prior
periods were adjusted. During the quarter ended December 31,
2015, approximately $13.5 of net current deferred tax assets were
reclassified to non-current and netted against non-current deferred
tax liabilities.
|
X |
- DefinitionThe entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information.
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v3.3.1.900
Share-Based Compensation
|
6 Months Ended |
Dec. 31, 2015 |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] |
|
Share-Based Compensation |
(11) |
SHARE-BASED COMPENSATION |
The Company maintains a share-based compensation plan, the 2010
Employee, Director and Consultant Equity Incentive Plan, as amended
(the “2010 Plan”), that has been approved by the
Company’s shareholders. The 2010 Plan allows the Company,
under the direction of the Compensation Committee of the Board of
Directors, to make grants of stock options, restricted and
unrestricted stock awards and other stock-based awards to
employees, consultants and directors. On December 3, 2015, the
shareholders approved an amendment to the 2010 Plan to add 1.6 to
the number of shares of common stock available for grant. At
December 30, 2015, 2.3 shares of common stock were available
for issuance. If an option or RSU issued or awarded under the 2010
Plan is cancelled or expires without the issuance of shares of
common stock, the unissued or reacquired shares, which were subject
to the option or RSU, shall again be available for issuance
pursuant to the 2010 Plan. In addition, as of December 31,
2015, the Company may grant up to 2.5 additional shares of common
stock under the 2010 Plan if options previously granted under the
Company’s terminated 2003 Employee, Director and Consultant
Option Plan are cancelled or expire without the issuance of shares
of common stock by the Company.
The number of shares, terms, and vesting period of awards under the
2010 Plan are determined by the Compensation Committee of the Board
of Directors for each equity award. Stock options granted under the
plan prior to December 5, 2012 generally vest ratably over
four years and expire ten years from the grant date. Stock options
granted after December 5, 2012 generally vest ratably over
four years and expire eight years from the grant date. The exercise
price of options granted is equivalent to the fair market value of
the stock on the grant date. In September 2014, the Company began
issuing restricted stock units (“RSUs”) which generally
vest ratably over four years on the anniversary date of the grant
in lieu of stock options to employees and directors. Beginning in
fiscal 2016, RSUs issued will generally vest ratably over four
years from the last day of the month in which the RSU award is
granted. The number of RSUs awarded to certain executive officers
may be reduced if certain additional financial performance metrics
are not met.
Stock Options
A summary of the stock option activity under the Company’s
plans for the six months ended December 31, 2015 is as
follows:
|
|
|
|
|
|
|
|
|
|
|
Number
of
shares |
|
|
Weighted
average
exercise
price |
|
Options outstanding at June 30, 2015
|
|
|
12.5 |
|
|
$ |
23.49 |
|
Options granted
|
|
|
— |
|
|
$ |
— |
|
Less:
|
|
|
|
|
|
|
|
|
Options exercised
|
|
|
(4.0 |
) |
|
$ |
21.38 |
|
Options canceled or expired
|
|
|
— |
|
|
$ |
— |
|
|
|
|
|
|
|
|
|
|
Options outstanding at December 31, 2015
|
|
|
8.5 |
|
|
$ |
24.50 |
|
|
|
|
|
|
|
|
|
|
Options exercisable at December 31, 2015
|
|
|
6.9 |
|
|
$ |
24.00 |
|
As of December 31, 2015, there was $10.8 of total unrecognized
share-based compensation expense related to stock options that will
be recognized over a weighted-average period of 1.34 years.
Restricted Stock Units
A summary of the RSU activity under the Company’s plans for
the six months ended December 31, 2015 is as follows:
|
|
|
|
|
|
|
|
|
|
|
Number
of
shares |
|
|
Weighted
average
grant date
fair value |
|
RSUs outstanding at June 30, 2015
|
|
|
1.0 |
|
|
$ |
37.63 |
|
RSUs granted
|
|
|
0.8 |
|
|
$ |
40.66 |
|
Less:
|
|
|
|
|
|
|
|
|
RSUs vested
|
|
|
(0.3 |
) |
|
$ |
39.74 |
|
RSUs canceled
|
|
|
— |
|
|
$ |
— |
|
|
|
|
|
|
|
|
|
|
RSUs outstanding at December 31, 2015
|
|
|
1.5 |
|
|
$ |
38.80 |
|
|
|
|
|
|
|
|
|
|
As of December 31, 2015, there was $39.0 of total unrecognized
share-based compensation expense related to RSUs that will be
recognized over a weighted-average period of 2.79 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 December 31,
2015, approximately 0.7 shares of common stock have been issued
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
December 31, |
|
|
Six months ended
December 31, |
|
|
|
2015 |
|
|
2014 |
|
|
2015 |
|
|
2014 |
|
Cost of molecular diagnostic testing
|
|
$ |
0.3 |
|
|
$ |
0.2 |
|
|
$ |
0.5 |
|
|
$ |
0.4 |
|
Cost of pharmaceutical and clinical services
|
|
|
0.1 |
|
|
|
0.1 |
|
|
|
0.2 |
|
|
|
0.3 |
|
Research and development expense
|
|
|
1.2 |
|
|
|
1.3 |
|
|
|
2.8 |
|
|
|
2.0 |
|
Selling, general, and administrative expense
|
|
|
6.1 |
|
|
|
10.5 |
|
|
|
12.8 |
|
|
|
16.3 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total share-based compensation expense
|
|
$ |
7.7 |
|
|
$ |
12.1 |
|
|
$ |
16.3 |
|
|
$ |
19.0 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
X |
- DefinitionThe entire disclosure for compensation-related costs for equity-based compensation, which may include disclosure of policies, compensation plan details, allocation of equity compensation, incentive distributions, equity-based arrangements to obtain goods and services, deferred compensation arrangements, employee stock ownership plan details and employee stock purchase plan details.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 40 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=6418621&loc=d3e17540-113929
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v3.3.1.900
Fair Value Measurements
|
6 Months Ended |
Dec. 31, 2015 |
Fair Value Disclosures [Abstract] |
|
Fair Value Measurements |
(12) |
FAIR VALUE MEASUREMENTS |
The fair value of the Company’s financial instruments
reflects the amounts that the Company estimates 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
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. The Company
reviews, tests and validates this information. The following table
sets forth the fair value of the financial assets that the Company
re-measures on a regular basis:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Level 1 |
|
|
Level 2 |
|
|
Level 3 |
|
|
Total |
|
at December 31, 2015
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Money market funds (a)
|
|
$ |
1.1 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
1.1 |
|
Corporate bonds and notes
|
|
|
— |
|
|
|
59.6 |
|
|
|
— |
|
|
|
59.6 |
|
Municipal bonds
|
|
|
— |
|
|
|
66.5 |
|
|
|
— |
|
|
|
66.5 |
|
Federal agency issues
|
|
|
— |
|
|
|
44.3 |
|
|
|
— |
|
|
|
44.3 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
|
|
$ |
1.1 |
|
|
$ |
170.4 |
|
|
$ |
— |
|
|
$ |
171.5 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(a) |
Money market funds are primarily
comprised of exchange traded funds and accrued interest |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Level 1 |
|
|
Level 2 |
|
|
Level 3 |
|
|
Total |
|
at June 30, 2015
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Money market funds (a)
|
|
$ |
2.4 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
2.4 |
|
Corporate bonds and notes
|
|
|
— |
|
|
|
44.8 |
|
|
|
— |
|
|
|
44.8 |
|
Municipal bonds
|
|
|
— |
|
|
|
70.3 |
|
|
|
— |
|
|
|
70.3 |
|
Federal agency issues
|
|
|
— |
|
|
|
13.2 |
|
|
|
— |
|
|
|
13.2 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
|
|
$ |
2.4 |
|
|
$ |
128.3 |
|
|
$ |
— |
|
|
$ |
130.7 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(a) |
Money market funds are primarily
comprised of exchange traded funds and accrued interest |
|
X |
- References
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X |
- DefinitionThe entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.
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v3.3.1.900
Commitment and Contingencies
|
6 Months Ended |
Dec. 31, 2015 |
Commitments and Contingencies Disclosure [Abstract] |
|
Commitment and Contingencies |
(13) |
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 December 31, 2015, the management of the
Company believes any liability that may ultimately result from the
resolution of these matters will not have a material adverse effect
on the Company’s consolidated financial position, operating
results, or cash flows.
|
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- DefinitionThe entire disclosure for commitments and contingencies.
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v3.3.1.900
Employee Deferred Savings Plan
|
6 Months Ended |
Dec. 31, 2015 |
Postemployment Benefits [Abstract] |
|
Employee Deferred Savings Plan |
(14) |
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.
The Company’s recorded contributions to the plan as
follows:
|
|
|
|
|
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|
|
|
|
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|
|
|
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Three months ended
December 31, |
|
|
Six months ended
December 31, |
|
|
|
2015 |
|
|
2014 |
|
|
2015 |
|
|
2014 |
|
Deferred savings plan Company contributions
|
|
$ |
1.2 |
|
|
$ |
1.1 |
|
|
$ |
2.7 |
|
|
$ |
2.5 |
|
|
X |
- DefinitionThe entire disclosure for an entity's employee compensation and benefit plans, including, but not limited to, postemployment and postretirement benefit plans, defined benefit pension plans, defined contribution plans, non-qualified and supplemental benefit plans, deferred compensation, share-based compensation, life insurance, severance, health care, unemployment and other benefit plans.
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v3.3.1.900
Segment and Related Information
|
6 Months Ended |
Dec. 31, 2015 |
Segment Reporting [Abstract] |
|
Segment and Related Information |
(15) |
SEGMENT AND RELATED
INFORMATION |
The Company’s business units have been aligned with how its
Chief Operating Decision Maker (“CODM”) 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. The prior periods presented have been
restated to conform to the current presentation.
Segment revenue and operating income (loss) were as follows during
the periods presented:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Diagnostics |
|
|
Other |
|
|
Total |
|
Three months ended December 31, 2015
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenues
|
|
$ |
182.6 |
|
|
$ |
10.7 |
|
|
$ |
193.3 |
|
Depreciation and amortization
|
|
|
5.5 |
|
|
|
1.3 |
|
|
|
6.8 |
|
Segment operating income (loss)
|
|
|
64.6 |
|
|
|
(19.4 |
) |
|
|
45.2 |
|
Three months ended December 31, 2014
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenues
|
|
$ |
179.2 |
|
|
$ |
5.2 |
|
|
$ |
184.4 |
|
Depreciation and amortization
|
|
|
5.0 |
|
|
|
1.0 |
|
|
|
6.0 |
|
Segment operating income (loss)
|
|
|
59.0 |
|
|
|
(22.7 |
) |
|
|
36.3 |
|
Six months ended December 31, 2015
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenues
|
|
$ |
354.5 |
|
|
$ |
22.3 |
|
|
$ |
376.8 |
|
Depreciation and amortization
|
|
|
10.9 |
|
|
|
2.6 |
|
|
|
13.5 |
|
Segment operating income (loss)
|
|
|
127.0 |
|
|
|
(38.5 |
) |
|
|
88.5 |
|
Six months ended December 31, 2014
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenues
|
|
$ |
343.6 |
|
|
$ |
9.6 |
|
|
$ |
353.2 |
|
Depreciation and amortization
|
|
|
10.0 |
|
|
|
2.0 |
|
|
|
12.0 |
|
Segment operating income (loss)
|
|
|
104.1 |
|
|
|
(41.8 |
) |
|
|
62.3 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three months ended
December 31, |
|
|
Six months ended
December 31, |
|
|
|
2015 |
|
|
2014 |
|
|
2015 |
|
|
2014 |
|
Total operating income for reportable segments
|
|
$ |
45.2 |
|
|
$ |
36.3 |
|
|
$ |
88.5 |
|
|
$ |
62.3 |
|
Unallocated amounts:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest income
|
|
|
0.1 |
|
|
|
0.1 |
|
|
|
0.2 |
|
|
|
0.1 |
|
Other
|
|
|
(0.3 |
) |
|
|
1.5 |
|
|
|
(0.1 |
) |
|
|
1.4 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income from operations before income taxes
|
|
|
45.0 |
|
|
|
37.9 |
|
|
|
88.6 |
|
|
|
63.8 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income tax provision
|
|
|
14.7 |
|
|
|
13.9 |
|
|
|
31.6 |
|
|
|
23.8 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income
|
|
$ |
30.3 |
|
|
$ |
24.0 |
|
|
$ |
57.0 |
|
|
$ |
40.0 |
|
|
|
|
|
|
|
|
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v3.3.1.900
Supplemental Cash Flow Information
|
6 Months Ended |
Dec. 31, 2015 |
Supplemental Cash Flow Elements [Abstract] |
|
Supplemental Cash Flow Information |
(16) |
SUPPLEMENTAL CASH FLOW
INFORMATION |
|
|
|
|
|
|
|
|
|
|
|
Six months ended
December 31, |
|
|
|
2015 |
|
|
2014 |
|
Cash paid during the period for income taxes
|
|
$ |
28.5 |
|
|
$ |
12.8 |
|
Non-cash investing and financing activities:
|
|
|
|
|
|
|
|
|
Fair value adjustment on marketable investment securities recorded
to stockholders’ equity
|
|
$ |
(0.2 |
) |
|
$ |
(0.1 |
) |
|
X |
- DefinitionThe entire disclosure for supplemental cash flow activities, including cash, noncash, and part noncash transactions, for the period. Noncash is defined as information about all investing and financing activities of an enterprise during a period that affect recognized assets or liabilities but that do not result in cash receipts or cash payments in the period. "Part noncash" refers to that portion of the transaction not resulting in cash receipts or cash payments in the period.
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v3.3.1.900
Acquisitions (Tables)
|
6 Months Ended |
Dec. 31, 2015 |
Business Combinations [Abstract] |
|
Allocation of Consideration Transferred |
The Company expects the allocation of the consideration transferred
to be final within the measurement period (up to one year from the
acquisition date).
|
|
|
|
|
|
|
Estimated Fair
Value |
|
Current assets
|
|
$ |
3.1 |
|
Real property
|
|
|
20.7 |
|
Equipment
|
|
|
1.6 |
|
Goodwill
|
|
|
8.1 |
|
Current liabilities
|
|
|
(4.4 |
) |
Long-term liabilities
|
|
|
(9.0 |
) |
|
|
|
|
|
Total purchase price
|
|
$ |
20.1 |
|
|
|
|
|
|
|
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v3.3.1.900
Marketable Investment Securities (Tables)
|
6 Months Ended |
Dec. 31, 2015 |
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
December 31, 2015 and June 30, 2015 were as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Amortized
cost |
|
|
Gross
unrealized
holding
gains |
|
|
Gross
unrealized
holding
losses |
|
|
Estimated
fair value |
|
At December 31, 2015:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash and cash equivalents:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash
|
|
$ |
114.0 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
114.0 |
|
Cash equivalents
|
|
|
20.7 |
|
|
|
— |
|
|
|
— |
|
|
|
20.7 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total cash and cash equivalents
|
|
|
134.7 |
|
|
|
— |
|
|
|
— |
|
|
|
134.7 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Available-for-sale:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Corporate bonds and notes
|
|
|
45.5 |
|
|
|
— |
|
|
|
(0.1 |
) |
|
|
45.4 |
|
Municipal bonds
|
|
|
66.5 |
|
|
|
0.1 |
|
|
|
(0.1 |
) |
|
|
66.5 |
|
Federal agency issues
|
|
|
38.9 |
|
|
|
— |
|
|
|
— |
|
|
|
38.9 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
|
|
$ |
285.6 |
|
|
$ |
0.1 |
|
|
$ |
(0.2 |
) |
|
$ |
285.5 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Amortized
cost |
|
|
Gross
unrealized
holding
gains |
|
|
Gross
unrealized
holding
losses |
|
|
Estimated
fair value |
|
At June 30, 2015:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash and cash equivalents:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash
|
|
$ |
54.7 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
54.7 |
|
Cash equivalents
|
|
|
9.4 |
|
|
|
— |
|
|
|
— |
|
|
|
9.4 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total cash and cash equivalents
|
|
|
64.1 |
|
|
|
— |
|
|
|
— |
|
|
|
64.1 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Available-for-sale:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Corporate bonds and notes
|
|
|
41.8 |
|
|
|
— |
|
|
|
— |
|
|
|
41.8 |
|
Municipal bonds
|
|
|
66.3 |
|
|
|
0.1 |
|
|
|
(0.1 |
) |
|
|
66.3 |
|
Federal agency issues
|
|
|
13.2 |
|
|
|
— |
|
|
|
— |
|
|
|
13.2 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
|
|
$ |
185.4 |
|
|
$ |
0.1 |
|
|
$ |
(0.1 |
) |
|
$ |
185.4 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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
December 31, 2015:
|
|
|
|
|
|
|
|
|
|
|
Amortized
cost |
|
|
Estimated
fair value |
|
Cash
|
|
$ |
114.0 |
|
|
$ |
114.0 |
|
Cash equivalents
|
|
|
20.7 |
|
|
|
20.7 |
|
Available-for-sale:
|
|
|
|
|
|
|
|
|
Due within one year
|
|
|
84.6 |
|
|
|
84.6 |
|
Due after one year through five years
|
|
|
66.3 |
|
|
|
66.2 |
|
Due after five years
|
|
|
— |
|
|
|
— |
|
|
|
|
|
|
|
|
|
|
Total
|
|
$ |
285.6 |
|
|
$ |
285.5 |
|
|
|
|
|
|
|
|
|
|
|
X |
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v3.3.1.900
Property, Plant and Equipment, Net (Tables)
|
6 Months Ended |
Dec. 31, 2015 |
Property, Plant and Equipment [Abstract] |
|
Schedule of Property, Plant and Equipment, Net |
|
|
|
|
|
|
|
|
|
|
|
December 31,
2015 |
|
|
June 30,
2015 |
|
Land
|
|
$ |
2.3 |
|
|
$ |
2.3 |
|
Buildings and improvements
|
|
|
17.3 |
|
|
|
18.2 |
|
Leasehold improvements
|
|
|
18.6 |
|
|
|
18.5 |
|
Equipment
|
|
|
101.0 |
|
|
|
99.1 |
|
|
|
|
|
|
|
|
|
|
|
|
|
139.2 |
|
|
|
138.1 |
|
Less accumulated depreciation
|
|
|
(77.5 |
) |
|
|
(70.9 |
) |
|
|
|
|
|
|
|
|
|
Property, plant and equipment, net
|
|
$ |
61.7 |
|
|
$ |
67.2 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three months ended
December 31, |
|
|
Six months ended
December 31, |
|
|
|
2015 |
|
|
2014 |
|
|
2015 |
|
|
2014 |
|
Depreciation expense
|
|
|
3.6 |
|
|
|
2.9 |
|
|
|
7.2 |
|
|
|
5.5 |
|
|
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v3.3.1.900
Goodwill and Intangible Assets (Tables)
|
6 Months Ended |
Dec. 31, 2015 |
Goodwill and Intangible Assets Disclosure [Abstract] |
|
Changes in Carrying Amount of Goodwill |
The following summarizes changes to the goodwill balance for the
six months ended December 31, 2015:
|
|
|
|
|
|
|
Carrying
amount |
|
Beginning balance July 1, 2015
|
|
$ |
177.2 |
|
Acquisitions
|
|
|
— |
|
Translation adjustments
|
|
|
(0.2 |
) |
|
|
|
|
|
Ending balance December 31, 2015
|
|
$ |
177.0 |
|
|
|
|
|
|
|
Summarized Amounts Reported as Intangible Assets |
The following summarizes the amounts reported as intangible
assets:
|
|
|
|
|
|
|
|
|
|
|
|
|
At December 31, 2015: |
|
Gross
Carrying
Amount |
|
|
Accumulated
Amortization |
|
|
Net |
|
Purchased licenses and technologies
|
|
$ |
199.1 |
|
|
$ |
(22.6 |
) |
|
$ |
176.5 |
|
Customer relationships
|
|
|
4.7 |
|
|
|
(2.2 |
) |
|
|
2.5 |
|
Trademarks
|
|
|
3.0 |
|
|
|
(0.5 |
) |
|
|
2.5 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total amortized intangible assets
|
|
|
206.8 |
|
|
|
(25.3 |
) |
|
|
181.5 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
In-process research and development
|
|
|
4.8 |
|
|
|
— |
|
|
|
4.8 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total unamortized intangible assets
|
|
|
4.8 |
|
|
|
— |
|
|
|
4.8 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total intangible assets
|
|
$ |
211.6 |
|
|
$ |
(25.3 |
) |
|
$ |
186.3 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
At June 30, 2015: |
|
Gross
Carrying
Amount |
|
|
Accumulated
Amortization |
|
|
Net |
|
Purchased licenses and technologies
|
|
$ |
199.1 |
|
|
$ |
(16.7 |
) |
|
$ |
182.4 |
|
Customer relationships
|
|
|
4.7 |
|
|
|
(1.9 |
) |
|
|
2.8 |
|
Trademarks
|
|
|
3.0 |
|
|
|
(0.4 |
) |
|
|
2.6 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total amortized intangible assets
|
|
|
206.8 |
|
|
|
(19.0 |
) |
|
|
187.8 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
In-process research and development
|
|
|
4.8 |
|
|
|
— |
|
|
|
4.8 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total unamortized intangible assets
|
|
|
4.8 |
|
|
|
— |
|
|
|
4.8 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total intangible assets
|
|
$ |
211.6 |
|
|
$ |
(19.0 |
) |
|
$ |
192.6 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Amortization for Intangible Assets |
The Company recorded amortization expense during the respective
periods for these intangible assets as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three months ended
December 31, |
|
|
Six months ended
December 31, |
|
|
|
2015 |
|
|
2014 |
|
|
2015 |
|
|
2014 |
|
Amortization of intangible assets
|
|
|
3.2 |
|
|
|
3.1 |
|
|
|
6.3 |
|
|
|
6.5 |
|
|
X |
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X |
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v3.3.1.900
Preferred and Common Stockholder's Equity (Tables)
|
6 Months Ended |
Dec. 31, 2015 |
Equity [Abstract] |
|
Summary of Common Shares Issued and Outstanding |
Common shares issued and outstanding
|
|
|
|
|
|
|
|
|
|
|
Six months ended
December 31, |
|
|
|
2015 |
|
|
2014 |
|
Common stock issued and outstanding at July 1
|
|
|
68.9 |
|
|
|
73.5 |
|
Common stock issued upon exercise of options and employee stock
plans
|
|
|
4.4 |
|
|
|
1.0 |
|
Repurchase and retirement of common stock
|
|
|
(1.7 |
) |
|
|
(3.0 |
) |
|
|
|
|
|
|
|
|
|
Common stock issued and outstanding at December 31
|
|
|
71.6 |
|
|
|
71.5 |
|
|
|
|
|
|
|
|
|
|
|
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
December 31, |
|
|
Six months ended
December 31, |
|
|
|
2015 |
|
|
2014 |
|
|
2015 |
|
|
2014 |
|
Denominator:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted-average shares outstanding used to compute basic EPS
|
|
|
70.5 |
|
|
|
72.5 |
|
|
|
69.6 |
|
|
|
72.6 |
|
Effect of dilutive shares
|
|
|
3.3 |
|
|
|
2.9 |
|
|
|
3.5 |
|
|
|
3.2 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted-average shares outstanding and dilutive securities used to
compute diluted EPS
|
|
|
73.8 |
|
|
|
75.4 |
|
|
|
73.1 |
|
|
|
75.8 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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
December 31, |
|
|
Six months ended
December 31, |
|
|
|
2015 |
|
|
2014 |
|
|
2015 |
|
|
2014 |
|
Anti-dilutive options and RSU’s excluded from EPS
computation
|
|
|
— |
|
|
|
0.9 |
|
|
|
— |
|
|
|
— |
|
|
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 periods ended December 31, 2015 and 2014
were as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three months ended
December 31, |
|
|
Six months ended
December 31, |
|
|
|
2015 |
|
|
2014 |
|
|
2015 |
|
|
2014 |
|
Shares purchased and retired
|
|
|
0.6 |
|
|
|
1.7 |
|
|
|
1.7 |
|
|
|
3.0 |
|
Common stock and additional paid-in-capital reductions
|
|
$ |
5.4 |
|
|
$ |
14.8 |
|
|
|
14.9 |
|
|
$ |
25.0 |
|
Charges to retained earnings
|
|
$ |
20.0 |
|
|
$ |
43.6 |
|
|
|
48.5 |
|
|
$ |
79.0 |
|
|
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v3.3.1.900
Share-Based Compensation (Tables)
|
6 Months Ended |
Dec. 31, 2015 |
Disclosure of Compensation Related Costs, Share-based 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 six months ended December 31, 2015 is as
follows:
|
|
|
|
|
|
|
|
|
|
|
Number
of
shares |
|
|
Weighted
average
exercise
price |
|
Options outstanding at June 30, 2015
|
|
|
12.5 |
|
|
$ |
23.49 |
|
Options granted
|
|
|
— |
|
|
$ |
— |
|
Less:
|
|
|
|
|
|
|
|
|
Options exercised
|
|
|
(4.0 |
) |
|
$ |
21.38 |
|
Options canceled or expired
|
|
|
— |
|
|
$ |
— |
|
|
|
|
|
|
|
|
|
|
Options outstanding at December 31, 2015
|
|
|
8.5 |
|
|
$ |
24.50 |
|
|
|
|
|
|
|
|
|
|
Options exercisable at December 31, 2015
|
|
|
6.9 |
|
|
$ |
24.00 |
|
|
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 six months ended December 31, 2015 is as follows:
|
|
|
|
|
|
|
|
|
|
|
Number
of
shares |
|
|
Weighted
average
grant date
fair value |
|
RSUs outstanding at June 30, 2015
|
|
|
1.0 |
|
|
$ |
37.63 |
|
RSUs granted
|
|
|
0.8 |
|
|
$ |
40.66 |
|
Less:
|
|
|
|
|
|
|
|
|
RSUs vested
|
|
|
(0.3 |
) |
|
$ |
39.74 |
|
RSUs canceled
|
|
|
— |
|
|
$ |
— |
|
|
|
|
|
|
|
|
|
|
RSUs outstanding at December 31, 2015
|
|
|
1.5 |
|
|
$ |
38.80 |
|
|
|
|
|
|
|
|
|
|
|
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
December 31, |
|
|
Six months ended
December 31, |
|
|
|
2015 |
|
|
2014 |
|
|
2015 |
|
|
2014 |
|
Cost of molecular diagnostic testing
|
|
$ |
0.3 |
|
|
$ |
0.2 |
|
|
$ |
0.5 |
|
|
$ |
0.4 |
|
Cost of pharmaceutical and clinical services
|
|
|
0.1 |
|
|
|
0.1 |
|
|
|
0.2 |
|
|
|
0.3 |
|
Research and development expense
|
|
|
1.2 |
|
|
|
1.3 |
|
|
|
2.8 |
|
|
|
2.0 |
|
Selling, general, and administrative expense
|
|
|
6.1 |
|
|
|
10.5 |
|
|
|
12.8 |
|
|
|
16.3 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total share-based compensation expense
|
|
$ |
7.7 |
|
|
$ |
12.1 |
|
|
$ |
16.3 |
|
|
$ |
19.0 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
X |
- DefinitionTabular disclosure of the allocation of equity-based compensation costs to a given line item on the balance sheet and income statement for the period. This may include the reporting line for the costs and the amount capitalized and expensed.
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v3.3.1.900
Fair Value Measurements (Tables)
|
6 Months Ended |
Dec. 31, 2015 |
Fair Value Disclosures [Abstract] |
|
Schedule of Fair Value of Financial Assets |
The following table sets forth the fair value of the financial
assets that the Company re-measures on a regular basis:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Level 1 |
|
|
Level 2 |
|
|
Level 3 |
|
|
Total |
|
at December 31, 2015
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Money market funds (a)
|
|
$ |
1.1 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
1.1 |
|
Corporate bonds and notes
|
|
|
— |
|
|
|
59.6 |
|
|
|
— |
|
|
|
59.6 |
|
Municipal bonds
|
|
|
— |
|
|
|
66.5 |
|
|
|
— |
|
|
|
66.5 |
|
Federal agency issues
|
|
|
— |
|
|
|
44.3 |
|
|
|
— |
|
|
|
44.3 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
|
|
$ |
1.1 |
|
|
$ |
170.4 |
|
|
$ |
— |
|
|
$ |
171.5 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(a) |
Money market funds are primarily
comprised of exchange traded funds and accrued interest |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Level 1 |
|
|
Level 2 |
|
|
Level 3 |
|
|
Total |
|
at June 30, 2015
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Money market funds (a)
|
|
$ |
2.4 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
2.4 |
|
Corporate bonds and notes
|
|
|
— |
|
|
|
44.8 |
|
|
|
— |
|
|
|
44.8 |
|
Municipal bonds
|
|
|
— |
|
|
|
70.3 |
|
|
|
— |
|
|
|
70.3 |
|
Federal agency issues
|
|
|
— |
|
|
|
13.2 |
|
|
|
— |
|
|
|
13.2 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
|
|
$ |
2.4 |
|
|
$ |
128.3 |
|
|
$ |
— |
|
|
$ |
130.7 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(a) |
Money market funds are primarily
comprised of exchange traded funds and accrued interest |
|
X |
- DefinitionTabular disclosure of assets, including [financial] instruments measured at fair value that are classified in stockholders' equity, if any, by class that are measured at fair value on a recurring and/or nonrecurring basis. The disclosures contemplated herein include the fair value measurements at the reporting date by the level within the fair value hierarchy in which the fair value measurements in their entirety fall, segregating fair value measurements using quoted prices in active markets for identical assets (Level 1), significant other observable inputs (Level 2), and significant unobservable inputs (Level 3).
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Segment and Related Information (Tables)
|
6 Months Ended |
Dec. 31, 2015 |
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 December 31, 2015
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenues
|
|
$ |
182.6 |
|
|
$ |
10.7 |
|
|
$ |
193.3 |
|
Depreciation and amortization
|
|
|
5.5 |
|
|
|
1.3 |
|
|
|
6.8 |
|
Segment operating income (loss)
|
|
|
64.6 |
|
|
|
(19.4 |
) |
|
|
45.2 |
|
Three months ended December 31, 2014
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenues
|
|
$ |
179.2 |
|
|
$ |
5.2 |
|
|
$ |
184.4 |
|
Depreciation and amortization
|
|
|
5.0 |
|
|
|
1.0 |
|
|
|
6.0 |
|
Segment operating income (loss)
|
|
|
59.0 |
|
|
|
(22.7 |
) |
|
|
36.3 |
|
Six months ended December 31, 2015
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenues
|
|
$ |
354.5 |
|
|
$ |
22.3 |
|
|
$ |
376.8 |
|
Depreciation and amortization
|
|
|
10.9 |
|
|
|
2.6 |
|
|
|
13.5 |
|
Segment operating income (loss)
|
|
|
127.0 |
|
|
|
(38.5 |
) |
|
|
88.5 |
|
Six months ended December 31, 2014
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenues
|
|
$ |
343.6 |
|
|
$ |
9.6 |
|
|
$ |
353.2 |
|
Depreciation and amortization
|
|
|
10.0 |
|
|
|
2.0 |
|
|
|
12.0 |
|
Segment operating income (loss)
|
|
|
104.1 |
|
|
|
(41.8 |
) |
|
|
62.3 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three months ended
December 31, |
|
|
Six months ended
December 31, |
|
|
|
2015 |
|
|
2014 |
|
|
2015 |
|
|
2014 |
|
Total operating income for reportable segments
|
|
$ |
45.2 |
|
|
$ |
36.3 |
|
|
$ |
88.5 |
|
|
$ |
62.3 |
|
Unallocated amounts:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest income
|
|
|
0.1 |
|
|
|
0.1 |
|
|
|
0.2 |
|
|
|
0.1 |
|
Other
|
|
|
(0.3 |
) |
|
|
1.5 |
|
|
|
(0.1 |
) |
|
|
1.4 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income from operations before income taxes
|
|
|
45.0 |
|
|
|
37.9 |
|
|
|
88.6 |
|
|
|
63.8 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income tax provision
|
|
|
14.7 |
|
|
|
13.9 |
|
|
|
31.6 |
|
|
|
23.8 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income
|
|
$ |
30.3 |
|
|
$ |
24.0 |
|
|
$ |
57.0 |
|
|
$ |
40.0 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
X |
- DefinitionTabular disclosure of the profit or loss and total assets for each reportable segment. An entity discloses certain information on each reportable segment if the amounts (a) are included in the measure of segment profit or loss reviewed by the chief operating decision maker or (b) are otherwise regularly provided to the chief operating decision maker, even if not included in that measure of segment profit or loss.
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v3.3.1.900
Marketable Investment Securities - Schedule of Maturities of Debt Securities Classified as Cash Equivalents and Available-For-Sale Securities (Detail) - USD ($) $ in Millions |
Dec. 31, 2015 |
Jun. 30, 2015 |
Dec. 31, 2014 |
Jun. 30, 2014 |
Schedule of Available-for-sale Securities [Line Items] |
|
|
|
|
Cash equivalents, Amortized cost |
$ 134.7
|
$ 64.1
|
$ 59.7
|
$ 64.8
|
Due within one year, Amortized cost |
84.6
|
|
|
|
Due after one year through five years, Amortized cost |
66.3
|
|
|
|
Due after five years, Amortized cost |
0.0
|
|
|
|
Total |
285.6
|
185.4
|
|
|
Due within one year, Estimated fair value |
84.6
|
|
|
|
Due after one year through five years, Estimated fair value |
66.2
|
|
|
|
Due after five years, Estimated fair value |
0.0
|
|
|
|
Total |
285.5
|
185.4
|
|
|
Cash |
|
|
|
|
Schedule of Available-for-sale Securities [Line Items] |
|
|
|
|
Cash equivalents, Amortized cost |
114.0
|
54.7
|
|
|
Cash equivalents, Estimated fair value |
114.0
|
54.7
|
|
|
Cash Equivalents |
|
|
|
|
Schedule of Available-for-sale Securities [Line Items] |
|
|
|
|
Cash equivalents, Amortized cost |
20.7
|
9.4
|
|
|
Cash equivalents, Estimated fair value |
$ 20.7
|
$ 9.4
|
|
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v3.3.1.900
Property, Plant and Equipment, Net - Schedule of Property, Plant and Equipment, Net (Detail) - USD ($) $ in Millions |
Dec. 31, 2015 |
Jun. 30, 2015 |
Property, Plant and Equipment [Abstract] |
|
|
Land |
$ 2.3
|
$ 2.3
|
Buildings and improvements |
17.3
|
18.2
|
Leasehold improvements |
18.6
|
18.5
|
Equipment |
101.0
|
99.1
|
Gross property, plant and equipment |
139.2
|
138.1
|
Less accumulated depreciation |
(77.5)
|
(70.9)
|
Property, plant and equipment, net |
$ 61.7
|
$ 67.2
|
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Goodwill and Intangible Assets - Summarized Amounts Reported as Intangible Assets (Detail) - USD ($) $ in Millions |
Dec. 31, 2015 |
Jun. 30, 2015 |
Intangible Assets [Line Items] |
|
|
Gross Carrying Amount, amortizable intangible assets |
$ 206.8
|
$ 206.8
|
Gross Carrying Amount, total intangible assets |
211.6
|
211.6
|
Accumulated Amortization |
(25.3)
|
(19.0)
|
Net, amortizable intangible assets |
181.5
|
187.8
|
Net, total intangible assets |
186.3
|
192.6
|
Net, non-amortizable intangible assets |
4.8
|
4.8
|
In-Process Research and Development |
|
|
Intangible Assets [Line Items] |
|
|
Net, non-amortizable intangible assets |
4.8
|
4.8
|
Purchased Licenses and Technologies |
|
|
Intangible Assets [Line Items] |
|
|
Gross Carrying Amount, amortizable intangible assets |
199.1
|
199.1
|
Accumulated Amortization |
(22.6)
|
(16.7)
|
Net, amortizable intangible assets |
176.5
|
182.4
|
Customer Relationships |
|
|
Intangible Assets [Line Items] |
|
|
Gross Carrying Amount, amortizable intangible assets |
4.7
|
4.7
|
Accumulated Amortization |
(2.2)
|
(1.9)
|
Net, amortizable intangible assets |
2.5
|
2.8
|
Trademarks |
|
|
Intangible Assets [Line Items] |
|
|
Gross Carrying Amount, amortizable intangible assets |
3.0
|
3.0
|
Accumulated Amortization |
(0.5)
|
(0.4)
|
Net, amortizable intangible assets |
$ 2.5
|
$ 2.6
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Preferred and Common Stockholder's Equity - Additional Information (Detail) - USD ($)
|
Dec. 31, 2015 |
Jun. 30, 2015 |
Feb. 28, 2015 |
Dec. 31, 2014 |
Jun. 30, 2014 |
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 |
71,600,000
|
68,900,000
|
|
71,500,000
|
73,500,000
|
Common stock, shares outstanding |
71,600,000
|
68,900,000
|
|
71,500,000
|
73,500,000
|
Share repurchase program, remaining authorized repurchase amount |
$ 91,600,000
|
|
|
|
|
Seventh Share Repurchase Program |
|
|
|
|
|
Class of Stock [Line Items] |
|
|
|
|
|
Share repurchase program, authorized amount |
|
|
$ 200,000,000
|
|
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Share-Based Compensation - Additional Information (Detail) - USD ($) $ in Millions |
1 Months Ended |
6 Months Ended |
|
|
Sep. 30, 2014 |
Dec. 31, 2015 |
Dec. 30, 2015 |
Dec. 03, 2015 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] |
|
|
|
|
Total unrecognized share-based compensation cost related to stock options |
|
$ 10.8
|
|
|
Stock options |
|
|
|
|
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, weighted-average period, years |
|
1 year 4 months 2 days
|
|
|
Stock options | Share-based compensation granted after December 5, 2012 |
|
|
|
|
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] |
|
|
|
|
Share-based compensation expire from date of grant, years |
|
8 years
|
|
|
Stock options | Share-based compensation granted prior to December 5, 2012 |
|
|
|
|
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) |
|
|
|
|
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, weighted-average period, years |
|
2 years 9 months 15 days
|
|
|
Total unrecognized share-based compensation cost related to RSUs |
|
$ 39.0
|
|
|
The 2010 Plan |
|
|
|
|
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] |
|
|
|
|
Number of shares approved |
|
|
|
1,600,000
|
Shares reserved for issuance exercise of options |
|
|
2,300,000
|
|
The 2010 Plan | Maximum |
|
|
|
|
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] |
|
|
|
|
Shares available for future grant |
|
2,500,000
|
|
|
2012 Purchase Plan |
|
|
|
|
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] |
|
|
|
|
Number of shares approved |
|
2,000,000
|
|
|
Shares issued under the Plan |
|
700,000
|
|
|
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v3.3.1.900
Share-Based Compensation - Schedule of Share-Based Compensation Arrangement by Share Based Payment Award Options Outstanding (Detail) shares in Millions |
6 Months Ended |
Dec. 31, 2015
$ / shares
shares
|
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] |
|
Options outstanding at beginning of period, Number of shares | shares |
12.5
|
Options granted, Number of shares | shares |
0.0
|
Options exercised, Number of shares | shares |
(4.0)
|
Options canceled or expired, Number of shares | shares |
0.0
|
Options outstanding at end of year, Number of shares | shares |
8.5
|
Options exercisable at end of period, Number of shares | shares |
6.9
|
Options outstanding at beginning of period, Weighted average exercise price | $ / shares |
$ 23.49
|
Options granted, Weighted average exercise price | $ / shares |
0
|
Options exercised, Weighted average exercise price | $ / shares |
21.38
|
Options canceled or expired, Weighted average exercise price | $ / shares |
0
|
Options outstanding at end of year, Weighted average exercise price | $ / shares |
24.50
|
Options exercisable at end of period, Weighted average exercise price | $ / shares |
$ 24.00
|
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6 Months Ended |
Dec. 31, 2015
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3 Months Ended |
6 Months Ended |
Dec. 31, 2015 |
Dec. 31, 2014 |
Dec. 31, 2015 |
Dec. 31, 2014 |
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$ 12.8
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Dec. 31, 2015 |
Jun. 30, 2015 |
Fair Value, Option, Qualitative Disclosures Related to Election [Line Items] |
|
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Total fair value of financial assets |
|
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70.3
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44.3
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13.2
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Level 1 |
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2.4
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|
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1.1
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2.4
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Level 2 |
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128.3
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44.8
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70.3
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