Document_and_Entity_Informatio
Document and Entity Information | 9 Months Ended | |
Mar. 31, 2014 | 2-May-14 | |
Document Information [Line Items] | ' | ' |
Document Type | '10-Q | ' |
Amendment Flag | 'false | ' |
Document Period End Date | 31-Mar-14 | ' |
Document Fiscal Year Focus | '2014 | ' |
Document Fiscal Period Focus | 'Q3 | ' |
Trading Symbol | 'MYGN | ' |
Entity Registrant Name | 'MYRIAD GENETICS INC | ' |
Entity Central Index Key | '0000899923 | ' |
Current Fiscal Year End Date | '--06-30 | ' |
Entity Filer Category | 'Large Accelerated Filer | ' |
Entity Common Stock, Shares Outstanding | ' | 74,823,792 |
Condensed_Consolidated_Balance
Condensed Consolidated Balance Sheets (USD $) | Mar. 31, 2014 | Jun. 30, 2013 |
In Thousands, unless otherwise specified | ||
Current assets: | ' | ' |
Cash and cash equivalents | $85,798 | $104,073 |
Marketable investment securities | 126,360 | 268,243 |
Prepaid expenses | 2,307 | 956 |
Inventory | 18,906 | 5,007 |
Trade accounts receivable, less allowance for doubtful accounts of $9,750 at March 31, 2014 and $7,500 at June 30, 2013 | 82,678 | 94,333 |
Deferred taxes | 6,529 | 8,007 |
Prepaid taxes | 12,360 | ' |
Other receivables | 3,226 | 3,373 |
Total current assets | 338,164 | 483,992 |
Equipment and leasehold improvements: | ' | ' |
Equipment | 76,879 | 65,903 |
Leasehold improvements | 18,654 | 18,294 |
Gross equipment and leasehold improvements | 95,533 | 84,197 |
Less accumulated depreciation | 62,868 | 56,595 |
Net equipment and leasehold improvements | 32,665 | 27,602 |
Long-term marketable investment securities | 65,555 | 158,748 |
Long-term deferred taxes | ' | 28,632 |
Note receivable | ' | 21,667 |
Other assets | 5,000 | 13,000 |
Intangibles, net | 208,296 | 13,330 |
Goodwill | 166,746 | 56,850 |
Total assets | 816,426 | 803,821 |
Current liabilities: | ' | ' |
Accounts payable | 18,935 | 18,132 |
Accrued liabilities | 51,103 | 44,334 |
Deferred revenue | 2,118 | 2,043 |
Total current liabilities | 72,156 | 64,509 |
Unrecognized tax benefits | 13,641 | 10,718 |
Deferred tax liabilities | 8,387 | ' |
Total liabilities | 94,184 | 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 March 31, 2014 and June 30, 2013, issued and outstanding 74,513 at March 31, 2014 and 80,577 at June 30, 2013 | 745 | 806 |
Additional paid-in capital | 702,754 | 697,346 |
Accumulated other comprehensive income (loss) | -122 | -424 |
Retained earnings | 18,865 | 30,866 |
Total stockholders' equity | 722,242 | 728,594 |
Total liabilities and stockholders' equity | $816,426 | $803,821 |
Condensed_Consolidated_Balance1
Condensed Consolidated Balance Sheets (Parenthetical) (USD $) | Mar. 31, 2014 | Jun. 30, 2013 |
In Thousands, except Per Share data, unless otherwise specified | ||
Allowance for doubtful accounts | $9,750 | $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 | 74,513 | 80,577 |
Common stock, outstanding | 74,513 | 80,577 |
Condensed_Consolidated_Stateme
Condensed Consolidated Statements of Income and Comprehensive Income (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2014 | Mar. 31, 2013 |
Molecular diagnostic testing | $176,191 | $148,384 | $565,335 | $416,304 |
Companion diagnostic services | 6,733 | 8,088 | 24,115 | 22,746 |
Total revenue | 182,924 | 156,472 | 589,450 | 439,050 |
Costs and expenses: | ' | ' | ' | ' |
Cost of molecular diagnostic testing | 23,648 | 16,462 | 67,842 | 45,960 |
Cost of companion diagnostic services | 2,961 | 3,872 | 10,379 | 11,585 |
Research and development expense | 13,397 | 13,618 | 47,289 | 39,125 |
Selling, general, and administrative expense | 87,631 | 64,602 | 242,752 | 180,294 |
Total costs and expenses | 127,637 | 98,554 | 368,262 | 276,964 |
Operating income | 55,287 | 57,918 | 221,188 | 162,086 |
Other income (expense): | ' | ' | ' | ' |
Interest income | 2,498 | 1,434 | 5,190 | 4,187 |
Other | -442 | -111 | -1,066 | -224 |
Total other income | 2,056 | 1,323 | 4,124 | 3,963 |
Income before income taxes | 57,343 | 59,241 | 225,312 | 166,049 |
Income tax provision | 20,573 | 21,349 | 82,719 | 62,984 |
Net income | 36,770 | 37,892 | 142,593 | 103,065 |
Earnings per share: | ' | ' | ' | ' |
Basic | $0.50 | $0.47 | $1.87 | $1.27 |
Diluted | $0.48 | $0.46 | $1.82 | $1.23 |
Weighted average shares outstanding | ' | ' | ' | ' |
Basic | 73,821 | 80,375 | 76,173 | 81,219 |
Diluted | 76,374 | 82,434 | 78,332 | 83,544 |
Net income | 36,770 | 37,892 | 142,593 | 103,065 |
Comprehensive income: | ' | ' | ' | ' |
Unrealized gain on available-for-sale securities, net of tax | 45 | 259 | 583 | 268 |
Change in foreign currency translation adjustment, net of tax | -672 | -497 | -280 | -566 |
Comprehensive income | $36,143 | $37,654 | $142,896 | $102,767 |
Condensed_Consolidated_Stateme1
Condensed Consolidated Statements of Cash Flows (USD $) | 9 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Cash flows from operating activities: | ' | ' |
Net income | $142,593 | $103,065 |
Adjustments to reconcile net income to net cash provided by operating activities: | ' | ' |
Depreciation and amortization | 8,291 | 6,635 |
Loss on disposition of assets | 52 | 4 |
Share-based compensation expense | 20,503 | 20,435 |
Bad debt expense | 30,968 | 23,103 |
Impairment of intangible asset | ' | 1,490 |
Accreted interest on note receivable | -3,337 | -2,000 |
Unrecognized tax benefits | 2,923 | 470 |
Excess tax benefit from share-based compensation | -5,109 | -5,265 |
Deferred income taxes | 1,827 | 5,020 |
Changes in operating assets and liabilities: | ' | ' |
Prepaid expenses | -837 | 178 |
Trade accounts receivable | -17,307 | -55,834 |
Other receivables | -587 | 473 |
Prepaid Taxes | -12,360 | ' |
Inventory | -10,395 | 4,438 |
Accounts payable | -5,635 | 2,097 |
Accrued liabilities | -2,233 | 5,580 |
Deferred revenue | -77 | 977 |
Net cash provided by operating activities | 149,280 | 110,866 |
Cash flows from investing activities: | ' | ' |
Capital expenditures for equipment and leasehold improvements | -9,653 | -8,582 |
Acquisition of Crescendo Biosciences, Inc. (see Note 9), net of cash acquired | -223,531 | ' |
Purchases of marketable investment securities | -105,451 | -281,774 |
Proceeds from maturities and sales of marketable investment securities | 340,829 | 299,395 |
Net cash provided by investing activities | 2,194 | 9,039 |
Cash flows from financing activities: | ' | ' |
Net proceeds from common stock issued under share-based compensation plans | 47,156 | 25,506 |
Excess tax benefit from share-based compensation | 5,109 | 5,265 |
Repurchase and retirement of common stock | -222,014 | -124,705 |
Net cash used in financing activities | -169,749 | -93,934 |
Net (decrease) increase in cash and cash equivalents | -18,275 | 25,971 |
Cash and cash equivalents at beginning of period | 104,073 | 86,352 |
Cash and cash equivalents at end of period | $85,798 | $112,323 |
Basis_of_Presentation
Basis of Presentation | 9 Months Ended | |
Mar. 31, 2014 | ||
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 and nine months ended March 31, 2014 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 | 9 Months Ended | ||||||||||||||||
Mar. 31, 2014 | |||||||||||||||||
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 March 31, 2014 and June 30, 2013 were as follows: | |||||||||||||||||
Gross | Gross | ||||||||||||||||
unrealized | unrealized | ||||||||||||||||
Amortized | holding | holding | Estimated | ||||||||||||||
(In thousands) | cost | gains | losses | fair value | |||||||||||||
At March 31, 2014: | |||||||||||||||||
Cash and cash equivalents: | |||||||||||||||||
Cash | $ | 82,536 | $ | — | $ | — | $ | 82,536 | |||||||||
Cash equivalents | 3,262 | — | — | 3,262 | |||||||||||||
Total cash and cash equivalents | 85,798 | — | — | 85,798 | |||||||||||||
Available-for-sale securities: | |||||||||||||||||
Corporate bonds and notes | 49,396 | 43 | (3 | ) | 49,436 | ||||||||||||
Municipal bonds | 123,997 | 286 | (8 | ) | 124,275 | ||||||||||||
Federal agency issues | 18,187 | 17 | 18,204 | ||||||||||||||
Total available-for-sale securities | 191,580 | 346 | (11 | ) | 191,915 | ||||||||||||
Total cash, cash equivalents and available-for-sale securities | $ | 277,378 | $ | 346 | $ | (11 | ) | $ | 277,713 | ||||||||
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 March 31, 2014: | |||||||||||||||||
Amortized | Estimated | ||||||||||||||||
(In thousands) | cost | fair value | |||||||||||||||
Cash | $ | 82,536 | $ | 82,536 | |||||||||||||
Cash equivalents | 3,262 | 3,262 | |||||||||||||||
Available-for-sale: | |||||||||||||||||
Due within one year | 126,235 | 126,360 | |||||||||||||||
Due after one year through five years | 65,345 | 65,555 | |||||||||||||||
Due after five years | — | — | |||||||||||||||
$ | 277,378 | $ | 277,713 | ||||||||||||||
ShareBased_Compensation
Share-Based Compensation | 9 Months Ended | ||||||||||||||||
Mar. 31, 2014 | |||||||||||||||||
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, 2013, the shareholders approved an amendment to the 2010 Plan to set the number of shares available for grant to 3,500,000. At March 31, 2014, 3,757,761 shares were available for issuance, which includes 257,761 shares carried over from the Company’s 2003 Employee, Director and Consultant Option Plan (the “2003 Plan) and the 2010 Plan that were cancelled or expired without the issuance of shares of common stock by the Company. In addition, as of March 31, 2014, the Company may grant up to 5,509,201 additional shares under the 2010 Plan if options previously granted under 2003 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 March 31, 2014, approximately 144,000 shares of common stock have been issued under the 2012 Purchase Plan and approximately 1,856,000 were available for issuance. | |||||||||||||||||
A summary of the stock option activity under the Company’s plans for the nine months ended March 31, 2014 is as follows: | |||||||||||||||||
Weighted | |||||||||||||||||
Number | average | ||||||||||||||||
of | exercise | ||||||||||||||||
shares | price | ||||||||||||||||
Options outstanding at June 30, 2013 | 14,434,970 | $ | 21.75 | ||||||||||||||
Options granted | 3,308,553 | 26.48 | |||||||||||||||
Less: | |||||||||||||||||
Options exercised | 2,404,256 | 18.81 | |||||||||||||||
Options canceled or expired | 383,173 | 24.4 | |||||||||||||||
Options outstanding at March 31, 2014 | 14,956,094 | $ | 23.2 | ||||||||||||||
As of March 31, 2014, options to purchase 7,823,794 shares were vested and exercisable at a weighted average price of $21.86. As of March 31, 2014, there was $46.5 million 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 2.49 years. | |||||||||||||||||
Share-based compensation expense recognized and included in the condensed consolidated statements of income was allocated as follows: | |||||||||||||||||
Three months ended | Nine months ended | ||||||||||||||||
March 31, | March 31, | ||||||||||||||||
(In thousands) | 2014 | 2013 | 2014 | 2013 | |||||||||||||
Cost of molecular diagnostic testing | $ | 207 | $ | 252 | $ | 639 | $ | 811 | |||||||||
Cost of companion diagnostic services | 75 | 54 | 212 | 159 | |||||||||||||
Research and development expense | 3,042 | 818 | 4,670 | 2,496 | |||||||||||||
Selling, general, and administrative expense | 10,316 | 5,607 | 21,911 | 16,969 | |||||||||||||
Total share-based compensation expense | $ | 13,640 | $ | 6,731 | $ | 27,432 | $ | 20,435 | |||||||||
Total stock-based compensation for the three and nine months ended March 31, 2014 included $0.2 million, $2.0 million and $4.7 million in cost of molecular diagnostic testing, research and development and selling, general and administrative expenses, respectively, related to the acceleration of unvested stock options in connection with the acquisition of Crescendo which closed during February 2014 (see Note 9). |
Stockholders_Equity
Stockholders' Equity | 9 Months Ended | ||||||||||||||||
Mar. 31, 2014 | |||||||||||||||||
Stockholders' Equity | ' | ||||||||||||||||
-4 | Stockholders’ Equity | ||||||||||||||||
Share Repurchase Program | |||||||||||||||||
In November 2013, the Company’s Board of Directors authorized a share repurchase program of $300 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 March 31, 2014, approximately $231.4 million remained available for repurchases under the current 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 and nine months ended March 31, 2014 and 2013 were as follows: | |||||||||||||||||
Three months ended | Nine months ended | ||||||||||||||||
March 31, | March 31, | ||||||||||||||||
(In thousands) | 2014 | 2013 | 2014 | 2013 | |||||||||||||
Shares purchased and retired | 1,554 | 1,738 | 8,545 | 4,805 | |||||||||||||
Common stock and additional paid-in-capital reductions | $ | 12,384 | $ | 13,252 | $ | 67,420 | $ | 36,374 | |||||||||
Charges to retained earnings | $ | 29,506 | $ | 31,571 | $ | 154,594 | $ | 88,331 |
Earnings_Per_Share
Earnings Per Share | 9 Months Ended | ||||||||||||||||
Mar. 31, 2014 | |||||||||||||||||
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 | Nine months ended | ||||||||||||||||
March 31, | March 31, | ||||||||||||||||
(In thousands) | 2014 | 2013 | 2014 | 2013 | |||||||||||||
Denominator: | |||||||||||||||||
Weighted-average shares outstanding used to compute basic earnings per share | 73,821 | 80,375 | 76,173 | 81,219 | |||||||||||||
Effect of dilutive stock options | 2,553 | 2,059 | 2,159 | 2,325 | |||||||||||||
Weighted-average shares outstanding and dilutive securities used to compute dilutive earnings per share | 76,374 | 82,434 | 78,332 | 83,544 | |||||||||||||
Certain outstanding stock options were excluded from the computation of diluted earnings per share for the three and nine months ended March 31, 2014 and 2013 because the effect would have been anti-dilutive. These potential dilutive common shares, which may be dilutive to future diluted earnings per share, are as follows: | |||||||||||||||||
Three months ended | Nine months ended | ||||||||||||||||
March 31, | March 31, | ||||||||||||||||
(In thousands) | 2014 | 2013 | 2014 | 2013 | |||||||||||||
Anti-dilutive options excluded from EPS computation | 5,300 | 5,797 | 6,978 | 4,975 |
Segment_and_Related_Informatio
Segment and Related Information | 9 Months Ended | ||||||||||||||||
Mar. 31, 2014 | |||||||||||||||||
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 business of Crescendo acquired in February 2014 is included as part of the molecular diagnostic segment. 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: | |||||||||||||||||
(In thousands) | Research | Molecular | Companion | Total | |||||||||||||
diagnostics | diagnostics | ||||||||||||||||
Three months ended March 31, 2014: | |||||||||||||||||
Revenue | $ | — | 176,191 | 6,733 | $ | 182,924 | |||||||||||
Depreciation and amortization | 502 | 2,506 | 471 | 3,479 | |||||||||||||
Segment operating income (loss) | (15,455 | ) | 70,815 | (73 | ) | 55,287 | |||||||||||
Three months ended March 31, 2013: | |||||||||||||||||
Revenue | $ | — | 148,384 | 8,088 | $ | 156,472 | |||||||||||
Depreciation and amortization | 1,210 | 2,424 | 821 | 4,455 | |||||||||||||
Segment operating income (loss) | (17,224 | ) | 76,165 | (1,023 | ) | 57,918 | |||||||||||
Nine months ended March 31, 2014: | |||||||||||||||||
Revenue | $ | — | 565,335 | 24,115 | $ | 589,450 | |||||||||||
Depreciation and amortization | 1,494 | 5,335 | 1,462 | 8,291 | |||||||||||||
Segment operating income (loss) | (48,422 | ) | 266,794 | 2,816 | 221,188 | ||||||||||||
Nine months ended March 31, 2013: | |||||||||||||||||
Revenue | $ | — | 416,304 | 22,746 | $ | 439,050 | |||||||||||
Depreciation and amortization | 1,818 | 3,543 | 1,274 | 6,635 | |||||||||||||
Segment operating income (loss) | (47,989 | ) | 214,195 | (4,120 | ) | 162,086 | |||||||||||
Three months ended | Nine months ended | ||||||||||||||||
March 31, | March 31, | ||||||||||||||||
(In thousands) | 2014 | 2013 | 2014 | 2013 | |||||||||||||
Total operating income for reportable segments | $ | 55,287 | $ | 57,918 | $ | 221,188 | $ | 162,086 | |||||||||
Interest income | 2,498 | 1,434 | 5,190 | 4,187 | |||||||||||||
Other | (442 | ) | (111 | ) | (1,066 | ) | (224 | ) | |||||||||
Income tax provision | 20,573 | 21,349 | 82,719 | 62,984 | |||||||||||||
Net income | $ | 36,770 | $ | 37,892 | $ | 142,593 | $ | 103,065 | |||||||||
Fair_Value_Measurements
Fair Value Measurements | 9 Months Ended | ||||||||||||||||
Mar. 31, 2014 | |||||||||||||||||
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: | |||||||||||||||||
(In thousands) | Level 1 | Level 2 | Level 3 | Total | |||||||||||||
at March 31, 2014: | |||||||||||||||||
Money market funds (a) | $ | 3,262 | $ | — | $ | — | $ | 3,262 | |||||||||
Corporate bonds and notes | — | 49,436 | — | 49,436 | |||||||||||||
Municipal bonds | — | 124,275 | — | 124,275 | |||||||||||||
Federal agency issues | — | 18,204 | — | 18,204 | |||||||||||||
Total | $ | 3,262 | $ | 191,915 | $ | — | $ | 195,177 | |||||||||
(In thousands) | Level 1 | Level 2 | Level 3 | Total | |||||||||||||
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 |
Income_Taxes
Income Taxes | 9 Months Ended | |
Mar. 31, 2014 | ||
Income Taxes | ' | |
-8 | 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 March 31, 2014 was $20.6 million, or approximately 36% of pre-tax income, compared to $21.3 million, for the three months ended March 31, 2013, or approximately 36% of pre-tax income. Income tax expense for the nine months ended March 31, 2014 was $82.7 million, or approximately 37% of pre-tax income, compared to $63.0 million for the nine months ended March 31, 2013, or approximately 38% of pre-tax income. Income tax expense for the three and nine months ended March 31, 2014 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. For the nine months ended March 31, 2014, 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, a deduction for the write-off of stock in a wholly-owned subsidiary divested during the period, certain losses incurred by our international operations for which no tax benefit is recognized, 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 income tax returns for the years ended June 30, 2010, 2011 and 2012 are currently under examination by the New York State Department of Taxation and Finance. The Company’s Washington income tax returns for the period January 1, 2010 to March 31, 2014 are currently under examination by the Washington State Department of Revenue. 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. |
Acquisition
Acquisition | 9 Months Ended | ||||||||||||||||
Mar. 31, 2014 | |||||||||||||||||
Acquisition | ' | ||||||||||||||||
-9 | Acquisition | ||||||||||||||||
On February 28, 2014, the Company completed the acquisition of privately-held Crescendo Bioscience, Inc. (“Crescendo”), pursuant to an Amended and Restated Agreement and Plan of Merger, dated February 2, 2014 (the “Merger Agreement”). Pursuant to the terms of the Merger Agreement, Myriad acquired Crescendo for total consideration of $259.0 million, as detailed below, by means of a reverse triangular merger in which Crescendo survived the merger as the surviving corporation and a wholly-owned subsidiary of Myriad. The surviving corporation will operate under the name Crescendo Bioscience, Inc. | |||||||||||||||||
The following table reconciles consideration transferred to the total cash paid to acquire Crescendo: | |||||||||||||||||
(In thousands) | |||||||||||||||||
Total consideration transferred | $ | 258,950 | |||||||||||||||
Share-based compensation to Crescendo employees | 6,929 | ||||||||||||||||
Change of control payments to Crescendo employees | 5,695 | ||||||||||||||||
Offset: Non-cash fair value purchase option | (8,000 | ) | |||||||||||||||
Total cash paid | $ | 263,574 | |||||||||||||||
The total consideration of $259.0 million, consisted of (i) $225.1 million in cash, (ii) $25.9 million in elimination of intercompany balances related to accrued interest and the term loan the Company issued to Crescendo on September 8, 2011, and (iii) $8.0 million related to the fair value of the purchase option granted to the Company on September 8, 2011 by Crescendo through a definitive merger agreement (“Option Agreement”) entered into in association with the term note. Of the cash consideration, $20.0 million of was deposited into an escrow account to fund (i) any post-closing adjustments payable to Myriad based upon differences between the estimated working capital and the actual working capital of Crescendo at closing, and (ii) any indemnification claims made by Myriad against Crescendo, for a period of time, based upon the completion of an audit of Crescendo’s financial statements, of no fewer than twelve nor more than fifteen months following closing. | |||||||||||||||||
Of the total cash paid, $6.9 million was accounted for as share-based compensation expense resulting from the accelerated vesting of employee options immediately prior to the acquisition and $5.7 million was accounted for as change of control bonuses paid to Crescendo employees and directors. The Company recognized the share-based compensation expense and change of control bonuses in the three and nine month March 31, 2014 post-acquisition Condensed Consolidated Statements of Income for the three and nine month periods ended March 31, 2014. | |||||||||||||||||
Total consideration transferred was allocated to tangible and identifiable intangible assets acquired and liabilities assumed based on their preliminary fair values at the acquisition date as set forth below. The Company believes that the acquisition of Crescendo facilitates the Company’s entry into the high growth autoimmune market, diversifies its product revenue and enhances its strength in protein-based diagnostics. These factors contributed to consideration transferred in excess of the fair value of Crescendo’s net tangible and intangible assets acquired, resulting in the Company recording goodwill in connection with the transaction. Management estimated the fair values of tangible and intangible asset 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 that could have a material impact on the consolidated financial statements. The Company expects the allocation of the consideration transferred to be final within the measurement period (up to one year from the acquisition date). | |||||||||||||||||
The Company’s preliminary allocation of consideration transferred for Crescendo is as follows (in thousands): | |||||||||||||||||
Estimated | |||||||||||||||||
(In thousands) | Fair Value | ||||||||||||||||
Other assets acquired | $ | 15,826 | |||||||||||||||
Intangible assets | 196,600 | ||||||||||||||||
Goodwill | 109,896 | ||||||||||||||||
Total assets acquired | 322,322 | ||||||||||||||||
Deferred tax liability | 41,778 | ||||||||||||||||
Other liabilities assumed | 21,594 | ||||||||||||||||
Total net assets acquired | $ | 258,950 | |||||||||||||||
Identifiable Intangible Assets | |||||||||||||||||
The Company acquired intangible assets that consisted of developed technology which had an estimated fair value of $165.4 million and a laboratory database with an estimated fair value of $31.2 million. The fair values of the assets were determined using a probability-weighted income approach that discounts expected future cash flows to present value. The estimated net cash flows were discounted using a discount rate of 19% which is based on the estimated internal rate of return for the acquisition and represent the rate that market participants might use to value the intangible assets. The projected cash flows were based on key assumptions such as: estimates of revenues and operating profits; the time and resources need to recreate databases and product and commercial development and approval; the life of the commercialized product; and associated risks related to viability and product alternatives. The Company will amortize the intangible assets on a straight-line basis over their estimated useful lives of 18 years. This amortization is not deductible for income tax purposes. | |||||||||||||||||
Goodwill | |||||||||||||||||
The $109.9 million of goodwill represents the excess of consideration transferred over the fair value of assets acquired and liabilities assumed and is attributable to the benefits expected from combining the Company’s research and commercial operations with Crescendo’s. This goodwill is not deductible for income tax purposes. | |||||||||||||||||
Share-Based Compensation | |||||||||||||||||
The share-based compensation expense recognized for the accelerated vesting of employee options immediately prior to the acquisition was reported in the Company’s Condensed Consolidated Statements of Income as follows: | |||||||||||||||||
(In thousands) | |||||||||||||||||
Cost of molecular diagnostic testing | $ | 185 | |||||||||||||||
Research and development expense | 2,075 | ||||||||||||||||
Selling, general, and administrative expense | 4,669 | ||||||||||||||||
Total share-based compensation | $ | 6,929 | |||||||||||||||
Change of Control | |||||||||||||||||
The change of control expense recognized for bonuses paid to Crescendo employees and directors for completion of the acquisition with Myriad was reported in the Company’s Condensed Consolidated Statements of Income as follow: | |||||||||||||||||
(In thousands) | |||||||||||||||||
Cost of molecular diagnostic testing | $ | 238 | |||||||||||||||
Research and development expense | 1,710 | ||||||||||||||||
Selling, general, and administrative expense | 3,747 | ||||||||||||||||
Total change of control bonuses | $ | 5,695 | |||||||||||||||
Both the share-based compensation and change of control expenses are one-time items and will not impact future reporting periods. | |||||||||||||||||
Other | |||||||||||||||||
The Company also recorded interest income related to accretion of the note receivable that was settled at the acquisition date, for the three and nine months ended March 31, 2014 of $2.3 million and $4.5 million, respectively, in the Condensed Consolidated Statements of Income. From the date of acquisition through March 31, 2014, the Company recorded Crescendo revenue of approximately $3.1 million and a net loss from Crescendo of approximately $16.3 million that included non-recurring acquisition related charges of $12.6 million. | |||||||||||||||||
Pro Forma Information | |||||||||||||||||
The unaudited pro-forma results presented below include the effects of the Crescendo acquisition as if it had been consummated as of July 1, 2012, with adjustments to give effect to pro forma events that are directly attributable to the acquisition which includes adjustments related to the amortization of acquired intangible assets, interest income and expense, stock-based compensation expense, and depreciation. The unaudited pro forma results do not reflect any operating efficiency or potential cost savings which may result from the consolidation of Crescendo. Accordingly, these unaudited pro forma results are presented for informational purposes only and are not necessarily indicative of what the actual results of operation of the combined company would have been if the acquisition had occurred at the beginning of the period presented nor are they indicative of future results of operations and are not necessarily indicative of either future results of operations or results that might have been achieved had the acquisition been consummated as of July 1, 2012. | |||||||||||||||||
Three months ended | Nine months ended | ||||||||||||||||
March 31, | March 31, | ||||||||||||||||
(In thousands) | 2014 | 2013 | 2014 | 2013 | |||||||||||||
Revenue | $ | 188,693 | $ | 158,356 | $ | 618,743 | $ | 443,820 | |||||||||
Income from operations | 47,396 | 46,384 | 199,380 | 126,291 | |||||||||||||
Net income | $ | 29,173 | $ | 28,622 | $ | 122,316 | $ | 75,092 | |||||||||
Net income per share, basic | $ | 0.4 | $ | 0.36 | $ | 1.61 | $ | 0.92 | |||||||||
Net income per share, diluted | $ | 0.38 | $ | 0.35 | $ | 1.56 | $ | 0.9 |
Goodwill_and_Intangible_Assets
Goodwill and Intangible Assets | 9 Months Ended | ||||||||||||||||
Mar. 31, 2014 | |||||||||||||||||
Goodwill and Intangible Assets | ' | ||||||||||||||||
-10 | Goodwill and Intangible Assets | ||||||||||||||||
Goodwill | |||||||||||||||||
Changes in the carrying amount of goodwill consisted of the following: | |||||||||||||||||
(In thousands) | At March 31, 2014 | At June 30, 2013 | |||||||||||||||
Balance at the beginning of the period | $ | 56,850 | $ | 56,850 | |||||||||||||
Current period acquisitions | 109,896 | — | |||||||||||||||
Balance at the end of the period | $ | 166,746 | $ | 56,850 | |||||||||||||
For a discussion of the changes in goodwill, see Note 9. | |||||||||||||||||
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: | |||||||||||||||||
(In thousands) | Gross | Accumlated | Net | ||||||||||||||
Carrying | Amortization | ||||||||||||||||
Amount | |||||||||||||||||
March 31, 2014: | |||||||||||||||||
Purchased licenses and technologies | $ | 201,100 | $ | (3,779 | ) | $ | 197,321 | ||||||||||
Customer relationships | 4,650 | (1,325 | ) | 3,325 | |||||||||||||
Trademarks | 3,000 | (150 | ) | 2,850 | |||||||||||||
Total amortizable intangible assets | 208,750 | (5,254 | ) | 203,496 | |||||||||||||
In-process research and development | 4,800 | — | 4,800 | ||||||||||||||
Total non-amortizable intangible assets | 4,800 | — | 4,800 | ||||||||||||||
Total intangible assets | $ | 213,550 | $ | (5,254 | ) | $ | 208,296 | ||||||||||
(In thousands) | Gross | Accumlated | Net | ||||||||||||||
Carrying | Amortization | ||||||||||||||||
Amount | |||||||||||||||||
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 expense during the respective periods for these intangible assets as follows: | |||||||||||||||||
Three months ended | Nine months ended | ||||||||||||||||
March 31, | March 31, | ||||||||||||||||
(In thousands) | 2014 | 2013 | 2014 | 2013 | |||||||||||||
Amortization on intangible assets | $ | 1,146 | $ | 194 | 1,634 | $ | 701 | ||||||||||
For a discussion of changes in intangible assets and amortization, see Note 9. |
Cost_Basis_Investment
Cost Basis Investment | 9 Months Ended | |
Mar. 31, 2014 | ||
Cost Basis Investment | ' | |
-11 | Cost Basis Investment | |
As of March 31, 2014, the Company had a $5.0 million 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 or nine months ended March 31, 2014. |
Commitments_and_Contingencies
Commitments and Contingencies | 9 Months Ended | |
Mar. 31, 2014 | ||
Commitments and Contingencies | ' | |
-12 | Commitments and Contingencies | |
The Company is subject to various claims and legal proceedings covering matters that arise in the ordinary course of its business activities. As of March 31, 2014, 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. |
Marketable_Investment_Securiti1
Marketable Investment Securities (Tables) | 9 Months Ended | ||||||||||||||||
Mar. 31, 2014 | |||||||||||||||||
Schedule of Fair Value for Available-for-Sale Securities by Major Security Type and Class of Security | ' | ||||||||||||||||
The amortized cost, gross unrealized holding gains, gross unrealized holding losses, and fair value for available-for-sale securities by major security type and class of security at March 31, 2014 and June 30, 2013 were as follows: | |||||||||||||||||
Gross | Gross | ||||||||||||||||
unrealized | unrealized | ||||||||||||||||
Amortized | holding | holding | Estimated | ||||||||||||||
(In thousands) | cost | gains | losses | fair value | |||||||||||||
At March 31, 2014: | |||||||||||||||||
Cash and cash equivalents: | |||||||||||||||||
Cash | $ | 82,536 | $ | — | $ | — | $ | 82,536 | |||||||||
Cash equivalents | 3,262 | — | — | 3,262 | |||||||||||||
Total cash and cash equivalents | 85,798 | — | — | 85,798 | |||||||||||||
Available-for-sale securities: | |||||||||||||||||
Corporate bonds and notes | 49,396 | 43 | (3 | ) | 49,436 | ||||||||||||
Municipal bonds | 123,997 | 286 | (8 | ) | 124,275 | ||||||||||||
Federal agency issues | 18,187 | 17 | 18,204 | ||||||||||||||
Total available-for-sale securities | 191,580 | 346 | (11 | ) | 191,915 | ||||||||||||
Total cash, cash equivalents and available-for-sale securities | $ | 277,378 | $ | 346 | $ | (11 | ) | $ | 277,713 | ||||||||
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 March 31, 2014: | |||||||||||||||||
Amortized | Estimated | ||||||||||||||||
(In thousands) | cost | fair value | |||||||||||||||
Cash | $ | 82,536 | $ | 82,536 | |||||||||||||
Cash equivalents | 3,262 | 3,262 | |||||||||||||||
Available-for-sale: | |||||||||||||||||
Due within one year | 126,235 | 126,360 | |||||||||||||||
Due after one year through five years | 65,345 | 65,555 | |||||||||||||||
Due after five years | — | — | |||||||||||||||
$ | 277,378 | $ | 277,713 | ||||||||||||||
ShareBased_Compensation_Tables
Share-Based Compensation (Tables) | 9 Months Ended | ||||||||||||||||
Mar. 31, 2014 | |||||||||||||||||
Schedule of Share-Based Compensation Arrangement by Share Based Payment Award Options Outstanding | ' | ||||||||||||||||
A summary of the stock option activity under the Company’s plans for the nine months ended March 31, 2014 is as follows: | |||||||||||||||||
Weighted | |||||||||||||||||
Number | average | ||||||||||||||||
of | exercise | ||||||||||||||||
shares | price | ||||||||||||||||
Options outstanding at June 30, 2013 | 14,434,970 | $ | 21.75 | ||||||||||||||
Options granted | 3,308,553 | 26.48 | |||||||||||||||
Less: | |||||||||||||||||
Options exercised | 2,404,256 | 18.81 | |||||||||||||||
Options canceled or expired | 383,173 | 24.4 | |||||||||||||||
Options outstanding at March 31, 2014 | 14,956,094 | $ | 23.2 | ||||||||||||||
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 | Nine months ended | ||||||||||||||||
March 31, | March 31, | ||||||||||||||||
(In thousands) | 2014 | 2013 | 2014 | 2013 | |||||||||||||
Cost of molecular diagnostic testing | $ | 207 | $ | 252 | $ | 639 | $ | 811 | |||||||||
Cost of companion diagnostic services | 75 | 54 | 212 | 159 | |||||||||||||
Research and development expense | 3,042 | 818 | 4,670 | 2,496 | |||||||||||||
Selling, general, and administrative expense | 10,316 | 5,607 | 21,911 | 16,969 | |||||||||||||
Total share-based compensation expense | $ | 13,640 | $ | 6,731 | $ | 27,432 | $ | 20,435 | |||||||||
Stockholders_Equity_Tables
Stockholders' Equity (Tables) | 9 Months Ended | ||||||||||||||||
Mar. 31, 2014 | |||||||||||||||||
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 and nine months ended March 31, 2014 and 2013 were as follows: | |||||||||||||||||
Three months ended | Nine months ended | ||||||||||||||||
March 31, | March 31, | ||||||||||||||||
(In thousands) | 2014 | 2013 | 2014 | 2013 | |||||||||||||
Shares purchased and retired | 1,554 | 1,738 | 8,545 | 4,805 | |||||||||||||
Common stock and additional paid-in-capital reductions | $ | 12,384 | $ | 13,252 | $ | 67,420 | $ | 36,374 | |||||||||
Charges to retained earnings | $ | 29,506 | $ | 31,571 | $ | 154,594 | $ | 88,331 |
Earnings_Per_Share_Tables
Earnings Per Share (Tables) | 9 Months Ended | ||||||||||||||||
Mar. 31, 2014 | |||||||||||||||||
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 | Nine months ended | ||||||||||||||||
March 31, | March 31, | ||||||||||||||||
(In thousands) | 2014 | 2013 | 2014 | 2013 | |||||||||||||
Denominator: | |||||||||||||||||
Weighted-average shares outstanding used to compute basic earnings per share | 73,821 | 80,375 | 76,173 | 81,219 | |||||||||||||
Effect of dilutive stock options | 2,553 | 2,059 | 2,159 | 2,325 | |||||||||||||
Weighted-average shares outstanding and dilutive securities used to compute dilutive earnings per share | 76,374 | 82,434 | 78,332 | 83,544 | |||||||||||||
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 | Nine months ended | ||||||||||||||||
March 31, | March 31, | ||||||||||||||||
(In thousands) | 2014 | 2013 | 2014 | 2013 | |||||||||||||
Anti-dilutive options excluded from EPS computation | 5,300 | 5,797 | 6,978 | 4,975 |
Segment_and_Related_Informatio1
Segment and Related Information (Tables) | 9 Months Ended | ||||||||||||||||
Mar. 31, 2014 | |||||||||||||||||
Segment Revenue and Operating Income (Loss) | ' | ||||||||||||||||
Segment revenue and operating income (loss) were as follows during the periods presented: | |||||||||||||||||
(In thousands) | Research | Molecular | Companion | Total | |||||||||||||
diagnostics | diagnostics | ||||||||||||||||
Three months ended March 31, 2014: | |||||||||||||||||
Revenue | $ | — | 176,191 | 6,733 | $ | 182,924 | |||||||||||
Depreciation and amortization | 502 | 2,506 | 471 | 3,479 | |||||||||||||
Segment operating income (loss) | (15,455 | ) | 70,815 | (73 | ) | 55,287 | |||||||||||
Three months ended March 31, 2013: | |||||||||||||||||
Revenue | $ | — | 148,384 | 8,088 | $ | 156,472 | |||||||||||
Depreciation and amortization | 1,210 | 2,424 | 821 | 4,455 | |||||||||||||
Segment operating income (loss) | (17,224 | ) | 76,165 | (1,023 | ) | 57,918 | |||||||||||
Nine months ended March 31, 2014: | |||||||||||||||||
Revenue | $ | — | 565,335 | 24,115 | $ | 589,450 | |||||||||||
Depreciation and amortization | 1,494 | 5,335 | 1,462 | 8,291 | |||||||||||||
Segment operating income (loss) | (48,422 | ) | 266,794 | 2,816 | 221,188 | ||||||||||||
Nine months ended March 31, 2013: | |||||||||||||||||
Revenue | $ | — | 416,304 | 22,746 | $ | 439,050 | |||||||||||
Depreciation and amortization | 1,818 | 3,543 | 1,274 | 6,635 | |||||||||||||
Segment operating income (loss) | (47,989 | ) | 214,195 | (4,120 | ) | 162,086 | |||||||||||
Three months ended | Nine months ended | ||||||||||||||||
March 31, | March 31, | ||||||||||||||||
(In thousands) | 2014 | 2013 | 2014 | 2013 | |||||||||||||
Total operating income for reportable segments | $ | 55,287 | $ | 57,918 | $ | 221,188 | $ | 162,086 | |||||||||
Interest income | 2,498 | 1,434 | 5,190 | 4,187 | |||||||||||||
Other | (442 | ) | (111 | ) | (1,066 | ) | (224 | ) | |||||||||
Income tax provision | 20,573 | 21,349 | 82,719 | 62,984 | |||||||||||||
Net income | $ | 36,770 | $ | 37,892 | $ | 142,593 | $ | 103,065 | |||||||||
Fair_Value_Measurements_Tables
Fair Value Measurements (Tables) | 9 Months Ended | ||||||||||||||||
Mar. 31, 2014 | |||||||||||||||||
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: | |||||||||||||||||
(In thousands) | Level 1 | Level 2 | Level 3 | Total | |||||||||||||
at March 31, 2014: | |||||||||||||||||
Money market funds (a) | $ | 3,262 | $ | — | $ | — | $ | 3,262 | |||||||||
Corporate bonds and notes | — | 49,436 | — | 49,436 | |||||||||||||
Municipal bonds | — | 124,275 | — | 124,275 | |||||||||||||
Federal agency issues | — | 18,204 | — | 18,204 | |||||||||||||
Total | $ | 3,262 | $ | 191,915 | $ | — | $ | 195,177 | |||||||||
(In thousands) | Level 1 | Level 2 | Level 3 | Total | |||||||||||||
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 |
Acquisition_Tables
Acquisition (Tables) | 9 Months Ended | ||||||||||||||||
Mar. 31, 2014 | |||||||||||||||||
Reconciliation of Consideration Transferred to Total Cash Paid to Acquire Business | ' | ||||||||||||||||
The following table reconciles consideration transferred to the total cash paid to acquire Crescendo: | |||||||||||||||||
(In thousands) | |||||||||||||||||
Total consideration transferred | $ | 258,950 | |||||||||||||||
Share-based compensation to Crescendo employees | 6,929 | ||||||||||||||||
Change of control payments to Crescendo employees | 5,695 | ||||||||||||||||
Offset: Non-cash fair value purchase option | (8,000 | ) | |||||||||||||||
Total cash paid | $ | 263,574 | |||||||||||||||
Preliminary Allocation of Consideration Transferred for Crescendo | ' | ||||||||||||||||
The Company’s preliminary allocation of consideration transferred for Crescendo is as follows (in thousands): | |||||||||||||||||
Estimated | |||||||||||||||||
(In thousands) | Fair Value | ||||||||||||||||
Other assets acquired | $ | 15,826 | |||||||||||||||
Intangible assets | 196,600 | ||||||||||||||||
Goodwill | 109,896 | ||||||||||||||||
Total assets acquired | 322,322 | ||||||||||||||||
Deferred tax liability | 41,778 | ||||||||||||||||
Other liabilities assumed | 21,594 | ||||||||||||||||
Total net assets acquired | $ | 258,950 | |||||||||||||||
Share-Based Compensation Expense Recognized for Accelerated Vesting of Employee Options | ' | ||||||||||||||||
The share-based compensation expense recognized for the accelerated vesting of employee options immediately prior to the acquisition was reported in the Company’s Condensed Consolidated Statements of Income as follows: | |||||||||||||||||
(In thousands) | |||||||||||||||||
Cost of molecular diagnostic testing | $ | 185 | |||||||||||||||
Research and development expense | 2,075 | ||||||||||||||||
Selling, general, and administrative expense | 4,669 | ||||||||||||||||
Total share-based compensation | $ | 6,929 | |||||||||||||||
Change of Control Expense Recognized for Bonuses Paid to Crescendo Employees and Directors | ' | ||||||||||||||||
The change of control expense recognized for bonuses paid to Crescendo employees and directors for completion of the acquisition with Myriad was reported in the Company’s Condensed Consolidated Statements of Income as follow: | |||||||||||||||||
(In thousands) | |||||||||||||||||
Cost of molecular diagnostic testing | $ | 238 | |||||||||||||||
Research and development expense | 1,710 | ||||||||||||||||
Selling, general, and administrative expense | 3,747 | ||||||||||||||||
Total change of control bonuses | $ | 5,695 | |||||||||||||||
Pro-forma Results of Acquisitions | ' | ||||||||||||||||
The unaudited pro-forma results presented below include the effects of the Crescendo acquisition as if it had been consummated as of July 1, 2012, with adjustments to give effect to pro forma events that are directly attributable to the acquisition which includes adjustments related to the amortization of acquired intangible assets, interest income and expense, stock-based compensation expense, and depreciation. The unaudited pro forma results do not reflect any operating efficiency or potential cost savings which may result from the consolidation of Crescendo. Accordingly, these unaudited pro forma results are presented for informational purposes only and are not necessarily indicative of what the actual results of operation of the combined company would have been if the acquisition had occurred at the beginning of the period presented nor are they indicative of future results of operations and are not necessarily indicative of either future results of operations or results that might have been achieved had the acquisition been consummated as of July 1, 2012. | |||||||||||||||||
Three months ended | Nine months ended | ||||||||||||||||
March 31, | March 31, | ||||||||||||||||
(In thousands) | 2014 | 2013 | 2014 | 2013 | |||||||||||||
Revenue | $ | 188,693 | $ | 158,356 | $ | 618,743 | $ | 443,820 | |||||||||
Income from operations | 47,396 | 46,384 | 199,380 | 126,291 | |||||||||||||
Net income | $ | 29,173 | $ | 28,622 | $ | 122,316 | $ | 75,092 | |||||||||
Net income per share, basic | $ | 0.4 | $ | 0.36 | $ | 1.61 | $ | 0.92 | |||||||||
Net income per share, diluted | $ | 0.38 | $ | 0.35 | $ | 1.56 | $ | 0.9 |
Goodwill_and_Intangible_Assets1
Goodwill and Intangible Assets (Tables) | 9 Months Ended | ||||||||||||||||
Mar. 31, 2014 | |||||||||||||||||
Changes in Carrying Amount of Goodwill | ' | ||||||||||||||||
Changes in the carrying amount of goodwill consisted of the following: | |||||||||||||||||
(In thousands) | At March 31, 2014 | At June 30, 2013 | |||||||||||||||
Balance at the beginning of the period | $ | 56,850 | $ | 56,850 | |||||||||||||
Current period acquisitions | 109,896 | — | |||||||||||||||
Balance at the end of the period | $ | 166,746 | $ | 56,850 | |||||||||||||
Summarized Amounts Reported as Intangible Assets | ' | ||||||||||||||||
The following summarizes the amounts reported as intangible assets: | |||||||||||||||||
(In thousands) | Gross | Accumlated | Net | ||||||||||||||
Carrying | Amortization | ||||||||||||||||
Amount | |||||||||||||||||
March 31, 2014: | |||||||||||||||||
Purchased licenses and technologies | $ | 201,100 | $ | (3,779 | ) | $ | 197,321 | ||||||||||
Customer relationships | 4,650 | (1,325 | ) | 3,325 | |||||||||||||
Trademarks | 3,000 | (150 | ) | 2,850 | |||||||||||||
Total amortizable intangible assets | 208,750 | (5,254 | ) | 203,496 | |||||||||||||
In-process research and development | 4,800 | — | 4,800 | ||||||||||||||
Total non-amortizable intangible assets | 4,800 | — | 4,800 | ||||||||||||||
Total intangible assets | $ | 213,550 | $ | (5,254 | ) | $ | 208,296 | ||||||||||
(In thousands) | Gross | Accumlated | Net | ||||||||||||||
Carrying | Amortization | ||||||||||||||||
Amount | |||||||||||||||||
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 expense during the respective periods for these intangible assets as follows: | |||||||||||||||||
Three months ended | Nine months ended | ||||||||||||||||
March 31, | March 31, | ||||||||||||||||
(In thousands) | 2014 | 2013 | 2014 | 2013 | |||||||||||||
Amortization on intangible assets | $ | 1,146 | $ | 194 | 1,634 | $ | 701 |
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 $) | Mar. 31, 2014 | Jun. 30, 2013 |
In Thousands, unless otherwise specified | ||
Net Investment Income [Line Items] | ' | ' |
Amortized cost | $277,378 | $531,497 |
Gross unrealized holding gains | 346 | 154 |
Gross unrealized holding losses | -11 | -587 |
Estimated fair value | 277,713 | 531,064 |
Cash | ' | ' |
Net Investment Income [Line Items] | ' | ' |
Amortized cost | 82,536 | 40,412 |
Estimated fair value | 82,536 | 40,412 |
Cash Equivalents | ' | ' |
Net Investment Income [Line Items] | ' | ' |
Amortized cost | 3,262 | 63,653 |
Gross unrealized holding gains | ' | 8 |
Estimated fair value | 3,262 | 63,661 |
Total Cash And Cash Equivalents | ' | ' |
Net Investment Income [Line Items] | ' | ' |
Amortized cost | 85,798 | 104,065 |
Gross unrealized holding gains | ' | 8 |
Estimated fair value | 85,798 | 104,073 |
Corporate Bonds And Notes | ' | ' |
Net Investment Income [Line Items] | ' | ' |
Amortized cost | 49,396 | 71,626 |
Gross unrealized holding gains | 43 | 13 |
Gross unrealized holding losses | -3 | -15 |
Estimated fair value | 49,436 | 71,624 |
Municipal Bonds | ' | ' |
Net Investment Income [Line Items] | ' | ' |
Amortized cost | 123,997 | 251,513 |
Gross unrealized holding gains | 286 | 109 |
Gross unrealized holding losses | -8 | -537 |
Estimated fair value | 124,275 | 251,085 |
Federal Agency Issues | ' | ' |
Net Investment Income [Line Items] | ' | ' |
Amortized cost | 18,187 | 104,293 |
Gross unrealized holding gains | 17 | 24 |
Gross unrealized holding losses | ' | -35 |
Estimated fair value | 18,204 | 104,282 |
Total Available For Sale | ' | ' |
Net Investment Income [Line Items] | ' | ' |
Amortized cost | 191,580 | 427,432 |
Gross unrealized holding gains | 346 | 146 |
Gross unrealized holding losses | -11 | -587 |
Estimated fair value | $191,915 | $426,991 |
Schedule_of_Maturities_of_Debt
Schedule of Maturities of Debt Securities Classified as Cash Equivalents and Available-For-Sale (Detail) (USD $) | Mar. 31, 2014 | Jun. 30, 2013 |
In Thousands, unless otherwise specified | ||
Net Investment Income [Line Items] | ' | ' |
Amortized cost | $277,378 | $531,497 |
Due within one year, Amortized cost | 126,235 | ' |
Due after one year through five years, Amortized cost | 65,345 | ' |
Due after five years, Amortized cost | ' | ' |
Total | 277,378 | ' |
Estimated fair value | 277,713 | 531,064 |
Due within one year, Estimated fair value | 126,360 | ' |
Due after one year through five years, Estimated fair value | 65,555 | ' |
Due after five years, Estimated fair value | ' | ' |
Total | 277,713 | ' |
Cash | ' | ' |
Net Investment Income [Line Items] | ' | ' |
Amortized cost | 82,536 | 40,412 |
Estimated fair value | 82,536 | 40,412 |
Cash Equivalents | ' | ' |
Net Investment Income [Line Items] | ' | ' |
Amortized cost | 3,262 | 63,653 |
Estimated fair value | $3,262 | $63,661 |
ShareBased_Compensation_Additi
Share-Based Compensation - Additional Information (Detail) (USD $) | 3 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | 9 Months Ended | ||||||||||||||
Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | Dec. 05, 2013 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2013 | |
Cost Of Molecular Diagnostic Testing | Cost Of Molecular Diagnostic Testing | Cost Of Molecular Diagnostic Testing | Cost Of Molecular Diagnostic Testing | Research And Development Expense | Research And Development Expense | Research And Development Expense | Research And Development Expense | Selling, General, and Administrative Expenses | Selling, General, and Administrative Expenses | Selling, General, and Administrative Expenses | Selling, General, and Administrative Expenses | Crescendo | Crescendo | Crescendo | Crescendo | Crescendo | Crescendo | 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 | |||||
Cost Of Molecular Diagnostic Testing | Cost Of Molecular Diagnostic Testing | Research And Development Expense | Research And Development Expense | Selling, General, and Administrative Expenses | Selling, General, and Administrative Expenses | Maximum | |||||||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of shares approved | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 3,500,000 | ' | ' | 2,000,000 |
Shares reserved for issuance exercise of options | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 3,757,761 | ' | ' | 1,856,000 | ' |
Number of shares cancelled or expired without issuance | ' | ' | 383,173 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 257,761 | ' | ' | ' | ' |
Shares available for future grant | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 5,509,201 | ' | ' |
Service period of option vested, years | ' | ' | '4 years | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Options expire from date of grant, years | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '8 years | '10 years | ' | ' | ' | ' | ' |
Shares issued under the Plan | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 144,000 | ' |
Options to purchase shares vested and exercisable, shares | 7,823,794 | ' | 7,823,794 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Exercisable weighted average price of options | $21.86 | ' | $21.86 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total unrecognized share-based compensation cost related to share-based awards granted | $46,500,000 | ' | $46,500,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total unrecognized share-based compensation cost, weighted-average period, years | ' | ' | '2 years 5 months 27 days | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total share-based compensation expense | $13,640,000 | $6,731,000 | $27,432,000 | $20,435,000 | $207,000 | $252,000 | $639,000 | $811,000 | $3,042,000 | $818,000 | $4,670,000 | $2,496,000 | $10,316,000 | $5,607,000 | $21,911,000 | $16,969,000 | $200,000 | $200,000 | $2,000,000 | $2,000,000 | $4,700,000 | $4,700,000 | ' | ' | ' | ' | ' | ' | ' |
Schedule_of_ShareBased_Compens
Schedule of Share-Based Compensation Arrangement by Share Based Payment Award Options Outstanding (Detail) (USD $) | 9 Months Ended |
Mar. 31, 2014 | |
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 | 3,308,553 |
Options exercised, Number of shares | 2,404,256 |
Options canceled or expired, Number of shares | 383,173 |
Options outstanding at end of year, Number of shares | 14,956,094 |
Options outstanding at beginning of year, Weighted average exercise price | $21.75 |
Options granted, Weighted average exercise price | $26.48 |
Options exercised, Weighted average exercise price | $18.81 |
Options canceled or expired, Weighted average exercise price | $24.40 |
Options outstanding at end of year, Weighted average exercise price | $23.20 |
Schedule_of_ShareBased_Compens1
Schedule of Share-Based Compensation Recognized in Consolidated Statements of Comprehensive Income (Detail) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2014 | Mar. 31, 2013 |
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ' | ' | ' | ' |
Total share-based compensation expense | $13,640 | $6,731 | $27,432 | $20,435 |
Cost Of Molecular Diagnostic Testing | ' | ' | ' | ' |
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ' | ' | ' | ' |
Total share-based compensation expense | 207 | 252 | 639 | 811 |
Cost Of Companion Diagnostic Services | ' | ' | ' | ' |
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ' | ' | ' | ' |
Total share-based compensation expense | 75 | 54 | 212 | 159 |
Research And Development Expense | ' | ' | ' | ' |
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ' | ' | ' | ' |
Total share-based compensation expense | 3,042 | 818 | 4,670 | 2,496 |
Selling, General, and Administrative Expenses | ' | ' | ' | ' |
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ' | ' | ' | ' |
Total share-based compensation expense | $10,316 | $5,607 | $21,911 | $16,969 |
Stockholders_Equity_Additional
Stockholders' Equity - Additional Information (Detail) (Sixth Share Repurchase Program, USD $) | 1 Months Ended | 9 Months Ended |
In Millions, unless otherwise specified | Nov. 30, 2013 | Mar. 31, 2014 |
Sixth Share Repurchase Program | ' | ' |
Stockholders Equity Note [Line Items] | ' | ' |
Share repurchase program, authorized amount | $300 | ' |
Share repurchase program, remaining authorized repurchase amount | ' | $231.40 |
Schedule_of_Stock_Repurchases_
Schedule of Stock Repurchases (Detail) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2014 | Mar. 31, 2013 |
Stockholders Equity [Line Items] | ' | ' | ' | ' |
Shares purchased and retired | 1,554 | 1,738 | 8,545 | 4,805 |
Common stock and additional paid-in-capital reductions | $12,384 | $13,252 | $67,420 | $36,374 |
Charges to retained earnings | $29,506 | $31,571 | $154,594 | $88,331 |
Reconciliation_of_Denominators
Reconciliation of Denominators of Basic and Diluted Earnings Per Share (Detail) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2014 | Mar. 31, 2013 |
Schedule of Earnings Per Share, Basic and Diluted, by Common Class [Line Items] | ' | ' | ' | ' |
Weighted-average shares outstanding used to compute basic earnings per share | 73,821 | 80,375 | 76,173 | 81,219 |
Effect of dilutive stock options | 2,553 | 2,059 | 2,159 | 2,325 |
Weighted-average shares outstanding and dilutive securities used to compute dilutive earnings per share | 76,374 | 82,434 | 78,332 | 83,544 |
Schedule_Of_AntiDilutive_Optio
Schedule Of Anti-Dilutive Options Excluded From EPS Computation (Detail) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2014 | Mar. 31, 2013 |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ' | ' | ' | ' |
Anti-dilutive options excluded from EPS computation | 5,300 | 5,797 | 6,978 | 4,975 |
Segment_and_Related_Informatio2
Segment and Related Information - Additional Information (Detail) | 9 Months Ended |
Mar. 31, 2014 | |
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 | 9 Months Ended | ||
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2014 | Mar. 31, 2013 |
Segment Reporting Information [Line Items] | ' | ' | ' | ' |
Revenue | $182,924 | $156,472 | $589,450 | $439,050 |
Depreciation and amortization | 3,479 | 4,455 | 8,291 | 6,635 |
Segment operating income (loss) | 55,287 | 57,918 | 221,188 | 162,086 |
Research | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' |
Depreciation and amortization | 502 | 1,210 | 1,494 | 1,818 |
Segment operating income (loss) | -15,455 | -17,224 | -48,422 | -47,989 |
Molecular Diagnostics | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' |
Revenue | 176,191 | 148,384 | 565,335 | 416,304 |
Depreciation and amortization | 2,506 | 2,424 | 5,335 | 3,543 |
Segment operating income (loss) | 70,815 | 76,165 | 266,794 | 214,195 |
Companion Diagnostics | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' |
Revenue | 6,733 | 8,088 | 24,115 | 22,746 |
Depreciation and amortization | 471 | 821 | 1,462 | 1,274 |
Segment operating income (loss) | ($73) | ($1,023) | $2,816 | ($4,120) |
Schedule_of_Total_Operating_In
Schedule of Total Operating Income for Continuing Reportable Segments (Detail) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2014 | Mar. 31, 2013 |
Segment Reporting Information [Line Items] | ' | ' | ' | ' |
Total operating income for reportable segments | $55,287 | $57,918 | $221,188 | $162,086 |
Interest income | 2,498 | 1,434 | 5,190 | 4,187 |
Other | -442 | -111 | -1,066 | -224 |
Income tax provision | 20,573 | 21,349 | 82,719 | 62,984 |
Net income | $36,770 | $37,892 | $142,593 | $103,065 |
Schedule_of_Fair_Value_of_Fina
Schedule of Fair Value of Financial Assets (Detail) (USD $) | Mar. 31, 2014 | Jun. 30, 2013 | ||
In Thousands, unless otherwise specified | ||||
Fair Value, Option, Qualitative Disclosures Related to Election [Line Items] | ' | ' | ||
Total fair value of financial assets | $195,177 | $490,652 | ||
Money Market Funds | ' | ' | ||
Fair Value, Option, Qualitative Disclosures Related to Election [Line Items] | ' | ' | ||
Total fair value of financial assets | 3,262 | [1] | 12,691 | [1] |
Corporate Bonds And Notes | ' | ' | ||
Fair Value, Option, Qualitative Disclosures Related to Election [Line Items] | ' | ' | ||
Total fair value of financial assets | 49,436 | 71,624 | ||
Municipal Bonds | ' | ' | ||
Fair Value, Option, Qualitative Disclosures Related to Election [Line Items] | ' | ' | ||
Total fair value of financial assets | 124,275 | 302,055 | ||
Federal Agency Issues | ' | ' | ||
Fair Value, Option, Qualitative Disclosures Related to Election [Line Items] | ' | ' | ||
Total fair value of financial assets | 18,204 | 104,282 | ||
Level 1 | ' | ' | ||
Fair Value, Option, Qualitative Disclosures Related to Election [Line Items] | ' | ' | ||
Total fair value of financial assets | 3,262 | 12,691 | ||
Level 1 | Money Market Funds | ' | ' | ||
Fair Value, Option, Qualitative Disclosures Related to Election [Line Items] | ' | ' | ||
Total fair value of financial assets | 3,262 | [1] | 12,691 | [1] |
Level 2 | ' | ' | ||
Fair Value, Option, Qualitative Disclosures Related to Election [Line Items] | ' | ' | ||
Total fair value of financial assets | 191,915 | 477,961 | ||
Level 2 | Corporate Bonds And Notes | ' | ' | ||
Fair Value, Option, Qualitative Disclosures Related to Election [Line Items] | ' | ' | ||
Total fair value of financial assets | 49,436 | 71,624 | ||
Level 2 | Municipal Bonds | ' | ' | ||
Fair Value, Option, Qualitative Disclosures Related to Election [Line Items] | ' | ' | ||
Total fair value of financial assets | 124,275 | 302,055 | ||
Level 2 | Federal Agency Issues | ' | ' | ||
Fair Value, Option, Qualitative Disclosures Related to Election [Line Items] | ' | ' | ||
Total fair value of financial assets | $18,204 | $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 | 9 Months Ended | ||
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2014 | Mar. 31, 2013 |
Income Taxes [Line Items] | ' | ' | ' | ' |
Income tax expense | $20,573 | $21,349 | $82,719 | $62,984 |
Approximate rate on pre-tax income | 36.00% | 36.00% | 37.00% | 38.00% |
U.S. federal statutory rate | ' | ' | 35.00% | ' |
Acquisitions_Additional_Inform
Acquisitions - Additional Information (Detail) (USD $) | 3 Months Ended | 9 Months Ended | 0 Months Ended | 1 Months Ended | 3 Months Ended | 9 Months Ended | 0 Months Ended | |||||||
Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2014 | Mar. 31, 2013 | Jun. 30, 2013 | Jun. 30, 2012 | Feb. 28, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | Feb. 28, 2014 | Feb. 28, 2014 | Feb. 28, 2014 | Feb. 28, 2014 | |
Crescendo | Crescendo | Crescendo | Crescendo | Crescendo | Crescendo | Crescendo | Crescendo | |||||||
Developed Technology | Database | Minimum | Maximum | |||||||||||
Business Acquisition [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total consideration transferred | ' | ' | ' | ' | ' | ' | $258,950,000 | ' | ' | ' | ' | ' | ' | ' |
Business acquisition, cash transferred | ' | ' | 223,531,000 | ' | ' | ' | 225,100,000 | ' | ' | ' | ' | ' | ' | ' |
Elimination of intercompany balances related to accrued interest and term loan | ' | ' | ' | ' | ' | ' | 25,900,000 | ' | ' | ' | ' | ' | ' | ' |
Fair value of purchase option granted | ' | ' | ' | ' | ' | ' | 8,000,000 | ' | ' | ' | ' | ' | ' | ' |
Business acquisition, amount deposited into escrow account | ' | ' | ' | ' | ' | ' | 20 | ' | ' | ' | ' | ' | ' | ' |
Period of audit completion | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '12 months | '15 months |
Share-based compensation to Crescendo employees | ' | ' | ' | ' | ' | ' | 6,929,000 | ' | ' | ' | ' | ' | ' | ' |
Control bonuses paid to Crescendo employees | ' | ' | ' | ' | ' | ' | 5,695,000 | ' | ' | ' | ' | ' | ' | ' |
Intangible assets | ' | ' | ' | ' | ' | ' | 196,600,000 | ' | ' | ' | 165,400,000 | 31,200,000 | ' | ' |
Discount rate of estimated net cash flows | ' | ' | ' | ' | ' | ' | 19.00% | ' | ' | ' | ' | ' | ' | ' |
Estimated useful lives of intangible assets, years | ' | ' | ' | ' | ' | ' | '18 years | ' | ' | ' | ' | ' | ' | ' |
Goodwill | 166,746,000 | ' | 166,746,000 | ' | 56,850,000 | 56,850,000 | 109,896,000 | ' | ' | ' | ' | ' | ' | ' |
Interest income related to accretion of the note receivable | ' | ' | ' | ' | ' | ' | ' | ' | 2,300,000 | 4,500,000 | ' | ' | ' | ' |
Revenue | 182,924,000 | 156,472,000 | 589,450,000 | 439,050,000 | ' | ' | ' | 3,100,000 | ' | ' | ' | ' | ' | ' |
Net loss | 36,770,000 | 37,892,000 | 142,593,000 | 103,065,000 | ' | ' | ' | 16,300,000 | ' | ' | ' | ' | ' | ' |
Non-recurring acquisition related charges | ' | ' | ' | ' | ' | ' | ' | $12,600,000 | ' | ' | ' | ' | ' | ' |
Reconciliation_of_Consideratio
Reconciliation of Consideration Transferred to Total Cash Paid to Acquire Business (Detail) (Crescendo, USD $) | 0 Months Ended |
In Thousands, unless otherwise specified | Feb. 28, 2014 |
Crescendo | ' |
Schedule of Business Acquisitions, Cost of Acquired Entity [Line Items] | ' |
Total consideration transferred | $258,950 |
Share-based compensation to Crescendo employees | 6,929 |
Change of control payments to Crescendo employees | 5,695 |
Offset: Non-cash fair value purchase option | -8,000 |
Total cash paid | $263,574 |
Preliminary_Allocation_of_Cons
Preliminary Allocation of Consideration Transferred for Crescendo (Detail) (USD $) | Mar. 31, 2014 | Jun. 30, 2013 | Jun. 30, 2012 | Feb. 28, 2014 |
In Thousands, unless otherwise specified | Crescendo | |||
Business Acquisition [Line Items] | ' | ' | ' | ' |
Other assets acquired | ' | ' | ' | $15,826 |
Intangible assets | ' | ' | ' | 196,600 |
Goodwill | 166,746 | 56,850 | 56,850 | 109,896 |
Total assets acquired | ' | ' | ' | 322,322 |
Deferred tax liability | ' | ' | ' | 41,778 |
Other liabilities assumed | ' | ' | ' | 21,594 |
Total net assets acquired | ' | ' | ' | $258,950 |
Sharebased_Compensation_Expens
Share-based Compensation Expense Recognized for the Accelerated Vesting of Employee Options (Detail) (Crescendo, USD $) | 0 Months Ended |
In Thousands, unless otherwise specified | Feb. 28, 2014 |
Acquisitions [Line Items] | ' |
Share-based compensation | $6,929 |
Cost Of Molecular Diagnostic Testing | ' |
Acquisitions [Line Items] | ' |
Share-based compensation | 185 |
Research And Development Expense | ' |
Acquisitions [Line Items] | ' |
Share-based compensation | 2,075 |
Selling, General, and Administrative Expenses | ' |
Acquisitions [Line Items] | ' |
Share-based compensation | $4,669 |
Change_of_Control_Expense_Reco
Change of Control Expense Recognized for Bonuses Paid to Crescendo Employees (Detail) (Crescendo, USD $) | 0 Months Ended |
In Thousands, unless otherwise specified | Feb. 28, 2014 |
Business Acquisition [Line Items] | ' |
Change of control bonuses | $5,695 |
Cost Of Molecular Diagnostic Testing | ' |
Business Acquisition [Line Items] | ' |
Change of control bonuses | 238 |
Research And Development Expense | ' |
Business Acquisition [Line Items] | ' |
Change of control bonuses | 1,710 |
Selling, General, and Administrative Expenses | ' |
Business Acquisition [Line Items] | ' |
Change of control bonuses | $3,747 |
Proforma_Results_of_Acquisitio
Pro-forma Results of Acquisitions (Detail) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2014 | Mar. 31, 2013 |
Business Acquisition, Pro Forma Information [Line Items] | ' | ' | ' | ' |
Revenue | $188,693 | $158,356 | $618,743 | $443,820 |
Income from operations | 47,396 | 46,384 | 199,380 | 126,291 |
Net income | $29,173 | $28,622 | $122,316 | $75,092 |
Net income per share, basic | $0.40 | $0.36 | $1.61 | $0.92 |
Net income per share, diluted | $0.38 | $0.35 | $1.56 | $0.90 |
Changes_in_Carrying_Amount_of_
Changes in Carrying Amount of Goodwill (Detail) (USD $) | 9 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2014 | Jun. 30, 2012 |
Goodwill [Line Items] | ' | ' |
Balance at the beginning of the period | $56,850 | $56,850 |
Current period acquisitions | 109,896 | ' |
Balance at the end of the period | $166,746 | $56,850 |
Goodwill_And_Other_Intangible_
Goodwill And Other Intangible Assets (Detail) (USD $) | Mar. 31, 2014 | Jun. 30, 2013 |
In Thousands, unless otherwise specified | ||
Acquired Finite And Infinite-Lived Intangible Assets [Line Items] | ' | ' |
Gross Carrying Amount, total intangible assets | $213,550 | $16,950 |
Gross Carrying Amount, amortizable intangible assets | 208,750 | 12,150 |
Accumulated Amortization | -5,254 | -3,620 |
Net, total intangible assets | 208,296 | 13,330 |
Net, amortizable intangible assets | 203,496 | 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 | 201,100 | 4,500 |
Accumulated Amortization | -3,779 | -2,644 |
Net, amortizable intangible assets | 197,321 | 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 | -1,325 | -976 |
Net, amortizable intangible assets | 3,325 | 3,674 |
Trademarks | ' | ' |
Acquired Finite And Infinite-Lived Intangible Assets [Line Items] | ' | ' |
Gross Carrying Amount, amortizable intangible assets | 3,000 | 3,000 |
Accumulated Amortization | -150 | ' |
Net, amortizable intangible assets | $2,850 | $3,000 |
Amortization_on_Intangible_Ass
Amortization on Intangible Assets (Detail) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2014 | Mar. 31, 2013 |
Finite-Lived Intangible Assets [Line Items] | ' | ' | ' | ' |
Amortization on intangible assets | $1,146 | $194 | $1,634 | $701 |
Cost_Basis_Investment_Addition
Cost Basis Investment - Additional Information (Detail) (USD $) | 3 Months Ended | 9 Months Ended |
Mar. 31, 2014 | Mar. 31, 2014 | |
Schedule of Cost-method Investments [Line Items] | ' | ' |
Investment accounted under cost method | $5,000,000 | $5,000,000 |
Impairment on investment | $0 | $0 |