Document_and_Entity_Informatio
Document and Entity Information (USD $) | 12 Months Ended | ||
Jun. 30, 2014 | Aug. 01, 2014 | Dec. 31, 2013 | |
Document Information [Line Items] | ' | ' | ' |
Document Type | '10-K | ' | ' |
Amendment Flag | 'false | ' | ' |
Document Period End Date | 30-Jun-14 | ' | ' |
Document Fiscal Year Focus | '2014 | ' | ' |
Document Fiscal Period Focus | 'FY | ' | ' |
Trading Symbol | 'MYGN | ' | ' |
Entity Registrant Name | 'MYRIAD GENETICS INC | ' | ' |
Entity Central Index Key | '0000899923 | ' | ' |
Current Fiscal Year End Date | '--06-30 | ' | ' |
Entity Well-known Seasoned Issuer | 'Yes | ' | ' |
Entity Current Reporting Status | 'Yes | ' | ' |
Entity Voluntary Filers | 'No | ' | ' |
Entity Filer Category | 'Large Accelerated Filer | ' | ' |
Entity Common Stock, Shares Outstanding | ' | 72,795,117 | ' |
Entity Public Float | ' | ' | $1,547,653,605 |
Consolidated_Balance_Sheets
Consolidated Balance Sheets (USD $) | Jun. 30, 2014 | Jun. 30, 2013 |
In Thousands, unless otherwise specified | ||
Current assets: | ' | ' |
Cash and cash equivalents | $64,821 | $104,073 |
Marketable investment securities | 121,641 | 268,243 |
Prepaid expenses | 6,921 | 956 |
Inventory | 23,919 | 5,007 |
Trade accounts receivable, less allowance for doubtful accounts of $8,968 in 2014 and $7,500 in 2013 | 81,297 | 94,333 |
Deferred taxes | 6,445 | 8,007 |
Prepaid taxes | 13,609 | 728 |
Other receivables | 3,770 | 2,645 |
Total current assets | 322,423 | 483,992 |
Equipment and leasehold improvements: | ' | ' |
Equipment | 80,685 | 65,903 |
Leasehold improvements | 18,922 | 18,294 |
Gross equipment and leasehold improvements | 99,607 | 84,197 |
Less accumulated depreciation | 65,013 | 56,595 |
Net equipment and leasehold improvements | 34,594 | 27,602 |
Long-term marketable investment securities | 84,124 | 158,748 |
Long-term deferred taxes | 3,180 | 28,632 |
Note receivable | ' | 21,667 |
Other assets | 5,000 | 13,000 |
Intangibles, net | 205,312 | 13,330 |
Goodwill | 169,181 | 56,850 |
Total assets | 823,814 | 803,821 |
Current liabilities: | ' | ' |
Accounts payable | 23,078 | 18,132 |
Accrued liabilities | 56,410 | 44,334 |
Deferred revenue | 1,090 | 2,043 |
Total current liabilities | 80,578 | 64,509 |
Unrecognized tax benefits | 24,238 | 10,718 |
Total liabilities | 104,816 | 75,227 |
Commitments and contingencies | ' | ' |
Stockholders' equity: | ' | ' |
Preferred stock, $0.01 par value, authorized 5,000 shares; no shares issued and outstanding | ' | ' |
Common stock, $0.01 par value, authorized 150,000 shares; issued and outstanding 73,497 shares in 2014 and 80,577 shares in 2013 | 735 | 806 |
Additional paid-in capital | 717,774 | 697,346 |
Accumulated other comprehensive loss | -1,515 | -424 |
Retained earnings | 2,004 | 30,866 |
Total stockholders' equity | 718,998 | 728,594 |
Total liabilities and stockholders' equity | $823,814 | $803,821 |
Consolidated_Balance_Sheets_Pa
Consolidated Balance Sheets (Parenthetical) (USD $) | Jun. 30, 2014 | Jun. 30, 2013 |
In Thousands, except Per Share data, unless otherwise specified | ||
Allowance for doubtful accounts | $8,968 | $7,500 |
Preferred stock, par value | $0.01 | $0.01 |
Preferred stock, authorized | 5,000 | 5,000 |
Preferred stock, issued | 0 | 0 |
Preferred stock, outstanding | 0 | 0 |
Common stock, par value | $0.01 | $0.01 |
Common stock, authorized | 150,000 | 150,000 |
Common stock, issued | 73,497 | 80,577 |
Common stock, outstanding | 73,497 | 80,577 |
Consolidated_Statements_of_Com
Consolidated Statements of Comprehensive Income (USD $) | 12 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2012 |
Molecular diagnostic testing | $748,198 | $582,392 | $472,390 |
Pharmaceutical and clinical services | 30,018 | 30,773 | 23,615 |
Total revenue | 778,216 | 613,165 | 496,005 |
Costs and expenses: | ' | ' | ' |
Cost of molecular diagnostic testing | 96,140 | 64,376 | 51,452 |
Cost of pharmaceutical and clinical services | 13,061 | 15,242 | 13,207 |
Research and development expense | 67,476 | 53,706 | 42,645 |
Selling, general, and administrative expense | 327,097 | 251,839 | 208,383 |
Total costs and expenses | 503,774 | 385,163 | 315,687 |
Operating income | 274,442 | 228,002 | 180,318 |
Other income (expense): | ' | ' | ' |
Interest income | 5,397 | 5,497 | 4,629 |
Other | -1,974 | -223 | -407 |
Total other income (expense): | 3,423 | 5,274 | 4,222 |
Income before income taxes | 277,865 | 233,276 | 184,540 |
Income tax provision | 101,640 | 86,137 | 72,389 |
Net income | 176,225 | 147,139 | 112,151 |
Earnings per share: | ' | ' | ' |
Basic | $2.33 | $1.82 | $1.33 |
Diluted | $2.25 | $1.77 | $1.30 |
Weighted average shares outstanding: | ' | ' | ' |
Basic | 75,728 | 80,948 | 84,608 |
Diluted | 78,182 | 83,327 | 86,465 |
Net income | 176,225 | 147,139 | 112,151 |
Comprehensive income: | ' | ' | ' |
Unrealized gain (loss) on available-for-sale securities, net of tax | 610 | -257 | -135 |
Change in foreign currency translation adjustment, net of tax | -1,701 | -5 | -178 |
Comprehensive income | $175,134 | $146,877 | $111,838 |
Consolidated_Statements_of_Sto
Consolidated Statements of Stockholders' Equity (USD $) | Total | Common Stock | Additional paid-in capital | Accumulated other comprehensive income (loss) | Retained Earnings (accumulated deficit) |
In Thousands | |||||
Ending Balance at Jun. 30, 2011 | $566,792 | $862 | $604,409 | $151 | ($38,630) |
Ending Balance (in shares) at Jun. 30, 2011 | ' | 86,244 | ' | ' | ' |
Issuance of common stock for cash upon exercise of options and employee stock purchase plan (in shares) | ' | 2,013 | ' | ' | ' |
Issuance of common stock for cash upon exercise of options and employee stock purchase plan | 25,029 | 21 | 25,008 | ' | ' |
Share-based payment expense | 26,275 | ' | 26,275 | ' | ' |
Stock-based compensation tax benefits | 34,193 | ' | 34,193 | ' | ' |
Repurchase and retirement of common stock (in shares) | ' | -5,688 | ' | ' | ' |
Repurchase and retirement of common stock | -128,467 | -57 | -42,205 | ' | -86,205 |
Net income | 112,151 | ' | ' | ' | 112,151 |
Other comprehensive income, net of tax | -313 | ' | ' | -313 | ' |
Ending Balance at Jun. 30, 2012 | 635,660 | 826 | 647,680 | -162 | -12,684 |
Ending Balance (in shares) at Jun. 30, 2012 | ' | 82,569 | ' | ' | ' |
Issuance of common stock for cash upon exercise of options and employee stock purchase plan (in shares) | ' | 3,640 | ' | ' | ' |
Issuance of common stock for cash upon exercise of options and employee stock purchase plan | 57,825 | 36 | 57,789 | ' | ' |
Share-based payment expense | 26,612 | ' | 26,612 | ' | ' |
Stock-based compensation tax benefits | 7,888 | ' | 7,888 | ' | ' |
Repurchase and retirement of common stock (in shares) | ' | -5,632 | ' | ' | ' |
Repurchase and retirement of common stock | -146,268 | -56 | -42,623 | ' | -103,589 |
Net income | 147,139 | ' | ' | ' | 147,139 |
Other comprehensive income, net of tax | -262 | ' | ' | -262 | ' |
Ending Balance at Jun. 30, 2013 | 728,594 | 806 | 697,346 | -424 | 30,866 |
Ending Balance (in shares) at Jun. 30, 2013 | 80,577 | 80,577 | ' | ' | ' |
Issuance of common stock for cash upon exercise of options and employee stock purchase plan (in shares) | ' | 3,292 | ' | ' | ' |
Issuance of common stock for cash upon exercise of options and employee stock purchase plan | 64,762 | 33 | 64,729 | ' | ' |
Share-based payment expense | 27,068 | ' | 27,068 | ' | ' |
Stock-based compensation tax benefits | 11,143 | ' | 11,143 | ' | ' |
Repurchase and retirement of common stock (in shares) | ' | -10,373 | ' | ' | ' |
Repurchase and retirement of common stock | -287,703 | -104 | -82,512 | ' | -205,087 |
Net income | 176,225 | ' | ' | ' | 176,225 |
Other comprehensive income, net of tax | -1,091 | ' | ' | -1,091 | ' |
Ending Balance at Jun. 30, 2014 | $718,998 | $735 | $717,774 | ($1,515) | $2,004 |
Ending Balance (in shares) at Jun. 30, 2014 | 73,497 | 73,496 | ' | ' | ' |
Consolidated_Statements_of_Cas
Consolidated Statements of Cash Flows (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2012 |
Cash flows from operating activities: | ' | ' | ' |
Net income | $176,225 | $147,139 | $112,151 |
Adjustments to reconcile net income to net cash provided by operating activities: | ' | ' | ' |
Depreciation and amortization | 13,819 | 8,889 | 9,069 |
Loss on disposition of assets | 855 | 8 | 194 |
Share-based compensation expense | 27,068 | 26,612 | 26,275 |
Bad debt expense | 39,235 | 33,294 | 24,742 |
Non-cash expense related to in-process research and development technology | ' | ' | 750 |
Impairment of intangible assets | ' | 1,490 | ' |
Deferred income taxes | 8,124 | 7,469 | 33,625 |
Unrecognized tax benefits | -660 | 710 | 560 |
Accreted interest on note receivable | -3,337 | -2,667 | -2,000 |
Excess tax benefit from share-based compensation | -11,143 | -7,888 | -34,193 |
Gain on sale of marketable investment securities | ' | -165 | -566 |
Changes in operating assets and liabilities: | ' | ' | ' |
Prepaid expenses | -5,486 | 757 | 1,204 |
Trade accounts receivable | -24,372 | -67,185 | -34,986 |
Other receivables | -1,870 | -706 | -2,312 |
Inventory | -15,794 | 6,567 | -3,426 |
Prepaid taxes | -12,881 | ' | ' |
Accounts payable | -1,492 | 7,991 | -1,249 |
Accrued liabilities | 3,077 | 11,562 | 11,218 |
Deferred revenue | -1,155 | -11 | 748 |
Net cash provided by operating activities | 190,213 | 173,866 | 141,804 |
Cash flows from investing activities: | ' | ' | ' |
Capital expenditures for equipment and leasehold improvements | -14,271 | -11,373 | -9,408 |
Acquisition of Crescendo Biosciences, Inc. (see Note 12), net of cash acquired | -223,531 | ' | ' |
Acquisition of Rules-Based Medicine, Inc., net of cash acquired | ' | ' | -799 |
Purchase of in-process research and development technology | ' | ' | -750 |
Purchase of other assets | ' | ' | -100 |
Purchase of an acquisition option | ' | ' | -8,000 |
Issuance of note receivable (Crescendo) | ' | ' | -17,000 |
Equity investment (RainDance) | ' | -5,000 | ' |
Purchases of marketable investment securities | -161,764 | -443,777 | -388,067 |
Proceeds from maturities and sales marketable investment securities | 381,899 | 384,560 | 385,236 |
Net cash used in investing activities | -17,667 | -75,590 | -38,888 |
Cash flows from financing activities: | ' | ' | ' |
Net proceeds from common stock issued under share-based compensation plans | 64,762 | 57,825 | 25,029 |
Excess tax benefit from share-based compensation | 11,143 | 7,888 | 34,193 |
Repurchase and retirement of common stock | -287,703 | -146,268 | -128,467 |
Net cash used in financing activities | -211,798 | -80,555 | -69,245 |
Net increase (decrease) in cash and cash equivalents | -39,252 | 17,721 | 33,671 |
Cash and cash equivalents at beginning of year | 104,073 | 86,352 | 52,681 |
Cash and cash equivalents at end of year | 64,821 | 104,073 | 86,352 |
Supplemental cash flow information: | ' | ' | ' |
Cash paid during the year for income taxes | 108,207 | 80,317 | 33,382 |
Non-cash investing and financing activities: | ' | ' | ' |
Fair value adjustment on marketable investment securities recorded to stockholders' equity | ($362) | $433 | ($14) |
Organization_and_Summary_of_Si
Organization and Summary of Significant Accounting Policies | 12 Months Ended | ||||||||||||
Jun. 30, 2014 | |||||||||||||
Organization and Summary of Significant Accounting Policies | ' | ||||||||||||
-1 | Organization and Summary of Significant Accounting Policies | ||||||||||||
(a) | Business Description and Basis of Presentation | ||||||||||||
Myriad Genetics, Inc. and subsidiaries (collectively, the Company) is a leading molecular diagnostic company focused on developing and marketing novel predictive medicine, personalized medicine and prognostic medicine tests. The Company employs a number of proprietary technologies, including DNA, RNA and protein analysis, that help it to understand the genetic basis of human disease and the role that genes and their related proteins may play in the onset and progression of disease. The Company uses this information to guide the development of new molecular diagnostic and companion diagnostic tests that are designed to assess an individual’s risk for developing disease later in life (predictive medicine), identify a patient’s likelihood of responding to drug therapy and guide a patient’s dosing to ensure optimal treatment (personalized medicine), or assess a patient’s risk of disease progression and disease recurrence (prognostic medicine). The Company currently offers thirteen commercial molecular diagnostic tests, including seven predictive medicine tests, three personalized medicine tests, two prognostic medicine tests and one diagnostic medicine test. The Company also generates revenue by providing pharmaceutical and clinical services to the pharmaceutical and biotechnology industries and medical research institutions utilizing its multiplexed immunoassay technology. The Company’s corporate headquarters is located in Salt Lake City, Utah. | |||||||||||||
The consolidated financial statements of the Company are prepared in accordance with U.S. generally accepted accounting principles (“GAAP”) and 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 U.S. GAAP. Certain reclassifications have been made to prior period amounts to conform to the current period presentation. | |||||||||||||
(b) | Marketable Investment Securities | ||||||||||||
The Company has classified its marketable investment securities as available-for-sale. Available-for-sale investment securities with remaining maturities of greater than one year are classified as long-term. Available-for-sale investment securities with remaining maturities of less than one year are classified as short-term. Available-for-sale investment securities with remaining maturities of less than three months at the time of purchase are classified as cash equivalents. Marketable 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. | |||||||||||||
A decline in the market value of any available-for-sale security below cost that is deemed other than temporary results in a charge to earnings and establishes a new cost basis for the security. Losses are charged against “Other income” when a decline in fair value is determined to be other than temporary. We review several factors to determine whether a loss is other than temporary. These factors include but are not limited to: (i) the extent to which the fair value is less than cost and the cause for the fair value decline, (ii) the financial condition and near term prospects of the issuer, (iii) the length of time a security is in an unrealized loss position and (iv) our ability to hold the security for a period of time sufficient to allow for any anticipated recovery in fair value. There were no other-than-temporary impairments recognized during the years ended June 30, 2014, 2013 and 2012. | |||||||||||||
(c) | Trade Accounts Receivable and Allowance for Doubtful Accounts | ||||||||||||
Trade accounts receivable are comprised of amounts due from sales of the Company’s molecular diagnostic tests and pharmaceutical and clinical services and are recorded at the invoiced amount, net of discounts and contractual allowances. The allowance for doubtful accounts is based on the Company’s best estimate of the amount of probable losses in the Company’s existing accounts receivable, which is based on historical write-off experience, customer creditworthiness, facts and circumstances specific to outstanding balances, and payment terms. Account balances are charged against the allowance after all means of collection have been exhausted and the potential for recovery is considered remote. The Company does not have any off-balance-sheet credit exposure related to its customers and does not require collateral. | |||||||||||||
(d) | Equipment and Leasehold Improvements | ||||||||||||
Equipment and leasehold improvements are stated at cost less accumulated depreciation. Depreciation and amortization are computed using the straight-line method based on the lesser of estimated useful lives of the related assets or lease terms. Equipment items have depreciable lives of five to seven years. Leasehold improvements are depreciated over the shorter of the estimated useful lives or the associated lease terms, which range from three to fifteen years. Repairs and maintenance costs are charged to expense as incurred. For the years ended June 30, 2014, 2013 and 2012, the Company recorded the depreciation expense as follows: | |||||||||||||
Years Ended June 30, | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
(In thousands) | |||||||||||||
Depreciation expense | $ | 9,186 | $ | 7,994 | $ | 7,969 | |||||||
(e) | Inventory | ||||||||||||
Inventories consist of reagents, plates and testing kits. Inventories are stated at the lower of cost or market on a first-in, first-out basis. In order to assess the ultimate realization of inventories, the Company is required to make judgments as to future demand requirements compared to current or committed inventory levels. | |||||||||||||
The Company evaluates its inventories for excess quantities and obsolescence. Inventories that are considered obsolete are expensed. The valuation of inventories requires the use of estimates as to the amounts of current inventories that will be sold. These estimates are dependent on management’s assessment of current and expected orders from the Company’s customers. | |||||||||||||
(f) | Intangible Assets and Other Long-Lived Assets | ||||||||||||
Intangible and other assets as of June 30, 2014 and 2013 are comprised of acquired patents and intellectual property and purchased in-process research and development. Acquired intangible assets are recorded at fair value and amortized over the shorter of the contractual life or the estimated useful life. | |||||||||||||
The Company continually reviews and monitors long-lived assets for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. Recoverability of assets to be held and used is measured by a comparison of the carrying amount of an asset to future undiscounted net cash flows expected to be generated by the asset. If the carrying amount of an asset exceeds its estimated future undiscounted cash flows, an impairment charge is recognized in the amount by which the carrying amount of the asset exceeds the fair value of the asset. Assets to be disposed of are reported at the lower of the carrying amount or fair value less costs to sell. In December 2012, the Company notified the licensor of the Company’s OnDose product of the Company’s intent to terminate the license agreement, and as a result, recorded an impairment charge of approximately $1.5 million associated with the purchased license agreement. Other than this $1.5 million impairment charge, the Company concluded there was no impairment of long-lived assets for the years ended June 30, 2014, 2013 and 2012. | |||||||||||||
(g) | Goodwill | ||||||||||||
The Company has recorded goodwill of $169.2 million from the acquisition of Crescendo Bioscience, Inc. that was completed on February 28, 2014 (see Note 12) and Rules-Based Medicine, Inc. that was completed on May 31, 2011. Of this goodwill, $112.3 million relates to the Company’s molecular diagnostic segment and $56.9 million related to the Company’s pharmaceutical and clinical services segment. Goodwill is tested for impairment on an annual basis as of April 1 and in the interim by reporting unit if events and circumstances indicate that goodwill may be impaired. The events and circumstances that are considered include business climate and market conditions, legal factors, operating performance indicators and competition. Impairment of goodwill was evaluated using a two-step process. The first step involves a comparison of the fair value of the reporting unit with its carrying amount. If the carrying amount of the reporting unit exceeds its fair value, the second step of the process involves a comparison of the fair value and the carrying amount of the goodwill of that reporting unit. If the carrying amount of the goodwill of the reporting unit exceeds the fair value of that goodwill, an impairment loss would be recognized in an amount equal to the excess of carrying value over fair value. If an event occurs that would cause a revision to the estimates and assumptions used in analyzing the value of the goodwill, the revision could result in a non-cash impairment charge that could have a material impact on the financial results. | |||||||||||||
(h) | Revenue Recognition | ||||||||||||
Molecular diagnostic testing revenue is recognized when persuasive evidence of an agreement exists, results have been communicated to the patient, the fee is fixed or determinable, and collection is reasonably assured. Revenue from the sale of molecular diagnostic tests and related marketing agreements is recorded at the invoiced amount net of any discounts or contractual allowances. | |||||||||||||
Pharmaceutical and clinical service revenue is recognized when persuasive evidence of an agreement exists, the fee is fixed and or determinable, when the testing service has been completed and the results of the tests are transferred to the customer, and collectability is reasonably assured. In addition, the Company’s wholly owned subsidiary, Myriad RBM, has received national, state, foreign government and private foundation grants and contracts. Revenue associated with these grants and contracts is recognized in the period in which qualifying costs for the services by the grants and contracts are incurred and the related grant or contract fee is earned. | |||||||||||||
(i) | Income Taxes | ||||||||||||
The Company recognizes income taxes under the asset and liability method. This approach requires the recognition of deferred tax assets and liabilities for the expected future tax consequences of temporary differences between the carrying amounts and the tax bases of assets and liabilities. | |||||||||||||
The provision for income taxes, including the effective tax rate and analysis of potential tax exposure items, if any, requires significant judgment and expertise in federal and state income tax laws, regulations and strategies, including the determination of deferred tax assets and liabilities and any estimated valuation allowances deemed necessary to recognize deferred tax assets at an amount that is more likely than not to be realized. The Company’s filings, including the positions taken therein, are subject to audit by various taxing authorities. While the Company believes it has provided adequately for its income tax liabilities in the consolidated financial statements, adverse determinations by these taxing authorities could have a material adverse effect on the consolidated financial condition, results of operations or cash flows. | |||||||||||||
(j) | Earnings Per Share | ||||||||||||
Basic earnings per share is computed based on the weighted-average number of shares of common stock outstanding. Diluted earnings per share is computed based on the weighted-average number of shares of common stock, including the dilutive effect of common stock equivalents outstanding. | |||||||||||||
The following is a reconciliation of the denominators of the basic and diluted earnings per share computations: | |||||||||||||
(In thousands) | Years Ended June 30, | ||||||||||||
2014 | 2013 | 2012 | |||||||||||
Denominator: | |||||||||||||
Weighted-average shares outstanding used to compute basic EPS | 75,728 | 80,948 | 84,608 | ||||||||||
Effect of dilutive stock options | 2,454 | 2,379 | 1,857 | ||||||||||
Weighted-average shares outstanding and dilutive securities used to compute diluted EPS | 78,182 | 83,327 | 86,465 | ||||||||||
Certain outstanding stock options were excluded from the computation of diluted earnings per share because the effect would have been anti-dilutive. These potential dilutive common shares, which may be dilutive to future diluted earnings per share, are as follows: | |||||||||||||
(In thousands) | Years Ended June 30, | ||||||||||||
2014 | 2013 | 2012 | |||||||||||
Anti-dilutive options excluded from EPS computation | 5,273 | 5,136 | 8,585 | ||||||||||
(k) | Use of Estimates | ||||||||||||
The preparation of the consolidated financial statements in accordance with U.S. GAAP requires Company management to make estimates and assumptions relating to the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the period. Significant items subject to such estimates and assumptions include the carrying amount of fixed assets, valuation allowances for receivables and deferred income tax assets, certain accrued liabilities, share-based compensation and impairment analysis of goodwill and intangible assets. Actual results could differ from those estimates. | |||||||||||||
(l) | Recent Accounting Pronouncements | ||||||||||||
In May 2014, the Financial Accounting Standards Board issued ASU No. 2014-09, “Revenue from Contracts with Customers.” Under the new standard, revenue is recognized at the time a good or service is transferred to a customer for the amount of consideration received for that specific good or service. It is effective for annual reporting periods beginning after December 15, 2016, including interim reporting periods, and early adoption is not permitted. Entities may use a full retrospective approach or report the cumulative effect as of the date of adoption. We are currently evaluating the impact, if any, the adoption of this standard will have on our Consolidated Financial Statements. |
Marketable_Investment_Securiti
Marketable Investment Securities | 12 Months Ended | ||||||||||||||||||||||||
Jun. 30, 2014 | |||||||||||||||||||||||||
Marketable Investment Securities | ' | ||||||||||||||||||||||||
-2 | Marketable Investment Securities | ||||||||||||||||||||||||
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 June 30, 2014 and 2013 were as follows: | |||||||||||||||||||||||||
(In thousands) | Amortized | Gross | Gross | Estimated | |||||||||||||||||||||
cost | unrealized | unrealized | fair value | ||||||||||||||||||||||
holding | holding | ||||||||||||||||||||||||
gains | losses | ||||||||||||||||||||||||
At June 30, 2014: | |||||||||||||||||||||||||
Cash and cash equivalents: | |||||||||||||||||||||||||
Cash | $ | 45,181 | $ | — | $ | — | $ | 45,181 | |||||||||||||||||
Cash equivalents | 19,639 | 1 | — | 19,640 | |||||||||||||||||||||
Total cash and cash equivalents | 64,820 | 1 | — | 64,821 | |||||||||||||||||||||
Available-for-sale: | |||||||||||||||||||||||||
Corporate bonds and notes | 44,449 | 36 | (11 | ) | 44,474 | ||||||||||||||||||||
Municipal bonds | 137,821 | 334 | (3 | ) | 138,152 | ||||||||||||||||||||
Federal agency issues | 23,134 | 12 | (7 | ) | 23,139 | ||||||||||||||||||||
Total | $ | 270,224 | $ | 383 | $ | (21 | ) | $ | 270,586 | ||||||||||||||||
(In thousands) | Amortized | Gross | Gross | Estimated | |||||||||||||||||||||
cost | unrealized | unrealized | fair value | ||||||||||||||||||||||
holding | holding | ||||||||||||||||||||||||
gains | losses | ||||||||||||||||||||||||
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: | |||||||||||||||||||||||||
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 | $ | 531,497 | $ | 154 | $ | (587 | ) | $ | 531,064 | ||||||||||||||||
Cash, cash equivalents, and maturities of debt securities classified as available-for-sale are as follows at June 30, 2014: | |||||||||||||||||||||||||
(In thousands) | Amortized | Estimated | |||||||||||||||||||||||
cost | fair value | ||||||||||||||||||||||||
Cash | $ | 45,181 | $ | 45,181 | |||||||||||||||||||||
Cash equivalents | 19,639 | 19,640 | |||||||||||||||||||||||
Available-for-sale: | |||||||||||||||||||||||||
Due within one year | 121,505 | 121,641 | |||||||||||||||||||||||
Due after one year through five years | 83,899 | 84,124 | |||||||||||||||||||||||
Due after five years | — | — | |||||||||||||||||||||||
Total | $ | 270,224 | $ | 270,586 | |||||||||||||||||||||
Debt securities in an unrealized loss position as of June 30, 2014 were not impaired at acquisition and the declines in fair value are not attributed to declines in credit quality. Management believes that it is more likely than not that the securities will be held until a recovery of par value. All securities in an unrealized loss position as of June 30, 2014 and 2013 are debt securities. Debt securities available-for-sale in a gross unrealized loss position as of June 30, 2014 and 2013 are summarized as follows: | |||||||||||||||||||||||||
Less than 12 months | More than 12 months | Total | |||||||||||||||||||||||
(In thousands) | Fair | Unrealized | Fair | Unrealized | Fair | Unrealized | |||||||||||||||||||
value | losses | value | losses | value | losses | ||||||||||||||||||||
At June 30, 2014: | |||||||||||||||||||||||||
Debt securities: | |||||||||||||||||||||||||
Corporate bonds and notes | 15,961 | (11 | ) | — | — | 15,961 | (11 | ) | |||||||||||||||||
Municipal bonds | 8,651 | (3 | ) | — | — | 8,651 | (3 | ) | |||||||||||||||||
Federal agency issues | 4,993 | (7 | ) | — | — | 4,993 | (7 | ) | |||||||||||||||||
$ | 29,605 | $ | (21 | ) | $ | — | $ | — | $ | 29,605 | $ | (21 | ) | ||||||||||||
Less than 12 months | More than 12 months | Total | |||||||||||||||||||||||
(In thousands) | Fair | Unrealized | Fair | Unrealized | Fair | Unrealized | |||||||||||||||||||
value | losses | value | losses | value | losses | ||||||||||||||||||||
At June 30, 2013: | |||||||||||||||||||||||||
Debt securities: | |||||||||||||||||||||||||
Corporate bonds and notes | 30,309 | (15 | ) | — | — | 30,309 | (15 | ) | |||||||||||||||||
Municipal bonds | 93,992 | (538 | ) | — | — | 93,992 | (538 | ) | |||||||||||||||||
Federal agency issues | 45,528 | (34 | ) | — | — | 45,528 | (34 | ) | |||||||||||||||||
$ | 169,829 | $ | (587 | ) | $ | — | $ | — | $ | 169,829 | $ | (587 | ) | ||||||||||||
Fair_Value_Measurements
Fair Value Measurements | 12 Months Ended | ||||||||||||||||
Jun. 30, 2014 | |||||||||||||||||
Fair Value Measurements | ' | ||||||||||||||||
-3 | Fair Value Measurements | ||||||||||||||||
The fair value of the Company’s financial instruments reflects the amounts that the Company estimates to receive in connection with the sale of an asset or paid 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. The following table sets forth the fair value of the Company’s financial assets that are re-measured on a regular basis: | |||||||||||||||||
(In thousands) | Level 1 | Level 2 | Level 3 | Total | |||||||||||||
at June 30, 2014 | |||||||||||||||||
Money market funds (a) | $ | 13,634 | $ | — | $ | — | $ | 13,634 | |||||||||
Corporate bonds and notes | — | 44,474 | — | 44,474 | |||||||||||||
Municipal bonds | — | 144,158 | — | 144,158 | |||||||||||||
Federal agency issues | — | 23,139 | — | 23,139 | |||||||||||||
Total | $ | 13,634 | $ | 211,771 | $ | — | $ | 225,405 | |||||||||
(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 | ||||||||||||||||
The Company’s Level 1 assets include money market instruments. Level 2 assets consist of marketable investment securities that include federal agency issues, commercial paper, corporate bonds, and municipal bonds. Level 2 securities are valued based upon observable inputs that may include benchmark yields, reported trades, broker/dealer quotes, issuer spreads, two-sided markets, benchmark securities, bids, offers and reference data including market research publications. As of June 30, 2014 and 2013, the Company had no investments which were measured using unobservable (Level 3) inputs. |
Goodwill_and_Other_Intangible_
Goodwill and Other Intangible Assets | 12 Months Ended | ||||||||||||
Jun. 30, 2014 | |||||||||||||
Goodwill and Other Intangible Assets | ' | ||||||||||||
-4 | Goodwill and Other Intangible Assets | ||||||||||||
Goodwill | |||||||||||||
At June 30, 2014, the Company had goodwill of $169.2 million recorded as a result of the acquisition of Crescendo Bioscience, Inc. (“Crescendo”) on February 28, 2014 (see Note 12) and Rules-Based Medicine, Inc. (“Myriad RBM”) on May 31, 2011. The Company assessed goodwill for impairment in accordance with the appropriate guidance (see Note 1(g)) and recorded no impairment of goodwill for the period ended June 30, 2014. The following summarizes changes to the goodwill balance for the years ended June 30, 2014 and 2013: | |||||||||||||
Year Ended June 30, | |||||||||||||
(In thousands) | 2014 | 2013 | |||||||||||
Balance at beginning of period | $ | 56,850 | $ | 56,850 | |||||||||
Current period acquisitions | 112,331 | — | |||||||||||
Balance at end of period | $ | 169,181 | $ | 56,850 | |||||||||
Intangible Assets | |||||||||||||
Intangible assets primarily consist of amortizable assets of purchased licenses and technologies, developed technology, a laboratory database, trademarks, and customer relationships as well as non-amortizable intangible assets of in-process technologies, research and development. Certain of these intangible assets were recorded as part of the Company’s purchase of Crescendo on February 28, 2014 (see Note 12) and Myriad RBM on May 31, 2011. The Company’s developed technology and database acquired in conjunction with the purchase of Crescendo have estimated remaining useful lives of 18 years. Trademarks acquired in conjunction with the purchase of Myriad RBM have an estimated remaining useful life of approximately 14 years and customer relationships have an estimated remaining useful life of approximately 7 years. The estimated useful life of acquired in-process research and development was also evaluated in conjunction with the annual impairment analysis of intangible assets and the classification of the acquired in-process research and development as an indefinite lived asset was deemed appropriate as the related research and development was not yet complete nor had it been abandoned. | |||||||||||||
In December 2012, the Company notified the licensor of the Company’s OnDose product of the Company’s intent to terminate the license agreement, and as a result, recorded an impairment charge of approximately $1.5 million associated with the purchased license agreement. The fair value was estimated for the license agreement using the undiscounted future cash flows method, under which the Company determined that the fair value was less than the carrying value. The impairment is included in research and development in the condensed consolidated statement of comprehensive income and is part of the molecular diagnostic segment. The following summarizes the amounts reported as intangible assets: | |||||||||||||
(In thousands) | Gross | Accumulated | Net | ||||||||||
Carrying | Amortization | ||||||||||||
Amount | |||||||||||||
at June 30, 2014 | |||||||||||||
Purchased licenses and technologies | $ | 201,100 | $ | (6,597 | ) | $ | 194,503 | ||||||
Customer relationships | 4,650 | (1,441 | ) | 3,209 | |||||||||
Trademarks | 3,000 | (200 | ) | 2,800 | |||||||||
Total amortized intangible assets | 208,750 | (8,238 | ) | 200,512 | |||||||||
In-process research and development | 4,800 | — | 4,800 | ||||||||||
Total unamortized intangible assets | 4,800 | — | 4,800 | ||||||||||
Total intangible assets | $ | 213,550 | $ | (8,238 | ) | $ | 205,312 | ||||||
(In thousands) | Gross | Accumulated | Net | ||||||||||
Carrying | Amortization | ||||||||||||
Amount | |||||||||||||
at 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 amortized intangible assets | 12,150 | (3,620 | ) | 8,530 | |||||||||
In-process research and development | 4,800 | — | 4,800 | ||||||||||
Total unamortized intangible assets | 4,800 | — | 4,800 | ||||||||||
Total intangible assets | $ | 16,950 | $ | (3,620 | ) | $ | 13,330 | ||||||
As of June 30, 2014 the weighted average remaining amortization period for purchased licenses and technologies, trademarks, and customer relationships is approximately 17 years. | |||||||||||||
The Company recorded amortization during the respective periods for these intangible assets as follows: | |||||||||||||
Years Ended June 30, | |||||||||||||
(In thousands) | 2014 | 2013 | 2012 | ||||||||||
Amortization on intangible assets | $ | 4,633 | $ | 895 | $ | 1,100 | |||||||
Future estimated amortization expense as of June 30, 2014 for the five succeeding fiscal years is as follows: | |||||||||||||
(In thousands) | |||||||||||||
Fiscal year ending: | |||||||||||||
2015 | $ | 11,900 | |||||||||||
2016 | 11,900 | ||||||||||||
2017 | 11,900 | ||||||||||||
2018 | 11,881 | ||||||||||||
2019 | 11,587 | ||||||||||||
$ | 59,168 | ||||||||||||
Leases
Leases | 12 Months Ended | ||||||||||||
Jun. 30, 2014 | |||||||||||||
Leases | ' | ||||||||||||
-5 | Leases | ||||||||||||
The Company leases office and laboratory space under five non-cancelable operating leases, with terms that expire between 2017 and 2025 in Salt Lake City, Utah, one cancelable lease for office and laboratory space with a term of five years in Munich, Germany, and two non-cancelable operating leases for Myriad RBM for office and laboratory space that expire between 2017 and 2020 in Austin, Texas and Saranac Lake, New York. The Company also leases office and laboratory space under one non-cancellable operating lease that expires in 2017 in South San Francisco, California for Crescendo. In addition, the Company maintains lease agreements that expire between 2013 and 2018 for administrative offices in Zurich, Switzerland; Paris, France; Madrid, Spain; and Milan, Italy. Furthermore, the Company leases information technology equipment under two non-cancelable leases, with terms that expire in 2016. | |||||||||||||
The following is a summary of the Company’s rental expense for the fiscal years reported: | |||||||||||||
Years Ended June 30, | |||||||||||||
(In thousands) | 2014 | 2013 | 2012 | ||||||||||
Rental expense | $ | 11,266 | $ | 8,155 | $ | 6,819 | |||||||
Future minimum lease payments under the Company’s current leases as of June 30, 2014 are as follows: | |||||||||||||
(In thousands) | |||||||||||||
Fiscal year ending: | |||||||||||||
2015 | $ | 11,235 | |||||||||||
2016 | 11,500 | ||||||||||||
2017 | 10,828 | ||||||||||||
2018 | 6,489 | ||||||||||||
2019 | 6,009 | ||||||||||||
Thereafter | 26,191 | ||||||||||||
$ | 72,252 | ||||||||||||
ShareBased_Compensation
Share-Based Compensation | 12 Months Ended | ||||||||||||||||||||||||
Jun. 30, 2014 | |||||||||||||||||||||||||
Share-Based Compensation | ' | ||||||||||||||||||||||||
-6 | 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. As of June 30, 2014, a total of 3,757,381 shares of common stock are reserved for issuance under the 2010 Plan. In addition, as of June 30, 2014, the Company may grant up to 5,005,532 additional shares under the 2010 Plan if options previously granted under the Company’s terminated 2003 Employee, Director and Consultant Option Plan are cancelled or expire in the future without the issuance of shares of common stock by the Company. The exercise price of options granted in 2014, 2013 and 2012 was equivalent to the fair market value of the stock at the date of grant. The number of shares, terms, and vesting periods are determined by the Company’s board of directors or a committee thereof on an option-by-option basis. Options generally vest ratably over service periods of four years. Options granted after December 5, 2012 expire eight years from the date of grant, and options granted prior to that date generally expire ten years from the date of grant. | |||||||||||||||||||||||||
The fair value of each option grant is estimated on the date of the grant using the Black-Scholes option-pricing model with the following weighted-average assumptions used for grants for the fiscal year ended June 30: | |||||||||||||||||||||||||
2014 | 2013 | 2012 | |||||||||||||||||||||||
Risk-free interest rate | 1.60% | 0.80% | 1.00% | ||||||||||||||||||||||
Expected dividend yield | 0% | 0% | 0% | ||||||||||||||||||||||
Expected lives (in years) | 4.1 - 4.7 | 4.2 - 4.7 | 4.2 - 4.6 | ||||||||||||||||||||||
Expected volatility | 40% | 44% | 44% | ||||||||||||||||||||||
Expected option lives and volatilities are based on historical data of the Company and other factors. | |||||||||||||||||||||||||
A summary of activity is as follows: | |||||||||||||||||||||||||
2014 | 2013 | 2012 | |||||||||||||||||||||||
Number | Weighted | Number | Weighted | Number | Weighted | ||||||||||||||||||||
of | average | of | average | of | average | ||||||||||||||||||||
shares | exercise | shares | exercise | shares | exercise | ||||||||||||||||||||
price | price | price | |||||||||||||||||||||||
Options outstanding at beginning of year | 14,434,970 | 21.75 | 15,233,281 | $ | 19.32 | 14,453,913 | $ | 18.22 | |||||||||||||||||
Options granted | 3,320,553 | 26.52 | 2,957,623 | 27.09 | 3,188,160 | 20.42 | |||||||||||||||||||
Less: | |||||||||||||||||||||||||
Options exercised | (3,122,427 | ) | 19.44 | (3,490,495 | ) | 15.65 | (1,852,245 | ) | 11.94 | ||||||||||||||||
Options canceled or expired | (394,913 | ) | 24.3 | (265,439 | ) | 22.26 | (556,547 | ) | 21.48 | ||||||||||||||||
Options outstanding at end of year | 14,238,183 | 23.3 | 14,434,970 | 21.75 | 15,233,281 | 19.32 | |||||||||||||||||||
Options exercisable at end of year | 7,149,155 | 21.9 | 7,480,472 | 20.51 | 8,397,678 | 18.01 | |||||||||||||||||||
Options vested and expected to vest | 13,374,736 | 23.12 | 13,543,852 | 21.58 | 14,514,637 | 19.28 | |||||||||||||||||||
Weighted average fair value of options granted during the year | 10.04 | 9.87 | 7.47 | ||||||||||||||||||||||
The following table summarizes information about stock options outstanding at June 30, 2014: | |||||||||||||||||||||||||
Options outstanding | Options exercisable | ||||||||||||||||||||||||
Range of | Number | Weighted | Weighted | Number | Weighted | ||||||||||||||||||||
exercise | outstanding | average | average | exercisable | average | ||||||||||||||||||||
prices | at | remaining | exercise | at | exercise | ||||||||||||||||||||
June 30, | contractual | price | June 30, | price | |||||||||||||||||||||
2014 | life (years) | 2014 | |||||||||||||||||||||||
$5.89 - 19.47 | 4,750,203 | 5.85 | $ | 17.2 | 3,103,525 | $ | 16.44 | ||||||||||||||||||
20.01 - 26.49 | 5,531,296 | 6.55 | 25.03 | 2,064,390 | 23.14 | ||||||||||||||||||||
26.84 - 30.34 | 3,929,684 | 7.09 | 28.16 | 1,975,740 | 29.17 | ||||||||||||||||||||
30.53 - 37.73 | 27,000 | 7.18 | 34.05 | 5,500 | 31.11 | ||||||||||||||||||||
14,238,183 | 6.47 | 7,149,155 | 21.9 | ||||||||||||||||||||||
Options exercisable at June 30, 2014 had a weighted average remaining contractual life of 5.56 years. | |||||||||||||||||||||||||
Share-based compensation expense recognized and included in the consolidated statements of comprehensive income for the fiscal years ended June 30, 2014, 2013 and 2012 was as follows: | |||||||||||||||||||||||||
Years Ended June 30, | |||||||||||||||||||||||||
(In thousands) | 2014 | 2013 | 2012 | ||||||||||||||||||||||
Cost of molecular diagnostic testing | $ | 833 | $ | 1,030 | $ | 1,158 | |||||||||||||||||||
Cost of pharmaceutical and clinical services | 317 | 219 | 85 | ||||||||||||||||||||||
Research and development expense | 5,429 | 3,246 | 3,350 | ||||||||||||||||||||||
Selling, general, and administrative expense | 27,418 | 22,117 | 21,682 | ||||||||||||||||||||||
Total share-based compensation expense | $ | 33,997 | $ | 26,612 | $ | 26,275 | |||||||||||||||||||
Total stock-based compensation for the year ended June 30, 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 in February 2014 (see Note 12). | |||||||||||||||||||||||||
The Company has unrecognized share-based compensation cost related to share-based compensation granted under its current plans. The estimated unrecognized share-based compensation cost and related weighted average recognition period, aggregate intrinsic value of options outstanding, and aggregate intrinsic value of options that are fully vested is as follows: | |||||||||||||||||||||||||
(In thousands) | As of | ||||||||||||||||||||||||
June 30, 2014 | |||||||||||||||||||||||||
Unrecognized share-based compensation cost | $ | 41,728 | |||||||||||||||||||||||
Aggregate intrinsic value of options outstanding | $ | 222,451 | |||||||||||||||||||||||
Aggregate intrinsic value of options fully vested | $ | 121,659 | |||||||||||||||||||||||
The estimated unrecognized share-based compensation cost will be recognized over a weighted-average period of 2.3 years. | |||||||||||||||||||||||||
The total intrinsic value of options exercised during 2014, 2013 and 2012 was as follows: | |||||||||||||||||||||||||
Years Ended June 30, | |||||||||||||||||||||||||
(In thousands) | 2014 | 2013 | 2012 | ||||||||||||||||||||||
Total intrinsic value of options exercised | $ | 49,379 | $ | 51,785 | $ | 21,575 | |||||||||||||||||||
The Company had an Employee Stock Purchase Plan that was approved by shareholders in 1995 (the “1995 Purchase Plan”), and subsequently amended, under which 2,000,000 shares of common stock had been authorized. As of December 5, 2012, a total of 1,990,000 shares of common stock had been issued under the 1995 Purchase Plan when it was terminated. On December 5, 2012, following shareholder approval, the Company adopted the 2012 Employee Stock Purchase Plan (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. At June 30, 2014, a total of 169,000 shares of common stock had been purchased under the 2012 Plan. Shares purchased under and compensation expense associated with the 1995 and 2012 Plans for the years reported are as follows: | |||||||||||||||||||||||||
Years Ended June 30, | |||||||||||||||||||||||||
(In thousands) | 2014 | 2013 | 2012 | ||||||||||||||||||||||
Shares purchased under the Plans | 169 | 149 | 161 | ||||||||||||||||||||||
Plan compensation expense | $ | 1,317 | $ | 885 | $ | 892 | |||||||||||||||||||
The fair value of shares issued under the Plan that was in effect for each period reported was calculated using the Black-Scholes option-pricing model using the following weighted-average assumptions: | |||||||||||||||||||||||||
2014 | 2013 | 2012 | |||||||||||||||||||||||
Risk-free interest rate | 0.1 | % | 0.1 | % | 0.1 | % | |||||||||||||||||||
Expected dividend yield | 0 | % | 0 | % | 0 | % | |||||||||||||||||||
Expected lives (in years) | 0.5 | 0.5 | 0.5 | ||||||||||||||||||||||
Expected volatility | 56 | % | 37 | % | 30 | % |
Stockholders_Equity
Stockholders' Equity | 12 Months Ended | ||||||||||||
Jun. 30, 2014 | |||||||||||||
Stockholders' Equity | ' | ||||||||||||
-7 | Stockholders’ Equity | ||||||||||||
Stock Repurchase Program | |||||||||||||
The Company previously announced the following stock repurchase programs for its common stock: | |||||||||||||
Date Authorized | Amount Authorized | Date Completed | |||||||||||
May-10 | $ | 100,000,000 | August 2010 | ||||||||||
Aug-10 | $ | 100,000,000 | February 2011 | ||||||||||
Mar-11 | $ | 100,000,000 | September 2011 | ||||||||||
Aug-11 | $ | 200,000,000 | Jan-13 | ||||||||||
Feb-13 | $ | 200,000,000 | Nov-13 | ||||||||||
Nov-13 | $ | 300,000,000 | ongoing | ||||||||||
Total: | $ | 1,000,000,000 | |||||||||||
In November 2013, the Company completed its fifth share repurchase program, which authorized the repurchase of up to $200 million of the Company’s common stock. From July 2013 through November 2013, the Company repurchased $153 million worth of shares under this program. In November 2013, the Company’s Board of Directors authorized a sixth share repurchase program of $300 million of the Company’s outstanding common stock. The Company plans to repurchase the $300 million of 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 June 30, 2014, the Company has repurchased $134 million of shares under the current $300 million share repurchase authorization. | |||||||||||||
The Company uses the par value method of accounting for its stock repurchases. As a result of the stock repurchases, the Company reduced common stock and additional paid-in capital and recorded charges to accumulated deficit. The shares retired, aggregate common stock and additional paid-in capital reductions, and related charges to accumulated deficit for the repurchases for periods ended June 30, 2014, 2013 and 2012 were as follows: | |||||||||||||
Year ended June 30, | |||||||||||||
(In thousands) | 2014 | 2013 | 2012 | ||||||||||
Shares purchased and retired | 10,373 | 5,632 | 5,688 | ||||||||||
Common stock and additional paid-in-capital reductions | $ | 82,617 | $ | 42,679 | $ | 42,262 | |||||||
Charges to retained earnings | $ | 205,086 | $ | 103,589 | $ | 86,205 |
Income_Taxes
Income Taxes | 12 Months Ended | ||||||||||||||||
Jun. 30, 2014 | |||||||||||||||||
Income Taxes | ' | ||||||||||||||||
-8 | Income Taxes | ||||||||||||||||
Income tax expense consists of the following: | |||||||||||||||||
Year ended June 30, | |||||||||||||||||
(In thousands) | 2014 | 2013 | 2012 | ||||||||||||||
Current: | |||||||||||||||||
Federal | $ | 97,442 | $ | 80,333 | $ | 67,492 | |||||||||||
State | 3,541 | 6,021 | 4,647 | ||||||||||||||
Total Current | 100,983 | 86,354 | 72,139 | ||||||||||||||
Deferred: | |||||||||||||||||
Federal | (666 | ) | 660 | (2,192 | ) | ||||||||||||
State | 746 | (431 | ) | 2,326 | |||||||||||||
Foreign | (2,865 | ) | (2,051 | ) | (1,735 | ) | |||||||||||
Change in valuation allowance | 3,442 | 1,605 | 1,851 | ||||||||||||||
Total Deferred | 657 | (217 | ) | 250 | |||||||||||||
Total income tax expense | $ | 101,640 | $ | 86,137 | $ | 72,389 | |||||||||||
Income (loss) before income taxes consists of the following: | |||||||||||||||||
Year ended June 30, | |||||||||||||||||
(In thousands) | 2014 | 2013 | 2012 | ||||||||||||||
United States | $ | 292,081 | $ | 243,556 | $ | 189,702 | |||||||||||
Foreign | (14,216 | ) | (10,280 | ) | (5,162 | ) | |||||||||||
277,865 | 233,276 | 184,540 | |||||||||||||||
The differences between income taxes at the statutory federal income tax rate and income taxes reported in the consolidated statements of comprehensive income were as follows: | |||||||||||||||||
Year ended June 30, | |||||||||||||||||
2014 | 2013 | 2012 | |||||||||||||||
Federal income tax expense at the statutory rate | 35 | % | 35 | % | 35 | % | |||||||||||
State income taxes, net of federal benefit | 1.6 | 1.7 | 2.7 | ||||||||||||||
Research and development credits, net of the federal tax on state credits | (0.2 | ) | (1.0 | ) | (1.3 | ) | |||||||||||
Uncertain tax positions, net of federal benefit on state positions | (0.1 | ) | 0.2 | 0.2 | |||||||||||||
Incentive stock option and employee stock purchase plan expense | (0.3 | ) | (0.5 | ) | 1 | ||||||||||||
Change in valuation allowance | 1.2 | 0.7 | 1 | ||||||||||||||
Basis difference, disposition of foreign subsidiary | (1.9 | ) | 0 | 0 | |||||||||||||
Other, net | 1.3 | 0.8 | 0.6 | ||||||||||||||
36.6 | % | 36.9 | % | 39.2 | % | ||||||||||||
The significant components of the Company’s deferred tax assets and liabilities were comprised of the following at June 30, 2014 and 2013: | |||||||||||||||||
Year ended June 30, | |||||||||||||||||
(In thousands) | 2014 | 2013 | |||||||||||||||
Deferred tax assets: | |||||||||||||||||
Net operating loss carryforwards | $ | 76,986 | $ | 8,336 | |||||||||||||
Property, plant and equipment | 2,947 | 3,103 | |||||||||||||||
Accrued vacation | 1,551 | 1,269 | |||||||||||||||
Allowance for doubtful accounts | 3,285 | 2,771 | |||||||||||||||
Stock compensation expense | 25,952 | 21,135 | |||||||||||||||
Capital loss carryover | 0 | 1,424 | |||||||||||||||
Research and development credits | 11,207 | 5,367 | |||||||||||||||
Uncertain state tax positions | 555 | 1,247 | |||||||||||||||
Other, net | 312 | 643 | |||||||||||||||
Total gross deferred tax assets | 122,795 | 45,295 | |||||||||||||||
Less valuation allowance | (41,420 | ) | (8,218 | ) | |||||||||||||
Total deferred tax assets | 81,375 | 37,077 | |||||||||||||||
Deferred tax liabilities: | |||||||||||||||||
Intangible assets | 71,750 | 438 | |||||||||||||||
Total deferred tax liabilities | 71,750 | 438 | |||||||||||||||
Net deferred tax assets | 9,625 | 36,639 | |||||||||||||||
Current net deferred tax asset | 6,386 | 8,007 | |||||||||||||||
Long term net deferred tax asset | 3,239 | 28,632 | |||||||||||||||
Net deferred tax asset | $ | 9,625 | $ | 36,639 | |||||||||||||
On February 28, 2104, the Company completed the acquisition of privately-held Crescendo Bioscience, Inc. See Note 12. The Company’s allocation of the purchase consideration included deferred tax assets and liabilities to reflect the difference between financial statement and tax basis of assets and liabilities. Due to the limitations of Internal Revenue Code Sections 382 and 383 related to ownership changes, a significant portion of Crescendo’s deferred tax assets related to net operating losses and research credits are estimated to expire un-utilized. A valuation allowance was established to reflect the estimated expiration of those deferred tax assets. In addition, ASC guidance requires that the impact of a tax position be recognized in the financial statements if that position is more likely than not of being sustained on audit, based on the technical merits of the position. In accordance with those guidelines, the Company established a liability for unrecognized tax benefits. The components of deferred tax assets, deferred tax liabilities, and the liability for unrecognized tax benefits that were included in the allocation of Crescendo’s purchase consideration are as follows: | |||||||||||||||||
(In thousands) | |||||||||||||||||
Deferred tax assets: | |||||||||||||||||
Net operating loss carryforwards | $ | 70,048 | |||||||||||||||
Research and development credits | 5,815 | ||||||||||||||||
Other, net | 312 | ||||||||||||||||
Total gross deferred tax assets | 76,175 | ||||||||||||||||
Less valuation allowance | (29,760 | ) | |||||||||||||||
Total deferred tax assets | 46,415 | ||||||||||||||||
Deferred tax liabilities: | |||||||||||||||||
Intangible assets | 72,005 | ||||||||||||||||
Stock compensation expense | 4,443 | ||||||||||||||||
Total deferred tax liabilities | 76,448 | ||||||||||||||||
Net deferred tax liability | 30,033 | ||||||||||||||||
Liability for unrecognized tax benefits | $ | 14,180 | |||||||||||||||
Due to sustained positive operating performance and the availability of expected future taxable income, the Company concluded that it is more likely than not that the benefits of the majority of its deferred income tax assets will be realized. However, for certain deferred tax assets, a valuation allowance has been established. For the years ended June 30, 2014 and 2013, the Company’s valuation allowance increased by $33,202,000 and $1,605,000, respectively. The increase for the year ended June 30, 2014 consisted of $29,760,000 related to the acquisition of Crescendo and $3,442,000 primarily due to foreign net operating losses, for which the Company concluded it was more likely than not that the benefits of the losses will not be realized. The increase in the year ended June 30, 2013 was primarily due to foreign net operating losses, for which the Company concluded it was more likely than not that the benefits of the losses will not be realized. | |||||||||||||||||
For the years ended June 30, 2014 and 2013, the Company realized $7,122,000 and $7,888,000, respectively, of excess tax benefits from stock-based compensation as a reduction of taxes payable. Excess tax benefits from stock based compensation are credited directly to additional paid-in-capital. The Company has adopted the with-and-without tax allocation approach for excess tax benefits, which results in the windfall tax benefits being utilized last after considering all other tax attributes available to the Company. | |||||||||||||||||
At June 30, 2014, the Company had the following net operating loss and research credit carryforwards, with their respective expiration periods. Certain carryforwards are subject to the limitations of Section 382 and 383 of the Internal Revenue Code as indicated. | |||||||||||||||||
(In thousands) | Amount | Subject to | Expires | through | |||||||||||||
sections | beginning | ||||||||||||||||
382, 383 | in year | ||||||||||||||||
Carryforwards | |||||||||||||||||
Federal net operating loss | $ | 164,504 | Yes | 2027 | 2033 | ||||||||||||
Utah net operating loss | 229,900 | No | 2015 | 2024 | |||||||||||||
California net operating loss | 155,834 | Yes | 2016 | 2033 | |||||||||||||
Oklahoma net operating loss | 14,142 | Yes | 2023 | 2033 | |||||||||||||
Foreign net operating losses (various jurisdictions) | 27,183 | No | Various | Various | |||||||||||||
Federal research credit | 3,250 | Yes | 2025 | 2032 | |||||||||||||
Utah research credit | 8,296 | No | 2021 | 2028 | |||||||||||||
California research credit | 2,565 | Yes | n/a | n/a | |||||||||||||
All of the Utah net operating loss carryforwards are ‘excess tax benefits’ as defined by ASC guidance and, if realized in future years, will be recognized as a credit to additional paid-in capital. Approximately $92,557,000 of the Utah net operating loss ‘excess tax benefits’ are attributable to periods prior to adoption of guidance limiting recognition of the deferred tax asset and are included in deferred tax assets (prior to any offset by valuation allowance.) The remaining $137,343,000 of Utah net operating loss ‘excess tax benefits’ are not included in deferred tax assets and will be recognized only upon realization of the tax benefit. | |||||||||||||||||
The Company’s deferred tax asset for the Utah net operating loss ‘excess tax benefits’ attributable to periods prior to the adoption of the standard is approximately $3,008,000 and is offset by a full valuation allowance at June 30, 2014. If the ‘excess tax benefits’ are recognized as additional paid-in-capital in future years, the corresponding valuation allowance will be reversed. At June 30, 2014, the Company also has a valuation allowance of $3,786,000 offsetting its foreign net operating loss carryforwards. | |||||||||||||||||
The Company incurred a taxable loss of $15,200,000 on the disposition of Psynova, a U.K. corporation, during the fiscal year. The Company’s tax basis in the stock of this subsidiary exceeded its accounting basis. According to ASC guidance, no deferred tax asset is recorded on outside basis differences in a foreign subsidiary when the tax basis exceeds the book basis. Due to the fact that a deferred tax asset had not been previously recorded, the loss on disposition reduces the Company’s effective tax rate and, accordingly, is reflected in the effective rate reconciliation. | |||||||||||||||||
Consistent with the indefinite reversal criteria of ASC 740-30-25-17, the Company intends to invest undistributed earnings of its foreign subsidiaries indefinitely. However, due to the cumulative losses that have been incurred to date in its foreign operations, the amount of unrecorded deferred liability due to the indefinite reversal criteria at June 30, 2014 is $0. | |||||||||||||||||
In July 2006, the FASB issued ASC Topic 740 Subtopic 10 Section 05, which clarifies the accounting for uncertainty in tax positions. ASC guidance requires that the impact of a tax position be recognized in the financial statements if that position is more likely than not of being sustained on audit, based on the technical merits of the position. The Company adopted the guidance on July 1, 2007 and recorded $0 cumulative effect. A reconciliation of the beginning and ending amount of unrecognized tax benefits is as follows: | |||||||||||||||||
Year ended June 30, | |||||||||||||||||
(In thousands) | 2014 | 2013 | 2012 | ||||||||||||||
Unrecognized tax benefits at the beginning of year | $ | 10,918 | $ | 10,208 | $ | 9,648 | |||||||||||
Gross increases—current year tax positions | 1,785 | 710 | 560 | ||||||||||||||
Gross increases—prior year tax positions | 350 | — | — | ||||||||||||||
Gross increases—acquisitions | 14,180 | ||||||||||||||||
Gross decreases—prior year tax positions | (2,995 | ) | |||||||||||||||
Unrecognized tax benefits at end of year | $ | 24,238 | $ | 10,918 | $ | 10,208 | |||||||||||
Interest and penalties in year-end balance | $ | 620 | $ | 270 | $ | — | |||||||||||
Interest and penalties related to uncertain tax positions are included as a component of income tax expense. | |||||||||||||||||
The Company files U.S., foreign and state income tax returns in jurisdictions with various statutes of limitations. The years ended June 30, 2011 through June 30, 2014 remain subject to examination at June 30, 2014. The Company’s New York State income tax returns for the years ended June 30, 2011, 2012 and 2013 were under examination by the New York State Department of Taxation and Finance. The audit was settled during the year ended June 30, 2014. All amounts due resulting from the New York audit have been paid and are reflected in the current income tax provision. The Company’s New Jersey State income tax returns for the years ended June 30, 2007 through 2013 are currently under examination by the New Jersey State Department of Taxation and Finance. Annual 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. income tax return and all other state tax returns are not currently under examination. |
Employee_Deferred_Savings_Plan
Employee Deferred Savings Plan | 12 Months Ended | ||||||||||||
Jun. 30, 2014 | |||||||||||||
Employee Deferred Savings Plan | ' | ||||||||||||
-9 | Employee Deferred Savings Plan | ||||||||||||
The Company has a deferred savings plan which qualifies under Section 401(k) of the Internal Revenue Code. Substantially all of the Company’s U.S. employees are covered by the plan. The Company makes matching contributions of 50% of each employee’s contribution with the employer’s contribution not to exceed 4% of the employee’s compensation. The Company’s recorded contributions to the plan as follows: | |||||||||||||
Years ended June 30, | |||||||||||||
(In thousands) | 2014 | 2013 | 2012 | ||||||||||
Deferred savings plan Company contributions | $ | 4,430 | $ | 3,450 | $ | 2,955 |
Segment_and_Related_Informatio
Segment and Related Information | 12 Months Ended | ||||||||||||||||
Jun. 30, 2014 | |||||||||||||||||
Segment and Related Information | ' | ||||||||||||||||
-10 | Segment and Related Information | ||||||||||||||||
The Company’s business units have been aggregated into three reportable segments: (i) research, (ii) molecular diagnostics and (iii) pharmaceutical and clinical services, formerly called 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 pharmaceutical and clinical services segment provides testing products and services to the pharmaceutical, biotechnology and medical research industries. | |||||||||||||||||
The accounting policies of the segments are the same as those described in the summary of significant accounting policies (Note 1). The Company evaluates segment performance based on income (loss) before interest income and other income and expense. | |||||||||||||||||
(In thousands) | Research | Molecular | Pharmaceutical & | Total | |||||||||||||
diagnostics | clinical services | ||||||||||||||||
Year ended June 30, 2014: | |||||||||||||||||
Revenues | $ | — | $ | 748,198 | $ | 30,018 | $ | 778,216 | |||||||||
Depreciation and amortization | 2,001 | 9,887 | 1,931 | 13,819 | |||||||||||||
Segment operating income (loss) | (64,981 | ) | 338,020 | 1,403 | 274,442 | ||||||||||||
Year ended June 30, 2013: | |||||||||||||||||
Revenues | $ | — | $ | 582,392 | $ | 30,773 | $ | 613,165 | |||||||||
Depreciation and amortization | 2,182 | 4,974 | 1,733 | 8,889 | |||||||||||||
Segment operating income (loss) | (56,428 | ) | 291,509 | (7,079 | ) | 228,002 | |||||||||||
Year ended June 30, 2012: | |||||||||||||||||
Revenues | $ | — | $ | 472,390 | $ | 23,615 | $ | 496,005 | |||||||||
Depreciation and amortization | 2,021 | 5,395 | 1,653 | 9,069 | |||||||||||||
Segment operating income (loss) | (49,231 | ) | 237,737 | (8,188 | ) | 180,318 | |||||||||||
Years Ended June 30, | |||||||||||||||||
(In thousands) | 2014 | 2013 | 2012 | ||||||||||||||
Total operating income for reportable segments | $ | 274,442 | $ | 228,002 | $ | 180,318 | |||||||||||
Unallocated amounts: | |||||||||||||||||
Interest income | 5,397 | 5,497 | 4,629 | ||||||||||||||
Other | (1,974 | ) | (223 | ) | (407 | ) | |||||||||||
Income from operations before income taxes | 277,865 | 233,276 | 184,540 | ||||||||||||||
Income tax provision | 101,640 | 86,137 | 72,389 | ||||||||||||||
Net income | $ | 176,225 | $ | 147,139 | $ | 112,151 | |||||||||||
The following table sets forth a comparison of balance sheet assets by operating segment: | |||||||||||||||||
(In thousands) | June 30, | ||||||||||||||||
2014 | 2013 | ||||||||||||||||
Net equipment and leasehold improvements: | |||||||||||||||||
Research | $ | 8,199 | $ | 8,590 | |||||||||||||
Molecular diagnostics | 24,316 | 15,769 | |||||||||||||||
Pharmaceutical and clinical services | 2,079 | 3,243 | |||||||||||||||
Total | $ | 34,594 | $ | 27,602 | |||||||||||||
Total Assets: | |||||||||||||||||
Research | $ | 67,999 | $ | 82,517 | |||||||||||||
Molecular diagnostics | 409,795 | 110,329 | |||||||||||||||
Pharmaceutical and clinical services | 75,434 | 79,911 | |||||||||||||||
Total | $ | 553,228 | $ | 272,757 | |||||||||||||
The following table reconciles assets by operating segment to total assets: | |||||||||||||||||
June 30, | |||||||||||||||||
(In thousands) | 2014 | 2013 | |||||||||||||||
Total assets by segment | $ | 553,228 | $ | 272,757 | |||||||||||||
Cash, cash equivalents, and marketable investment securities (1) | 270,586 | 531,064 | |||||||||||||||
Total | $ | 823,814 | $ | 803,821 | |||||||||||||
-1 | The Company manages cash, cash equivalents, and marketable investment securities at the consolidated level for all segments | ||||||||||||||||
The majority of the Company’s revenues were derived from the sale of molecular diagnostic tests in the United States. There were no customers that accounted for greater than 10% of revenue in the years ended June 30, 2014, 2013 and 2012. | |||||||||||||||||
Of the Company’s $169.2 million goodwill balance at June 30, 2014, $112.3 million related to Crescendo which is included in the molecular diagnostics segment and $56.9 million related to Myriad RBM which is included in the pharmaceutical and clinical services segment. Additionally, the majority of the Company’s long-lived assets are located in the United States. |
Commitments_and_Contingencies
Commitments and Contingencies | 12 Months Ended | ||||
Jun. 30, 2014 | |||||
Commitments and Contingencies | ' | ||||
-11 | 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 June 30, 2014, 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. | |||||
As of June 30, 2014, Crescendo Bioscience, Inc. has approximately three years remaining under an unconditional purchase obligation with a vendor to purchase goods and services used in the Company’s diagnostic processes. The agreement specifies certain minimum quantities and pricing terms. | |||||
In addition to the minimum quantities and pricing terms, the Company may also make additional purchase commitments of anticipated purchases based upon forecasted needs which are not included in the unconditional purchase obligation amounts below. | |||||
As of June 30, 2014, the remaining obligations under this agreement were as follows (in thousands): | |||||
Amount | |||||
Fiscal year ending: | |||||
2015 | $ | 10,863 | |||
2016 | 21,262 | ||||
2017 | 12,142 | ||||
Total unconditional purchase obligation | $ | 44,267 | |||
Acquisitions
Acquisitions | 12 Months Ended | ||||||||
Jun. 30, 2014 | |||||||||
Acquisitions | ' | ||||||||
-12 | Acquisitions | ||||||||
Crescendo Bioscience, Inc. | |||||||||
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 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 operates 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 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 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 million 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 post-acquisition Condensed Consolidated Statements of Income for the year ended June 30, 2014. | |||||||||
Total consideration transferred was allocated to tangible and identifiable intangible assets acquired and liabilities assumed based on their 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 Company’s allocation of consideration transferred for Crescendo is as follows (in thousands): | |||||||||
(In thousands) | Estimated | ||||||||
Fair Value | |||||||||
Other assets acquired | $ | 15,826 | |||||||
Intangible assets | 196,600 | ||||||||
Goodwill | 112,331 | ||||||||
Total assets acquired | 324,757 | ||||||||
Deferred tax liability | 44,213 | ||||||||
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 represents 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 $112.3 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. | |||||||||
Subsequent to the acquisition date, the Company completed a study on net operating loss tax limitations resulting in a reduction of deferred tax assets of $2.4 million that were previously recorded in conjunction with the acquisition of Crescendo. The Company determined that the adjustment related to facts and circumstances that existed at the acquisition date. As a result of this new information, the acquisition date net deferred tax liability was retrospectively increased by $2.4 million with a corresponding increase to goodwill. The adjustment did not impact the Company’s results from operations and is reflected above in the Company’s allocation of consideration transferred. | |||||||||
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 Consolidated Statements of Comprehensive Income for the year ended June 30, 2014 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 Consolidated Statements of Comprehensive Income for the year ended June 30, 2014 as follows: | |||||||||
(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 year ended June 30, 2014 of $4.5 million, respectively, in the Consolidated Statements of Comprehensive Income. From the date of acquisition through June 30, 2014, the Company recorded Crescendo revenue of approximately $14.0 million and a net loss from Crescendo of approximately $26.0 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 operations 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. | |||||||||
(In thousands) | |||||||||
June 30, | |||||||||
2014 | 2013 | ||||||||
Revenue | $ | 807,509 | $ | 619,835 | |||||
Income from operations | 252,634 | 177,998 | |||||||
Net income | $ | 155,924 | $ | 108,024 | |||||
Net income per share, basic | $ | 2.06 | $ | 1.33 | |||||
Net income per share, diluted | $ | 1.99 | $ | 1.3 |
Term_Loan
Term Loan | 12 Months Ended | |
Jun. 30, 2014 | ||
Term Loan | ' | |
-13 | Term Loan | |
On September 8, 2011, the Company issued a $25 million term loan to Crescendo. Under the Loan Agreement, the Company loaned Crescendo $25 million for a term of six years, with the principal due upon maturity. Interest accrued at 6% per year and is due annually. During the fiscal quarter ended September 30, 2012, the Loan Agreement was amended to increase the stated interest rate from 6% to 7% per year. On February 28, 2014, $25.9 million that represented the loan and interest outstanding was settled as an offset against the cash paid for the Crescendo acquisition. |
Cost_Basis_Investment
Cost Basis Investment | 12 Months Ended | |
Jun. 30, 2014 | ||
Cost Basis Investment | ' | |
-14 | Cost Basis Investment | |
In April 2013, the Company acquired approximately 28 million shares of Series E preferred stock of RainDance Technologies, Inc. (“RainDance”) of Lexington, Massachusetts, for $5 million. RainDance provides high-throughput picodroplet-based technology that can encapsulate a single molecule, cell or reaction and be digitally analyzed and sorted one at a time. The Series E shares purchased by the Company represented less than 5% of the total shares outstanding of RainDance’s capital stock. Subsequent to the investment the Company evaluated its relationship with RainDance and determined it did not have significant influence over the operations of RainDance. The Company’s investment in RainDance has been recorded under the cost method as an “Other Asset” on the Company’s consolidated balance sheet. The Company will periodically evaluate the investment for impairment. No impairment indicators were noted at June 30, 2014. |
Schedule_of_Valuation_and_Qual
Schedule of Valuation and Qualifying Accounts | 12 Months Ended | ||||||||||||||||||||
Jun. 30, 2014 | |||||||||||||||||||||
Schedule of Valuation and Qualifying Accounts | ' | ||||||||||||||||||||
Schedule II | |||||||||||||||||||||
MYRIAD GENETICS, INC. | |||||||||||||||||||||
Schedule of Valuation and Qualifying Accounts | |||||||||||||||||||||
Years Ended June 30, 2014, 2013, and 2012 | |||||||||||||||||||||
(In thousands) | |||||||||||||||||||||
Balance at | Addition | Addition due to | Deductions (1) | Balance at | |||||||||||||||||
Beginning | Charged to Cost | acquisition of | End of Period | ||||||||||||||||||
of Period | and Expenses | Crescendo | |||||||||||||||||||
Allowance for doubtful accounts: | |||||||||||||||||||||
Year ended June 30, 2014 | $ | 7,500 | $ | 39,235 | 868 | ($ | 38,635 | ) | $ | 8,968 | |||||||||||
Year ended June 30, 2013 | $ | 4,600 | $ | 33,294 | — | ($ | 30,394 | ) | $ | 7,500 | |||||||||||
Year ended June 30, 2012 | $ | 3,700 | $ | 24,742 | — | ($ | 23,842 | ) | $ | 4,600 | |||||||||||
-1 | Represents amounts written off against the allowance. |
Organization_and_Summary_of_Si1
Organization and Summary of Significant Accounting Policies (Policies) | 12 Months Ended | ||||||||||||
Jun. 30, 2014 | |||||||||||||
Business Description and Basis of Presentation | ' | ||||||||||||
(a) | Business Description and Basis of Presentation | ||||||||||||
Myriad Genetics, Inc. and subsidiaries (collectively, the Company) is a leading molecular diagnostic company focused on developing and marketing novel predictive medicine, personalized medicine and prognostic medicine tests. The Company employs a number of proprietary technologies, including DNA, RNA and protein analysis, that help it to understand the genetic basis of human disease and the role that genes and their related proteins may play in the onset and progression of disease. The Company uses this information to guide the development of new molecular diagnostic and companion diagnostic tests that are designed to assess an individual’s risk for developing disease later in life (predictive medicine), identify a patient’s likelihood of responding to drug therapy and guide a patient’s dosing to ensure optimal treatment (personalized medicine), or assess a patient’s risk of disease progression and disease recurrence (prognostic medicine). The Company currently offers thirteen commercial molecular diagnostic tests, including seven predictive medicine tests, three personalized medicine tests, two prognostic medicine tests and one diagnostic medicine test. The Company also generates revenue by providing pharmaceutical and clinical services to the pharmaceutical and biotechnology industries and medical research institutions utilizing its multiplexed immunoassay technology. The Company’s corporate headquarters is located in Salt Lake City, Utah. | |||||||||||||
The consolidated financial statements of the Company are prepared in accordance with U.S. generally accepted accounting principles (“GAAP”) and 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 U.S. GAAP. Certain reclassifications have been made to prior period amounts to conform to the current period presentation. | |||||||||||||
Marketable Investment Securities | ' | ||||||||||||
(b) | Marketable Investment Securities | ||||||||||||
The Company has classified its marketable investment securities as available-for-sale. Available-for-sale investment securities with remaining maturities of greater than one year are classified as long-term. Available-for-sale investment securities with remaining maturities of less than one year are classified as short-term. Available-for-sale investment securities with remaining maturities of less than three months at the time of purchase are classified as cash equivalents. Marketable 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. | |||||||||||||
A decline in the market value of any available-for-sale security below cost that is deemed other than temporary results in a charge to earnings and establishes a new cost basis for the security. Losses are charged against “Other income” when a decline in fair value is determined to be other than temporary. We review several factors to determine whether a loss is other than temporary. These factors include but are not limited to: (i) the extent to which the fair value is less than cost and the cause for the fair value decline, (ii) the financial condition and near term prospects of the issuer, (iii) the length of time a security is in an unrealized loss position and (iv) our ability to hold the security for a period of time sufficient to allow for any anticipated recovery in fair value. There were no other-than-temporary impairments recognized during the years ended June 30, 2014, 2013 and 2012. | |||||||||||||
Trade Accounts Receivable and Allowance for Doubtful Accounts | ' | ||||||||||||
(c) | Trade Accounts Receivable and Allowance for Doubtful Accounts | ||||||||||||
Trade accounts receivable are comprised of amounts due from sales of the Company’s molecular diagnostic tests and pharmaceutical and clinical services and are recorded at the invoiced amount, net of discounts and contractual allowances. The allowance for doubtful accounts is based on the Company’s best estimate of the amount of probable losses in the Company’s existing accounts receivable, which is based on historical write-off experience, customer creditworthiness, facts and circumstances specific to outstanding balances, and payment terms. Account balances are charged against the allowance after all means of collection have been exhausted and the potential for recovery is considered remote. The Company does not have any off-balance-sheet credit exposure related to its customers and does not require collateral. | |||||||||||||
Equipment and Leasehold Improvements | ' | ||||||||||||
(d) | Equipment and Leasehold Improvements | ||||||||||||
Equipment and leasehold improvements are stated at cost less accumulated depreciation. Depreciation and amortization are computed using the straight-line method based on the lesser of estimated useful lives of the related assets or lease terms. Equipment items have depreciable lives of five to seven years. Leasehold improvements are depreciated over the shorter of the estimated useful lives or the associated lease terms, which range from three to fifteen years. Repairs and maintenance costs are charged to expense as incurred. For the years ended June 30, 2014, 2013 and 2012, the Company recorded the depreciation expense as follows: | |||||||||||||
Years Ended June 30, | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
(In thousands) | |||||||||||||
Depreciation expense | $ | 9,186 | $ | 7,994 | $ | 7,969 | |||||||
Inventory | ' | ||||||||||||
(e) | Inventory | ||||||||||||
Inventories consist of reagents, plates and testing kits. Inventories are stated at the lower of cost or market on a first-in, first-out basis. In order to assess the ultimate realization of inventories, the Company is required to make judgments as to future demand requirements compared to current or committed inventory levels. | |||||||||||||
The Company evaluates its inventories for excess quantities and obsolescence. Inventories that are considered obsolete are expensed. The valuation of inventories requires the use of estimates as to the amounts of current inventories that will be sold. These estimates are dependent on management’s assessment of current and expected orders from the Company’s customers. | |||||||||||||
Intangible Assets and Other Long-Lived Assets | ' | ||||||||||||
(f) | Intangible Assets and Other Long-Lived Assets | ||||||||||||
Intangible and other assets as of June 30, 2014 and 2013 are comprised of acquired patents and intellectual property and purchased in-process research and development. Acquired intangible assets are recorded at fair value and amortized over the shorter of the contractual life or the estimated useful life. | |||||||||||||
The Company continually reviews and monitors long-lived assets for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. Recoverability of assets to be held and used is measured by a comparison of the carrying amount of an asset to future undiscounted net cash flows expected to be generated by the asset. If the carrying amount of an asset exceeds its estimated future undiscounted cash flows, an impairment charge is recognized in the amount by which the carrying amount of the asset exceeds the fair value of the asset. Assets to be disposed of are reported at the lower of the carrying amount or fair value less costs to sell. In December 2012, the Company notified the licensor of the Company’s OnDose product of the Company’s intent to terminate the license agreement, and as a result, recorded an impairment charge of approximately $1.5 million associated with the purchased license agreement. Other than this $1.5 million impairment charge, the Company concluded there was no impairment of long-lived assets for the years ended June 30, 2014, 2013 and 2012. | |||||||||||||
Goodwill | ' | ||||||||||||
(g) | Goodwill | ||||||||||||
The Company has recorded goodwill of $169.2 million from the acquisition of Crescendo Bioscience, Inc. that was completed on February 28, 2014 (see Note 12) and Rules-Based Medicine, Inc. that was completed on May 31, 2011. Of this goodwill, $112.3 million relates to the Company’s molecular diagnostic segment and $56.9 million related to the Company’s pharmaceutical and clinical services segment. Goodwill is tested for impairment on an annual basis as of April 1 and in the interim by reporting unit if events and circumstances indicate that goodwill may be impaired. The events and circumstances that are considered include business climate and market conditions, legal factors, operating performance indicators and competition. Impairment of goodwill was evaluated using a two-step process. The first step involves a comparison of the fair value of the reporting unit with its carrying amount. If the carrying amount of the reporting unit exceeds its fair value, the second step of the process involves a comparison of the fair value and the carrying amount of the goodwill of that reporting unit. If the carrying amount of the goodwill of the reporting unit exceeds the fair value of that goodwill, an impairment loss would be recognized in an amount equal to the excess of carrying value over fair value. If an event occurs that would cause a revision to the estimates and assumptions used in analyzing the value of the goodwill, the revision could result in a non-cash impairment charge that could have a material impact on the financial results. | |||||||||||||
Revenue Recognition | ' | ||||||||||||
(h) | Revenue Recognition | ||||||||||||
Molecular diagnostic testing revenue is recognized when persuasive evidence of an agreement exists, results have been communicated to the patient, the fee is fixed or determinable, and collection is reasonably assured. Revenue from the sale of molecular diagnostic tests and related marketing agreements is recorded at the invoiced amount net of any discounts or contractual allowances. | |||||||||||||
Pharmaceutical and clinical service revenue is recognized when persuasive evidence of an agreement exists, the fee is fixed and or determinable, when the testing service has been completed and the results of the tests are transferred to the customer, and collectability is reasonably assured. In addition, the Company’s wholly owned subsidiary, Myriad RBM, has received national, state, foreign government and private foundation grants and contracts. Revenue associated with these grants and contracts is recognized in the period in which qualifying costs for the services by the grants and contracts are incurred and the related grant or contract fee is earned. | |||||||||||||
Income Taxes | ' | ||||||||||||
(i) | Income Taxes | ||||||||||||
The Company recognizes income taxes under the asset and liability method. This approach requires the recognition of deferred tax assets and liabilities for the expected future tax consequences of temporary differences between the carrying amounts and the tax bases of assets and liabilities. | |||||||||||||
The provision for income taxes, including the effective tax rate and analysis of potential tax exposure items, if any, requires significant judgment and expertise in federal and state income tax laws, regulations and strategies, including the determination of deferred tax assets and liabilities and any estimated valuation allowances deemed necessary to recognize deferred tax assets at an amount that is more likely than not to be realized. The Company’s filings, including the positions taken therein, are subject to audit by various taxing authorities. While the Company believes it has provided adequately for its income tax liabilities in the consolidated financial statements, adverse determinations by these taxing authorities could have a material adverse effect on the consolidated financial condition, results of operations or cash flows. | |||||||||||||
Earnings Per Share | ' | ||||||||||||
(j) | Earnings Per Share | ||||||||||||
Basic earnings per share is computed based on the weighted-average number of shares of common stock outstanding. Diluted earnings per share is computed based on the weighted-average number of shares of common stock, including the dilutive effect of common stock equivalents outstanding. | |||||||||||||
The following is a reconciliation of the denominators of the basic and diluted earnings per share computations: | |||||||||||||
(In thousands) | Years Ended June 30, | ||||||||||||
2014 | 2013 | 2012 | |||||||||||
Denominator: | |||||||||||||
Weighted-average shares outstanding used to compute basic EPS | 75,728 | 80,948 | 84,608 | ||||||||||
Effect of dilutive stock options | 2,454 | 2,379 | 1,857 | ||||||||||
Weighted-average shares outstanding and dilutive securities used to compute diluted EPS | 78,182 | 83,327 | 86,465 | ||||||||||
Certain outstanding stock options were excluded from the computation of diluted earnings per share because the effect would have been anti-dilutive. These potential dilutive common shares, which may be dilutive to future diluted earnings per share, are as follows: | |||||||||||||
(In thousands) | Years Ended June 30, | ||||||||||||
2014 | 2013 | 2012 | |||||||||||
Anti-dilutive options excluded from EPS computation | 5,273 | 5,136 | 8,585 | ||||||||||
Use of Estimates | ' | ||||||||||||
(k) | Use of Estimates | ||||||||||||
The preparation of the consolidated financial statements in accordance with U.S. GAAP requires Company management to make estimates and assumptions relating to the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the period. Significant items subject to such estimates and assumptions include the carrying amount of fixed assets, valuation allowances for receivables and deferred income tax assets, certain accrued liabilities, share-based compensation and impairment analysis of goodwill and intangible assets. Actual results could differ from those estimates. | |||||||||||||
Recent Accounting Pronouncements | ' | ||||||||||||
(l) | Recent Accounting Pronouncements | ||||||||||||
In May 2014, the Financial Accounting Standards Board issued ASU No. 2014-09, “Revenue from Contracts with Customers.” Under the new standard, revenue is recognized at the time a good or service is transferred to a customer for the amount of consideration received for that specific good or service. It is effective for annual reporting periods beginning after December 15, 2016, including interim reporting periods, and early adoption is not permitted. Entities may use a full retrospective approach or report the cumulative effect as of the date of adoption. We are currently evaluating the impact, if any, the adoption of this standard will have on our Consolidated Financial Statements. |
Organization_and_Summary_of_Si2
Organization and Summary of Significant Accounting Policies (Tables) | 12 Months Ended | ||||||||||||
Jun. 30, 2014 | |||||||||||||
Schedule of Depreciation Expense | ' | ||||||||||||
For the years ended June 30, 2014, 2013 and 2012, the Company recorded the depreciation expense as follows: | |||||||||||||
Years Ended June 30, | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
(In thousands) | |||||||||||||
Depreciation expense | $ | 9,186 | $ | 7,994 | $ | 7,969 | |||||||
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: | |||||||||||||
(In thousands) | Years Ended June 30, | ||||||||||||
2014 | 2013 | 2012 | |||||||||||
Denominator: | |||||||||||||
Weighted-average shares outstanding used to compute basic EPS | 75,728 | 80,948 | 84,608 | ||||||||||
Effect of dilutive stock options | 2,454 | 2,379 | 1,857 | ||||||||||
Weighted-average shares outstanding and dilutive securities used to compute diluted EPS | 78,182 | 83,327 | 86,465 | ||||||||||
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: | |||||||||||||
(In thousands) | Years Ended June 30, | ||||||||||||
2014 | 2013 | 2012 | |||||||||||
Anti-dilutive options excluded from EPS computation | 5,273 | 5,136 | 8,585 |
Marketable_Investment_Securiti1
Marketable Investment Securities (Tables) | 12 Months Ended | ||||||||||||||||||||||||
Jun. 30, 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 June 30, 2014 and 2013 were as follows: | |||||||||||||||||||||||||
(In thousands) | Amortized | Gross | Gross | Estimated | |||||||||||||||||||||
cost | unrealized | unrealized | fair value | ||||||||||||||||||||||
holding | holding | ||||||||||||||||||||||||
gains | losses | ||||||||||||||||||||||||
At June 30, 2014: | |||||||||||||||||||||||||
Cash and cash equivalents: | |||||||||||||||||||||||||
Cash | $ | 45,181 | $ | — | $ | — | $ | 45,181 | |||||||||||||||||
Cash equivalents | 19,639 | 1 | — | 19,640 | |||||||||||||||||||||
Total cash and cash equivalents | 64,820 | 1 | — | 64,821 | |||||||||||||||||||||
Available-for-sale: | |||||||||||||||||||||||||
Corporate bonds and notes | 44,449 | 36 | (11 | ) | 44,474 | ||||||||||||||||||||
Municipal bonds | 137,821 | 334 | (3 | ) | 138,152 | ||||||||||||||||||||
Federal agency issues | 23,134 | 12 | (7 | ) | 23,139 | ||||||||||||||||||||
Total | $ | 270,224 | $ | 383 | $ | (21 | ) | $ | 270,586 | ||||||||||||||||
(In thousands) | Amortized | Gross | Gross | Estimated | |||||||||||||||||||||
cost | unrealized | unrealized | fair value | ||||||||||||||||||||||
holding | holding | ||||||||||||||||||||||||
gains | losses | ||||||||||||||||||||||||
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: | |||||||||||||||||||||||||
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 | $ | 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 are as follows at June 30, 2014: | |||||||||||||||||||||||||
(In thousands) | Amortized | Estimated | |||||||||||||||||||||||
cost | fair value | ||||||||||||||||||||||||
Cash | $ | 45,181 | $ | 45,181 | |||||||||||||||||||||
Cash equivalents | 19,639 | 19,640 | |||||||||||||||||||||||
Available-for-sale: | |||||||||||||||||||||||||
Due within one year | 121,505 | 121,641 | |||||||||||||||||||||||
Due after one year through five years | 83,899 | 84,124 | |||||||||||||||||||||||
Due after five years | — | — | |||||||||||||||||||||||
Total | $ | 270,224 | $ | 270,586 | |||||||||||||||||||||
Schedule of Debt Securities Available-For-Sale in Gross Unrealized Loss Position | ' | ||||||||||||||||||||||||
Debt securities available-for-sale in a gross unrealized loss position as of June 30, 2014 and 2013 are summarized as follows: | |||||||||||||||||||||||||
Less than 12 months | More than 12 months | Total | |||||||||||||||||||||||
(In thousands) | Fair | Unrealized | Fair | Unrealized | Fair | Unrealized | |||||||||||||||||||
value | losses | value | losses | value | losses | ||||||||||||||||||||
At June 30, 2014: | |||||||||||||||||||||||||
Debt securities: | |||||||||||||||||||||||||
Corporate bonds and notes | 15,961 | (11 | ) | — | — | 15,961 | (11 | ) | |||||||||||||||||
Municipal bonds | 8,651 | (3 | ) | — | — | 8,651 | (3 | ) | |||||||||||||||||
Federal agency issues | 4,993 | (7 | ) | — | — | 4,993 | (7 | ) | |||||||||||||||||
$ | 29,605 | $ | (21 | ) | $ | — | $ | — | $ | 29,605 | $ | (21 | ) | ||||||||||||
Less than 12 months | More than 12 months | Total | |||||||||||||||||||||||
(In thousands) | Fair | Unrealized | Fair | Unrealized | Fair | Unrealized | |||||||||||||||||||
value | losses | value | losses | value | losses | ||||||||||||||||||||
At June 30, 2013: | |||||||||||||||||||||||||
Debt securities: | |||||||||||||||||||||||||
Corporate bonds and notes | 30,309 | (15 | ) | — | — | 30,309 | (15 | ) | |||||||||||||||||
Municipal bonds | 93,992 | (538 | ) | — | — | 93,992 | (538 | ) | |||||||||||||||||
Federal agency issues | 45,528 | (34 | ) | — | — | 45,528 | (34 | ) | |||||||||||||||||
$ | 169,829 | $ | (587 | ) | $ | — | $ | — | $ | 169,829 | $ | (587 | ) | ||||||||||||
Fair_Value_Measurements_Tables
Fair Value Measurements (Tables) | 12 Months Ended | ||||||||||||||||
Jun. 30, 2014 | |||||||||||||||||
Schedule of Fair Value of Financial Assets | ' | ||||||||||||||||
The following table sets forth the fair value of the Company’s financial assets that are re-measured on a regular basis: | |||||||||||||||||
(In thousands) | Level 1 | Level 2 | Level 3 | Total | |||||||||||||
at June 30, 2014 | |||||||||||||||||
Money market funds (a) | $ | 13,634 | $ | — | $ | — | $ | 13,634 | |||||||||
Corporate bonds and notes | — | 44,474 | — | 44,474 | |||||||||||||
Municipal bonds | — | 144,158 | — | 144,158 | |||||||||||||
Federal agency issues | — | 23,139 | — | 23,139 | |||||||||||||
Total | $ | 13,634 | $ | 211,771 | $ | — | $ | 225,405 | |||||||||
(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 |
Goodwill_and_Other_Intangible_1
Goodwill and Other Intangible Assets (Tables) | 12 Months Ended | ||||||||||||
Jun. 30, 2014 | |||||||||||||
Summary of Changes to Goodwill Balance | ' | ||||||||||||
The following summarizes changes to the goodwill balance for the years ended June 30, 2014 and 2013: | |||||||||||||
Year Ended June 30, | |||||||||||||
(In thousands) | 2014 | 2013 | |||||||||||
Balance at beginning of period | $ | 56,850 | $ | 56,850 | |||||||||
Current period acquisitions | 112,331 | — | |||||||||||
Balance at end of period | $ | 169,181 | $ | 56,850 | |||||||||
Summarized Amounts Reported as Intangible Assets | ' | ||||||||||||
The following summarizes the amounts reported as intangible assets: | |||||||||||||
(In thousands) | Gross | Accumulated | Net | ||||||||||
Carrying | Amortization | ||||||||||||
Amount | |||||||||||||
at June 30, 2014 | |||||||||||||
Purchased licenses and technologies | $ | 201,100 | $ | (6,597 | ) | $ | 194,503 | ||||||
Customer relationships | 4,650 | (1,441 | ) | 3,209 | |||||||||
Trademarks | 3,000 | (200 | ) | 2,800 | |||||||||
Total amortized intangible assets | 208,750 | (8,238 | ) | 200,512 | |||||||||
In-process research and development | 4,800 | — | 4,800 | ||||||||||
Total unamortized intangible assets | 4,800 | — | 4,800 | ||||||||||
Total intangible assets | $ | 213,550 | $ | (8,238 | ) | $ | 205,312 | ||||||
(In thousands) | Gross | Accumulated | Net | ||||||||||
Carrying | Amortization | ||||||||||||
Amount | |||||||||||||
at 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 amortized intangible assets | 12,150 | (3,620 | ) | 8,530 | |||||||||
In-process research and development | 4,800 | — | 4,800 | ||||||||||
Total unamortized 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: | |||||||||||||
Years Ended June 30, | |||||||||||||
(In thousands) | 2014 | 2013 | 2012 | ||||||||||
Amortization on intangible assets | $ | 4,633 | $ | 895 | $ | 1,100 | |||||||
Schedule of Future Estimated Amortization Expense | ' | ||||||||||||
Future estimated amortization expense as of June 30, 2014 for the five succeeding fiscal years is as follows: | |||||||||||||
(In thousands) | |||||||||||||
Fiscal year ending: | |||||||||||||
2015 | $ | 11,900 | |||||||||||
2016 | 11,900 | ||||||||||||
2017 | 11,900 | ||||||||||||
2018 | 11,881 | ||||||||||||
2019 | 11,587 | ||||||||||||
$ | 59,168 | ||||||||||||
Leases_Tables
Leases (Tables) | 12 Months Ended | ||||||||||||
Jun. 30, 2014 | |||||||||||||
Summary of Rental Expense | ' | ||||||||||||
The following is a summary of the Company’s rental expense for the fiscal years reported: | |||||||||||||
Years Ended June 30, | |||||||||||||
(In thousands) | 2014 | 2013 | 2012 | ||||||||||
Rental expense | $ | 11,266 | $ | 8,155 | $ | 6,819 | |||||||
Future Minimum Lease Payments | ' | ||||||||||||
Future minimum lease payments under the Company’s current leases as of June 30, 2014 are as follows: | |||||||||||||
(In thousands) | |||||||||||||
Fiscal year ending: | |||||||||||||
2015 | $ | 11,235 | |||||||||||
2016 | 11,500 | ||||||||||||
2017 | 10,828 | ||||||||||||
2018 | 6,489 | ||||||||||||
2019 | 6,009 | ||||||||||||
Thereafter | 26,191 | ||||||||||||
$ | 72,252 | ||||||||||||
ShareBased_Compensation_Tables
Share-Based Compensation (Tables) | 12 Months Ended | ||||||||||||||||||||||||
Jun. 30, 2014 | |||||||||||||||||||||||||
Schedule of Fair Value of Stock Option Grant Weighted-Average Assumptions | ' | ||||||||||||||||||||||||
The fair value of each option grant is estimated on the date of the grant using the Black-Scholes option-pricing model with the following weighted-average assumptions used for grants for the fiscal year ended June 30: | |||||||||||||||||||||||||
2014 | 2013 | 2012 | |||||||||||||||||||||||
Risk-free interest rate | 1.60% | 0.80% | 1.00% | ||||||||||||||||||||||
Expected dividend yield | 0% | 0% | 0% | ||||||||||||||||||||||
Expected lives (in years) | 4.1 - 4.7 | 4.2 - 4.7 | 4.2 - 4.6 | ||||||||||||||||||||||
Expected volatility | 40% | 44% | 44% | ||||||||||||||||||||||
Schedule of Share-Based Compensation Arrangement by Share Based Payment Award Options Outstanding | ' | ||||||||||||||||||||||||
A summary of activity is as follows: | |||||||||||||||||||||||||
2014 | 2013 | 2012 | |||||||||||||||||||||||
Number | Weighted | Number | Weighted | Number | Weighted | ||||||||||||||||||||
of | average | of | average | of | average | ||||||||||||||||||||
shares | exercise | shares | exercise | shares | exercise | ||||||||||||||||||||
price | price | price | |||||||||||||||||||||||
Options outstanding at beginning of year | 14,434,970 | 21.75 | 15,233,281 | $ | 19.32 | 14,453,913 | $ | 18.22 | |||||||||||||||||
Options granted | 3,320,553 | 26.52 | 2,957,623 | 27.09 | 3,188,160 | 20.42 | |||||||||||||||||||
Less: | |||||||||||||||||||||||||
Options exercised | (3,122,427 | ) | 19.44 | (3,490,495 | ) | 15.65 | (1,852,245 | ) | 11.94 | ||||||||||||||||
Options canceled or expired | (394,913 | ) | 24.3 | (265,439 | ) | 22.26 | (556,547 | ) | 21.48 | ||||||||||||||||
Options outstanding at end of year | 14,238,183 | 23.3 | 14,434,970 | 21.75 | 15,233,281 | 19.32 | |||||||||||||||||||
Options exercisable at end of year | 7,149,155 | 21.9 | 7,480,472 | 20.51 | 8,397,678 | 18.01 | |||||||||||||||||||
Options vested and expected to vest | 13,374,736 | 23.12 | 13,543,852 | 21.58 | 14,514,637 | 19.28 | |||||||||||||||||||
Weighted average fair value of options granted during the year | 10.04 | 9.87 | 7.47 | ||||||||||||||||||||||
Schedule of Share-Based Compensation Arrangement by Share Based Payment Award Options Outstanding and Option Exercisable | ' | ||||||||||||||||||||||||
The following table summarizes information about stock options outstanding at June 30, 2014: | |||||||||||||||||||||||||
Options outstanding | Options exercisable | ||||||||||||||||||||||||
Range of | Number | Weighted | Weighted | Number | Weighted | ||||||||||||||||||||
exercise | outstanding | average | average | exercisable | average | ||||||||||||||||||||
prices | at | remaining | exercise | at | exercise | ||||||||||||||||||||
June 30, | contractual | price | June 30, | price | |||||||||||||||||||||
2014 | life (years) | 2014 | |||||||||||||||||||||||
$5.89 - 19.47 | 4,750,203 | 5.85 | $ | 17.2 | 3,103,525 | $ | 16.44 | ||||||||||||||||||
20.01 - 26.49 | 5,531,296 | 6.55 | 25.03 | 2,064,390 | 23.14 | ||||||||||||||||||||
26.84 - 30.34 | 3,929,684 | 7.09 | 28.16 | 1,975,740 | 29.17 | ||||||||||||||||||||
30.53 - 37.73 | 27,000 | 7.18 | 34.05 | 5,500 | 31.11 | ||||||||||||||||||||
14,238,183 | 6.47 | 7,149,155 | 21.9 | ||||||||||||||||||||||
Schedule of Share-Based Compensation Recognized in Consolidated Statements of Comprehensive Income | ' | ||||||||||||||||||||||||
Share-based compensation expense recognized and included in the consolidated statements of comprehensive income for the fiscal years ended June 30, 2014, 2013 and 2012 was as follows: | |||||||||||||||||||||||||
Years Ended June 30, | |||||||||||||||||||||||||
(In thousands) | 2014 | 2013 | 2012 | ||||||||||||||||||||||
Cost of molecular diagnostic testing | $ | 833 | $ | 1,030 | $ | 1,158 | |||||||||||||||||||
Cost of pharmaceutical and clinical services | 317 | 219 | 85 | ||||||||||||||||||||||
Research and development expense | 5,429 | 3,246 | 3,350 | ||||||||||||||||||||||
Selling, general, and administrative expense | 27,418 | 22,117 | 21,682 | ||||||||||||||||||||||
Total share-based compensation expense | $ | 33,997 | $ | 26,612 | $ | 26,275 | |||||||||||||||||||
Schedule of Unrecognized Share-Based Compensation Cost | ' | ||||||||||||||||||||||||
The estimated unrecognized share-based compensation cost and related weighted average recognition period, aggregate intrinsic value of options outstanding, and aggregate intrinsic value of options that are fully vested is as follows: | |||||||||||||||||||||||||
(In thousands) | As of | ||||||||||||||||||||||||
June 30, 2014 | |||||||||||||||||||||||||
Unrecognized share-based compensation cost | $ | 41,728 | |||||||||||||||||||||||
Aggregate intrinsic value of options outstanding | $ | 222,451 | |||||||||||||||||||||||
Aggregate intrinsic value of options fully vested | $ | 121,659 | |||||||||||||||||||||||
Schedule of Intrinsic Value of Options Exercised | ' | ||||||||||||||||||||||||
The total intrinsic value of options exercised during 2014, 2013 and 2012 was as follows: | |||||||||||||||||||||||||
Years Ended June 30, | |||||||||||||||||||||||||
(In thousands) | 2014 | 2013 | 2012 | ||||||||||||||||||||||
Total intrinsic value of options exercised | $ | 49,379 | $ | 51,785 | $ | 21,575 | |||||||||||||||||||
Schedule of Shares Purchased and Compensation Expenses | ' | ||||||||||||||||||||||||
Shares purchased under and compensation expense associated with the 1995 and 2012 Plans for the years reported are as follows: | |||||||||||||||||||||||||
Years Ended June 30, | |||||||||||||||||||||||||
(In thousands) | 2014 | 2013 | 2012 | ||||||||||||||||||||||
Shares purchased under the Plans | 169 | 149 | 161 | ||||||||||||||||||||||
Plan compensation expense | $ | 1,317 | $ | 885 | $ | 892 | |||||||||||||||||||
Employee Stock Purchase Plan | ' | ||||||||||||||||||||||||
Schedule of Fair Value of Stock Option Grant Weighted-Average Assumptions | ' | ||||||||||||||||||||||||
The fair value of shares issued under the Plan that was in effect for each period reported was calculated using the Black-Scholes option-pricing model using the following weighted-average assumptions: | |||||||||||||||||||||||||
2014 | 2013 | 2012 | |||||||||||||||||||||||
Risk-free interest rate | 0.1 | % | 0.1 | % | 0.1 | % | |||||||||||||||||||
Expected dividend yield | 0 | % | 0 | % | 0 | % | |||||||||||||||||||
Expected lives (in years) | 0.5 | 0.5 | 0.5 | ||||||||||||||||||||||
Expected volatility | 56 | % | 37 | % | 30 | % |
Stockholders_Equity_Tables
Stockholders' Equity (Tables) | 12 Months Ended | ||||||||||||
Jun. 30, 2014 | |||||||||||||
Schedule of Stock Repurchase Programs | ' | ||||||||||||
The Company previously announced the following stock repurchase programs for its common stock: | |||||||||||||
Date Authorized | Amount Authorized | Date Completed | |||||||||||
May-10 | $ | 100,000,000 | August 2010 | ||||||||||
Aug-10 | $ | 100,000,000 | February 2011 | ||||||||||
Mar-11 | $ | 100,000,000 | September 2011 | ||||||||||
Aug-11 | $ | 200,000,000 | Jan-13 | ||||||||||
Feb-13 | $ | 200,000,000 | Nov-13 | ||||||||||
Nov-13 | $ | 300,000,000 | ongoing | ||||||||||
Total: | $ | 1,000,000,000 | |||||||||||
Schedule of Stock Repurchases | ' | ||||||||||||
The shares retired, aggregate common stock and additional paid-in capital reductions, and related charges to accumulated deficit for the repurchases for periods ended June 30, 2014, 2013 and 2012 were as follows: | |||||||||||||
Year ended June 30, | |||||||||||||
(In thousands) | 2014 | 2013 | 2012 | ||||||||||
Shares purchased and retired | 10,373 | 5,632 | 5,688 | ||||||||||
Common stock and additional paid-in-capital reductions | $ | 82,617 | $ | 42,679 | $ | 42,262 | |||||||
Charges to retained earnings | $ | 205,086 | $ | 103,589 | $ | 86,205 |
Income_Taxes_Tables
Income Taxes (Tables) | 12 Months Ended | ||||||||||||||||
Jun. 30, 2014 | |||||||||||||||||
Schedule of Income Tax Expense (Benefit) | ' | ||||||||||||||||
Income tax expense consists of the following: | |||||||||||||||||
Year ended June 30, | |||||||||||||||||
(In thousands) | 2014 | 2013 | 2012 | ||||||||||||||
Current: | |||||||||||||||||
Federal | $ | 97,442 | $ | 80,333 | $ | 67,492 | |||||||||||
State | 3,541 | 6,021 | 4,647 | ||||||||||||||
Total Current | 100,983 | 86,354 | 72,139 | ||||||||||||||
Deferred: | |||||||||||||||||
Federal | (666 | ) | 660 | (2,192 | ) | ||||||||||||
State | 746 | (431 | ) | 2,326 | |||||||||||||
Foreign | (2,865 | ) | (2,051 | ) | (1,735 | ) | |||||||||||
Change in valuation allowance | 3,442 | 1,605 | 1,851 | ||||||||||||||
Total Deferred | 657 | (217 | ) | 250 | |||||||||||||
Total income tax expense | $ | 101,640 | $ | 86,137 | $ | 72,389 | |||||||||||
Schedule of Income (Loss) Before Income Taxes | ' | ||||||||||||||||
Income (loss) before income taxes consists of the following: | |||||||||||||||||
Year ended June 30, | |||||||||||||||||
(In thousands) | 2014 | 2013 | 2012 | ||||||||||||||
United States | $ | 292,081 | $ | 243,556 | $ | 189,702 | |||||||||||
Foreign | (14,216 | ) | (10,280 | ) | (5,162 | ) | |||||||||||
277,865 | 233,276 | 184,540 | |||||||||||||||
Schedule of Differences Between Statutory Federal Income Tax Rate and Income Taxes Reported in Consolidated Statements of Operations | ' | ||||||||||||||||
The differences between income taxes at the statutory federal income tax rate and income taxes reported in the consolidated statements of comprehensive income were as follows: | |||||||||||||||||
Year ended June 30, | |||||||||||||||||
2014 | 2013 | 2012 | |||||||||||||||
Federal income tax expense at the statutory rate | 35 | % | 35 | % | 35 | % | |||||||||||
State income taxes, net of federal benefit | 1.6 | 1.7 | 2.7 | ||||||||||||||
Research and development credits, net of the federal tax on state credits | (0.2 | ) | (1.0 | ) | (1.3 | ) | |||||||||||
Uncertain tax positions, net of federal benefit on state positions | (0.1 | ) | 0.2 | 0.2 | |||||||||||||
Incentive stock option and employee stock purchase plan expense | (0.3 | ) | (0.5 | ) | 1 | ||||||||||||
Change in valuation allowance | 1.2 | 0.7 | 1 | ||||||||||||||
Basis difference, disposition of foreign subsidiary | (1.9 | ) | 0 | 0 | |||||||||||||
Other, net | 1.3 | 0.8 | 0.6 | ||||||||||||||
36.6 | % | 36.9 | % | 39.2 | % | ||||||||||||
Schedule of Components of Deferred Tax Assets and Liabilities | ' | ||||||||||||||||
The significant components of the Company’s deferred tax assets and liabilities were comprised of the following at June 30, 2014 and 2013: | |||||||||||||||||
Year ended June 30, | |||||||||||||||||
(In thousands) | 2014 | 2013 | |||||||||||||||
Deferred tax assets: | |||||||||||||||||
Net operating loss carryforwards | $ | 76,986 | $ | 8,336 | |||||||||||||
Property, plant and equipment | 2,947 | 3,103 | |||||||||||||||
Accrued vacation | 1,551 | 1,269 | |||||||||||||||
Allowance for doubtful accounts | 3,285 | 2,771 | |||||||||||||||
Stock compensation expense | 25,952 | 21,135 | |||||||||||||||
Capital loss carryover | 0 | 1,424 | |||||||||||||||
Research and development credits | 11,207 | 5,367 | |||||||||||||||
Uncertain state tax positions | 555 | 1,247 | |||||||||||||||
Other, net | 312 | 643 | |||||||||||||||
Total gross deferred tax assets | 122,795 | 45,295 | |||||||||||||||
Less valuation allowance | (41,420 | ) | (8,218 | ) | |||||||||||||
Total deferred tax assets | 81,375 | 37,077 | |||||||||||||||
Deferred tax liabilities: | |||||||||||||||||
Intangible assets | 71,750 | 438 | |||||||||||||||
Total deferred tax liabilities | 71,750 | 438 | |||||||||||||||
Net deferred tax assets | 9,625 | 36,639 | |||||||||||||||
Current net deferred tax asset | 6,386 | 8,007 | |||||||||||||||
Long term net deferred tax asset | 3,239 | 28,632 | |||||||||||||||
Net deferred tax asset | $ | 9,625 | $ | 36,639 | |||||||||||||
Summary of Net Operating Loss and Research Credit Carryforwards | ' | ||||||||||||||||
At June 30, 2014, the Company had the following net operating loss and research credit carryforwards, with their respective expiration periods. Certain carryforwards are subject to the limitations of Section 382 and 383 of the Internal Revenue Code as indicated. | |||||||||||||||||
(In thousands) | Amount | Subject to | Expires | through | |||||||||||||
sections | beginning | ||||||||||||||||
382, 383 | in year | ||||||||||||||||
Carryforwards | |||||||||||||||||
Federal net operating loss | $ | 164,504 | Yes | 2027 | 2033 | ||||||||||||
Utah net operating loss | 229,900 | No | 2015 | 2024 | |||||||||||||
California net operating loss | 155,834 | Yes | 2016 | 2033 | |||||||||||||
Oklahoma net operating loss | 14,142 | Yes | 2023 | 2033 | |||||||||||||
Foreign net operating losses (various jurisdictions) | 27,183 | No | Various | Various | |||||||||||||
Federal research credit | 3,250 | Yes | 2025 | 2032 | |||||||||||||
Utah research credit | 8,296 | No | 2021 | 2028 | |||||||||||||
California research credit | 2,565 | Yes | n/a | n/a | |||||||||||||
Schedule of Reconciliation of Beginning and Ending Unrecognized Tax Benefits | ' | ||||||||||||||||
A reconciliation of the beginning and ending amount of unrecognized tax benefits is as follows: | |||||||||||||||||
Year ended June 30, | |||||||||||||||||
(In thousands) | 2014 | 2013 | 2012 | ||||||||||||||
Unrecognized tax benefits at the beginning of year | $ | 10,918 | $ | 10,208 | $ | 9,648 | |||||||||||
Gross increases—current year tax positions | 1,785 | 710 | 560 | ||||||||||||||
Gross increases—prior year tax positions | 350 | — | — | ||||||||||||||
Gross increases—acquisitions | 14,180 | ||||||||||||||||
Gross decreases—prior year tax positions | (2,995 | ) | |||||||||||||||
Unrecognized tax benefits at end of year | $ | 24,238 | $ | 10,918 | $ | 10,208 | |||||||||||
Interest and penalties in year-end balance | $ | 620 | $ | 270 | $ | — | |||||||||||
Crescendo Biosciences, Inc. | ' | ||||||||||||||||
Schedule of Components of Deferred Tax Assets and Liabilities | ' | ||||||||||||||||
The components of deferred tax assets, deferred tax liabilities, and the liability for unrecognized tax benefits that were included in the allocation of Crescendo’s purchase consideration are as follows: | |||||||||||||||||
(In thousands) | |||||||||||||||||
Deferred tax assets: | |||||||||||||||||
Net operating loss carryforwards | $ | 70,048 | |||||||||||||||
Research and development credits | 5,815 | ||||||||||||||||
Other, net | 312 | ||||||||||||||||
Total gross deferred tax assets | 76,175 | ||||||||||||||||
Less valuation allowance | (29,760 | ) | |||||||||||||||
Total deferred tax assets | 46,415 | ||||||||||||||||
Deferred tax liabilities: | |||||||||||||||||
Intangible assets | 72,005 | ||||||||||||||||
Stock compensation expense | 4,443 | ||||||||||||||||
Total deferred tax liabilities | 76,448 | ||||||||||||||||
Net deferred tax liability | 30,033 | ||||||||||||||||
Liability for unrecognized tax benefits | $ | 14,180 | |||||||||||||||
Employee_Deferred_Savings_Plan1
Employee Deferred Savings Plan (Tables) | 12 Months Ended | ||||||||||||
Jun. 30, 2014 | |||||||||||||
Recorded Contributions to Employee Deferred Savings Plan | ' | ||||||||||||
The Company’s recorded contributions to the plan as follows: | |||||||||||||
Years ended June 30, | |||||||||||||
(In thousands) | 2014 | 2013 | 2012 | ||||||||||
Deferred savings plan Company contributions | $ | 4,430 | $ | 3,450 | $ | 2,955 |
Segment_and_Related_Informatio1
Segment and Related Information (Tables) | 12 Months Ended | ||||||||||||||||
Jun. 30, 2014 | |||||||||||||||||
Schedule of Segment Performance Based on Income (Loss) from Continuing Operations before Interest Income and Other Income and Expense | ' | ||||||||||||||||
The accounting policies of the segments are the same as those described in the summary of significant accounting policies (Note 1). The Company evaluates segment performance based on income (loss) before interest income and other income and expense. | |||||||||||||||||
(In thousands) | Research | Molecular | Pharmaceutical & | Total | |||||||||||||
diagnostics | clinical services | ||||||||||||||||
Year ended June 30, 2014: | |||||||||||||||||
Revenues | $ | — | $ | 748,198 | $ | 30,018 | $ | 778,216 | |||||||||
Depreciation and amortization | 2,001 | 9,887 | 1,931 | 13,819 | |||||||||||||
Segment operating income (loss) | (64,981 | ) | 338,020 | 1,403 | 274,442 | ||||||||||||
Year ended June 30, 2013: | |||||||||||||||||
Revenues | $ | — | $ | 582,392 | $ | 30,773 | $ | 613,165 | |||||||||
Depreciation and amortization | 2,182 | 4,974 | 1,733 | 8,889 | |||||||||||||
Segment operating income (loss) | (56,428 | ) | 291,509 | (7,079 | ) | 228,002 | |||||||||||
Year ended June 30, 2012: | |||||||||||||||||
Revenues | $ | — | $ | 472,390 | $ | 23,615 | $ | 496,005 | |||||||||
Depreciation and amortization | 2,021 | 5,395 | 1,653 | 9,069 | |||||||||||||
Segment operating income (loss) | (49,231 | ) | 237,737 | (8,188 | ) | 180,318 | |||||||||||
Years Ended June 30, | |||||||||||||||||
(In thousands) | 2014 | 2013 | 2012 | ||||||||||||||
Total operating income for reportable segments | $ | 274,442 | $ | 228,002 | $ | 180,318 | |||||||||||
Unallocated amounts: | |||||||||||||||||
Interest income | 5,397 | 5,497 | 4,629 | ||||||||||||||
Other | (1,974 | ) | (223 | ) | (407 | ) | |||||||||||
Income from operations before income taxes | 277,865 | 233,276 | 184,540 | ||||||||||||||
Income tax provision | 101,640 | 86,137 | 72,389 | ||||||||||||||
Net income | $ | 176,225 | $ | 147,139 | $ | 112,151 | |||||||||||
Schedule Of Comparison of Balance Sheet Assets by Operating Segment | ' | ||||||||||||||||
The following table sets forth a comparison of balance sheet assets by operating segment: | |||||||||||||||||
(In thousands) | June 30, | ||||||||||||||||
2014 | 2013 | ||||||||||||||||
Net equipment and leasehold improvements: | |||||||||||||||||
Research | $ | 8,199 | $ | 8,590 | |||||||||||||
Molecular diagnostics | 24,316 | 15,769 | |||||||||||||||
Pharmaceutical and clinical services | 2,079 | 3,243 | |||||||||||||||
Total | $ | 34,594 | $ | 27,602 | |||||||||||||
Total Assets: | |||||||||||||||||
Research | $ | 67,999 | $ | 82,517 | |||||||||||||
Molecular diagnostics | 409,795 | 110,329 | |||||||||||||||
Pharmaceutical and clinical services | 75,434 | 79,911 | |||||||||||||||
Total | $ | 553,228 | $ | 272,757 | |||||||||||||
Reconciliation of Assets by Operating Segment to Total Assets | ' | ||||||||||||||||
The following table reconciles assets by operating segment to total assets: | |||||||||||||||||
June 30, | |||||||||||||||||
(In thousands) | 2014 | 2013 | |||||||||||||||
Total assets by segment | $ | 553,228 | $ | 272,757 | |||||||||||||
Cash, cash equivalents, and marketable investment securities (1) | 270,586 | 531,064 | |||||||||||||||
Total | $ | 823,814 | $ | 803,821 | |||||||||||||
-1 | The Company manages cash, cash equivalents, and marketable investment securities at the consolidated level for all segments |
Commitments_and_Contingencies_
Commitments and Contingencies (Tables) | 12 Months Ended | ||||
Jun. 30, 2014 | |||||
Summary of Remaining Unconditional Purchase Obligation | ' | ||||
As of June 30, 2014, the remaining obligations under this agreement were as follows (in thousands): | |||||
Amount | |||||
Fiscal year ending: | |||||
2015 | $ | 10,863 | |||
2016 | 21,262 | ||||
2017 | 12,142 | ||||
Total unconditional purchase obligation | $ | 44,267 | |||
Acquisitions_Tables
Acquisitions (Tables) | 12 Months Ended | ||||||||
Jun. 30, 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 | |||||||
Allocation of Consideration Transferred for Crescendo | ' | ||||||||
The Company’s allocation of consideration transferred for Crescendo is as follows (in thousands): | |||||||||
(In thousands) | Estimated | ||||||||
Fair Value | |||||||||
Other assets acquired | $ | 15,826 | |||||||
Intangible assets | 196,600 | ||||||||
Goodwill | 112,331 | ||||||||
Total assets acquired | 324,757 | ||||||||
Deferred tax liability | 44,213 | ||||||||
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 Consolidated Statements of Comprehensive Income for the year ended June 30, 2014 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 Consolidated Statements of Comprehensive Income for the year ended June 30, 2014 as follows: | |||||||||
(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 operations 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. | |||||||||
(In thousands) | |||||||||
June 30, | |||||||||
2014 | 2013 | ||||||||
Revenue | $ | 807,509 | $ | 619,835 | |||||
Income from operations | 252,634 | 177,998 | |||||||
Net income | $ | 155,924 | $ | 108,024 | |||||
Net income per share, basic | $ | 2.06 | $ | 1.33 | |||||
Net income per share, diluted | $ | 1.99 | $ | 1.3 |
Organization_and_Summary_of_Si3
Organization and Summary of Significant Accounting Policies - Additional Information (Detail) (USD $) | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2012 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 |
Molecular Diagnostics | Pharmaceutical and Clinical Services | Licensing Agreements | Equipment | Equipment | Leasehold Improvements | Leasehold Improvements | ||||
Minimum | Maximum | Minimum | Maximum | |||||||
Basis of Presentation [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Estimated useful lives of equipment item, in years | ' | ' | ' | ' | ' | ' | '5 years | '7 years | '3 years | '15 years |
Impairment of long-lived assets | ' | ' | ' | ' | ' | $1,500,000 | ' | ' | ' | ' |
Goodwill | $169,181,000 | $56,850,000 | $56,850,000 | $112,300,000 | $56,900,000 | ' | ' | ' | ' | ' |
Schedule_Of_Depreciation_Expen
Schedule Of Depreciation Expense (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2012 |
Depreciation and Other Amortization Expenses [Line Items] | ' | ' | ' |
Depreciation expense | $9,186 | $7,994 | $7,969 |
Reconciliation_of_Denominators
Reconciliation of Denominators of Basic and Diluted Earnings Per Share (Detail) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2012 |
Schedule of Earnings Per Share, Basic and Diluted, by Common Class [Line Items] | ' | ' | ' |
Weighted-average shares outstanding used to compute basic EPS | 75,728 | 80,948 | 84,608 |
Effect of dilutive stock options | 2,454 | 2,379 | 1,857 |
Weighted-average shares outstanding and dilutive securities used to compute diluted EPS | 78,182 | 83,327 | 86,465 |
Schedule_Of_AntiDilutive_Optio
Schedule Of Anti-Dilutive Options Excluded From EPS Computation (Detail) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2012 |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ' | ' | ' |
Anti-dilutive options excluded from EPS computation | 5,273 | 5,136 | 8,585 |
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 $) | Jun. 30, 2014 | Jun. 30, 2013 |
In Thousands, unless otherwise specified | ||
Net Investment Income [Line Items] | ' | ' |
Amortized cost | $270,224 | $531,497 |
Gross unrealized holding gains | 383 | 154 |
Gross unrealized holding losses | -21 | -587 |
Estimated fair value | 270,586 | 531,064 |
Cash | ' | ' |
Net Investment Income [Line Items] | ' | ' |
Amortized cost | 45,181 | 40,412 |
Estimated fair value | 45,181 | 40,412 |
Cash Equivalents | ' | ' |
Net Investment Income [Line Items] | ' | ' |
Amortized cost | 19,639 | 63,653 |
Gross unrealized holding gains | 1 | 8 |
Estimated fair value | 19,640 | 63,661 |
Total Cash And Cash Equivalents | ' | ' |
Net Investment Income [Line Items] | ' | ' |
Amortized cost | 64,820 | 104,065 |
Gross unrealized holding gains | 1 | 8 |
Estimated fair value | 64,821 | 104,073 |
Corporate Bonds And Notes | ' | ' |
Net Investment Income [Line Items] | ' | ' |
Amortized cost | 44,449 | 71,626 |
Gross unrealized holding gains | 36 | 13 |
Gross unrealized holding losses | -11 | -15 |
Estimated fair value | 44,474 | 71,624 |
Municipal Bonds | ' | ' |
Net Investment Income [Line Items] | ' | ' |
Amortized cost | 137,821 | 251,513 |
Gross unrealized holding gains | 334 | 109 |
Gross unrealized holding losses | -3 | -537 |
Estimated fair value | 138,152 | 251,085 |
Federal Agency Issues | ' | ' |
Net Investment Income [Line Items] | ' | ' |
Amortized cost | 23,134 | 104,293 |
Gross unrealized holding gains | 12 | 24 |
Gross unrealized holding losses | -7 | -35 |
Estimated fair value | $23,139 | $104,282 |
Schedule_of_Maturities_of_Debt
Schedule of Maturities of Debt Securities Classified as Cash Equivalents and Available-For-Sale (Detail) (USD $) | Jun. 30, 2014 | Jun. 30, 2013 |
In Thousands, unless otherwise specified | ||
Net Investment Income [Line Items] | ' | ' |
Amortized cost | $270,224 | $531,497 |
Due within one year, Amortized cost | 121,505 | ' |
Due after one year through five years, Amortized cost | 83,899 | ' |
Due after five years, Amortized cost | ' | ' |
Total | 270,224 | ' |
Estimated fair value | 270,586 | 531,064 |
Due within one year, Estimated fair value | 121,641 | ' |
Due after one year through five years, Estimated fair value | 84,124 | ' |
Due after five years, Estimated fair value | ' | ' |
Total | 270,586 | ' |
Cash | ' | ' |
Net Investment Income [Line Items] | ' | ' |
Amortized cost | 45,181 | 40,412 |
Estimated fair value | 45,181 | 40,412 |
Cash Equivalents | ' | ' |
Net Investment Income [Line Items] | ' | ' |
Amortized cost | 19,639 | 63,653 |
Estimated fair value | $19,640 | $63,661 |
Schedule_of_Debt_Securities_Av
Schedule of Debt Securities Available-For-Sale in Gross Unrealized Loss Position (Detail) (USD $) | Jun. 30, 2014 | Jun. 30, 2013 |
In Thousands, unless otherwise specified | ||
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Fair Value, Less than 12 Months | $29,605 | $169,829 |
Unrealized losses, Less than 12 months | -21 | -587 |
Fair Value, More than 12 months | ' | ' |
Unrealized losses, More than 12 months | ' | ' |
Fair value, Total | 29,605 | 169,829 |
Unrealized losses, Total | -21 | -587 |
Corporate Bonds And Notes | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Fair Value, Less than 12 Months | 15,961 | 30,309 |
Unrealized losses, Less than 12 months | -11 | -15 |
Fair Value, More than 12 months | ' | ' |
Unrealized losses, More than 12 months | ' | ' |
Fair value, Total | 15,961 | 30,309 |
Unrealized losses, Total | -11 | -15 |
Municipal Bonds | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Fair Value, Less than 12 Months | 8,651 | 93,992 |
Unrealized losses, Less than 12 months | -3 | -538 |
Fair Value, More than 12 months | ' | ' |
Unrealized losses, More than 12 months | ' | ' |
Fair value, Total | 8,651 | 93,992 |
Unrealized losses, Total | -3 | -538 |
Federal Agency Issues | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Fair Value, Less than 12 Months | 4,993 | 45,528 |
Unrealized losses, Less than 12 months | -7 | -34 |
Fair Value, More than 12 months | ' | ' |
Unrealized losses, More than 12 months | ' | ' |
Fair value, Total | 4,993 | 45,528 |
Unrealized losses, Total | ($7) | ($34) |
Schedule_of_Fair_Value_of_Fina
Schedule of Fair Value of Financial Assets (Detail) (USD $) | Jun. 30, 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 | $225,405 | $490,652 | ||
Money Market Funds | ' | ' | ||
Fair Value, Option, Qualitative Disclosures Related to Election [Line Items] | ' | ' | ||
Total fair value of financial assets | 13,634 | [1] | 12,691 | [1] |
Corporate Bonds And Notes | ' | ' | ||
Fair Value, Option, Qualitative Disclosures Related to Election [Line Items] | ' | ' | ||
Total fair value of financial assets | 44,474 | 71,624 | ||
Municipal Bonds | ' | ' | ||
Fair Value, Option, Qualitative Disclosures Related to Election [Line Items] | ' | ' | ||
Total fair value of financial assets | 144,158 | 302,055 | ||
Federal Agency Issues | ' | ' | ||
Fair Value, Option, Qualitative Disclosures Related to Election [Line Items] | ' | ' | ||
Total fair value of financial assets | 23,139 | 104,282 | ||
Level 1 | ' | ' | ||
Fair Value, Option, Qualitative Disclosures Related to Election [Line Items] | ' | ' | ||
Total fair value of financial assets | 13,634 | 12,691 | ||
Level 1 | Money Market Funds | ' | ' | ||
Fair Value, Option, Qualitative Disclosures Related to Election [Line Items] | ' | ' | ||
Total fair value of financial assets | 13,634 | [1] | 12,691 | [1] |
Level 2 | ' | ' | ||
Fair Value, Option, Qualitative Disclosures Related to Election [Line Items] | ' | ' | ||
Total fair value of financial assets | 211,771 | 477,961 | ||
Level 2 | Corporate Bonds And Notes | ' | ' | ||
Fair Value, Option, Qualitative Disclosures Related to Election [Line Items] | ' | ' | ||
Total fair value of financial assets | 44,474 | 71,624 | ||
Level 2 | Municipal Bonds | ' | ' | ||
Fair Value, Option, Qualitative Disclosures Related to Election [Line Items] | ' | ' | ||
Total fair value of financial assets | 144,158 | 302,055 | ||
Level 2 | Federal Agency Issues | ' | ' | ||
Fair Value, Option, Qualitative Disclosures Related to Election [Line Items] | ' | ' | ||
Total fair value of financial assets | $23,139 | $104,282 | ||
[1] | Money market funds are primarily comprised of exchange traded funds and accrued interest |
Goodwill_and_Other_Intangible_2
Goodwill and Other Intangible Assets - Additional Information (Detail) (USD $) | 12 Months Ended | 1 Months Ended | 12 Months Ended | |||||
Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2012 | Dec. 31, 2012 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | |
License Agreement | Trademarks | Developed Technology and Database | Customer Relationships | Purchased Licenses And Technologies | ||||
Acquired Finite-Lived Intangible Assets [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' |
Goodwill | $169,181,000 | $56,850,000 | $56,850,000 | ' | ' | ' | ' | ' |
Impairment of goodwill | 0 | ' | ' | ' | ' | ' | ' | ' |
Estimated useful life | ' | ' | ' | ' | '14 years | '18 years | '7 years | ' |
Impairment charges of intangible assets | ' | $1,490,000 | ' | $1,500,000 | ' | ' | ' | ' |
Weighted average remaining amortization period | ' | ' | ' | ' | '17 years | ' | '17 years | '17 years |
Summary_of_Changes_to_Goodwill
Summary of Changes to Goodwill Balance (Detail) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2012 |
Goodwill [Line Items] | ' | ' |
Balance at beginning of period | $56,850 | $56,850 |
Current period acquisitions | 112,331 | ' |
Balance at end of period | $169,181 | $56,850 |
Summarized_Amounts_Reported_as
Summarized Amounts Reported as Intangible Assets (Detail) (USD $) | Jun. 30, 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 |
Accumulated Amortization | -8,238 | -3,620 |
Net, total intangible assets | 205,312 | 13,330 |
Future estimated amortization expense, total | 59,168 | ' |
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 | -6,597 | -2,644 |
Future estimated amortization expense, total | 194,503 | 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 | -1,441 | -976 |
Future estimated amortization expense, total | 3,209 | 3,674 |
Trademarks | ' | ' |
Acquired Finite And Infinite-Lived Intangible Assets [Line Items] | ' | ' |
Gross Carrying Amount, amortizable intangible assets | 3,000 | 3,000 |
Accumulated Amortization | -200 | ' |
Future estimated amortization expense, total | 2,800 | 3,000 |
Total amortized intangible assets | ' | ' |
Acquired Finite And Infinite-Lived Intangible Assets [Line Items] | ' | ' |
Gross Carrying Amount, amortizable intangible assets | 208,750 | 12,150 |
Accumulated Amortization | -8,238 | -3,620 |
Future estimated amortization expense, total | $200,512 | $8,530 |
Amortization_on_Intangible_Ass
Amortization on Intangible Assets (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2012 |
Finite-Lived Intangible Assets [Line Items] | ' | ' | ' |
Amortization on intangible assets | $4,633 | $895 | $1,100 |
Schedule_Of_Future_Estimated_A
Schedule Of Future Estimated Amortization Expense (Detail) (USD $) | Jun. 30, 2014 |
In Thousands, unless otherwise specified | |
Acquired Finite-Lived Intangible Assets [Line Items] | ' |
2015 | $11,900 |
2016 | 11,900 |
2017 | 11,900 |
2018 | 11,881 |
2019 | 11,587 |
Future estimated amortization expense, total | $59,168 |
Leases_Additional_Information_
Leases - Additional Information (Detail) | 12 Months Ended |
Jun. 30, 2014 | |
Leases | |
Myriad RBM | ' |
Leases [Line Items] | ' |
Non-cancelable operating leases | 2 |
Myriad RBM | Minimum | ' |
Leases [Line Items] | ' |
Operating leases expiration period | '2017 |
Myriad RBM | Maximum | ' |
Leases [Line Items] | ' |
Operating leases expiration period | '2020 |
Administrative Functions | Minimum | ' |
Leases [Line Items] | ' |
Operating leases expiration period | '2013 |
Administrative Functions | Maximum | ' |
Leases [Line Items] | ' |
Operating leases expiration period | '2018 |
Information Technology Equipment | ' |
Leases [Line Items] | ' |
Non-cancelable operating leases | 2 |
Information Technology Equipment | Minimum | ' |
Leases [Line Items] | ' |
Operating leases expiration period | '2016 |
Salt Lake City, Utah | ' |
Leases [Line Items] | ' |
Non-cancelable operating leases | 5 |
Salt Lake City, Utah | Minimum | ' |
Leases [Line Items] | ' |
Operating leases expiration period | '2017 |
Salt Lake City, Utah | Maximum | ' |
Leases [Line Items] | ' |
Operating leases expiration period | '2025 |
Munich, Germany | ' |
Leases [Line Items] | ' |
Cancelable operating leases | 1 |
Lease term | '5 years |
South San Francisco, California | ' |
Leases [Line Items] | ' |
Non-cancelable operating leases | 1 |
Operating leases expiration period | '2017 |
Summary_of_Rental_Expense_Deta
Summary of Rental Expense (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2012 |
Operating Leased Assets [Line Items] | ' | ' | ' |
Rental expense | $11,266 | $8,155 | $6,819 |
Future_Minimum_Lease_Payments_
Future Minimum Lease Payments (Detail) (USD $) | Jun. 30, 2014 |
In Thousands, unless otherwise specified | |
Operating Leased Assets [Line Items] | ' |
2015 | $11,235 |
2016 | 11,500 |
2017 | 10,828 |
2018 | 6,489 |
2019 | 6,009 |
Thereafter | 26,191 |
Total | $72,252 |
ShareBased_Compensation_Additi
Share-Based Compensation - Additional Information (Detail) (USD $) | 12 Months Ended | 12 Months Ended | 0 Months Ended | 12 Months Ended | ||||||||||||||||||||
In Thousands, except Share data, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2012 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2012 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2012 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2012 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Dec. 05, 2013 | Jun. 30, 2014 | Dec. 05, 2012 | Dec. 05, 2012 | Jun. 30, 2014 | Dec. 05, 2012 |
Options granted after December 5, 2012 | Options granted prior to December 5, 2012 | 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 | Selling, General, and Administrative Expenses | Selling, General, and Administrative Expenses | Selling, General, and Administrative Expenses | Crescendo Biosciences, Inc. | Crescendo Biosciences, Inc. | Crescendo Biosciences, Inc. | The 2010 Plan | The 2010 Plan | The 2010 Plan | 1995 Purchase Plan | 1995 Purchase Plan | 2012 Purchase Plan | 2012 Purchase Plan | ||||
Cost Of Molecular Diagnostic Testing | Research And Development Expense | 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 | ' | 2,000,000 |
Shares reserved for issuance exercise of options | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 3,757,381 | ' | ' | ' | ' | ' | ' |
Shares available for future grant | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 5,005,532 | ' | ' | ' | ' |
Service period of option vested, years | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '4 years | ' | ' | ' | ' | ' | ' |
Options expire from date of grant, years | ' | ' | ' | '8 years | '10 years | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Options exercisable, weighted average remaining contractual life | '5 years 6 months 22 days | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total share-based compensation expense | $33,997 | $26,612 | $26,275 | ' | ' | $833 | $1,030 | $1,158 | $5,429 | $3,246 | $3,350 | $27,418 | $22,117 | $21,682 | $200 | $2,000 | $4,700 | ' | ' | ' | ' | ' | ' | ' |
Total unrecognized share-based compensation cost, weighted-average period, years | '2 years 3 months 18 days | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Shares purchased under the Plan | 169,000 | 149,000 | 161,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,990,000 | ' | 169,000 | ' |
Schedule_of_Fair_Value_of_Stoc
Schedule of Fair Value of Stock Option Grant with Weighted-Average Assumptions (Detail) | 12 Months Ended | ||
Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2012 | |
Options Plan | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Risk-free interest rate | 1.60% | 0.80% | 1.00% |
Expected dividend yield | 0.00% | 0.00% | 0.00% |
Expected volatility | 40.00% | 44.00% | 44.00% |
Options Plan | Minimum | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Expected lives (in years) | '4 years 1 month 6 days | '4 years 2 months 12 days | '4 years 2 months 12 days |
Options Plan | Maximum | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Expected lives (in years) | '4 years 8 months 12 days | '4 years 8 months 12 days | '4 years 7 months 6 days |
Employee Stock Purchase Plan | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Risk-free interest rate | 0.10% | 0.10% | 0.10% |
Expected dividend yield | 0.00% | 0.00% | 0.00% |
Expected lives (in years) | '6 months | '6 months | '6 months |
Expected volatility | 56.00% | 37.00% | 30.00% |
Schedule_of_ShareBased_Compens
Schedule of Share-Based Compensation Arrangement by Share Based Payment Award Options Outstanding (Detail) (USD $) | 12 Months Ended | ||
Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2012 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Options outstanding at beginning of year, Number of shares | 14,434,970 | 15,233,281 | 14,453,913 |
Options granted, Number of shares | 3,320,553 | 2,957,623 | 3,188,160 |
Options exercised, Number of shares | -3,122,427 | -3,490,495 | -1,852,245 |
Options canceled or expired, Number of shares | -394,913 | -265,439 | -556,547 |
Options outstanding at end of year, Number of shares | 14,238,183 | 14,434,970 | 15,233,281 |
Options exercisable at end of year, Number of shares | 7,149,155 | 7,480,472 | 8,397,678 |
Options vested and expected to vest, Number of shares | 13,374,736 | 13,543,852 | 14,514,637 |
Options outstanding at beginning of year, Weighted average exercise price | $21.75 | $19.32 | $18.22 |
Options granted, Weighted average exercise price | $26.52 | $27.09 | $20.42 |
Options exercised, Weighted average exercise price | $19.44 | $15.65 | $11.94 |
Options canceled or expired, Weighted average exercise price | $24.30 | $22.26 | $21.48 |
Options outstanding at end of year, Weighted average exercise price | $23.30 | $21.75 | $19.32 |
Options exercisable at end of year, Weighted average exercise price | $21.90 | $20.51 | $18.01 |
Options vested and expected to vest, Weighted average exercise price | $23.12 | $21.58 | $19.28 |
Weighted average fair value of options granted during the year | $10.04 | $9.87 | $7.47 |
Recovered_Sheet1
Schedule Of Share-Based Compensation Arrangement By Share Based Payment Award Options Outstanding And Options Exercisable (Detail) (USD $) | 12 Months Ended |
Jun. 30, 2014 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' |
Number outstanding at June 30,2013, Option outstanding | 14,238,183 |
Weighted average remaining contractual life (years), Options outstanding | '6 years 5 months 19 days |
Number exercisable at June 30, 2013, Options exercisable | 7,149,155 |
Weighted average exercise price, Options exercisable | $21.90 |
$ 5.89 - 19.47 | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' |
Range of exercise prices, minimum | $5.89 |
Range of exercise prices, maximum | $19.47 |
Number outstanding at June 30,2013, Option outstanding | 4,750,203 |
Weighted average remaining contractual life (years), Options outstanding | '5 years 10 months 6 days |
Weighted average exercise price, Options outstanding | $17.20 |
Number exercisable at June 30, 2013, Options exercisable | 3,103,525 |
Weighted average exercise price, Options exercisable | $16.44 |
$ 20.01 - 26.49 | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' |
Range of exercise prices, minimum | $20.01 |
Range of exercise prices, maximum | $26.49 |
Number outstanding at June 30,2013, Option outstanding | 5,531,296 |
Weighted average remaining contractual life (years), Options outstanding | '6 years 6 months 18 days |
Weighted average exercise price, Options outstanding | $25.03 |
Number exercisable at June 30, 2013, Options exercisable | 2,064,390 |
Weighted average exercise price, Options exercisable | $23.14 |
$ 26.84 - 30.34 | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' |
Range of exercise prices, minimum | $26.84 |
Range of exercise prices, maximum | $30.34 |
Number outstanding at June 30,2013, Option outstanding | 3,929,684 |
Weighted average remaining contractual life (years), Options outstanding | '7 years 1 month 2 days |
Weighted average exercise price, Options outstanding | $28.16 |
Number exercisable at June 30, 2013, Options exercisable | 1,975,740 |
Weighted average exercise price, Options exercisable | $29.17 |
$ 30.53 - 37.73 | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' |
Range of exercise prices, minimum | $30.53 |
Range of exercise prices, maximum | $37.73 |
Number outstanding at June 30,2013, Option outstanding | 27,000 |
Weighted average remaining contractual life (years), Options outstanding | '7 years 2 months 5 days |
Weighted average exercise price, Options outstanding | $34.05 |
Number exercisable at June 30, 2013, Options exercisable | 5,500 |
Weighted average exercise price, Options exercisable | $31.11 |
Schedule_of_ShareBased_Compens1
Schedule of Share-Based Compensation Recognized in Consolidated Statements of Comprehensive Income (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2012 |
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | ' | ' | ' |
Total share-based compensation expense | $33,997 | $26,612 | $26,275 |
Cost Of Molecular Diagnostic Testing | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | ' | ' | ' |
Total share-based compensation expense | 833 | 1,030 | 1,158 |
Cost of Pharmaceutical and Clinical Services | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | ' | ' | ' |
Total share-based compensation expense | 317 | 219 | 85 |
Research And Development Expense | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | ' | ' | ' |
Total share-based compensation expense | 5,429 | 3,246 | 3,350 |
Selling, General, and Administrative Expenses | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | ' | ' | ' |
Total share-based compensation expense | $27,418 | $22,117 | $21,682 |
Schedule_Of_Unrecognized_Share
Schedule Of Unrecognized Share-Based Compensation Cost (Detail) (USD $) | Jun. 30, 2014 |
In Thousands, unless otherwise specified | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' |
Unrecognized share-based compensation cost | $41,728 |
Aggregate intrinsic value of options outstanding | 222,451 |
Aggregate intrinsic value of options fully vested | $121,659 |
Schedule_Of_Intrinsic_Value_Of
Schedule Of Intrinsic Value Of Options Exercised (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2012 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Total intrinsic value of options exercised | $49,379 | $51,785 | $21,575 |
Schedule_Of_Shares_Purchased_A
Schedule Of Shares Purchased And Compensation Expenses (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2012 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Shares purchased under the Plans | 169 | 149 | 161 |
Plan compensation expense | $1,317 | $885 | $892 |
Schedule_Of_Stock_Repurchase_P
Schedule Of Stock Repurchase Program (Detail) (USD $) | 1 Months Ended | ||||||
Nov. 30, 2013 | Feb. 28, 2013 | Aug. 31, 2011 | Mar. 31, 2011 | Aug. 31, 2010 | 31-May-10 | Jun. 30, 2014 | |
Stockholders Equity [Line Items] | ' | ' | ' | ' | ' | ' | ' |
Date Authorized | '2013-11 | '2013-02 | '2011-08 | '2011-03 | '2010-08 | '2010-05 | ' |
Amount Authorized | $300,000,000 | $200,000,000 | $200,000,000 | $100,000,000 | $100,000,000 | $100,000,000 | $1,000,000,000 |
Date Completed | ' | '2013-11 | '2013-01 | '2011-09 | '2011-02 | '2010-08 | ' |
Date Completed | 'ongoing | ' | ' | ' | ' | ' | ' |
Stockholders_Equity_Additional
Stockholders' Equity - Additional Information (Detail) (USD $) | Jun. 30, 2014 | Nov. 30, 2013 | Feb. 28, 2013 | Aug. 31, 2011 | Mar. 31, 2011 | Aug. 31, 2010 | 31-May-10 | Nov. 30, 2013 | Jun. 30, 2014 | Nov. 30, 2013 |
Fifth Share Repurchase Program | Sixth Share Repurchase Program | Sixth Share Repurchase Program | ||||||||
Stockholders Equity Note [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Share repurchase program, authorized amount | $1,000,000,000 | $300,000,000 | $200,000,000 | $200,000,000 | $100,000,000 | $100,000,000 | $100,000,000 | $200,000,000 | ' | $300,000,000 |
Shares repurchased | ' | ' | ' | ' | ' | ' | ' | $153,000,000 | $134,000,000 | ' |
Schedule_of_Stock_Repurchases_
Schedule of Stock Repurchases (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2012 |
Stockholders Equity [Line Items] | ' | ' | ' |
Common stock and additional paid-in-capital reductions | $82,617 | $42,679 | $42,262 |
Charges to retained earnings | $205,086 | $103,589 | $86,205 |
Common Stock | ' | ' | ' |
Stockholders Equity [Line Items] | ' | ' | ' |
Shares purchased and retired | 10,373 | 5,632 | 5,688 |
Schedule_Of_Income_Tax_Expense
Schedule Of Income Tax Expense (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2012 |
Income Taxes [Line Items] | ' | ' | ' |
Current, Federal | $97,442 | $80,333 | $67,492 |
Current, State | 3,541 | 6,021 | 4,647 |
Total Current | 100,983 | 86,354 | 72,139 |
Deferred, Federal | -666 | 660 | -2,192 |
Deferred, State | 746 | -431 | 2,326 |
Foreign | -2,865 | -2,051 | -1,735 |
Change in valuation allowance | 3,442 | 1,605 | 1,851 |
Total Deferred | 657 | -217 | 250 |
Total income tax expense | $101,640 | $86,137 | $72,389 |
Schedule_Of_Income_Loss_Before
Schedule Of Income (Loss) Before Income Taxes Consists Of Following (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2012 |
Income Tax [Line Items] | ' | ' | ' |
Income (loss) before income taxes, United States | $292,081 | $243,556 | $189,702 |
Income (loss) before income taxes, Foreign | -14,216 | -10,280 | -5,162 |
Income before income taxes | $277,865 | $233,276 | $184,540 |
Schedule_Of_Differences_Betwee
Schedule Of Differences Between Income Taxes At Statutory Federal Rate And Income Taxes Reported In Consolidated Statements of Comprehensive Income (Detail) | 12 Months Ended | ||
Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2012 | |
Income Tax Rate Reconciliation [Line Items] | ' | ' | ' |
Federal income tax expense at the statutory rate | 35.00% | 35.00% | 35.00% |
State income taxes, net of federal benefit | 1.60% | 1.70% | 2.70% |
Research and development credits, net of the federal tax on state credits | -0.20% | -1.00% | -1.30% |
Uncertain tax positions, net of federal benefit on state positions | -0.10% | 0.20% | 0.20% |
Incentive stock option and employee stock purchase plan expense | -0.30% | -0.50% | 1.00% |
Change in valuation allowance | 1.20% | 0.70% | 1.00% |
Basis difference, disposition of foreign subsidiary | -1.90% | 0.00% | 0.00% |
Other, net | 1.30% | 0.80% | 0.60% |
Effective income tax rate, continuing operations, total | 36.60% | 36.90% | 39.20% |
Schedule_Of_Significant_Compon
Schedule Of Significant Components of Company's Deferred Tax Assets And Liabilities Comprised of Following (Detail) (USD $) | Jun. 30, 2014 | Jun. 30, 2013 |
In Thousands, unless otherwise specified | ||
Deferred tax assets: | ' | ' |
Net operating loss carryforwards | $76,986 | $8,336 |
Property, plant and equipment | 2,947 | 3,103 |
Accrued vacation | 1,551 | 1,269 |
Allowance for doubtful accounts | 3,285 | 2,771 |
Stock compensation expense | 25,952 | 21,135 |
Capital loss carryover | 0 | 1,424 |
Research and development credits | 11,207 | 5,367 |
Uncertain state tax positions | 555 | 1,247 |
Other, net | 312 | 643 |
Total gross deferred tax assets | 122,795 | 45,295 |
Less valuation allowance | -41,420 | -8,218 |
Total deferred tax assets | 81,375 | 37,077 |
Deferred tax liabilities: | ' | ' |
Intangible assets | 71,750 | 438 |
Total deferred tax liabilities | 71,750 | 438 |
Net deferred tax assets | 9,625 | 36,639 |
Current net deferred tax asset | 6,386 | 8,007 |
Long term net deferred tax asset | 3,239 | 28,632 |
Net deferred tax asset | $9,625 | $36,639 |
Components_of_Deferred_Tax_Ass
Components of Deferred Tax Assets, Deferred Tax Liabilities, and Liability for Unrecognized Tax Benefits Included in Allocation of Crescendo's Purchase Consideration (Detail) (USD $) | Jun. 30, 2014 | Jun. 30, 2013 | Feb. 28, 2014 |
Crescendo Biosciences, Inc. | |||
Deferred tax assets: | ' | ' | ' |
Net operating loss carryforwards | $76,986,000 | $8,336,000 | $70,048,000 |
Research and development credits | 11,207,000 | 5,367,000 | 5,815,000 |
Other, net | 312,000 | 643,000 | 312,000 |
Total gross deferred tax assets | 122,795,000 | 45,295,000 | 76,175,000 |
Less valuation allowance | -41,420,000 | -8,218,000 | -29,760,000 |
Total deferred tax assets | 81,375,000 | 37,077,000 | 46,415,000 |
Deferred tax liabilities: | ' | ' | ' |
Intangible assets | 71,750,000 | 438,000 | 72,005,000 |
Stock compensation expense | ' | ' | 4,443,000 |
Total deferred tax liabilities | 71,750,000 | 438,000 | 76,448,000 |
Net deferred tax liability | ' | ' | 30,033,000 |
Liability for unrecognized tax benefits | $24,238,000 | $10,718,000 | $14,180,000 |
Income_Taxes_Additional_Inform
Income Taxes - Additional Information (Detail) (USD $) | 12 Months Ended | |||||||
Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2014 | Feb. 28, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | |
Psynova | Crescendo Biosciences, Inc. | Crescendo Biosciences, Inc. | Utah | Utah | Foreign (various jurisdictions) | |||
Prior to the adoption of Statement 123(R) | ||||||||
Income Taxes [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' |
Amount of valuation allowance increased | $33,202,000 | $1,605,000 | ' | $29,760,000 | ' | ' | ' | $3,442,000 |
Excess tax benefits realized | 7,122,000 | 7,888,000 | ' | ' | ' | ' | ' | ' |
Excess tax benefits attributable to deferred tax asset | 76,986,000 | 8,336,000 | ' | ' | 70,048,000 | 92,557,000 | 3,008,000 | ' |
Remaining excess tax benefits not included in deferred tax assets | ' | ' | ' | ' | ' | 137,343,000 | ' | ' |
Valuation allowance to offset foreign and miscellaneous state net operating loss carry-forwards | 3,786,000 | ' | ' | ' | ' | ' | ' | ' |
Taxable loss of disposition of asset | ' | ' | 15,200,000 | ' | ' | ' | ' | ' |
Cumulative effect | $0 | ' | ' | ' | ' | ' | ' | ' |
Income tax returns examination | 'The Company's New York State income tax returns for the years ended June 30, 2011, 2012 and 2013 were under examination by the New York State Department of Taxation and Finance. | ' | ' | ' | ' | ' | ' | ' |
Summary_of_Net_Operating_Loss_
Summary of Net Operating Loss and Research Credit Carryforwards (Detail) (USD $) | 12 Months Ended |
In Thousands, unless otherwise specified | Jun. 30, 2014 |
Domestic Country | Federal | ' |
Operating Loss Carryforwards [Line Items] | ' |
Net operating losses | $164,504 |
Net operating losses subject to sections 382,383 | 'Yes |
Domestic Country | Federal | Research | ' |
Operating Loss Carryforwards [Line Items] | ' |
Research credit | 3,250 |
Research credit subject to sections 382,383 | 'Yes |
State and Local Jurisdiction | UTAH | ' |
Operating Loss Carryforwards [Line Items] | ' |
Net operating losses | 229,900 |
Net operating losses subject to sections 382,383 | 'No |
State and Local Jurisdiction | UTAH | Research | ' |
Operating Loss Carryforwards [Line Items] | ' |
Research credit | 8,296 |
Research credit subject to sections 382,383 | 'No |
State and Local Jurisdiction | South San Francisco, California | ' |
Operating Loss Carryforwards [Line Items] | ' |
Net operating losses | 155,834 |
Net operating losses subject to sections 382,383 | 'Yes |
State and Local Jurisdiction | South San Francisco, California | Research | ' |
Operating Loss Carryforwards [Line Items] | ' |
Research credit | 2,565 |
Research credit subject to sections 382,383 | 'Yes |
State and Local Jurisdiction | OKLAHOMA | ' |
Operating Loss Carryforwards [Line Items] | ' |
Net operating losses | 14,142 |
Net operating losses subject to sections 382,383 | 'Yes |
Foreign (various jurisdictions) | ' |
Operating Loss Carryforwards [Line Items] | ' |
Net operating losses | $27,183 |
Net operating losses subject to sections 382,383 | 'No |
Minimum | Domestic Country | Federal | ' |
Operating Loss Carryforwards [Line Items] | ' |
Net operating losses, expiration in year | '2027 |
Minimum | Domestic Country | Federal | Research | ' |
Operating Loss Carryforwards [Line Items] | ' |
Research credit, expiration in year | '2025 |
Minimum | State and Local Jurisdiction | UTAH | ' |
Operating Loss Carryforwards [Line Items] | ' |
Net operating losses, expiration in year | '2015 |
Minimum | State and Local Jurisdiction | UTAH | Research | ' |
Operating Loss Carryforwards [Line Items] | ' |
Research credit, expiration in year | '2021 |
Minimum | State and Local Jurisdiction | South San Francisco, California | ' |
Operating Loss Carryforwards [Line Items] | ' |
Net operating losses, expiration in year | '2016 |
Minimum | State and Local Jurisdiction | OKLAHOMA | ' |
Operating Loss Carryforwards [Line Items] | ' |
Net operating losses, expiration in year | '2023 |
Minimum | Foreign (various jurisdictions) | ' |
Operating Loss Carryforwards [Line Items] | ' |
Net operating losses, expiration date ranges | 'Various |
Maximum | Domestic Country | Federal | ' |
Operating Loss Carryforwards [Line Items] | ' |
Net operating losses, expiration in year | '2033 |
Maximum | Domestic Country | Federal | Research | ' |
Operating Loss Carryforwards [Line Items] | ' |
Research credit, expiration in year | '2032 |
Maximum | State and Local Jurisdiction | UTAH | ' |
Operating Loss Carryforwards [Line Items] | ' |
Net operating losses, expiration in year | '2024 |
Maximum | State and Local Jurisdiction | UTAH | Research | ' |
Operating Loss Carryforwards [Line Items] | ' |
Research credit, expiration in year | '2028 |
Maximum | State and Local Jurisdiction | South San Francisco, California | ' |
Operating Loss Carryforwards [Line Items] | ' |
Net operating losses, expiration in year | '2033 |
Maximum | State and Local Jurisdiction | OKLAHOMA | ' |
Operating Loss Carryforwards [Line Items] | ' |
Net operating losses, expiration in year | '2033 |
Maximum | Foreign (various jurisdictions) | ' |
Operating Loss Carryforwards [Line Items] | ' |
Net operating losses, expiration date ranges | 'Various |
Schedule_Of_Reconciliation_Of_
Schedule Of Reconciliation Of Beginning And Ending Amount Of Unrecognized Tax Benefits (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2012 |
Income Tax Reconciliation [Line Items] | ' | ' | ' |
Unrecognized tax benefits at the beginning of year | $10,918 | $10,208 | $9,648 |
Gross increases-current year tax positions | 1,785 | 710 | 560 |
Gross increases-prior year tax positions | 350 | ' | ' |
Gross increases-acquisitions | 14,180 | ' | ' |
Gross decreases-prior year tax positions | -2,995 | ' | ' |
Unrecognized tax benefits at end of year | 24,238 | 10,918 | 10,208 |
Interest and penalties in year-end balance | $620 | $270 | ' |
Employee_Deferred_Savings_Plan2
Employee Deferred Savings Plan - Additional Information (Detail) | 12 Months Ended |
Jun. 30, 2014 | |
Savings Plan [Line Items] | ' |
Percent of employee contribution to deferred savings plan | 50.00% |
Employer's contribution not to exceed percentage of the employees compensation | 4.00% |
Companys_Recorded_Contribution
Company's Recorded Contributions To Plan (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2012 |
Savings Plan [Line Items] | ' | ' | ' |
Deferred savings plan Company contributions | $4,430 | $3,450 | $2,955 |
Segment_and_Related_Informatio2
Segment and Related Information - Additional Information (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2012 |
Segment Reporting Information [Line Items] | ' | ' | ' |
Number of reportable segment | 3 | ' | ' |
Goodwill | 169,181 | 56,850 | 56,850 |
Molecular Diagnostics | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' |
Goodwill | 112,300 | ' | ' |
Pharmaceutical and Clinical Services | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' |
Goodwill | 56,900 | ' | ' |
Customer Concentration Risk | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' |
Concentration risk, percentage of revenue | 10.00% | 10.00% | 10.00% |
Segment_Performance_Based_on_I
Segment Performance Based on Income (Loss) before Interest Income and Other Income and Expense (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2012 |
Segment Reporting Information [Line Items] | ' | ' | ' |
Revenues | $778,216 | $613,165 | $496,005 |
Depreciation and amortization | 13,819 | 8,889 | 9,069 |
Segment operating income (loss) | 274,442 | 228,002 | 180,318 |
Research | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' |
Depreciation and amortization | 2,001 | 2,182 | 2,021 |
Segment operating income (loss) | -64,981 | -56,428 | -49,231 |
Molecular Diagnostics | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' |
Revenues | 748,198 | 582,392 | 472,390 |
Depreciation and amortization | 9,887 | 4,974 | 5,395 |
Segment operating income (loss) | 338,020 | 291,509 | 237,737 |
Pharmaceutical and Clinical Services | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' |
Revenues | 30,018 | 30,773 | 23,615 |
Depreciation and amortization | 1,931 | 1,733 | 1,653 |
Segment operating income (loss) | $1,403 | ($7,079) | ($8,188) |
Schedule_of_Total_Operating_In
Schedule of Total Operating Income for Continuing Reportable Segments (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2012 |
Segment Reporting Information [Line Items] | ' | ' | ' |
Total operating income for reportable segments | $274,442 | $228,002 | $180,318 |
Interest income | 5,397 | 5,497 | 4,629 |
Other | -1,974 | -223 | -407 |
Income before income taxes | 277,865 | 233,276 | 184,540 |
Income tax provision | 101,640 | 86,137 | 72,389 |
Net income | $176,225 | $147,139 | $112,151 |
Schedule_Of_Comparison_Of_Bala
Schedule Of Comparison Of Balance Sheet Assets By Operating Segment (Detail) (USD $) | Jun. 30, 2014 | Jun. 30, 2013 |
In Thousands, unless otherwise specified | ||
Segment Reporting Information [Line Items] | ' | ' |
Net equipment and leasehold improvements | $34,594 | $27,602 |
Total assets by segment | 823,814 | 803,821 |
Operating Segments | ' | ' |
Segment Reporting Information [Line Items] | ' | ' |
Net equipment and leasehold improvements | 34,594 | 27,602 |
Total assets by segment | 553,228 | 272,757 |
Operating Segments | Research | ' | ' |
Segment Reporting Information [Line Items] | ' | ' |
Net equipment and leasehold improvements | 8,199 | 8,590 |
Total assets by segment | 67,999 | 82,517 |
Operating Segments | Molecular Diagnostics | ' | ' |
Segment Reporting Information [Line Items] | ' | ' |
Net equipment and leasehold improvements | 24,316 | 15,769 |
Total assets by segment | 409,795 | 110,329 |
Operating Segments | Pharmaceutical and Clinical Services | ' | ' |
Segment Reporting Information [Line Items] | ' | ' |
Net equipment and leasehold improvements | 2,079 | 3,243 |
Total assets by segment | $75,434 | $79,911 |
Reconciliation_of_Assets_by_Op
Reconciliation of Assets by Operating Segment to Total Assets (Detail) (USD $) | Jun. 30, 2014 | Jun. 30, 2013 | ||
In Thousands, unless otherwise specified | ||||
Segment Reporting, Asset Reconciling Item [Line Items] | ' | ' | ||
Assets | $823,814 | $803,821 | ||
Operating Segments | ' | ' | ||
Segment Reporting, Asset Reconciling Item [Line Items] | ' | ' | ||
Assets | 553,228 | 272,757 | ||
Cash, cash equivalents, and marketable investment securities | ' | ' | ||
Segment Reporting, Asset Reconciling Item [Line Items] | ' | ' | ||
Assets | $270,586 | [1] | $531,064 | [1] |
[1] | The Company manages cash, cash equivalents, and marketable investment securities at the consolidated level for all segments |
Summary_of_Remaining_Unconditi
Summary of Remaining Unconditional Purchase Obligation (Detail) (USD $) | Jun. 30, 2014 |
In Thousands, unless otherwise specified | |
Unrecorded Unconditional Purchase Obligation [Line Items] | ' |
Unconditional purchase obligation, 2015 | $10,863 |
Unconditional purchase obligation, 2016 | 21,262 |
Unconditional purchase obligation, 2017 | 12,142 |
Total unconditional purchase obligation | $44,267 |
Acquisitions_Additional_Inform
Acquisitions - Additional Information (Detail) (USD $) | 12 Months Ended | 0 Months Ended | 4 Months Ended | 12 Months Ended | 0 Months Ended | ||||||
Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2012 | Feb. 28, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Feb. 28, 2014 | Feb. 28, 2014 | Feb. 28, 2014 | Feb. 28, 2014 | Feb. 28, 2014 | |
Crescendo Biosciences, Inc. | Crescendo Biosciences, Inc. | Crescendo Biosciences, Inc. | Crescendo Biosciences, Inc. | Crescendo Biosciences, Inc. | Crescendo Biosciences, Inc. | Crescendo Biosciences, Inc. | Crescendo Biosciences, Inc. | ||||
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 | ' | ' | ' | 20,000,000 | ' | ' | ' | ' | ' | ' | ' |
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 | 169,181,000 | 56,850,000 | 56,850,000 | ' | ' | ' | 112,331,000 | ' | ' | ' | ' |
Interest income related to accretion of the note receivable | ' | ' | ' | ' | ' | 4,500,000 | ' | ' | ' | ' | ' |
Revenue | 778,216,000 | 613,165,000 | 496,005,000 | ' | 14,000,000 | ' | ' | ' | ' | ' | ' |
Net loss | 176,225,000 | 147,139,000 | 112,151,000 | ' | 26,000,000 | ' | ' | ' | ' | ' | ' |
Non-recurring acquisition related charges | ' | ' | ' | ' | $12,600,000 | ' | ' | ' | ' | ' | ' |
Reconciliation_of_Consideratio
Reconciliation of Consideration Transferred to Total Cash Paid to Acquire Business (Detail) (Crescendo Biosciences, Inc., USD $) | 0 Months Ended |
In Thousands, unless otherwise specified | Feb. 28, 2014 |
Crescendo Biosciences, Inc. | ' |
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 |
Allocation_of_Consideration_Tr
Allocation of Consideration Transferred for Crescendo (Detail) (USD $) | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2012 | Feb. 28, 2014 |
In Thousands, unless otherwise specified | Crescendo Biosciences, Inc. | |||
Business Acquisition [Line Items] | ' | ' | ' | ' |
Other assets acquired | ' | ' | ' | $15,826 |
Intangible assets | ' | ' | ' | 196,600 |
Goodwill | 169,181 | 56,850 | 56,850 | 112,331 |
Total assets acquired | ' | ' | ' | 324,757 |
Deferred tax liability | ' | ' | ' | 44,213 |
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 Biosciences, Inc., 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 Biosciences, Inc., 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 $) | 12 Months Ended | |
In Thousands, except Per Share data, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 |
Business Acquisition, Pro Forma Information [Line Items] | ' | ' |
Revenue | $807,509 | $619,835 |
Income from operations | 252,634 | 177,998 |
Net income | $155,924 | $108,024 |
Net income per share, basic | $2.06 | $1.33 |
Net income per share, diluted | $1.99 | $1.30 |
Term_Loan_Additional_Informati
Term Loan - Additional Information (Detail) (USD $) | 1 Months Ended | 12 Months Ended | ||
In Millions, unless otherwise specified | Feb. 28, 2014 | Sep. 30, 2012 | Jun. 30, 2014 | Sep. 08, 2011 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ' | ' |
Loan Agreement, principal amount | ' | ' | ' | $25 |
Term of loan, in years | ' | ' | '6 years | ' |
Interest rate per annum | ' | 7.00% | 6.00% | ' |
Loan and interest outstanding, settled | $25.90 | ' | ' | ' |
Cost_Basis_Investment_Addition
Cost Basis Investment - Additional Information (Detail) (RainDance, Series E Preferred Stock, USD $) | 1 Months Ended |
In Millions, unless otherwise specified | Apr. 30, 2013 |
Schedule of Cost-method Investments [Line Items] | ' |
Shares acquired | 28 |
Value of shares acquired | $5 |
Maximum | ' |
Schedule of Cost-method Investments [Line Items] | ' |
Percentage of total shares outstanding acquired | 5.00% |
Schedule_of_Valuation_and_Qual1
Schedule of Valuation and Qualifying Accounts (Detail) (Allowance for Doubtful Accounts, USD $) | 12 Months Ended | |||||
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2012 | |||
Allowance for Doubtful Accounts | ' | ' | ' | |||
Valuation and Qualifying Accounts Disclosure [Line Items] | ' | ' | ' | |||
Balance at Beginning of Period | $7,500 | $4,600 | $3,700 | |||
Addition Changed to Cost and Expenses | 39,235 | 33,294 | 24,742 | |||
Addition due to acquisition of Crescendo | 868 | ' | ' | |||
Deductions | -38,635 | [1] | -30,394 | [1] | -23,842 | [1] |
Balance at End of Period | $8,968 | $7,500 | $4,600 | |||
[1] | Represents amounts written off against the allowance. |