Document_and_Entity_Informatio
Document and Entity Information | 3 Months Ended | |
Sep. 30, 2014 | Oct. 30, 2014 | |
Document Information [Line Items] | ' | ' |
Document Type | '10-Q | ' |
Amendment Flag | 'false | ' |
Document Period End Date | 30-Sep-14 | ' |
Document Fiscal Year Focus | '2015 | ' |
Document Fiscal Period Focus | 'Q1 | ' |
Trading Symbol | 'MYGN | ' |
Entity Registrant Name | 'MYRIAD GENETICS INC | ' |
Entity Central Index Key | '0000899923 | ' |
Current Fiscal Year End Date | '--06-30 | ' |
Entity Filer Category | 'Large Accelerated Filer | ' |
Entity Common Stock, Shares Outstanding | ' | 72,985,326 |
Condensed_Consolidated_Balance
Condensed Consolidated Balance Sheets (USD $) | Sep. 30, 2014 | Jun. 30, 2014 |
In Thousands, unless otherwise specified | ||
Current assets: | ' | ' |
Cash and cash equivalents | $69,803 | $64,821 |
Restricted cash | 22,674 | ' |
Marketable investment securities | 89,807 | 121,641 |
Prepaid expenses | 9,419 | 6,921 |
Inventory | 24,775 | 23,919 |
Trade accounts receivable, less allowance for doubtful accounts of $8,382 at September 30, 2014 and $8,968 at June 30, 2014 | 75,717 | 81,297 |
Deferred taxes | 13,229 | 6,445 |
Prepaid taxes | 18,698 | 13,609 |
Other receivables | 11,244 | 3,770 |
Total current assets | 335,366 | 322,423 |
Equipment and leasehold improvements: | ' | ' |
Equipment | 89,748 | 80,685 |
Leasehold improvements | 18,840 | 18,922 |
Gross equipment and leasehold improvements | 108,588 | 99,607 |
Less accumulated depreciation | 65,164 | 65,013 |
Net equipment and leasehold improvements | 43,424 | 34,594 |
Long-term marketable investment securities | 54,073 | 84,124 |
Long-term deferred taxes | ' | 3,180 |
Other assets | 5,000 | 5,000 |
Intangibles, net | 201,962 | 205,312 |
Goodwill | 169,181 | 169,181 |
Total assets | 809,006 | 823,814 |
Current liabilities: | ' | ' |
Accounts payable | 25,728 | 23,078 |
Accrued liabilities | 40,654 | 56,410 |
Deferred revenue | 1,343 | 1,090 |
Total current liabilities | 67,725 | 80,578 |
Long-term deferred taxes | 4,617 | ' |
Unrecognized tax benefits | 24,514 | 24,238 |
Total liabilities | 96,856 | 104,816 |
Stockholders' equity: | ' | ' |
Preferred stock, $0.01 par value, authorized 5,000 shares, issued and outstanding no shares | ' | ' |
Common stock, $0.01 par value, authorized 150,000 shares at September 30, 2014 and June 30, 2014, issued and outstanding 72,985 at September 30, 2014 and 73,497 at June 30, 2014 | 729 | 735 |
Additional paid-in capital | 731,238 | 717,774 |
Accumulated other comprehensive loss | -2,368 | -1,515 |
Accumulated (deficit)/retained earnings | -17,449 | 2,004 |
Total stockholders' equity | 712,150 | 718,998 |
Total liabilities and stockholders' equity | $809,006 | $823,814 |
Condensed_Consolidated_Balance1
Condensed Consolidated Balance Sheets (Parenthetical) (USD $) | Sep. 30, 2014 | Jun. 30, 2014 |
In Thousands, except Per Share data, unless otherwise specified | ||
Allowance for doubtful accounts | $8,382 | $8,968 |
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 | 72,985 | 73,497 |
Common stock, outstanding | 72,985 | 73,497 |
Condensed_Consolidated_Stateme
Condensed Consolidated Statements of Income and Comprehensive Income (USD $) | 3 Months Ended | |
In Thousands, except Per Share data, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 |
Molecular diagnostic testing | $164,507 | $192,987 |
Pharmaceutical and clinical services | 4,330 | 9,480 |
Total revenue | 168,837 | 202,467 |
Costs and expenses: | ' | ' |
Cost of molecular diagnostic testing | 32,797 | 21,439 |
Cost of pharmaceutical and clinical services | 2,068 | 4,042 |
Research and development expense | 22,612 | 16,803 |
Selling, general, and administrative expense | 85,440 | 77,279 |
Total costs and expenses | 142,917 | 119,563 |
Operating income | 25,920 | 82,904 |
Other income (expense): | ' | ' |
Interest income | 55 | 1,362 |
Other | -98 | -439 |
Total other income (expense) | -43 | 923 |
Income before income taxes | 25,877 | 83,827 |
Income tax provision | 9,895 | 28,362 |
Net income | 15,982 | 55,465 |
Earnings per share: | ' | ' |
Basic | $0.22 | $0.70 |
Diluted | $0.21 | $0.68 |
Weighted average shares outstanding | ' | ' |
Basic | 72,763 | 79,575 |
Diluted | 76,086 | 81,798 |
Comprehensive income: | ' | ' |
Net income | 15,982 | 55,465 |
Unrealized gain (loss) on available-for-sale securities, net of tax | -132 | 285 |
Change in foreign currency translation adjustment, net of tax | -721 | 504 |
Comprehensive income | $15,129 | $56,254 |
Condensed_Consolidated_Stateme1
Condensed Consolidated Statements of Cash Flows (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 |
Cash flows from operating activities: | ' | ' |
Net income | $15,982 | $55,465 |
Adjustments to reconcile net income to net cash provided by operating activities: | ' | ' |
Depreciation and amortization | 5,954 | 2,372 |
Loss on disposition of assets | 69 | 40 |
Share-based compensation expense | 6,880 | 6,935 |
Bad debt expense | 7,101 | 11,494 |
Accreted interest on note receivable | ' | -666 |
Unrecognized tax benefits | 276 | 1,638 |
Excess tax benefit from share-based compensation | -1,676 | -14 |
Deferred income taxes | 2,689 | -588 |
Changes in operating assets and liabilities: | ' | ' |
Prepaid expenses | -2,498 | 1,106 |
Trade accounts receivable | -1,521 | -3,379 |
Other receivables | -7,474 | 1,558 |
Prepaid taxes | -5,089 | ' |
Inventory | -856 | ' |
Accounts payable | 2,650 | 613 |
Accrued liabilities | -15,759 | 15,056 |
Deferred revenue | 253 | -1,148 |
Net cash provided by operating activities | 6,981 | 90,482 |
Cash flows from investing activities: | ' | ' |
Capital expenditures for equipment and leasehold improvements | -11,502 | -5,265 |
Restricted cash | -22,674 | ' |
Purchases of marketable investment securities | -5,869 | -60,142 |
Proceeds from maturities and sales of marketable investment securities | 67,621 | 56,846 |
Net cash provided by (used in) investing activities | 27,576 | -8,561 |
Cash flows from financing activities: | ' | ' |
Net proceeds from common stock issued under share-based compensation plans | 15,099 | 791 |
Excess tax benefit from share-based compensation | 1,676 | 14 |
Repurchase and retirement of common stock | -45,629 | -102,316 |
Net cash used in financing activities | -28,854 | -101,511 |
Effect of foreign exchange rates on cash and cash equivalents | -721 | 504 |
Net increase (decrease) in cash and cash equivalents | 4,982 | -19,086 |
Cash and cash equivalents at beginning of period | 64,821 | 104,073 |
Cash and cash equivalents at end of period | $69,803 | $84,987 |
Basis_of_Presentation
Basis of Presentation | 3 Months Ended | |
Sep. 30, 2014 | ||
Basis of Presentation | ' | |
-1 | Basis of Presentation | |
The accompanying condensed consolidated financial statements have been prepared by Myriad Genetics, Inc. (the “Company”) in accordance with U.S. generally accepted accounting principles (“GAAP”) for interim financial information and pursuant to the applicable rules and regulations of the Securities and Exchange Commission (“SEC”). The condensed consolidated financial statements include the accounts of the Company and its wholly owned subsidiaries. All intercompany accounts and transactions have been eliminated in consolidation. In the opinion of management, the accompanying financial statements contain all adjustments (consisting of normal and recurring accruals) necessary to present fairly all financial statements in accordance with GAAP. The condensed consolidated financial statements herein should be read in conjunction with the Company’s audited consolidated financial statements and notes thereto for the fiscal year ended June 30, 2014, included in the Company’s Annual Report on Form 10-K for the fiscal year ended June 30, 2014. Operating results for the three months ended September 30, 2014 may not necessarily be indicative of results to be expected for any other interim period or for the full year. | ||
The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities at the date of the financial statements, as well as the reported amounts of revenue and expenses during the reporting period. Actual results could differ from those estimates. | ||
Certain reclassifications have been made to prior period amounts to conform to the current period presentation. For the three months ended September 30, 2013, a reclassification from proceeds from maturities and sales of marketable securities was made to the effect of foreign exchange rates on cash and cash equivalents in the condensed consolidated statement of cash flows to conform to current-year presentation. | ||
Subsequent to the filing of the financial statements in the Company’s Form 10-Q as of and for the three months ended September 30, 2013, the Company identified an immaterial clerical error in the other comprehensive income items included in the condensed consolidated statements of income and comprehensive income. As a result, the items of other comprehensive income were presented as losses rather than gains, and comprehensive income for the three months ended September 30, 2013 was understated. No subsequent filings were impacted. The clerical error has been corrected in the current filing by appropriately reporting the items as gains. The clerical error was not considered material to the condensed consolidated statement of income and comprehensive income and had no effect on any other items on the condensed consolidated statements of income and comprehensive income, including net income and earnings per share. The error also had no effect on the condensed consolidated balance sheet or condensed consolidated statement of cash flows as of and for the three months ended September 30, 2013. |
Marketable_Investment_Securiti
Marketable Investment Securities | 3 Months Ended | ||||||||||||||||
Sep. 30, 2014 | |||||||||||||||||
Marketable Investment Securities | ' | ||||||||||||||||
-2 | Marketable Investment Securities | ||||||||||||||||
The Company has classified its marketable investment securities as available-for-sale securities. These securities are carried at estimated fair value with unrealized holding gains and losses, net of the related tax effect, included in accumulated other comprehensive loss in stockholders’ equity until realized. Gains and losses on investment security transactions are reported on the specific-identification method. Dividend and interest income are recognized when earned. The amortized cost, gross unrealized holding gains, gross unrealized holding losses, and fair value for available-for-sale securities by major security type and class of security at September 30, 2014 and June 30, 2014 were as follows: | |||||||||||||||||
Gross | Gross | ||||||||||||||||
unrealized | unrealized | ||||||||||||||||
Amortized | holding | holding | Estimated | ||||||||||||||
(In thousands) | cost | gains | losses | fair value | |||||||||||||
At September 30, 2014: | |||||||||||||||||
Cash and cash equivalents: | |||||||||||||||||
Cash | $ | 63,238 | $ | — | $ | — | $ | 63,238 | |||||||||
Cash equivalents | 6,565 | — | — | 6,565 | |||||||||||||
Restricted cash | 22,674 | — | — | 22,674 | |||||||||||||
Total cash , cash equivalents and restricted cash | 92,477 | — | — | 92,477 | |||||||||||||
Available-for-sale securities: | |||||||||||||||||
Corporate bonds and notes | 43,157 | 21 | (18 | ) | 43,160 | ||||||||||||
Municipal bonds | 85,412 | 225 | (3 | ) | 85,634 | ||||||||||||
Federal agency issues | 15,081 | 8 | (3 | ) | 15,086 | ||||||||||||
Total available-for-sale securities | 143,650 | 254 | (24 | ) | 143,880 | ||||||||||||
Total cash, cash equivalents and available-for-sale securities | $ | 236,127 | $ | 254 | $ | (24 | ) | $ | 236,357 | ||||||||
Gross | Gross | ||||||||||||||||
unrealized | unrealized | ||||||||||||||||
Amortized | holding | holding | Estimated | ||||||||||||||
(In thousands) | cost | gains | losses | fair value | |||||||||||||
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 securities: | |||||||||||||||||
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 available-for-sale securities | 205,404 | 382 | (21 | ) | 205,765 | ||||||||||||
Total cash, cash equivalents and available-for-sale securities | $ | 270,224 | $ | 383 | $ | (21 | ) | $ | 270,586 | ||||||||
Cash, cash equivalents, restricted cash, and maturities of debt securities classified as available-for-sale securities are as follows at September 30, 2014: | |||||||||||||||||
Amortized | Estimated | ||||||||||||||||
(In thousands) | cost | fair value | |||||||||||||||
Cash | $ | 63,238 | $ | 63,238 | |||||||||||||
Cash equivalents | 6,565 | 6,565 | |||||||||||||||
Restricted cash | 22,674 | 22,674 | |||||||||||||||
Available-for-sale: | |||||||||||||||||
Due within one year | 89,722 | 89,807 | |||||||||||||||
Due after one year through five years | 53,928 | 54,073 | |||||||||||||||
Due after five years | — | — | |||||||||||||||
$ | 236,127 | $ | 236,357 | ||||||||||||||
The Company has restricted cash of $22.7 million at September 30, 2014. Restricted cash consists of a pledged account for a specific contractual arrangement and is subject to certain contingences that must be met in the future. |
ShareBased_Compensation
Share-Based Compensation | 3 Months Ended | ||||||||
Sep. 30, 2014 | |||||||||
Share-Based Compensation | ' | ||||||||
-3 | Share-Based Compensation | ||||||||
The Company maintains a share-based compensation plan, the 2010 Employee, Director and Consultant Equity Incentive Plan, as amended (the “2010 Plan”), that has been approved by the Company’s shareholders. The 2010 Plan allows the Company, under the direction of the Compensation Committee of the Board of Directors, to make grants of stock options, restricted and unrestricted stock awards and other stock-based awards to employees, consultants and directors. On December 5, 2013, the shareholders approved an amendment to the 2010 Plan to set the number of shares available for grant to 3,500,000. At September 30, 2014, 1,674,800 shares were available for issuance. In addition, as of September 30, 2014, the Company may grant up to 4,638,636 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 without the issuance of shares of common stock by the Company. | |||||||||
The number of shares, terms, and vesting period of awards under the 2010 Plan are determined by the Compensation Committee of the Board of Directors for each equity award. Stock options granted under the plan prior to December 5, 2012 generally vest ratably over four years and expire ten years from the grant date. Stock options granted after December 5, 2012 generally vest ratably over four years and expire eight years from the grant date. The exercise price of options granted is equivalent to the fair market value of the stock on the grant date. In September 2014, the Company began issuing restricted stock units (“RSUs”) which vest ratably over four years on the anniversary date of the grant in lieu of stock options. The number of shares subject to these awards will be based on one-third of the number of stock options that would have been granted in order to reduce the dilutive impact to shareholders. Certain executive officers have additional financial performance metrics that must be met for vesting to occur. | |||||||||
Stock Options | |||||||||
A summary of the stock option activity under the Company’s plans for the three months ended September 30, 2014 is as follows: | |||||||||
Weighted | |||||||||
Number | average | ||||||||
of | exercise | ||||||||
shares | price | ||||||||
Options outstanding at June 30, 2014 | 14,238,603 | $ | 23.3 | ||||||
Options granted | 1,000 | 37.17 | |||||||
Less: | |||||||||
Options exercised | 705,944 | 21.39 | |||||||
Options canceled or expired | 83,785 | 24.41 | |||||||
Options outstanding at September 30, 2014 | 13,449,874 | $ | 23.39 | ||||||
As of September 30, 2014, options to purchase 8,600,742 shares were vested and exercisable at a weighted average price of $22.39. | |||||||||
As of September 30, 2014, there was $36.0 million of total unrecognized share-based compensation expense related to stock options that will be recognized over a weighted-average period of 2.10 years. | |||||||||
Restricted Stock Units | |||||||||
A summary of the RSU activity under the Company’s plans for the three months ended September 30, 2014 is as follows: | |||||||||
Number | Weighted | ||||||||
of | average grant | ||||||||
shares | date fair value | ||||||||
RSUs outstanding at June 30, 2014 | — | $ | — | ||||||
RSUs granted | 1,085,733 | 38.12 | |||||||
Less: | |||||||||
RSUs vested | — | — | |||||||
RSUs canceled | 3,200 | 38.12 | |||||||
RSUs outstanding at September 30, 2014 | 1,082,533 | $ | 38.12 | ||||||
The grant date fair value of an RSU equals the closing price of our common stock on the grant date. The weighted average grant date fair value for the three months ended September 30, 2014 is $38.12. As of September 30, 2014, no RSUs were vested. | |||||||||
As of September 30, 2014, there was $33.6 million of total unrecognized share-based compensation expense related to RSUs that will be recognized over a weighted-average period of 3.27 years. This unrecognized compensation expense is equal to the fair value of RSUs expected to vest. | |||||||||
Employee Stock Purchase Plan | |||||||||
The Company also has an Employee Stock Purchase Plan that was approved by shareholders in 2012 (the “2012 Purchase Plan”), under which 2,000,000 shares of common stock have been authorized. Shares are issued under the 2012 Purchase Plan twice yearly at the end of each offering period. As of September 30, 2014, approximately 236,000 shares of common stock have been issued under the 2012 Purchase Plan and approximately 1,764,000 were available for issuance. | |||||||||
Share-Based Compensation Expense | |||||||||
Share-based compensation expense recognized and included in the condensed consolidated statements of income and comprehensive income was allocated as follows: | |||||||||
Three months ended | |||||||||
September 30, | |||||||||
(In thousands) | 2014 | 2013 | |||||||
Cost of molecular diagnostic testing | $ | 198 | $ | 223 | |||||
Cost of pharmaceutical and clinical services | 160 | 62 | |||||||
Research and development expense | 764 | 782 | |||||||
Selling, general, and administrative expense | 5,758 | 5,868 | |||||||
Total share-based compensation expense | $ | 6,880 | $ | 6,935 | |||||
Stockholders_Equity
Stockholders' Equity | 3 Months Ended | ||||||||
Sep. 30, 2014 | |||||||||
Stockholders' Equity | ' | ||||||||
-4 | Stockholders’ Equity | ||||||||
Share Repurchase Program | |||||||||
In November 2013, the Company’s Board of Directors authorized a share repurchase program of $300 million of the Company’s outstanding common stock. The Company plans to repurchase its common stock from time to time or on an accelerated basis through open market transactions or privately negotiated transactions as determined by the Company’s management. The amount and timing of stock repurchases under the program will depend on business and market conditions, stock price, trading restrictions, acquisition activity and other factors. As of September 30, 2014, approximately $120 million remained available for repurchases under the current program. The Company uses the par value method of accounting for its stock repurchases. As a result of the stock repurchases, the Company reduced common stock and additional paid-in capital and recorded charges to retained earnings. The shares retired, aggregate common stock and additional paid-in capital reductions, and related charges to retained earnings for the repurchases for the three months ended September 30, 2014 and 2013 were as follows: | |||||||||
Three months ended | |||||||||
September 30, | |||||||||
(In thousands) | 2014 | 2013 | |||||||
Shares purchased and retired | 1,218 | 3,806 | |||||||
Common stock and additional paid-in-capital reductions | $ | 10,196 | $ | 29,940 | |||||
Charges to retained earnings | $ | 35,433 | $ | 72,376 |
Earnings_Per_Share
Earnings Per Share | 3 Months Ended | ||||||||
Sep. 30, 2014 | |||||||||
Earnings Per Share | ' | ||||||||
-5 | Earnings Per Share | ||||||||
Basic earnings per share is computed based on the weighted-average number of shares of the Company’s common stock outstanding. Diluted earnings per share is computed based on the weighted-average number of shares of the Company’s common stock, including the dilutive effect of common stock equivalents outstanding. | |||||||||
The following is a reconciliation of the denominators of the basic and diluted earnings per share computations: | |||||||||
Three months ended | |||||||||
September 30, | |||||||||
(In thousands ) | 2014 | 2013 | |||||||
Denominator: | |||||||||
Weighted-average shares outstanding used to compute basic earnings per share | 72,763 | 79,575 | |||||||
Effect of dilutive common stock equivalents | 3,323 | 2,223 | |||||||
Weighted-average shares outstanding and dilutive securities used to compute dilutive earnings per share | 76,086 | 81,798 | |||||||
Certain outstanding stock options and RSUs were excluded from the computation of diluted earnings per share for the three months ended September 30, 2014 and 2013 because the effect would have been anti-dilutive. These potential dilutive common shares, which may be dilutive to future diluted earnings per share, are as follows: | |||||||||
Three months ended | |||||||||
September 30, | |||||||||
(In thousands) | 2014 | 2013 | |||||||
Anti-dilutive options and RSUs excluded from EPS computation | 184 | 5,351 |
Segment_and_Related_Informatio
Segment and Related Information | 3 Months Ended | ||||||||||||||||
Sep. 30, 2014 | |||||||||||||||||
Segment and Related Information | ' | ||||||||||||||||
-6 | Segment and Related Information | ||||||||||||||||
The Company’s business units have been aggregated into three reportable segments: (i) research, (ii) molecular diagnostics and (iii) pharmaceutical and clinical services. 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 pharmaceutical and clinical services segment provides testing products and services to the pharmaceutical, biotechnology and medical research industries. The Company evaluates segment performance based on results from operations before interest income and expense and other income and expense. | |||||||||||||||||
Segment revenue and operating income (loss) were as follows during the periods presented: | |||||||||||||||||
Molecular | Pharmaceutical & | ||||||||||||||||
(In thousands) | diagnostics | clinical services | Research | Total | |||||||||||||
Three months ended September 30, 2014: | |||||||||||||||||
Revenue | $ | 164,507 | 4,330 | — | $ | 168,837 | |||||||||||
Depreciation and amortization | 4,978 | 449 | 527 | 5,954 | |||||||||||||
Segment operating income (loss) | 45,083 | (1,782 | ) | (17,381 | ) | 25,920 | |||||||||||
Three months ended September 30, 2013: | |||||||||||||||||
Revenue | $ | 192,987 | 9,480 | — | $ | 202,467 | |||||||||||
Depreciation and amortization | 1,362 | 500 | 510 | 2,372 | |||||||||||||
Segment operating income (loss) | 97,746 | 1,838 | (16,680 | ) | 82,904 | ||||||||||||
Three months ended | |||||||||||||||||
September 30, | |||||||||||||||||
(In thousands) | 2014 | 2013 | |||||||||||||||
Total operating income for reportable segments | $ | 25,920 | $ | 82,904 | |||||||||||||
Interest income | 55 | 1,362 | |||||||||||||||
Other | (98 | ) | (439 | ) | |||||||||||||
Income tax provision | 9,895 | 28,362 | |||||||||||||||
Net income | $ | 15,982 | $ | 55,465 | |||||||||||||
Fair_Value_Measurements
Fair Value Measurements | 3 Months Ended | ||||||||||||||||
Sep. 30, 2014 | |||||||||||||||||
Fair Value Measurements | ' | ||||||||||||||||
-7 | Fair Value Measurements | ||||||||||||||||
The fair value of the Company’s financial instruments reflects the amounts that the Company estimates it will receive in connection with the sale of an asset or pay in connection with the transfer of a liability in an orderly transaction between market participants at the measurement date (exit price). The fair value hierarchy prioritizes the use of inputs used in valuation techniques into the following three levels: | |||||||||||||||||
Level 1 | — | quoted prices in active markets for identical assets and liabilities. | |||||||||||||||
Level 2 | — | observable inputs other than quoted prices in active markets for identical assets and liabilities; quoted prices in markets that are not active; or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities. Some of the Company’s marketable securities primarily utilize broker quotes in a non-active market for valuation of these securities. | |||||||||||||||
Level 3 | — | unobservable inputs. | |||||||||||||||
All of the Company’s financial instruments are valued using quoted prices in active markets or based on other observable inputs. For Level 2 securities, the Company uses a third party pricing service which provides documentation on an ongoing basis that includes, among other things, pricing information with respect to reference data, methodology, inputs summarized by asset class, pricing application and corroborative information. The Company reviews, tests and validates this information. The following table sets forth the fair value of the financial assets that the Company re-measured on a regular basis: | |||||||||||||||||
(In thousands) | Level 1 | Level 2 | Level 3 | Total | |||||||||||||
at September 30, 2014: | |||||||||||||||||
Money market funds (a) | $ | 3,065 | $ | — | $ | — | $ | 3,065 | |||||||||
Corporate bonds and notes | — | 46,660 | — | 46,660 | |||||||||||||
Municipal bonds | — | 85,634 | — | 85,634 | |||||||||||||
Federal agency issues | — | 15,086 | — | 15,086 | |||||||||||||
Total | $ | 3,065 | $ | 147,380 | $ | — | $ | 150,445 | |||||||||
(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 | |||||||||
(a) | Money market funds are primarily comprised of exchange traded funds and accrued interest |
Income_Taxes
Income Taxes | 3 Months Ended | |
Sep. 30, 2014 | ||
Income Taxes | ' | |
-8 | Income Taxes | |
In order to determine the Company’s quarterly provision for income taxes, the Company used an estimated annual effective tax rate that is based on expected annual income and statutory tax rates in the various jurisdictions in which the Company operates. Certain significant or unusual items are separately recognized in the quarter during which they occur and can be a source of variability in the effective tax rates from quarter to quarter. | ||
Income tax expense for the three months ended September 30, 2014 was $9.9 million, or approximately 38% of pre-tax income, compared to $28.4 million, for the three months ended September 30, 2013, or approximately 34% of pre-tax income. Income tax expense for the three months ended September 30, 2014 is based on the Company’s estimated annual effective tax rate for the full fiscal year ending June 30, 2015, adjusted by discrete items recognized during the period. For the three months ended September 30, 2014, the Company’s recognized effective tax rate differs from the U.S. federal statutory rate of 35% primarily due to the effect of state income taxes and the impact from the exclusion of certain losses incurred from our international operations offset by the benefits realized from the timing differences related to the recognition of the tax effect of equity compensation expense from incentive stock options and the deduction realized when those options are disqualified upon exercise and sale. | ||
The Company files U.S., foreign and state income tax returns in jurisdictions with various statutes of limitations. The Company’s New Jersey State income tax returns for the years ended June 30, 2007 through 2013 are currently under examination by the New Jersey State Department of Taxation and Finance. Annual and interim tax provisions include amounts considered necessary to pay assessments that may result from examination of prior year tax returns; however, the amount ultimately paid upon resolution of issues may differ materially from the amount accrued. The Company’s U.S. federal tax return and other state tax returns are not currently under examination. |
Acquisition
Acquisition | 3 Months Ended | ||||||||
Sep. 30, 2014 | |||||||||
Acquisition | ' | ||||||||
-9 | Acquisition | ||||||||
On February 28, 2014, the Company completed the acquisition of privately-held Crescendo Bioscience, Inc. (“Crescendo”), pursuant to an Amended and Restated Agreement and Plan of Merger, dated February 2, 2014 (the “Merger Agreement”). Pursuant to the terms of the Merger Agreement, Myriad acquired Crescendo for total consideration of $259.0 million. | |||||||||
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 consolidated statements of comprehensive 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 preliminary fair values at the acquisition date as set forth below. The Company believes that the acquisition of Crescendo facilitates the Company’s entry into the high growth autoimmune market, diversifies its product revenue and enhances its strength in protein-based diagnostics. These factors contributed to consideration transferred in excess of the fair value of Crescendo’s net tangible and intangible assets acquired, resulting in the Company recording goodwill in connection with the transaction. | |||||||||
The Company’s allocation of consideration transferred for Crescendo is as follows (in thousands): | |||||||||
Estimated | |||||||||
(In thousands) | Fair Value | ||||||||
Other assets acquired | $ | 15,826 | |||||||
Intangible assets | 196,600 | ||||||||
Goodwill | 112,331 | ||||||||
Total assets acquired | 324,757 | ||||||||
Deferred tax liability | 44,213 | ||||||||
Other liabilities assumed | 21,594 | ||||||||
Total net assets acquired | $ | 258,950 | |||||||
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, 2013, with adjustments to give effect to pro forma events that are directly attributable to the acquisition which includes adjustments related to the amortization of acquired intangible assets, interest income and expense, stock-based compensation expense, and depreciation. The unaudited pro forma results do not reflect any operating efficiency or potential cost savings which may result from the consolidation of Crescendo. Accordingly, these unaudited pro forma results are presented for informational purposes only and are not necessarily indicative of what the actual results of operation of the combined company would have been if the acquisition had occurred at the beginning of the period presented nor are they indicative of future results of operations and are not necessarily indicative of either future results of operations or results that might have been achieved had the acquisition been consummated as of July 1, 2013. | |||||||||
Three months ended | |||||||||
September 30, | |||||||||
(In thousands) | 2014 | 2013 | |||||||
Revenue | $ | 168,837 | $ | 204,351 | |||||
Income from operations | $ | 25,920 | $ | 71,003 | |||||
Net income | $ | 15,982 | $ | 45,371 | |||||
Net income per share, basic | $ | 0.22 | $ | 0.57 | |||||
Net income per share, diluted | $ | 0.21 | $ | 0.55 |
Goodwill_and_Intangible_Assets
Goodwill and Intangible Assets | 3 Months Ended | ||||||||||||
Sep. 30, 2014 | |||||||||||||
Goodwill and Intangible Assets | ' | ||||||||||||
-10 | Goodwill and Intangible Assets | ||||||||||||
Goodwill | |||||||||||||
At September 30, 2014, the Company had recorded goodwill of $169.2 million related to the acquisitions of Myriad RBM, Inc. on May 31, 2011 (formerly Rules-Based Medicine, Inc.) and Crescendo on February 28, 2014. | |||||||||||||
Intangible Assets | |||||||||||||
Intangible assets primarily consist of amortizable assets of purchased licenses and technologies, customer relationships, and trade names as well as non-amortizable intangible assets of in-process technologies and research and development. The following summarizes the amounts reported as intangible assets: | |||||||||||||
Gross | |||||||||||||
Carrying | Accumlated | ||||||||||||
(In thousands) | Amount | Amortization | Net | ||||||||||
September 30, 2014: | |||||||||||||
Purchased licenses and technologies | $ | 199,100 | $ | (7,781 | ) | $ | 191,319 | ||||||
Customer relationships | 4,650 | $ | (1,557 | ) | 3,093 | ||||||||
Trademarks | 3,000 | $ | (250 | ) | 2,750 | ||||||||
Total amortizable intangible assets | 206,750 | $ | (9,588 | ) | 197,162 | ||||||||
In-process research and development | 4,800 | $ | — | 4,800 | |||||||||
Total non-amortizable intangible assets | 4,800 | $ | — | 4,800 | |||||||||
Total intangible assets | $ | 211,550 | $ | (9,588 | ) | $ | 201,962 | ||||||
Gross | |||||||||||||
Carrying | Accumlated | ||||||||||||
(In thousands) | Amount | Amortization | Net | ||||||||||
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 amortizable intangible assets | 208,750 | (8,238 | ) | 200,512 | |||||||||
In-process research and development | 4,800 | — | 4,800 | ||||||||||
Total non-amortizable intangible assets | 4,800 | — | 4,800 | ||||||||||
Total intangible assets | $ | 213,550 | $ | (8,238 | ) | $ | 205,312 | ||||||
The Company recorded amortization expense during the respective periods for these intangible assets as follows: | |||||||||||||
Three months ended | |||||||||||||
September 30, | |||||||||||||
(In thousands) | 2014 | 2013 | |||||||||||
Amortization of intangible assets | $ | 3,350 | $ | 244 |
Cost_Basis_Investment
Cost Basis Investment | 3 Months Ended | |
Sep. 30, 2014 | ||
Cost Basis Investment | ' | |
-11 | Cost Basis Investment | |
As of September 30, 2014, the Company had a $5.0 million investment in RainDance Technologies, Inc., which has been recorded under the cost method as an “Other Asset” on the Company’s condensed consolidated balance sheet. There were no events or circumstances that indicated that impairment exists; therefore, the Company recorded no impairment in the investment for the three months ended September 30, 2014. |
Commitments_and_Contingencies
Commitments and Contingencies | 3 Months Ended | |
Sep. 30, 2014 | ||
Commitments and Contingencies | ' | |
-12 | Commitments and Contingencies | |
The Company is subject to various claims and legal proceedings covering matters that arise in the ordinary course of its business activities. As of September 30, 2014, the management of the Company believes any liability that may ultimately result from the resolution of these matters will not have a material adverse effect on the Company’s consolidated financial position, operating results, or cash flows. |
Marketable_Investment_Securiti1
Marketable Investment Securities (Tables) | 3 Months Ended | ||||||||||||||||
Sep. 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 September 30, 2014 and June 30, 2014 were as follows: | |||||||||||||||||
Gross | Gross | ||||||||||||||||
unrealized | unrealized | ||||||||||||||||
Amortized | holding | holding | Estimated | ||||||||||||||
(In thousands) | cost | gains | losses | fair value | |||||||||||||
At September 30, 2014: | |||||||||||||||||
Cash and cash equivalents: | |||||||||||||||||
Cash | $ | 63,238 | $ | — | $ | — | $ | 63,238 | |||||||||
Cash equivalents | 6,565 | — | — | 6,565 | |||||||||||||
Restricted cash | 22,674 | — | — | 22,674 | |||||||||||||
Total cash , cash equivalents and restricted cash | 92,477 | — | — | 92,477 | |||||||||||||
Available-for-sale securities: | |||||||||||||||||
Corporate bonds and notes | 43,157 | 21 | (18 | ) | 43,160 | ||||||||||||
Municipal bonds | 85,412 | 225 | (3 | ) | 85,634 | ||||||||||||
Federal agency issues | 15,081 | 8 | (3 | ) | 15,086 | ||||||||||||
Total available-for-sale securities | 143,650 | 254 | (24 | ) | 143,880 | ||||||||||||
Total cash, cash equivalents and available-for-sale securities | $ | 236,127 | $ | 254 | $ | (24 | ) | $ | 236,357 | ||||||||
Gross | Gross | ||||||||||||||||
unrealized | unrealized | ||||||||||||||||
Amortized | holding | holding | Estimated | ||||||||||||||
(In thousands) | cost | gains | losses | fair value | |||||||||||||
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 securities: | |||||||||||||||||
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 available-for-sale securities | 205,404 | 382 | (21 | ) | 205,765 | ||||||||||||
Total cash, cash equivalents and available-for-sale securities | $ | 270,224 | $ | 383 | $ | (21 | ) | $ | 270,586 | ||||||||
Schedule of Maturities of Debt Securities Classified as Cash Equivalents and Available-For-Sale | ' | ||||||||||||||||
Cash, cash equivalents, restricted cash, and maturities of debt securities classified as available-for-sale securities are as follows at September 30, 2014: | |||||||||||||||||
Amortized | Estimated | ||||||||||||||||
(In thousands) | cost | fair value | |||||||||||||||
Cash | $ | 63,238 | $ | 63,238 | |||||||||||||
Cash equivalents | 6,565 | 6,565 | |||||||||||||||
Restricted cash | 22,674 | 22,674 | |||||||||||||||
Available-for-sale: | |||||||||||||||||
Due within one year | 89,722 | 89,807 | |||||||||||||||
Due after one year through five years | 53,928 | 54,073 | |||||||||||||||
Due after five years | — | — | |||||||||||||||
$ | 236,127 | $ | 236,357 | ||||||||||||||
ShareBased_Compensation_Tables
Share-Based Compensation (Tables) | 3 Months Ended | ||||||||
Sep. 30, 2014 | |||||||||
Schedule of Share-Based Compensation Arrangement by Share Based Payment Award Options Outstanding | ' | ||||||||
A summary of the stock option activity under the Company’s plans for the three months ended September 30, 2014 is as follows: | |||||||||
Weighted | |||||||||
Number | average | ||||||||
of | exercise | ||||||||
shares | price | ||||||||
Options outstanding at June 30, 2014 | 14,238,603 | $ | 23.3 | ||||||
Options granted | 1,000 | 37.17 | |||||||
Less: | |||||||||
Options exercised | 705,944 | 21.39 | |||||||
Options canceled or expired | 83,785 | 24.41 | |||||||
Options outstanding at September 30, 2014 | 13,449,874 | $ | 23.39 | ||||||
Schedule of Share-Based Compensation Arrangement by Share Based Payment Award Restricted Stock Units Outstanding | ' | ||||||||
A summary of the RSU activity under the Company’s plans for the three months ended September 30, 2014 is as follows: | |||||||||
Number | Weighted | ||||||||
of | average grant | ||||||||
shares | date fair value | ||||||||
RSUs outstanding at June 30, 2014 | — | $ | — | ||||||
RSUs granted | 1,085,733 | 38.12 | |||||||
Less: | |||||||||
RSUs vested | — | — | |||||||
RSUs canceled | 3,200 | 38.12 | |||||||
RSUs outstanding at September 30, 2014 | 1,082,533 | $ | 38.12 | ||||||
Schedule of Share-Based Compensation Recognized in Consolidated Statements of Income and Comprehensive Income | ' | ||||||||
Share-based compensation expense recognized and included in the condensed consolidated statements of income and comprehensive income was allocated as follows: | |||||||||
Three months ended | |||||||||
September 30, | |||||||||
(In thousands) | 2014 | 2013 | |||||||
Cost of molecular diagnostic testing | $ | 198 | $ | 223 | |||||
Cost of pharmaceutical and clinical services | 160 | 62 | |||||||
Research and development expense | 764 | 782 | |||||||
Selling, general, and administrative expense | 5,758 | 5,868 | |||||||
Total share-based compensation expense | $ | 6,880 | $ | 6,935 | |||||
Stockholders_Equity_Tables
Stockholders' Equity (Tables) | 3 Months Ended | ||||||||
Sep. 30, 2014 | |||||||||
Schedule of Stock Repurchases | ' | ||||||||
The shares retired, aggregate common stock and additional paid-in capital reductions, and related charges to retained earnings for the repurchases for the three months ended September 30, 2014 and 2013 were as follows: | |||||||||
Three months ended | |||||||||
September 30, | |||||||||
(In thousands) | 2014 | 2013 | |||||||
Shares purchased and retired | 1,218 | 3,806 | |||||||
Common stock and additional paid-in-capital reductions | $ | 10,196 | $ | 29,940 | |||||
Charges to retained earnings | $ | 35,433 | $ | 72,376 |
Earnings_Per_Share_Tables
Earnings Per Share (Tables) | 3 Months Ended | ||||||||
Sep. 30, 2014 | |||||||||
Reconciliation of Denominators of Basic and Diluted Earnings Per Share Computations | ' | ||||||||
The following is a reconciliation of the denominators of the basic and diluted earnings per share computations: | |||||||||
Three months ended | |||||||||
September 30, | |||||||||
(In thousands ) | 2014 | 2013 | |||||||
Denominator: | |||||||||
Weighted-average shares outstanding used to compute basic earnings per share | 72,763 | 79,575 | |||||||
Effect of dilutive common stock equivalents | 3,323 | 2,223 | |||||||
Weighted-average shares outstanding and dilutive securities used to compute dilutive earnings per share | 76,086 | 81,798 | |||||||
Schedule of Anti-Dilutive Options and Restricted Stock Units Excluded from EPS Computation | ' | ||||||||
These potential dilutive common shares, which may be dilutive to future diluted earnings per share, are as follows: | |||||||||
Three months ended | |||||||||
September 30, | |||||||||
(In thousands) | 2014 | 2013 | |||||||
Anti-dilutive options and RSUs excluded from EPS computation | 184 | 5,351 |
Segment_and_Related_Informatio1
Segment and Related Information (Tables) | 3 Months Ended | ||||||||||||||||
Sep. 30, 2014 | |||||||||||||||||
Segment Revenue and Operating Income (Loss) | ' | ||||||||||||||||
Segment revenue and operating income (loss) were as follows during the periods presented: | |||||||||||||||||
Molecular | Pharmaceutical & | ||||||||||||||||
(In thousands) | diagnostics | clinical services | Research | Total | |||||||||||||
Three months ended September 30, 2014: | |||||||||||||||||
Revenue | $ | 164,507 | 4,330 | — | $ | 168,837 | |||||||||||
Depreciation and amortization | 4,978 | 449 | 527 | 5,954 | |||||||||||||
Segment operating income (loss) | 45,083 | (1,782 | ) | (17,381 | ) | 25,920 | |||||||||||
Three months ended September 30, 2013: | |||||||||||||||||
Revenue | $ | 192,987 | 9,480 | — | $ | 202,467 | |||||||||||
Depreciation and amortization | 1,362 | 500 | 510 | 2,372 | |||||||||||||
Segment operating income (loss) | 97,746 | 1,838 | (16,680 | ) | 82,904 | ||||||||||||
Three months ended | |||||||||||||||||
September 30, | |||||||||||||||||
(In thousands) | 2014 | 2013 | |||||||||||||||
Total operating income for reportable segments | $ | 25,920 | $ | 82,904 | |||||||||||||
Interest income | 55 | 1,362 | |||||||||||||||
Other | (98 | ) | (439 | ) | |||||||||||||
Income tax provision | 9,895 | 28,362 | |||||||||||||||
Net income | $ | 15,982 | $ | 55,465 | |||||||||||||
Fair_Value_Measurements_Tables
Fair Value Measurements (Tables) | 3 Months Ended | ||||||||||||||||
Sep. 30, 2014 | |||||||||||||||||
Schedule of Fair Value of Financial Assets | ' | ||||||||||||||||
The following table sets forth the fair value of the financial assets that the Company re-measured on a regular basis: | |||||||||||||||||
(In thousands) | Level 1 | Level 2 | Level 3 | Total | |||||||||||||
at September 30, 2014: | |||||||||||||||||
Money market funds (a) | $ | 3,065 | $ | — | $ | — | $ | 3,065 | |||||||||
Corporate bonds and notes | — | 46,660 | — | 46,660 | |||||||||||||
Municipal bonds | — | 85,634 | — | 85,634 | |||||||||||||
Federal agency issues | — | 15,086 | — | 15,086 | |||||||||||||
Total | $ | 3,065 | $ | 147,380 | $ | — | $ | 150,445 | |||||||||
(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 | |||||||||
(a) | Money market funds are primarily comprised of exchange traded funds and accrued interest |
Acquisition_Tables
Acquisition (Tables) | 3 Months Ended | ||||||||
Sep. 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): | |||||||||
Estimated | |||||||||
(In thousands) | 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 | |||||||
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, 2013, with adjustments to give effect to pro forma events that are directly attributable to the acquisition which includes adjustments related to the amortization of acquired intangible assets, interest income and expense, stock-based compensation expense, and depreciation. The unaudited pro forma results do not reflect any operating efficiency or potential cost savings which may result from the consolidation of Crescendo. Accordingly, these unaudited pro forma results are presented for informational purposes only and are not necessarily indicative of what the actual results of operation of the combined company would have been if the acquisition had occurred at the beginning of the period presented nor are they indicative of future results of operations and are not necessarily indicative of either future results of operations or results that might have been achieved had the acquisition been consummated as of July 1, 2013. | |||||||||
Three months ended | |||||||||
September 30, | |||||||||
(In thousands) | 2014 | 2013 | |||||||
Revenue | $ | 168,837 | $ | 204,351 | |||||
Income from operations | $ | 25,920 | $ | 71,003 | |||||
Net income | $ | 15,982 | $ | 45,371 | |||||
Net income per share, basic | $ | 0.22 | $ | 0.57 | |||||
Net income per share, diluted | $ | 0.21 | $ | 0.55 |
Goodwill_and_Intangible_Assets1
Goodwill and Intangible Assets (Tables) | 3 Months Ended | ||||||||||||
Sep. 30, 2014 | |||||||||||||
Summarized Amounts Reported as Intangible Assets | ' | ||||||||||||
The following summarizes the amounts reported as intangible assets: | |||||||||||||
Gross | |||||||||||||
Carrying | Accumlated | ||||||||||||
(In thousands) | Amount | Amortization | Net | ||||||||||
September 30, 2014: | |||||||||||||
Purchased licenses and technologies | $ | 199,100 | $ | (7,781 | ) | $ | 191,319 | ||||||
Customer relationships | 4,650 | $ | (1,557 | ) | 3,093 | ||||||||
Trademarks | 3,000 | $ | (250 | ) | 2,750 | ||||||||
Total amortizable intangible assets | 206,750 | $ | (9,588 | ) | 197,162 | ||||||||
In-process research and development | 4,800 | $ | — | 4,800 | |||||||||
Total non-amortizable intangible assets | 4,800 | $ | — | 4,800 | |||||||||
Total intangible assets | $ | 211,550 | $ | (9,588 | ) | $ | 201,962 | ||||||
Gross | |||||||||||||
Carrying | Accumlated | ||||||||||||
(In thousands) | Amount | Amortization | Net | ||||||||||
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 amortizable intangible assets | 208,750 | (8,238 | ) | 200,512 | |||||||||
In-process research and development | 4,800 | — | 4,800 | ||||||||||
Total non-amortizable intangible assets | 4,800 | — | 4,800 | ||||||||||
Total intangible assets | $ | 213,550 | $ | (8,238 | ) | $ | 205,312 | ||||||
Amortization for Intangible Assets | ' | ||||||||||||
The Company recorded amortization expense during the respective periods for these intangible assets as follows: | |||||||||||||
Three months ended | |||||||||||||
September 30, | |||||||||||||
(In thousands) | 2014 | 2013 | |||||||||||
Amortization of intangible assets | $ | 3,350 | $ | 244 |
Schedule_of_Fair_Value_for_Ava
Schedule of Fair Value for Available-for-Sale Securities by Major Security Type and Class of Security (Detail) (USD $) | Sep. 30, 2014 | Jun. 30, 2014 |
In Thousands, unless otherwise specified | ||
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Amortized cost | $236,127 | $270,224 |
Gross unrealized holding gains | 254 | 383 |
Gross unrealized holding losses | -24 | -21 |
Estimated fair value | 236,357 | 270,586 |
Cash | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Amortized cost | 63,238 | 45,181 |
Estimated fair value | 63,238 | 45,181 |
Cash Equivalents | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Amortized cost | 6,565 | 19,639 |
Gross unrealized holding gains | ' | 1 |
Estimated fair value | 6,565 | 19,640 |
Restricted Cash | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Amortized cost | 22,674 | ' |
Estimated fair value | 22,674 | ' |
Total Cash, Cash Equivalents and Restricted Cash | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Amortized cost | 92,477 | ' |
Estimated fair value | 92,477 | ' |
Total Cash And Cash Equivalents | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Amortized cost | ' | 64,820 |
Gross unrealized holding gains | ' | 1 |
Estimated fair value | ' | 64,821 |
Corporate Bonds And Notes | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Amortized cost | 43,157 | 44,449 |
Gross unrealized holding gains | 21 | 36 |
Gross unrealized holding losses | -18 | -11 |
Estimated fair value | 43,160 | 44,474 |
Municipal Bonds | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Amortized cost | 85,412 | 137,821 |
Gross unrealized holding gains | 225 | 334 |
Gross unrealized holding losses | -3 | -3 |
Estimated fair value | 85,634 | 138,152 |
Federal Agency Issues | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Amortized cost | 15,081 | 23,134 |
Gross unrealized holding gains | 8 | 12 |
Gross unrealized holding losses | -3 | -7 |
Estimated fair value | 15,086 | 23,139 |
Total Available For Sale | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Amortized cost | 143,650 | 205,404 |
Gross unrealized holding gains | 254 | 382 |
Gross unrealized holding losses | -24 | -21 |
Estimated fair value | $143,880 | $205,765 |
Schedule_of_Maturities_of_Debt
Schedule of Maturities of Debt Securities Classified as Cash Equivalents and Available-For-Sale (Detail) (USD $) | Sep. 30, 2014 | Jun. 30, 2014 |
In Thousands, unless otherwise specified | ||
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Amortized cost | $236,127 | $270,224 |
Due within one year, Amortized cost | 89,722 | ' |
Due after one year through five years, Amortized cost | 53,928 | ' |
Due after five years, Amortized cost | ' | ' |
Total | 236,127 | ' |
Estimated fair value | 236,357 | 270,586 |
Due within one year, Estimated fair value | 89,807 | ' |
Due after one year through five years, Estimated fair value | 54,073 | ' |
Due after five years, Estimated fair value | ' | ' |
Total | 236,357 | ' |
Cash | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Amortized cost | 63,238 | 45,181 |
Estimated fair value | 63,238 | 45,181 |
Cash Equivalents | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Amortized cost | 6,565 | 19,639 |
Estimated fair value | 6,565 | 19,640 |
Restricted Cash | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Amortized cost | 22,674 | ' |
Estimated fair value | $22,674 | ' |
Marketable_Investment_Securiti2
Marketable Investment Securities - Additional Information (Detail) (USD $) | Sep. 30, 2014 | Jun. 30, 2014 |
In Thousands, unless otherwise specified | ||
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Estimated fair value | $236,357 | $270,586 |
Restricted Cash | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Estimated fair value | $22,674 | ' |
ShareBased_Compensation_Additi
Share-Based Compensation - Additional Information (Detail) (USD $) | 1 Months Ended | 3 Months Ended | 1 Months Ended | 3 Months Ended | 3 Months Ended | ||||||
In Millions, except Share data, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Dec. 05, 2013 | Sep. 30, 2014 |
Restricted Stock Units (RSUs) | Restricted Stock Units (RSUs) | Stock options | Stock options | Stock options | 2012 Purchase Plan | The 2010 Plan | The 2010 Plan | The 2010 Plan | |||
Share-based compensation granted after December 5, 2012 | Share-based compensation granted prior to December 5, 2012 | Maximum | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of shares approved | ' | ' | ' | ' | ' | ' | ' | 2,000,000 | ' | 3,500,000 | ' |
Shares reserved for issuance exercise of options | ' | ' | ' | ' | ' | ' | ' | 1,764,000 | 1,674,800 | ' | ' |
Shares available for future grant | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 4,638,636 |
Service period of share-based compensation vested, years | ' | ' | '4 years | ' | '4 years | ' | ' | ' | ' | ' | ' |
Share-based compensation expire from date of grant, years | ' | ' | ' | ' | ' | '8 years | '10 years | ' | ' | ' | ' |
Number of RSUs issuance as percentage of stock options granted | 33.33% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Options to purchase shares vested and exercisable, shares | 8,600,742 | 8,600,742 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Exercisable weighted average price of options | $22.39 | $22.39 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total unrecognized share-based compensation cost related to stock options | $36 | $36 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total unrecognized share-based compensation cost, weighted-average period, years | ' | ' | ' | '3 years 3 months 7 days | '2 years 1 month 6 days | ' | ' | ' | ' | ' | ' |
RSUs vested, Number of shares | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total unrecognized share-based compensation cost related to RSUs | $33.60 | $33.60 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
RSUs granted, Weighted average grant date fair value | ' | $38.12 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Shares issued under the Plan | ' | ' | ' | ' | ' | ' | ' | 236,000 | ' | ' | ' |
Schedule_of_ShareBased_Compens
Schedule of Share-Based Compensation Arrangement by Share Based Payment Award Options Outstanding (Detail) (USD $) | 3 Months Ended |
Sep. 30, 2014 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' |
Options outstanding at beginning of period, Number of shares | 14,238,603 |
Options granted, Number of shares | 1,000 |
Options exercised, Number of shares | 705,944 |
Options canceled or expired, Number of shares | 83,785 |
Options outstanding at end of period, Number of shares | 13,449,874 |
Options outstanding at beginning of period, Weighted average exercise price | $23.30 |
Options granted, Weighted average exercise price | $37.17 |
Options exercised, Weighted average exercise price | $21.39 |
Options canceled or expired, Weighted average exercise price | $24.41 |
Options outstanding at end of period, Weighted average exercise price | $23.39 |
Schedule_of_ShareBased_Compens1
Schedule of Share-Based Compensation Arrangement by Share Based Payment Award Restricted Stock Units Outstanding (Detail) (USD $) | 3 Months Ended |
Sep. 30, 2014 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' |
RSUs outstanding at beginning of period, Number of shares | ' |
RSUs granted, Number of shares | 1,085,733 |
RSUs vested, Number of shares | ' |
RSUs canceled, Number of shares | 3,200 |
RSUs outstanding at end of period, Number of shares | 1,082,533 |
RSUs outstanding at at beginning of period, Weighted average grant date fair value | ' |
RSUs granted, Weighted average grant date fair value | $38.12 |
RSUs vested, Weighted average grant date fair value | ' |
RSUs canceled, Weighted average grant date fair value | $38.12 |
RSUs outstanding at at end of period, Weighted average grant date fair value | $38.12 |
Schedule_of_ShareBased_Compens2
Schedule of Share-Based Compensation Recognized in Consolidated Statements of Income and Comprehensive Income (Detail) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 |
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | ' | ' |
Total share-based compensation expense | $6,880 | $6,935 |
Cost Of Molecular Diagnostic Testing | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | ' | ' |
Total share-based compensation expense | 198 | 223 |
Cost of Pharmaceutical and Clinical Services | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | ' | ' |
Total share-based compensation expense | 160 | 62 |
Research And Development Expense | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | ' | ' |
Total share-based compensation expense | 764 | 782 |
Selling, General, and Administrative Expenses | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | ' | ' |
Total share-based compensation expense | $5,758 | $5,868 |
Stockholders_Equity_Additional
Stockholders' Equity - Additional Information (Detail) (Sixth Share Repurchase Program, USD $) | Sep. 30, 2014 | Nov. 30, 2013 |
In Millions, unless otherwise specified | ||
Sixth Share Repurchase Program | ' | ' |
Stockholders Equity Note [Line Items] | ' | ' |
Share repurchase program, authorized amount | ' | $300 |
Share repurchase program, remaining authorized repurchase amount | $120 | ' |
Schedule_of_Stock_Repurchases_
Schedule of Stock Repurchases (Detail) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 |
Stockholders Equity [Line Items] | ' | ' |
Common stock and additional paid-in-capital reductions | $10,196 | $29,940 |
Charges to retained earnings | $35,433 | $72,376 |
Common Stock | ' | ' |
Stockholders Equity [Line Items] | ' | ' |
Shares purchased and retired | 1,218 | 3,806 |
Reconciliation_of_Denominators
Reconciliation of Denominators of Basic and Diluted Earnings Per Share Computations (Detail) | 3 Months Ended | |
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 |
Schedule of Earnings Per Share, Basic and Diluted, by Common Class [Line Items] | ' | ' |
Weighted-average shares outstanding used to compute basic earnings per share | 72,763 | 79,575 |
Effect of dilutive common stock equivalents | 3,323 | 2,223 |
Weighted-average shares outstanding and dilutive securities used to compute dilutive earnings per share | 76,086 | 81,798 |
Schedule_of_AntiDilutive_Optio
Schedule of Anti-Dilutive Options and Restricted Stock Units Excluded from EPS Computation (Detail) | 3 Months Ended | |
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ' | ' |
Anti-dilutive options and RSUs excluded from EPS computation | 184 | 5,351 |
Segment_and_Related_Informatio2
Segment and Related Information - Additional Information (Detail) | 3 Months Ended |
Sep. 30, 2014 | |
Segment | |
Segment Reporting Information [Line Items] | ' |
Number of reportable segment | 3 |
Segment_Performance_Based_on_I
Segment Performance Based on Income (Loss) before Interest Income and Other Income and Expense (Detail) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 |
Segment Reporting Information [Line Items] | ' | ' |
Revenue | $168,837 | $202,467 |
Depreciation and amortization | 5,954 | 2,372 |
Segment operating income (loss) | 25,920 | 82,904 |
Molecular Diagnostics | ' | ' |
Segment Reporting Information [Line Items] | ' | ' |
Revenue | 164,507 | 192,987 |
Depreciation and amortization | 4,978 | 1,362 |
Segment operating income (loss) | 45,083 | 97,746 |
Pharmaceutical and Clinical Services | ' | ' |
Segment Reporting Information [Line Items] | ' | ' |
Revenue | 4,330 | 9,480 |
Depreciation and amortization | 449 | 500 |
Segment operating income (loss) | -1,782 | 1,838 |
Research | ' | ' |
Segment Reporting Information [Line Items] | ' | ' |
Depreciation and amortization | 527 | 510 |
Segment operating income (loss) | ($17,381) | ($16,680) |
Schedule_of_Total_Operating_In
Schedule of Total Operating Income for Continuing Reportable Segments (Detail) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 |
Segment Reporting Information [Line Items] | ' | ' |
Total operating income for reportable segments | $25,920 | $82,904 |
Interest income | 55 | 1,362 |
Other | -98 | -439 |
Income tax provision | 9,895 | 28,362 |
Net income | $15,982 | $55,465 |
Schedule_of_Fair_Value_of_Fina
Schedule of Fair Value of Financial Assets (Detail) (USD $) | Sep. 30, 2014 | Jun. 30, 2014 | ||
In Thousands, unless otherwise specified | ||||
Fair Value, Option, Qualitative Disclosures Related to Election [Line Items] | ' | ' | ||
Total fair value of financial assets | $150,445 | $225,405 | ||
Money Market Funds | ' | ' | ||
Fair Value, Option, Qualitative Disclosures Related to Election [Line Items] | ' | ' | ||
Total fair value of financial assets | 3,065 | [1] | 13,634 | [1] |
Corporate Bonds And Notes | ' | ' | ||
Fair Value, Option, Qualitative Disclosures Related to Election [Line Items] | ' | ' | ||
Total fair value of financial assets | 46,660 | 44,474 | ||
Municipal Bonds | ' | ' | ||
Fair Value, Option, Qualitative Disclosures Related to Election [Line Items] | ' | ' | ||
Total fair value of financial assets | 85,634 | 144,158 | ||
Federal Agency Issues | ' | ' | ||
Fair Value, Option, Qualitative Disclosures Related to Election [Line Items] | ' | ' | ||
Total fair value of financial assets | 15,086 | 23,139 | ||
Level 1 | ' | ' | ||
Fair Value, Option, Qualitative Disclosures Related to Election [Line Items] | ' | ' | ||
Total fair value of financial assets | 3,065 | 13,634 | ||
Level 1 | Money Market Funds | ' | ' | ||
Fair Value, Option, Qualitative Disclosures Related to Election [Line Items] | ' | ' | ||
Total fair value of financial assets | 3,065 | [1] | 13,634 | [1] |
Level 2 | ' | ' | ||
Fair Value, Option, Qualitative Disclosures Related to Election [Line Items] | ' | ' | ||
Total fair value of financial assets | 147,380 | 211,771 | ||
Level 2 | Corporate Bonds And Notes | ' | ' | ||
Fair Value, Option, Qualitative Disclosures Related to Election [Line Items] | ' | ' | ||
Total fair value of financial assets | 46,660 | 44,474 | ||
Level 2 | Municipal Bonds | ' | ' | ||
Fair Value, Option, Qualitative Disclosures Related to Election [Line Items] | ' | ' | ||
Total fair value of financial assets | 85,634 | 144,158 | ||
Level 2 | Federal Agency Issues | ' | ' | ||
Fair Value, Option, Qualitative Disclosures Related to Election [Line Items] | ' | ' | ||
Total fair value of financial assets | $15,086 | $23,139 | ||
[1] | Money market funds are primarily comprised of exchange traded funds and accrued interest |
Income_Taxes_Additional_Inform
Income Taxes - Additional Information (Detail) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 |
Income Taxes [Line Items] | ' | ' |
Income tax expense | $9,895 | $28,362 |
Approximate rate on pre-tax income | 38.00% | 34.00% |
U.S. federal statutory rate | 35.00% | ' |
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 |
Acquisition_Additional_Informa
Acquisition - Additional Information (Detail) (Crescendo Biosciences, Inc., USD $) | 0 Months Ended |
Feb. 28, 2014 | |
Business Acquisition [Line Items] | ' |
Total consideration transferred | $258,950,000 |
Business acquisition, cash transferred | 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 |
Share-based compensation to Crescendo employees | 6,929,000 |
Control bonuses paid to Crescendo employees | $5,695,000 |
Minimum | ' |
Business Acquisition [Line Items] | ' |
Period of audit completion | '12 months |
Maximum | ' |
Business Acquisition [Line Items] | ' |
Period of audit completion | '15 months |
Allocation_of_Consideration_Tr
Allocation of Consideration Transferred for Crescendo (Detail) (USD $) | Sep. 30, 2014 | Jun. 30, 2014 | 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 | 169,181 | 112,331 |
Total assets acquired | ' | ' | 324,757 |
Deferred tax liability | ' | ' | 44,213 |
Other liabilities assumed | ' | ' | 21,594 |
Total net assets acquired | ' | ' | $258,950 |
Proforma_Results_of_Acquisitio
Pro-forma Results of Acquisitions (Detail) (USD $) | 3 Months Ended | |
In Thousands, except Per Share data, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 |
Business Acquisition, Pro Forma Information [Line Items] | ' | ' |
Revenue | $168,837 | $204,351 |
Income from operations | 25,920 | 71,003 |
Net income | $15,982 | $45,371 |
Net income per share, basic | $0.22 | $0.57 |
Net income per share, diluted | $0.21 | $0.55 |
Goodwill_and_Intangible_Assets2
Goodwill and Intangible Assets - Additional Information (Detail) (USD $) | Sep. 30, 2014 | Jun. 30, 2014 |
In Thousands, unless otherwise specified | ||
Goodwill And Intangible Assets [Line Items] | ' | ' |
Goodwill | $169,181 | $169,181 |
Summarized_Amounts_Reported_as
Summarized Amounts Reported as Intangible Assets (Detail) (USD $) | Sep. 30, 2014 | Jun. 30, 2014 |
In Thousands, unless otherwise specified | ||
Intangible Assets [Line Items] | ' | ' |
Gross Carrying Amount, total intangible assets | $211,550 | $213,550 |
Accumulated Amortization | -9,588 | -8,238 |
Net, total intangible assets | 201,962 | 205,312 |
Gross Carrying Amount, non-amortizable intangible assets | 4,800 | 4,800 |
Accumulated Amortization, non-amortizable intangible assets | ' | ' |
Net, non-amortizable intangible assets | 4,800 | 4,800 |
In-Process Research And Development | ' | ' |
Intangible Assets [Line Items] | ' | ' |
Gross Carrying Amount, non-amortizable intangible assets | 4,800 | 4,800 |
Accumulated Amortization, non-amortizable intangible assets | ' | ' |
Net, non-amortizable intangible assets | 4,800 | 4,800 |
Purchased Licenses And Technologies | ' | ' |
Intangible Assets [Line Items] | ' | ' |
Gross Carrying Amount, amortizable intangible assets | 199,100 | 201,100 |
Accumulated Amortization | -7,781 | -6,597 |
Net, amortizable intangible assets | 191,319 | 194,503 |
Customer Relationships | ' | ' |
Intangible Assets [Line Items] | ' | ' |
Gross Carrying Amount, amortizable intangible assets | 4,650 | 4,650 |
Accumulated Amortization | -1,557 | -1,441 |
Net, amortizable intangible assets | 3,093 | 3,209 |
Trademarks | ' | ' |
Intangible Assets [Line Items] | ' | ' |
Gross Carrying Amount, amortizable intangible assets | 3,000 | 3,000 |
Accumulated Amortization | -250 | -200 |
Net, amortizable intangible assets | 2,750 | 2,800 |
Total amortized intangible assets | ' | ' |
Intangible Assets [Line Items] | ' | ' |
Gross Carrying Amount, amortizable intangible assets | 206,750 | 208,750 |
Accumulated Amortization | -9,588 | -8,238 |
Net, amortizable intangible assets | $197,162 | $200,512 |
Amortization_on_Intangible_Ass
Amortization on Intangible Assets (Detail) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 |
Finite-Lived Intangible Assets [Line Items] | ' | ' |
Amortization of intangible assets | $3,350 | $244 |
Cost_Basis_Investment_Addition
Cost Basis Investment - Additional Information (Detail) (USD $) | 3 Months Ended |
Sep. 30, 2014 | |
Schedule of Cost-method Investments [Line Items] | ' |
Investment accounted under cost method | $5,000,000 |
Impairment on investment | $0 |