Document_and_Entity_Informatio
Document and Entity Information | 3 Months Ended | |
Sep. 30, 2013 | Nov. 07, 2013 | |
Document Information [Line Items] | ' | ' |
Document Type | '10-Q | ' |
Amendment Flag | 'false | ' |
Document Period End Date | 30-Sep-13 | ' |
Document Fiscal Year Focus | '2014 | ' |
Document Fiscal Period Focus | 'Q1 | ' |
Trading Symbol | 'MYGN | ' |
Entity Registrant Name | 'MYRIAD GENETICS INC | ' |
Entity Central Index Key | '0000899923 | ' |
Current Fiscal Year End Date | '--06-30 | ' |
Entity Filer Category | 'Large Accelerated Filer | ' |
Entity Common Stock, Shares Outstanding | ' | 74,753,490 |
Condensed_Consolidated_Balance
Condensed Consolidated Balance Sheets (USD $) | Sep. 30, 2013 | Jun. 30, 2013 |
In Thousands, unless otherwise specified | ||
Current assets: | ' | ' |
Cash and cash equivalents | $84,987 | $104,073 |
Marketable investment securities | 272,031 | 268,243 |
Prepaid expenses | 4,857 | 5,963 |
Trade accounts receivable, less allowance for doubtful accounts of $8,900 at Sep. 30, 2013 and $7,500 at Jun. 30, 2013 | 86,218 | 94,333 |
Deferred taxes | 8,768 | 8,007 |
Other receivables | 1,814 | 3,373 |
Total current assets | 458,675 | 483,992 |
Equipment and leasehold improvements: | ' | ' |
Equipment | 70,764 | 65,903 |
Leasehold improvements | 18,340 | 18,294 |
Gross equipment and leasehold improvements | 89,104 | 84,197 |
Less accumulated depreciation | 58,429 | 56,595 |
Net equipment and leasehold improvements | 30,675 | 27,602 |
Long-term marketable investment securities | 158,566 | 158,748 |
Long-term deferred taxes | 28,473 | 28,632 |
Note receivable | 22,333 | 21,667 |
Other assets | 13,000 | 13,000 |
Intangibles, net | 13,086 | 13,330 |
Goodwill | 56,850 | 56,850 |
Total assets | 781,658 | 803,821 |
Current liabilities: | ' | ' |
Accounts payable | 18,745 | 18,132 |
Accrued liabilities | 59,390 | 44,334 |
Deferred revenue | 895 | 2,043 |
Total current liabilities | 79,030 | 64,509 |
Unrecognized tax benefits | 12,356 | 10,718 |
Total liabilities | 91,386 | 75,227 |
Stockholders' equity: | ' | ' |
Preferred stock, $0.01 par value, authorized 5,000 shares, issued and outstanding no shares | ' | ' |
Common stock, $0.01 par value, authorized 150,000 shares at Sep. 30, 2013 and Jun. 30, 2013, issued and outstanding 76,815 at Sep. 30, 2013 and 80,577 at Jun. 30, 2013 | 768 | 806 |
Additional paid-in capital | 675,184 | 697,346 |
Accumulated other comprehensive income (loss) | 365 | -424 |
Retained earnings | 13,955 | 30,866 |
Total stockholders' equity | 690,272 | 728,594 |
Total liabilities and stockholders' equity | $781,658 | $803,821 |
Condensed_Consolidated_Balance1
Condensed Consolidated Balance Sheets (Parenthetical) (USD $) | Sep. 30, 2013 | Jun. 30, 2013 |
In Thousands, except Per Share data, unless otherwise specified | ||
Allowance for doubtful accounts | $8,900 | $7,500 |
Preferred stock, par value | $0.01 | $0.01 |
Preferred stock, authorized | 5,000 | 5,000 |
Preferred stock, issued | ' | ' |
Preferred stock, outstanding | ' | ' |
Common stock, par value | $0.01 | $0.01 |
Common stock, authorized | 150,000 | 150,000 |
Common stock, issued | 76,815 | 80,577 |
Common stock, outstanding | 76,815 | 80,577 |
Condensed_Consolidated_Stateme
Condensed Consolidated Statements of Income and Comprehensive Income (USD $) | 3 Months Ended | |
In Thousands, except Per Share data, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 |
Molecular diagnostic testing | $192,987 | $127,268 |
Companion diagnostic services | 9,480 | 6,169 |
Total revenue | 202,467 | 133,437 |
Costs and expenses: | ' | ' |
Cost of molecular diagnostic testing | 21,439 | 13,932 |
Cost of companion diagnostic services | 4,042 | 3,395 |
Research and development expense | 16,803 | 11,400 |
Selling, general, and administrative expense | 77,279 | 56,128 |
Total costs and expenses | 119,563 | 84,855 |
Operating income | 82,904 | 48,582 |
Other income (expense): | ' | ' |
Interest income | 1,362 | 1,368 |
Other | -439 | -128 |
Total other income | 923 | 1,240 |
Income before income taxes | 83,827 | 49,822 |
Income tax provision | 28,362 | 19,686 |
Net income | 55,465 | 30,136 |
Earnings per share: | ' | ' |
Basic | $0.70 | $0.37 |
Diluted | $0.68 | $0.36 |
Weighted average shares outstanding | ' | ' |
Basic | 79,575 | 81,572 |
Diluted | 81,798 | 83,914 |
Net income | 55,465 | 30,136 |
Comprehensive income: | ' | ' |
Unrealized gain (loss) on available-for-sale securities, net of tax | -285 | 83 |
Change in foreign currency translation adjustment, net of tax | -504 | 208 |
Comprehensive income | $54,676 | $30,427 |
Condensed_Consolidated_Stateme1
Condensed Consolidated Statements of Cash Flows (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 |
Cash flows from operating activities: | ' | ' |
Net income | $55,465 | $30,136 |
Adjustments to reconcile net income to net cash provided by operating activities: | ' | ' |
Depreciation and amortization | 2,372 | 2,211 |
Loss on disposition of assets | 40 | 1 |
Share-based compensation expense | 6,935 | 6,600 |
Bad debt expense | 11,494 | 7,195 |
Accreted interest on note receivable | -666 | -667 |
Unrecognized tax benefits | 1,638 | 130 |
Excess tax benefit from share-based compensation | -14 | -463 |
Deferred income taxes | -588 | 2,224 |
Changes in operating assets and liabilities: | ' | ' |
Prepaid expenses | 1,106 | 169 |
Trade accounts receivable | -3,379 | -9,260 |
Other receivables | 1,558 | 690 |
Accounts payable | 613 | 945 |
Accrued liabilities | 15,056 | 10,224 |
Deferred revenue | -1,148 | 1,221 |
Net cash provided by operating activities | 90,482 | 51,356 |
Cash flows from investing activities: | ' | ' |
Capital expenditures for equipment and leasehold improvements | -5,265 | -2,461 |
Purchases of marketable investment securities | -60,142 | -126,903 |
Proceeds from maturities and sales of marketable investment securities | 57,350 | 124,359 |
Net cash used in investing activities | -8,057 | -5,005 |
Cash flows from financing activities: | ' | ' |
Net proceeds from common stock issued under share-based compensation plans | 791 | 8,616 |
Excess tax benefit from share-based compensation | 14 | 463 |
Repurchase and retirement of common stock | -102,316 | -46,199 |
Net cash used in financing activities | -101,511 | -37,120 |
Net (decrease)/increase in cash and cash equivalents | -19,086 | 9,231 |
Cash and cash equivalents at beginning of period | 104,073 | 86,352 |
Cash and cash equivalents at end of period | $84,987 | $95,583 |
Basis_of_Presentation
Basis of Presentation | 3 Months Ended | |
Sep. 30, 2013 | ||
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, 2013, included in the Company’s Annual Report on Form 10-K for the fiscal year ended June 30, 2013. Operating results for the three months ended September 30, 2013 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. | ||
Certain reclassifications have been made to prior period amounts to conform to the current period presentation. |
Marketable_Investment_Securiti
Marketable Investment Securities | 3 Months Ended | ||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||
Marketable Investment Securities | ' | ||||||||||||||||
-2 | 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 September 30, 2013 and June 30, 2013 were as follows: | |||||||||||||||||
Gross | Gross | ||||||||||||||||
unrealized | unrealized | ||||||||||||||||
Amortized | holding | holding | Estimated | ||||||||||||||
(In thousands) | cost | gains | losses | fair value | |||||||||||||
At September 30, 2013: | |||||||||||||||||
Cash and cash equivalents: | |||||||||||||||||
Cash | $ | 71,176 | $ | — | $ | — | $ | 71,176 | |||||||||
Cash equivalents | 13,811 | — | — | 13,811 | |||||||||||||
Total cash and cash equivalents | 84,987 | — | — | 84,987 | |||||||||||||
Available-for-sale securities: | |||||||||||||||||
Corporate bonds and notes | 85,461 | 32 | (18 | ) | 85,475 | ||||||||||||
Municipal bonds | 255,989 | 207 | (215 | ) | 255,981 | ||||||||||||
Federal agency issues | 89,087 | 55 | (1 | ) | 89,141 | ||||||||||||
Total available-for-sale securities | 430,537 | 294 | (234 | ) | 430,597 | ||||||||||||
Total cash, cash equivalents and available-for-sale securities | $ | 515,524 | $ | 294 | $ | (234 | ) | $ | 515,584 | ||||||||
Gross | Gross | ||||||||||||||||
unrealized | unrealized | ||||||||||||||||
Amortized | holding | holding | Estimated | ||||||||||||||
(In thousands) | cost | gains | losses | fair value | |||||||||||||
At June 30, 2013: | |||||||||||||||||
Cash and cash equivalents: | |||||||||||||||||
Cash | $ | 40,412 | $ | — | $ | — | $ | 40,412 | |||||||||
Cash equivalents | 63,653 | 8 | — | 63,661 | |||||||||||||
Total cash and cash equivalents | 104,065 | 8 | — | 104,073 | |||||||||||||
Available-for-sale securities: | |||||||||||||||||
Corporate bonds and notes | 71,626 | 13 | (15 | ) | 71,624 | ||||||||||||
Municipal bonds | 251,513 | 109 | (537 | ) | 251,085 | ||||||||||||
Federal agency issues | 104,293 | 24 | (35 | ) | 104,282 | ||||||||||||
Total available-for-sale securities | 427,432 | 146 | (587 | ) | 426,991 | ||||||||||||
Total cash, cash equivalents and available-for-sale securities | $ | 531,497 | $ | 154 | $ | (587 | ) | $ | 531,064 | ||||||||
Cash, cash equivalents, and maturities of debt securities classified as available-for-sale securities are as follows at September 30, 2013: | |||||||||||||||||
Amortized | Estimated | ||||||||||||||||
(In thousands) | cost | fair value | |||||||||||||||
Cash | $ | 71,176 | $ | 71,176 | |||||||||||||
Cash equivalents | 13,811 | 13,811 | |||||||||||||||
Available-for-sale: | |||||||||||||||||
Due within one year | 271,918 | 272,031 | |||||||||||||||
Due after one year through five years | 158,619 | 158,566 | |||||||||||||||
Due after five years | — | — | |||||||||||||||
$ | 515,524 | $ | 515,584 | ||||||||||||||
ShareBased_Compensation
Share-Based Compensation | 3 Months Ended | ||||||||
Sep. 30, 2013 | |||||||||
Share-Based Compensation | ' | ||||||||
-3 | 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 5, 2012, the shareholders approved an amendment to the 2010 Plan to set the number of shares available for grant to 4,500,000. At September 30, 2013, 1,473,914 shares were available for issuance. In addition, as of September 30, 2013, the Company may grant up to 7,236,703 additional shares under the 2010 Plan if options previously granted under the Company’s 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. Options under the plan granted prior to December 5, 2012 generally vest ratably over four years and expire ten years from the grant date. 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. | |||||||||
The Company also has an Employee Stock Purchase Plan that was approved by shareholders in 2012 (the “2012 Purchase Plan”), under which 2,000,000 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 September 30, 2013, approximately 67,000 shares of common stock have been issued under the 2012 Purchase Plan and approximately 1,933,000 were available for issuance. | |||||||||
A summary of the stock option activity under the Company’s plans for the three months ended September 30, 2013 is as follows: | |||||||||
Weighted | |||||||||
Number | average | ||||||||
of | exercise | ||||||||
shares | price | ||||||||
Options outstanding at June 30, 2013 | 14,434,970 | $ | 21.75 | ||||||
Options granted | 3,119,553 | 26.54 | |||||||
Less: | |||||||||
Options exercised | 43,301 | 18.27 | |||||||
Options canceled or expired | 106,734 | 22.63 | |||||||
Options outstanding at September 30, 2013 | 17,404,488 | $ | 22.61 | ||||||
As of September 30, 2013, options to purchase 9,222,449 shares were vested and exercisable at a weighted average price of $21.05. As of September 30, 2013, there was $57,515,000 of total unrecognized share-based compensation expense related to share-based awards granted under the Company’s plans that will be recognized over a weighted-average period of 2.8 years. | |||||||||
Share-based compensation expense recognized and included in the condensed consolidated statements of income was allocated as follows: | |||||||||
Three months ended | |||||||||
September 30, | |||||||||
(In thousands) | 2013 | 2012 | |||||||
Cost of molecular diagnostic testing | $ | 223 | $ | 289 | |||||
Cost of companion diagnostic services | 62 | 58 | |||||||
Research and development expense | 782 | 809 | |||||||
Selling, general, and administrative expense | 5,868 | 5,444 | |||||||
Total share-based compensation expense | $ | 6,935 | $ | 6,600 | |||||
Stockholders_Equity
Stockholders' Equity | 3 Months Ended | ||||||||
Sep. 30, 2013 | |||||||||
Stockholders' Equity | ' | ||||||||
-4 | Stockholders’ Equity | ||||||||
Stock Repurchase Program | |||||||||
The Company’s Board of Directors has authorized a share repurchase program of $200 million 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 September 30, 2013, approximately $51.1 million remained available for repurchases under the program. 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 retained earnings. The shares retired, aggregate common stock and additional paid-in capital reductions, and related charges to retained earnings for the repurchases for the three months ended September 30, 2013 and 2012 were as follows: | |||||||||
Three months ended | |||||||||
September 30, | |||||||||
(In thousands) | 2013 | 2012 | |||||||
Shares purchased and retired | 3,806 | 1,836 | |||||||
Common stock and additional paid-in-capital reductions | $ | 29,940 | $ | 13,750 | |||||
Charges to retained earnings | $ | 72,376 | $ | 32,449 |
Earnings_Per_Share
Earnings Per Share | 3 Months Ended | ||||||||
Sep. 30, 2013 | |||||||||
Earnings Per Share | ' | ||||||||
-5 | Earnings Per Share | ||||||||
Basic earnings per share is computed based on the weighted-average number of shares of the Company’s common stock outstanding. Diluted earnings per share is computed based on the weighted-average number of shares of the Company’s 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 computations: | |||||||||
Three months ended | |||||||||
September 30, | |||||||||
(In thousands) | 2013 | 2012 | |||||||
Denominator: | |||||||||
Weighted-average shares outstanding used to compute basic earnings per share | 79,575 | 81,572 | |||||||
Effect of dilutive stock options | 2,223 | 2,342 | |||||||
Weighted-average shares outstanding and dilutive securities used to compute dilutive earnings per share | 81,798 | 83,914 | |||||||
Certain outstanding stock options were excluded from the computation of diluted earnings per share for the three months ended September 30, 2013 and 2012 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 | |||||||||
September 30, | |||||||||
(In thousands) | 2013 | 2012 | |||||||
Anti-dilutive options excluded from EPS computation | 5,351 | 3,929 |
Segment_and_Related_Informatio
Segment and Related Information | 3 Months Ended | ||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||
Segment and Related Information | ' | ||||||||||||||||
-6 | Segment and Related Information | ||||||||||||||||
The Company’s business units have been aggregated into three reportable segments: (i) research, (ii) molecular diagnostics and (iii) companion diagnostics. The research segment is focused on the discovery of genes, biomarkers and proteins related to major common diseases and includes corporate services such as finance, human resources, legal, and information technology. The molecular diagnostics segment provides 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 companion diagnostics segment provides testing products and services to the pharmaceutical, biotechnology and medical research industries. The Company evaluates segment performance based on results from operations before interest income and expense and other income and expense. | |||||||||||||||||
Segment revenue and operating income (loss) were as follows during the periods presented: | |||||||||||||||||
Molecular | Companion | ||||||||||||||||
(In thousands) | Research | diagnostics | diagnostics | Total | |||||||||||||
Three months ended September 30, 2013: | |||||||||||||||||
Revenue | $ | — | $ | 192,987 | $ | 9,480 | $ | 202,467 | |||||||||
Depreciation and amortization | 510 | 1,362 | 500 | 2,372 | |||||||||||||
Segment operating income (loss) | (16,680 | ) | 97,746 | 1,838 | 82,904 | ||||||||||||
Three months ended September 30, 2012: | |||||||||||||||||
Revenue | $ | — | $ | 127,268 | $ | 6,169 | $ | 133,437 | |||||||||
Depreciation and amortization | 578 | 1,233 | 400 | 2,211 | |||||||||||||
Segment operating income (loss) | (15,054 | ) | 65,683 | (2,047 | ) | 48,582 | |||||||||||
Three months ended | |||||||||||||||||
September 30, | |||||||||||||||||
(In thousands) | 2013 | 2012 | |||||||||||||||
Total operating income for reportable segments | $ | 82,904 | $ | 48,582 | |||||||||||||
Interest income | 1,362 | 1,368 | |||||||||||||||
Other | (439 | ) | (128 | ) | |||||||||||||
Income tax provision | 28,362 | 19,686 | |||||||||||||||
Net income | $ | 55,465 | $ | 30,136 | |||||||||||||
Fair_Value_Measurements
Fair Value Measurements | 3 Months Ended | ||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||
Fair Value Measurements | ' | ||||||||||||||||
-7 | 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. | ||||||||||||||||
The substantial majority 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-measured on a regular basis: | |||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | ||||||||||||||
(In thousands) | |||||||||||||||||
at September 30, 2013: | |||||||||||||||||
Money market funds (a) | $ | 7,519 | $ | — | $ | — | $ | 7,519 | |||||||||
Corporate bonds and notes | — | 91,767 | — | 91,767 | |||||||||||||
Municipal bonds | — | 255,981 | — | 255,981 | |||||||||||||
Federal agency issues | — | 89,141 | — | 89,141 | |||||||||||||
Total | $ | 7,519 | $ | 436,889 | $ | — | $ | 444,408 | |||||||||
Level 1 | Level 2 | Level 3 | Total | ||||||||||||||
(In thousands) | |||||||||||||||||
at June 30, 2013: | |||||||||||||||||
Money market funds (a) | $ | 12,691 | $ | — | $ | — | $ | 12,691 | |||||||||
Corporate bonds and notes | — | 71,624 | — | 71,624 | |||||||||||||
Municipal bonds | — | 302,055 | — | 302,055 | |||||||||||||
Federal agency issues | — | 104,282 | — | 104,282 | |||||||||||||
Total | $ | 12,691 | $ | 477,961 | $ | — | $ | 490,652 | |||||||||
(a) | Money market funds are primarily comprised of exchange traded funds and accrued interest |
Commitments_and_Contingencies
Commitments and Contingencies | 3 Months Ended | |
Sep. 30, 2013 | ||
Commitments and Contingencies | ' | |
-8 | 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 September 30, 2013, 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. |
Income_Taxes
Income Taxes | 3 Months Ended | |
Sep. 30, 2013 | ||
Income Taxes | ' | |
-9 | 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 rates from quarter to quarter. | ||
Income tax expense for the three months ended September 30, 2013 was $28,362,000, or approximately 34% of pre-tax income, compared to $19,686,000, for the three months ended September 30, 2012, or approximately 40% of pre-tax income. Income tax expense for the three months ended September 30, 2013 is based on the Company’s estimated annual effective tax rate for the full fiscal year ending June 30, 2014, adjusted by discrete items recognized during the period. The Company’s effective tax rate differs from the U.S. federal statutory rate of 35% primarily due to state income taxes, a deduction for the write-off of stock in a wholly-owned subsidiary recently divested, as well as timing differences related to the recognition of the tax effect of equity compensation expense from incentive stock options and the deduction realized if those options are disqualified upon exercise and sale. | ||
The Company files U.S., U.K., France and state income tax returns in jurisdictions with various statutes of limitations. The Company’s New York State income tax returns for the years ended June 30, 2007, 2008 and 2009 are currently under examination by the New York State Department of Taxation and Finance. 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, U.K. and France income tax returns and all other state tax returns are not currently under examination. |
Goodwill_and_Intangible_Assets
Goodwill and Intangible Assets | 3 Months Ended | ||||||||||||
Sep. 30, 2013 | |||||||||||||
Goodwill and Intangible Assets | ' | ||||||||||||
-10 | Goodwill and Intangible Assets | ||||||||||||
Goodwill | |||||||||||||
At September 30, 2013, the Company had recorded goodwill of $56,850,000 related to the acquisition of Myriad RBM, Inc. on May 31, 2011 (formerly Rules-Based Medicine, Inc.). There were no events or circumstances that indicated that impairment exists; therefore, the Company recorded no impairment of goodwill for the three months ended September 30, 2013. | |||||||||||||
Intangible Assets | |||||||||||||
Intangible assets primarily consist of amortizable assets of purchased licenses and technologies, customer relationships, and tradenames as well as non-amortizable intangible assets of in-process technologies and research and development. Certain of these intangible assets were recorded as part of the Company’s purchase of Rules-Based Medicine, Inc. on May 31, 2011. The following summarizes the amounts reported as intangible assets: | |||||||||||||
Gross | |||||||||||||
Carrying | Accumlated | ||||||||||||
(In thousands) | Amount | Amortization | Net | ||||||||||
September 30, 2013: | |||||||||||||
Purchased licenses and technologies | $ | 4,500 | $ | (2,722 | ) | $ | 1,778 | ||||||
Customer relationships | 4,650 | (1,092 | ) | 3,558 | |||||||||
Trademarks | 3,000 | (50 | ) | 2,950 | |||||||||
Total amortizable intangible assets | 12,150 | (3,864 | ) | 8,286 | |||||||||
In-process research and development | 4,800 | — | 4,800 | ||||||||||
Total non-amortizable intangible assets | 4,800 | — | 4,800 | ||||||||||
Total intangible assets | $ | 16,950 | $ | (3,864 | ) | $ | 13,086 | ||||||
Gross | |||||||||||||
Carrying | Accumlated | ||||||||||||
(In thousands) | Amount | Amortization | Net | ||||||||||
June 30, 2013: | |||||||||||||
Purchased licenses and technologies | $ | 4,500 | $ | (2,644 | ) | $ | 1,856 | ||||||
Customer relationships | 4,650 | (976 | ) | 3,674 | |||||||||
Trademarks | 3,000 | — | 3,000 | ||||||||||
Total amortizable intangible assets | 12,150 | (3,620 | ) | 8,530 | |||||||||
In-process research and development | 4,800 | — | 4,800 | ||||||||||
Total non-amortizable intangible assets | 4,800 | — | 4,800 | ||||||||||
Total intangible assets | $ | 16,950 | $ | (3,620 | ) | $ | 13,330 | ||||||
The Company recorded amortization during the respective periods for these intangible assets as follows: | |||||||||||||
Three months ended | |||||||||||||
September 30, | |||||||||||||
(In thousands) | 2013 | 2012 | |||||||||||
Amortization on intangible assets | $ | 244 | $ | 275 |
Term_Loan_and_Option_Agreement
Term Loan and Option Agreement | 3 Months Ended | |
Sep. 30, 2013 | ||
Term Loan and Option Agreement | ' | |
-11 | Term Loan and Option Agreement | |
On September 8, 2011, the Company issued a $25,000,000 term loan to Crescendo Bioscience, Inc. (“Crescendo”) of South San Francisco, CA under a Loan and Security Agreement (“Loan Agreement”) and also secured an exclusive three-year option to acquire Crescendo pursuant to a definitive merger agreement (the “Option Agreement”). The stated interest rate on the term loan is 7%. The fair value of the Option Agreement of $8,000,000 was determined utilizing valuation models at the time of the issuance, including the market and income based approaches, which utilize various inputs including projected income, volatility, risk free rates and projected terms. The Company periodically evaluates the Option Agreement for impairment. No impairment indicators were noted at September 30, 2013. | ||
The residual $17,000,000 value of the term loan has been classified as a note receivable at its accreted value of $22,333,000 on the condensed consolidated balance sheet as of September 30, 2013. The Company recorded interest income related to accretion of the note receivable and the stated interest rate for the three months ended September 30, 2013 of $1,104,000 in the condensed consolidated statement of income. The Company is utilizing the effective interest method to accrete the discount portion of the note receivable through interest income over the three-year term of the Company’s option to acquire Crescendo under the Option Agreement. The note receivable is evaluated for collectability each reporting period. If the Company determines that the note receivable and any accrued interest is not collectible, such amount will be written off in the period that determination is made. No amounts related to the note receivable or accrued interest were written off during the three months ended September 30, 2013. |
Cost_Basis_Investment
Cost Basis Investment | 3 Months Ended | |
Sep. 30, 2013 | ||
Cost Basis Investment | ' | |
-12 | Cost Basis Investment | |
As of September 30, 2013, the Company had a $5,000,000 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 three months ended September 30, 2013. |
Subsequent_Event
Subsequent Event | 3 Months Ended | |
Sep. 30, 2013 | ||
Subsequent Event | ' | |
-13 | Subsequent Event | |
In November 2013, the Company completed its fifth share repurchase program. In November 2013, the Company announced that its Board of Directors authorized the repurchase of an additional $300 million of the Company’s outstanding common stock. The Company plans to repurchase up to $300 million of shares of its common stock from time-to-time in open market purchases or privately negotiated purchases as determined by the Company’s management. The amount and timing of the stock repurchase will depend on business and market conditions, trading restrictions, acquisition activity and other factors. |
Marketable_Investment_Securiti1
Marketable Investment Securities (Tables) | 3 Months Ended | ||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||
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 September 30, 2013 and June 30, 2013 were as follows: | |||||||||||||||||
Gross | Gross | ||||||||||||||||
unrealized | unrealized | ||||||||||||||||
Amortized | holding | holding | Estimated | ||||||||||||||
(In thousands) | cost | gains | losses | fair value | |||||||||||||
At September 30, 2013: | |||||||||||||||||
Cash and cash equivalents: | |||||||||||||||||
Cash | $ | 71,176 | $ | — | $ | — | $ | 71,176 | |||||||||
Cash equivalents | 13,811 | — | — | 13,811 | |||||||||||||
Total cash and cash equivalents | 84,987 | — | — | 84,987 | |||||||||||||
Available-for-sale securities: | |||||||||||||||||
Corporate bonds and notes | 85,461 | 32 | (18 | ) | 85,475 | ||||||||||||
Municipal bonds | 255,989 | 207 | (215 | ) | 255,981 | ||||||||||||
Federal agency issues | 89,087 | 55 | (1 | ) | 89,141 | ||||||||||||
Total available-for-sale securities | 430,537 | 294 | (234 | ) | 430,597 | ||||||||||||
Total cash, cash equivalents and available-for-sale securities | $ | 515,524 | $ | 294 | $ | (234 | ) | $ | 515,584 | ||||||||
Gross | Gross | ||||||||||||||||
unrealized | unrealized | ||||||||||||||||
Amortized | holding | holding | Estimated | ||||||||||||||
(In thousands) | cost | gains | losses | fair value | |||||||||||||
At June 30, 2013: | |||||||||||||||||
Cash and cash equivalents: | |||||||||||||||||
Cash | $ | 40,412 | $ | — | $ | — | $ | 40,412 | |||||||||
Cash equivalents | 63,653 | 8 | — | 63,661 | |||||||||||||
Total cash and cash equivalents | 104,065 | 8 | — | 104,073 | |||||||||||||
Available-for-sale securities: | |||||||||||||||||
Corporate bonds and notes | 71,626 | 13 | (15 | ) | 71,624 | ||||||||||||
Municipal bonds | 251,513 | 109 | (537 | ) | 251,085 | ||||||||||||
Federal agency issues | 104,293 | 24 | (35 | ) | 104,282 | ||||||||||||
Total available-for-sale securities | 427,432 | 146 | (587 | ) | 426,991 | ||||||||||||
Total cash, cash equivalents and available-for-sale securities | $ | 531,497 | $ | 154 | $ | (587 | ) | $ | 531,064 | ||||||||
Schedule of Maturities of Debt Securities Classified as Cash Equivalents and Available-For-Sale | ' | ||||||||||||||||
Cash, cash equivalents, and maturities of debt securities classified as available-for-sale securities are as follows at September 30, 2013: | |||||||||||||||||
Amortized | Estimated | ||||||||||||||||
(In thousands) | cost | fair value | |||||||||||||||
Cash | $ | 71,176 | $ | 71,176 | |||||||||||||
Cash equivalents | 13,811 | 13,811 | |||||||||||||||
Available-for-sale: | |||||||||||||||||
Due within one year | 271,918 | 272,031 | |||||||||||||||
Due after one year through five years | 158,619 | 158,566 | |||||||||||||||
Due after five years | — | — | |||||||||||||||
$ | 515,524 | $ | 515,584 | ||||||||||||||
ShareBased_Compensation_Tables
Share-Based Compensation (Tables) | 3 Months Ended | ||||||||
Sep. 30, 2013 | |||||||||
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 three months ended September 30, 2013 is as follows: | |||||||||
Weighted | |||||||||
Number | average | ||||||||
of | exercise | ||||||||
shares | price | ||||||||
Options outstanding at June 30, 2013 | 14,434,970 | $ | 21.75 | ||||||
Options granted | 3,119,553 | 26.54 | |||||||
Less: | |||||||||
Options exercised | 43,301 | 18.27 | |||||||
Options canceled or expired | 106,734 | 22.63 | |||||||
Options outstanding at September 30, 2013 | 17,404,488 | $ | 22.61 | ||||||
Schedule of Share-Based Compensation Recognized in Consolidated Statements of Comprehensive Income | ' | ||||||||
Share-based compensation expense recognized and included in the condensed consolidated statements of income was allocated as follows: | |||||||||
Three months ended | |||||||||
September 30, | |||||||||
(In thousands) | 2013 | 2012 | |||||||
Cost of molecular diagnostic testing | $ | 223 | $ | 289 | |||||
Cost of companion diagnostic services | 62 | 58 | |||||||
Research and development expense | 782 | 809 | |||||||
Selling, general, and administrative expense | 5,868 | 5,444 | |||||||
Total share-based compensation expense | $ | 6,935 | $ | 6,600 | |||||
Stockholders_Equity_Tables
Stockholders' Equity (Tables) | 3 Months Ended | ||||||||
Sep. 30, 2013 | |||||||||
Schedule of Stock Repurchases | ' | ||||||||
The shares retired, aggregate common stock and additional paid-in capital reductions, and related charges to retained earnings for the repurchases for the three months ended September 30, 2013 and 2012 were as follows: | |||||||||
Three months ended | |||||||||
September 30, | |||||||||
(In thousands) | 2013 | 2012 | |||||||
Shares purchased and retired | 3,806 | 1,836 | |||||||
Common stock and additional paid-in-capital reductions | $ | 29,940 | $ | 13,750 | |||||
Charges to retained earnings | $ | 72,376 | $ | 32,449 |
Earnings_Per_Share_Tables
Earnings Per Share (Tables) | 3 Months Ended | ||||||||
Sep. 30, 2013 | |||||||||
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 computations: | |||||||||
Three months ended | |||||||||
September 30, | |||||||||
(In thousands) | 2013 | 2012 | |||||||
Denominator: | |||||||||
Weighted-average shares outstanding used to compute basic earnings per share | 79,575 | 81,572 | |||||||
Effect of dilutive stock options | 2,223 | 2,342 | |||||||
Weighted-average shares outstanding and dilutive securities used to compute dilutive earnings per share | 81,798 | 83,914 | |||||||
Schedule of Anti-Dilutive Options 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 | |||||||||
September 30, | |||||||||
(In thousands) | 2013 | 2012 | |||||||
Anti-dilutive options excluded from EPS computation | 5,351 | 3,929 |
Segment_and_Related_Informatio1
Segment and Related Information (Tables) | 3 Months Ended | ||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||
Schedule of Segment Performance Based on Income (Loss) from Continuing Operations before Interest Income and Other Income and Expense | ' | ||||||||||||||||
Segment revenue and operating income (loss) were as follows during the periods presented: | |||||||||||||||||
Molecular | Companion | ||||||||||||||||
(In thousands) | Research | diagnostics | diagnostics | Total | |||||||||||||
Three months ended September 30, 2013: | |||||||||||||||||
Revenue | $ | — | $ | 192,987 | $ | 9,480 | $ | 202,467 | |||||||||
Depreciation and amortization | 510 | 1,362 | 500 | 2,372 | |||||||||||||
Segment operating income (loss) | (16,680 | ) | 97,746 | 1,838 | 82,904 | ||||||||||||
Three months ended September 30, 2012: | |||||||||||||||||
Revenue | $ | — | $ | 127,268 | $ | 6,169 | $ | 133,437 | |||||||||
Depreciation and amortization | 578 | 1,233 | 400 | 2,211 | |||||||||||||
Segment operating income (loss) | (15,054 | ) | 65,683 | (2,047 | ) | 48,582 | |||||||||||
Three months ended | |||||||||||||||||
September 30, | |||||||||||||||||
(In thousands) | 2013 | 2012 | |||||||||||||||
Total operating income for reportable segments | $ | 82,904 | $ | 48,582 | |||||||||||||
Interest income | 1,362 | 1,368 | |||||||||||||||
Other | (439 | ) | (128 | ) | |||||||||||||
Income tax provision | 28,362 | 19,686 | |||||||||||||||
Net income | $ | 55,465 | $ | 30,136 | |||||||||||||
Fair_Value_Measurements_Tables
Fair Value Measurements (Tables) | 3 Months Ended | ||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||
Schedule of Fair Value of Financial Assets | ' | ||||||||||||||||
The following table sets forth the fair value of the financial assets that the Company re-measured on a regular basis: | |||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | ||||||||||||||
(In thousands) | |||||||||||||||||
at September 30, 2013: | |||||||||||||||||
Money market funds (a) | $ | 7,519 | $ | — | $ | — | $ | 7,519 | |||||||||
Corporate bonds and notes | — | 91,767 | — | 91,767 | |||||||||||||
Municipal bonds | — | 255,981 | — | 255,981 | |||||||||||||
Federal agency issues | — | 89,141 | — | 89,141 | |||||||||||||
Total | $ | 7,519 | $ | 436,889 | $ | — | $ | 444,408 | |||||||||
Level 1 | Level 2 | Level 3 | Total | ||||||||||||||
(In thousands) | |||||||||||||||||
at June 30, 2013: | |||||||||||||||||
Money market funds (a) | $ | 12,691 | $ | — | $ | — | $ | 12,691 | |||||||||
Corporate bonds and notes | — | 71,624 | — | 71,624 | |||||||||||||
Municipal bonds | — | 302,055 | — | 302,055 | |||||||||||||
Federal agency issues | — | 104,282 | — | 104,282 | |||||||||||||
Total | $ | 12,691 | $ | 477,961 | $ | — | $ | 490,652 | |||||||||
(a) | Money market funds are primarily comprised of exchange traded funds and accrued interest |
Goodwill_and_Intangible_Assets1
Goodwill and Intangible Assets (Tables) | 3 Months Ended | ||||||||||||
Sep. 30, 2013 | |||||||||||||
Summarized Amounts Reported as Intangible Assets | ' | ||||||||||||
The following summarizes the amounts reported as intangible assets: | |||||||||||||
Gross | |||||||||||||
Carrying | Accumlated | ||||||||||||
(In thousands) | Amount | Amortization | Net | ||||||||||
September 30, 2013: | |||||||||||||
Purchased licenses and technologies | $ | 4,500 | $ | (2,722 | ) | $ | 1,778 | ||||||
Customer relationships | 4,650 | (1,092 | ) | 3,558 | |||||||||
Trademarks | 3,000 | (50 | ) | 2,950 | |||||||||
Total amortizable intangible assets | 12,150 | (3,864 | ) | 8,286 | |||||||||
In-process research and development | 4,800 | — | 4,800 | ||||||||||
Total non-amortizable intangible assets | 4,800 | — | 4,800 | ||||||||||
Total intangible assets | $ | 16,950 | $ | (3,864 | ) | $ | 13,086 | ||||||
Gross | |||||||||||||
Carrying | Accumlated | ||||||||||||
(In thousands) | Amount | Amortization | Net | ||||||||||
June 30, 2013: | |||||||||||||
Purchased licenses and technologies | $ | 4,500 | $ | (2,644 | ) | $ | 1,856 | ||||||
Customer relationships | 4,650 | (976 | ) | 3,674 | |||||||||
Trademarks | 3,000 | — | 3,000 | ||||||||||
Total amortizable intangible assets | 12,150 | (3,620 | ) | 8,530 | |||||||||
In-process research and development | 4,800 | — | 4,800 | ||||||||||
Total non-amortizable intangible assets | 4,800 | — | 4,800 | ||||||||||
Total intangible assets | $ | 16,950 | $ | (3,620 | ) | $ | 13,330 | ||||||
Amortization for Intangible Assets | ' | ||||||||||||
The Company recorded amortization during the respective periods for these intangible assets as follows: | |||||||||||||
Three months ended | |||||||||||||
September 30, | |||||||||||||
(In thousands) | 2013 | 2012 | |||||||||||
Amortization on intangible assets | $ | 244 | $ | 275 |
Schedule_of_Fair_Value_for_Ava
Schedule of Fair Value for Available-for-Sale Securities by Major Security Type and Class of Security (Detail) (USD $) | Sep. 30, 2013 | Jun. 30, 2013 |
In Thousands, unless otherwise specified | ||
Cash | ' | ' |
Net Investment Income [Line Items] | ' | ' |
Amortized cost | $71,176 | $40,412 |
Estimated fair value | 71,176 | 40,412 |
Cash Equivalents | ' | ' |
Net Investment Income [Line Items] | ' | ' |
Amortized cost | 13,811 | 63,653 |
Gross unrealized holding gains | ' | 8 |
Estimated fair value | 13,811 | 63,661 |
Total Cash And Cash Equivalents | ' | ' |
Net Investment Income [Line Items] | ' | ' |
Amortized cost | 84,987 | 104,065 |
Gross unrealized holding gains | ' | 8 |
Estimated fair value | 84,987 | 104,073 |
Corporate Bonds And Notes | ' | ' |
Net Investment Income [Line Items] | ' | ' |
Amortized cost | 85,461 | 71,626 |
Gross unrealized holding gains | 32 | 13 |
Gross unrealized holding losses | -18 | -15 |
Estimated fair value | 85,475 | 71,624 |
Municipal Bonds | ' | ' |
Net Investment Income [Line Items] | ' | ' |
Amortized cost | 255,989 | 251,513 |
Gross unrealized holding gains | 207 | 109 |
Gross unrealized holding losses | -215 | -537 |
Estimated fair value | 255,981 | 251,085 |
Federal Agency Issues | ' | ' |
Net Investment Income [Line Items] | ' | ' |
Amortized cost | 89,087 | 104,293 |
Gross unrealized holding gains | 55 | 24 |
Gross unrealized holding losses | -1 | -35 |
Estimated fair value | 89,141 | 104,282 |
Total Available For Sale | ' | ' |
Net Investment Income [Line Items] | ' | ' |
Amortized cost | 430,537 | 427,432 |
Gross unrealized holding gains | 294 | 146 |
Gross unrealized holding losses | -234 | -587 |
Estimated fair value | 430,597 | 426,991 |
Total Cash, Cash Equivalents & Available-For-Sale | ' | ' |
Net Investment Income [Line Items] | ' | ' |
Amortized cost | 515,524 | 531,497 |
Gross unrealized holding gains | 294 | 154 |
Gross unrealized holding losses | -234 | -587 |
Estimated fair value | $515,584 | $531,064 |
Schedule_of_Maturities_of_Debt
Schedule of Maturities of Debt Securities Classified as Cash Equivalents and Available-For-Sale (Detail) (USD $) | Sep. 30, 2013 | Jun. 30, 2013 |
In Thousands, unless otherwise specified | ||
Net Investment Income [Line Items] | ' | ' |
Due within one year, Amortized cost | $271,918 | ' |
Due after one year through five years, Amortized cost | 158,619 | ' |
Due after five years, Amortized cost | ' | ' |
Total | 515,524 | ' |
Due within one year, Estimated fair value | 272,031 | ' |
Due after one year through five years, Estimated fair value | 158,566 | ' |
Due after five years, Estimated fair value | ' | ' |
Total | 515,584 | ' |
Cash | ' | ' |
Net Investment Income [Line Items] | ' | ' |
Amortized cost | 71,176 | 40,412 |
Estimated fair value | 71,176 | 40,412 |
Cash Equivalents | ' | ' |
Net Investment Income [Line Items] | ' | ' |
Amortized cost | 13,811 | 63,653 |
Estimated fair value | $13,811 | $63,661 |
ShareBased_Compensation_Additi
Share-Based Compensation - Additional Information (Detail) (USD $) | 3 Months Ended | 3 Months Ended | ||||||
Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Dec. 05, 2012 | Sep. 30, 2013 | Sep. 30, 2013 | Dec. 31, 2012 | |
Options granted after December 5, 2012 | Options granted prior to December 5, 2012 | The 2010 Plan | The 2010 Plan | The 2010 Plan | 2012 Purchase Plan | 2012 Purchase Plan | ||
Maximum | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' |
Number of shares approved | ' | ' | ' | ' | 4,500,000 | ' | 1,933,000 | 2,000,000 |
Shares reserved for issuance exercise of options | ' | ' | ' | 1,473,914 | ' | ' | ' | ' |
Shares available for future grant | ' | ' | ' | ' | ' | 7,236,703 | ' | ' |
Service period of option vested, years | '4 years | ' | ' | ' | ' | ' | ' | ' |
Options expire from date of grant, years | ' | '8 years | '10 years | ' | ' | ' | ' | ' |
Shares issued under the Plan | ' | ' | ' | ' | ' | ' | 67,000 | ' |
Options to purchase shares vested and exercisable, shares | 9,222,449 | ' | ' | ' | ' | ' | ' | ' |
Exercisable weighted average price of options | $21.05 | ' | ' | ' | ' | ' | ' | ' |
Total unrecognized share-based compensation cost related to share-based awards granted | $57,515,000 | ' | ' | ' | ' | ' | ' | ' |
Total unrecognized share-based compensation cost, weighted-average period, years | '2 years 9 months 18 days | ' | ' | ' | ' | ' | ' | ' |
Schedule_of_ShareBased_Compens
Schedule of Share-Based Compensation Arrangement by Share Based Payment Award Options Outstanding (Detail) (USD $) | 3 Months Ended |
Sep. 30, 2013 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' |
Options outstanding at beginning of year, Number of shares | 14,434,970 |
Options granted, Number of shares | 3,119,553 |
Options exercised, Number of shares | 43,301 |
Options canceled or expired, Number of shares | 106,734 |
Options outstanding at end of year, Number of shares | 17,404,488 |
Options outstanding at beginning of year, Weighted average exercise price | $21.75 |
Options granted, Weighted average exercise price | $26.54 |
Options exercised, Weighted average exercise price | $18.27 |
Options canceled or expired, Weighted average exercise price | $22.63 |
Options outstanding at end of year, Weighted average exercise price | $22.61 |
Schedule_of_ShareBased_Compens1
Schedule of Share-Based Compensation Recognized in Consolidated Statements of Comprehensive Income (Detail) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 |
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ' | ' |
Total share-based compensation expense | $6,935 | $6,600 |
Cost Of Molecular Diagnostic Testing | ' | ' |
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ' | ' |
Total share-based compensation expense | 223 | 289 |
Cost Of Companion Diagnostic Services | ' | ' |
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ' | ' |
Total share-based compensation expense | 62 | 58 |
Research And Development Expense | ' | ' |
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ' | ' |
Total share-based compensation expense | 782 | 809 |
Selling, General, and Administrative Expenses | ' | ' |
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ' | ' |
Total share-based compensation expense | $5,868 | $5,444 |
Stockholders_Equity_Additional
Stockholders' Equity - Additional Information (Detail) (USD $) | 1 Months Ended | 9 Months Ended |
In Millions, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2013 |
Stockholders Equity Note [Line Items] | ' | ' |
Share repurchase program, authorized amount | ' | $200 |
Share repurchase program, remaining authorized repurchase amount | $51.10 | ' |
Schedule_of_Stock_Repurchases_
Schedule of Stock Repurchases (Detail) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 |
Stockholders Equity [Line Items] | ' | ' |
Shares purchased and retired | 3,806 | 1,836 |
Common stock and additional paid-in-capital reductions | $29,940 | $13,750 |
Charges to retained earnings | $72,376 | $32,449 |
Reconciliation_of_Denominators
Reconciliation of Denominators of Basic and Diluted Earnings Per Share (Detail) | 3 Months Ended | |
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 |
Schedule of Earnings Per Share, Basic and Diluted, by Common Class [Line Items] | ' | ' |
Weighted-average shares outstanding used to compute basic earnings per share | 79,575 | 81,572 |
Effect of dilutive stock options | 2,223 | 2,342 |
Weighted-average shares outstanding and dilutive securities used to compute dilutive earnings per share | 81,798 | 83,914 |
Schedule_Of_AntiDilutive_Optio
Schedule Of Anti-Dilutive Options Excluded From EPS Computation (Detail) | 3 Months Ended | |
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ' | ' |
Anti-dilutive options excluded from EPS computation | 5,351 | 3,929 |
Segment_and_Related_Informatio2
Segment and Related Information - Additional Information (Detail) | 3 Months Ended |
Sep. 30, 2013 | |
Segment | |
Segment Reporting Information [Line Items] | ' |
Number of reportable segment | 3 |
Segment_Performance_Based_on_I
Segment Performance Based on Income (Loss) before Interest Income and Other Income and Expense (Detail) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 |
Segment Reporting Information [Line Items] | ' | ' |
Revenue | $202,467 | $133,437 |
Depreciation and amortization | 2,372 | 2,211 |
Segment operating income (loss) | 82,904 | 48,582 |
Research | ' | ' |
Segment Reporting Information [Line Items] | ' | ' |
Depreciation and amortization | 510 | 578 |
Segment operating income (loss) | -16,680 | -15,054 |
Molecular Diagnostics | ' | ' |
Segment Reporting Information [Line Items] | ' | ' |
Revenue | 192,987 | 127,268 |
Depreciation and amortization | 1,362 | 1,233 |
Segment operating income (loss) | 97,746 | 65,683 |
Companion Diagnostics | ' | ' |
Segment Reporting Information [Line Items] | ' | ' |
Revenue | 9,480 | 6,169 |
Depreciation and amortization | 500 | 400 |
Segment operating income (loss) | $1,838 | ($2,047) |
Schedule_of_Total_Operating_In
Schedule of Total Operating Income for Continuing Reportable Segments (Detail) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 |
Segment Reporting Information [Line Items] | ' | ' |
Total operating income for reportable segments | $82,904 | $48,582 |
Interest income | 1,362 | 1,368 |
Other | -439 | -128 |
Income tax provision | 28,362 | 19,686 |
Net income | $55,465 | $30,136 |
Schedule_of_Fair_Value_of_Fina
Schedule of Fair Value of Financial Assets (Detail) (USD $) | Sep. 30, 2013 | Jun. 30, 2013 | ||
In Thousands, unless otherwise specified | ||||
Fair Value, Option, Qualitative Disclosures Related to Election [Line Items] | ' | ' | ||
Total fair value of financial assets | $444,408 | $490,652 | ||
Money Market Funds | ' | ' | ||
Fair Value, Option, Qualitative Disclosures Related to Election [Line Items] | ' | ' | ||
Total fair value of financial assets | 7,519 | [1] | 12,691 | [1] |
Corporate Bonds And Notes | ' | ' | ||
Fair Value, Option, Qualitative Disclosures Related to Election [Line Items] | ' | ' | ||
Total fair value of financial assets | 91,767 | 71,624 | ||
Municipal Bonds | ' | ' | ||
Fair Value, Option, Qualitative Disclosures Related to Election [Line Items] | ' | ' | ||
Total fair value of financial assets | 255,981 | 302,055 | ||
Federal Agency Issues | ' | ' | ||
Fair Value, Option, Qualitative Disclosures Related to Election [Line Items] | ' | ' | ||
Total fair value of financial assets | 89,141 | 104,282 | ||
Level 1 | ' | ' | ||
Fair Value, Option, Qualitative Disclosures Related to Election [Line Items] | ' | ' | ||
Total fair value of financial assets | 7,519 | 12,691 | ||
Level 1 | Money Market Funds | ' | ' | ||
Fair Value, Option, Qualitative Disclosures Related to Election [Line Items] | ' | ' | ||
Total fair value of financial assets | 7,519 | [1] | 12,691 | [1] |
Level 2 | ' | ' | ||
Fair Value, Option, Qualitative Disclosures Related to Election [Line Items] | ' | ' | ||
Total fair value of financial assets | 436,889 | 477,961 | ||
Level 2 | Corporate Bonds And Notes | ' | ' | ||
Fair Value, Option, Qualitative Disclosures Related to Election [Line Items] | ' | ' | ||
Total fair value of financial assets | 91,767 | 71,624 | ||
Level 2 | Municipal Bonds | ' | ' | ||
Fair Value, Option, Qualitative Disclosures Related to Election [Line Items] | ' | ' | ||
Total fair value of financial assets | 255,981 | 302,055 | ||
Level 2 | Federal Agency Issues | ' | ' | ||
Fair Value, Option, Qualitative Disclosures Related to Election [Line Items] | ' | ' | ||
Total fair value of financial assets | $89,141 | $104,282 | ||
[1] | Money market funds are primarily comprised of exchange traded funds and accrued interest |
Income_Taxes_Additional_Inform
Income Taxes - Additional Information (Detail) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 |
Income Taxes [Line Items] | ' | ' |
Income tax expense | $28,362 | $19,686 |
Approximate rate on pre-tax income | 34.00% | 40.00% |
U.S. federal statutory rate | 35.00% | ' |
Goodwill_and_Other_Intangible_
Goodwill and Other Intangible Assets - Additional Information (Detail) (USD $) | Sep. 30, 2013 | Jun. 30, 2013 | Sep. 30, 2013 |
Rules-Based Medicine, Inc | |||
Acquired Finite-Lived Intangible Assets [Line Items] | ' | ' | ' |
Goodwill Acquired | $56,850,000 | $56,850,000 | $56,850,000 |
Impairment of goodwill | ' | ' | $0 |
Recovered_Sheet1
Goodwill And Other Intangible Assets (Detail) (USD $) | Sep. 30, 2013 | Jun. 30, 2013 |
In Thousands, unless otherwise specified | ||
Acquired Finite And Infinite-Lived Intangible Assets [Line Items] | ' | ' |
Gross Carrying Amount, total intangible assets | $16,950 | $16,950 |
Gross Carrying Amount, amortizable intangible assets | 12,150 | 12,150 |
Accumulated Amortization | -3,864 | -3,620 |
Net, total intangible assets | 13,086 | 13,330 |
Net, amortizable intangible assets | 8,286 | 8,530 |
Gross Carrying Amount, non-amortizable intangible assets | 4,800 | 4,800 |
Net, non-amortizable intangible assets | 4,800 | 4,800 |
In-Process Research And Development | ' | ' |
Acquired Finite And Infinite-Lived Intangible Assets [Line Items] | ' | ' |
Gross Carrying Amount, non-amortizable intangible assets | 4,800 | 4,800 |
Net, non-amortizable intangible assets | 4,800 | 4,800 |
Purchased Licenses And Technologies | ' | ' |
Acquired Finite And Infinite-Lived Intangible Assets [Line Items] | ' | ' |
Gross Carrying Amount, amortizable intangible assets | 4,500 | 4,500 |
Accumulated Amortization | -2,722 | -2,644 |
Net, amortizable intangible assets | 1,778 | 1,856 |
Customer Relationships | ' | ' |
Acquired Finite And Infinite-Lived Intangible Assets [Line Items] | ' | ' |
Gross Carrying Amount, amortizable intangible assets | 4,650 | 4,650 |
Accumulated Amortization | -1,092 | -976 |
Net, amortizable intangible assets | 3,558 | 3,674 |
Trademarks | ' | ' |
Acquired Finite And Infinite-Lived Intangible Assets [Line Items] | ' | ' |
Gross Carrying Amount, amortizable intangible assets | 3,000 | 3,000 |
Accumulated Amortization | -50 | ' |
Net, amortizable intangible assets | $2,950 | $3,000 |
Amortization_on_Intangible_Ass
Amortization on Intangible Assets (Detail) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 |
Finite-Lived Intangible Assets [Line Items] | ' | ' |
Amortization on intangible assets | $244 | $275 |
Term_Loan_and_Option_Agreement1
Term Loan and Option Agreement - Additional Information (Detail) (USD $) | 1 Months Ended | 3 Months Ended | 9 Months Ended | |
Sep. 08, 2011 | Sep. 30, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | |
Y | ||||
Debt Instrument [Line Items] | ' | ' | ' | ' |
Loan Agreement, principal amount | $25,000,000 | ' | ' | ' |
Interest rate per annum | ' | ' | 7.00% | ' |
Fair value of Option Agreement | ' | 8,000,000 | 8,000,000 | ' |
Effective period of option, in years | 3 | ' | ' | ' |
Residual value of loan agreement | ' | 17,000,000 | 17,000,000 | ' |
Accreted value of loan agreement | ' | 22,333,000 | 22,333,000 | 21,667,000 |
Interest income related to accretion of the note receivable and the stated interest rate | ' | $1,104,000 | ' | ' |
Cost_Basis_Investment_Addition
Cost Basis Investment - Additional Information (Detail) (USD $) | Sep. 30, 2013 |
Schedule of Cost-method Investments [Line Items] | ' |
Investment accounted under cost method | $5,000,000 |
Subsequent_Event_Additional_In
Subsequent Event - Additional Information (Detail) (USD $) | 9 Months Ended | 1 Months Ended |
In Millions, unless otherwise specified | Sep. 30, 2013 | Nov. 30, 2013 |
Subsequent Event | ||
Subsequent Event [Line Items] | ' | ' |
Share repurchase amount authorized | $200 | $300 |