Document and Entity Information
Document and Entity Information - USD ($) | 12 Months Ended | ||
Jun. 30, 2015 | Jul. 31, 2015 | Dec. 31, 2014 | |
Document Information [Line Items] | |||
Document Type | 10-K | ||
Amendment Flag | false | ||
Document Period End Date | Jun. 30, 2015 | ||
Document Fiscal Year Focus | 2,015 | ||
Document Fiscal Period Focus | FY | ||
Trading Symbol | MYGN | ||
Entity Registrant Name | MYRIAD GENETICS INC | ||
Entity Central Index Key | 899,923 | ||
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 | 68,604,579 | ||
Entity Public Float | $ 2,424,609,397 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Millions | Jun. 30, 2015 | Jun. 30, 2014 |
Current assets: | ||
Cash and cash equivalents | $ 64.1 | $ 64.8 |
Marketable investment securities | 80.7 | 121.6 |
Prepaid expenses | 12.5 | 6.9 |
Inventory | 25.1 | 23.9 |
Trade accounts receivable, less allowance for doubtful accounts of $7.6 in 2015 and $9.0 in 2014 | 85.8 | 81.9 |
Deferred taxes | 13.5 | 6.5 |
Prepaid taxes | 13.6 | |
Other receivables | 1.9 | 3.2 |
Total current assets | 283.6 | 322.4 |
Property, plant and equipment, net | 67.2 | 34.6 |
Long-term marketable investment securities | 40.6 | 84.1 |
Long-term deferred taxes | 3.2 | |
Intangibles, net | 192.6 | 205.3 |
Goodwill | 177.2 | 169.2 |
Other assets | 5 | 5 |
Total assets | 766.2 | 823.8 |
Current liabilities: | ||
Accounts payable | 21.1 | 23.1 |
Accrued liabilities | 46.1 | 56.4 |
Deferred revenue | 1.5 | 1.1 |
Total current liabilities | 68.7 | 80.6 |
Unrecognized tax benefits | 26.4 | 24.2 |
Other long-term liabilities | 8.8 | 0 |
Long-term deferred taxes | 0.2 | |
Total liabilities | $ 104.1 | $ 104.8 |
Commitments and contingencies | ||
Stockholders' equity: | ||
Common stock, 68.9 and 73.5 shares outstanding at June 30, 2015 and 2014 respectively | $ 0.7 | $ 0.7 |
Additional paid-in capital | 745.4 | 717.8 |
Accumulated other comprehensive loss | (7) | (1.5) |
Retained earnings (accumulated deficit) | (77) | 2 |
Total stockholders' equity | 662.1 | 719 |
Total liabilities and stockholders' equity | $ 766.2 | $ 823.8 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - USD ($) shares in Millions, $ in Millions | Jun. 30, 2015 | Jun. 30, 2014 |
Allowance for doubtful accounts | $ 7.6 | $ 9 |
Common stock, outstanding | 68.9 | 73.5 |
Consolidated Statements of Oper
Consolidated Statements of Operations - USD ($) shares in Millions, $ in Millions | 12 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2013 | |
Molecular diagnostic testing | $ 695.5 | $ 748.2 | $ 582.4 |
Pharmaceutical and clinical services | 27.6 | 30 | 30.8 |
Total revenue | 723.1 | 778.2 | 613.2 |
Costs and expenses: | |||
Cost of molecular diagnostic testing | 132.8 | 96.1 | 64.4 |
Cost of pharmaceutical and clinical services | 14.6 | 13.1 | 15.3 |
Research and development expense | 75.5 | 67.5 | 53.7 |
Selling, general, and administrative expense | 366 | 327.1 | 251.8 |
Total costs and expenses | 588.9 | 503.8 | 385.2 |
Operating income | 134.2 | 274.4 | 228 |
other income (expense): | |||
Interest income | 0.4 | 5.4 | 5.5 |
Other | 0.3 | (2) | (0.2) |
Total other income: | 0.7 | 3.4 | 5.3 |
Income before income tax | 134.9 | 277.8 | 233.3 |
Income tax provision | 54.7 | 101.6 | 86.1 |
Net income | $ 80.2 | $ 176.2 | $ 147.2 |
Earnings per share: | |||
Basic | $ 1.12 | $ 2.33 | $ 1.82 |
Diluted | $ 1.08 | $ 2.25 | $ 1.77 |
Weighted average shares outstanding: | |||
Basic | 71.3 | 75.7 | 80.9 |
Diluted | 74.5 | 78.2 | 83.3 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income - USD ($) $ in Millions | 12 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2013 | |
Net income | $ 80.2 | $ 176.2 | $ 147.2 |
Unrealized gain (loss) on available-for-sale securities, net of tax | (0.3) | 0.6 | (0.3) |
Change in foreign currency translation adjustment, net of tax | (5.2) | (1.7) | |
Comprehensive income | $ 74.7 | $ 175.1 | $ 146.9 |
Consolidated Statements of Stoc
Consolidated Statements of Stockholders' Equity - USD ($) $ in Millions | Total | Common Stock | Additional paid-in capital | Accumulated other comprehensive (loss) | Retained earnings (accumulated deficit) |
Beginning Balance at Jun. 30, 2012 | $ 635.8 | $ 0.9 | $ 647.7 | $ (0.1) | $ (12.7) |
Issuance of common stock under employee stock purchase plan | 57.8 | 57.8 | |||
Share-based payment expense | 26.6 | 26.6 | |||
Share-based compensation tax benefits | 7.9 | 7.9 | |||
Repurchase and retirement of common stock | (146.4) | (0.1) | (42.7) | (103.6) | |
Net income | 147.2 | 147.2 | |||
Other comprehensive income, net of tax | (0.3) | (0.3) | |||
Ending Balance at Jun. 30, 2013 | 728.6 | 0.8 | 697.3 | (0.4) | 30.9 |
Issuance of common stock under employee stock purchase plan | 64.8 | 64.8 | |||
Share-based payment expense | 27.1 | 27.1 | |||
Share-based compensation tax benefits | 11.1 | 11.1 | |||
Repurchase and retirement of common stock | (287.7) | (0.1) | (82.5) | (205.1) | |
Net income | 176.2 | 176.2 | |||
Other comprehensive income, net of tax | (1.1) | (1.1) | |||
Ending Balance at Jun. 30, 2014 | 719 | 0.7 | 717.8 | (1.5) | 2 |
Issuance of common stock under employee stock purchase plan | 30 | 30 | |||
Share-based payment expense | 45.7 | 45.7 | |||
Share-based compensation tax benefits | 3.4 | 3.4 | |||
Repurchase and retirement of common stock | (210.7) | (51.5) | (159.2) | ||
Net income | 80.2 | 80.2 | |||
Other comprehensive income, net of tax | (5.5) | (5.5) | |||
Ending Balance at Jun. 30, 2015 | $ 662.1 | $ 0.7 | $ 745.4 | $ (7) | $ (77) |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Millions | 12 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2013 | |
CASH FLOWS FROM OPERATING ACTIVITIES: | |||
Net income | $ 80.2 | $ 176.2 | $ 147.2 |
Adjustments to reconcile net income to net cash provided by operating activities: | |||
Depreciation and amortization | 25 | 13.8 | 8.9 |
Loss on disposition of assets | 0.5 | 0.9 | |
Share-based compensation expense | 45.7 | 27.1 | 26.6 |
Bad debt expense | 31.5 | 39.2 | 33.3 |
Impairment of intangible assets | 1.5 | ||
Deferred income taxes | (0.4) | 8.1 | 7.4 |
Unrecognized tax benefits | 2.1 | (0.7) | 0.7 |
Accreted interest on note receivable | (3.3) | (2.7) | |
Excess tax benefit from share-based compensation | (3.4) | (11.1) | (7.9) |
Gain on sale of marketable investment securities | (0.2) | ||
Changes in assets and liabilities: | |||
Prepaid expenses | (5.5) | (5.5) | 0.8 |
Trade accounts receivable | (34.4) | (24.4) | (67.2) |
Other receivables | 2.5 | (1.9) | (0.7) |
Inventory | (0.8) | (15.8) | 6.6 |
Prepaid taxes | 13.6 | (12.9) | |
Accounts payable | (3.1) | (1.5) | 8 |
Accrued liabilities | (13.4) | 3.1 | 11.6 |
Deferred revenue | 0.4 | (1.1) | |
Net cash provided by operating activities | 140.5 | 190.2 | 173.9 |
CASH FLOWS FROM INVESTING ACTIVITIES | |||
Capital expenditures | (23.9) | (14.3) | (11.4) |
Acquisitions, net of cash acquired | (20.1) | (223.5) | |
Equity investment | (5) | ||
Purchases of marketable investment securities | (80.7) | (161.8) | (443.8) |
Proceeds from maturities and sales of marketable investment securities | 165.6 | 382.5 | 385.3 |
Net cash provided by (used) in investing activities | 40.9 | (17.1) | (74.9) |
CASH FLOWS FROM FINANCING ACTIVITIES: | |||
Net proceeds from common stock issued under share-based compensation plans | 30 | 64.8 | 57.8 |
Excess tax benefit from share-based compensation | 3.4 | 11.1 | 7.9 |
Repurchase and retirement of common stock | (210.7) | (287.7) | (146.3) |
Net cash used in financing activities | (177.3) | (211.8) | (80.6) |
Effect of foreign exchange rates on cash and cash equivalents | (4.8) | (0.6) | (0.7) |
Net (decrease) increase in cash and cash equivalents | (0.7) | (39.3) | 17.7 |
Cash and cash equivalents at beginning of year | 64.8 | 104.1 | 86.4 |
Cash and cash equivalents at end of year | $ 64.1 | $ 64.8 | $ 104.1 |
Organization and Summary of Sig
Organization and Summary of Significant Accounting Policies | 12 Months Ended |
Jun. 30, 2015 | |
Organization and Summary of Significant Accounting Policies | 1. ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Basis of Financial Statement 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 generates revenue by performing molecular diagnostic tests as well as 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. A reclassification of $0.6 and $0.7 from proceeds from maturities and sales of marketable securities was made to reflect the effect of foreign exchange rates on cash and cash equivalents in the condensed consolidated statement of cash flows and for the fiscal year ended June 30, 2014 and 2013 respectively, and a reclassification of $0.6 from other receivables to trade accounts receivable in the condensed consolidated balance sheet for fiscal year ended June 30, 2014 to conform to the current-year presentation. 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 using 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 fiscal years ended June 30, 2015, 2014 and 2013. 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. 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. Property, Plant and Equipment 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. Intangible Assets and Other Long-Lived Assets Intangible and other long-lived assets are comprised of acquired licenses 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 estimated useful life of acquired in-process research and development was also evaluated in conjunction with the annual impairment analysis of intangible assets. 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. 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. Goodwill 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 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 service has been completed and the results of the tests/service are provided 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 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 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: Years Ended June 30, 2015 2014 2013 Denominator: Weighted-average shares outstanding used to compute basic EPS 71.3 75.7 80.9 Effect of dilutive stock options 3.2 2.5 2.4 Weighted-average shares outstanding and dilutive securities used to compute diluted EPS 74.5 78.2 83.3 Certain outstanding options and RSUs were excluded from the computation of diluted earnings per share because the effect would have been anti-dilutive. These potential dilutive common shares, which may be dilutive to future diluted earnings per share, are as follows: Years Ended June 30, 2015 2014 2013 Anti-dilutive options and RSUs excluded from EPS computation — — — Foreign Currency The functional currency of the Company’s international subsidiaries is the local currency. For those subsidiaries, expenses denominated in the functional currency are translated into U.S. dollars using average exchange rates in effect during the period and assets and liabilities are translated using period-end exchange rates. The foreign currency translation adjustments are included in accumulated other comprehensive income (loss) as a separate component of stockholders’ (deficit) equity. The following table shows the cumulative translation adjustments included in other comprehensive income, net of tax: Balance at June 30, 2014 $ (1.8 ) Period translation adjustments (5.2 ) Ending balance June 30, 2015 (7.0 ) 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 In May, 2015, the Financial Accounting Standards Board issued ASU 2015-07, Fair Value Measurement: Disclosures for Investments in Certain Entities That Calculate Net Asset Value per Share (or Its Equivalent), effective for fiscal years beginning after December 15, 2015, and interim periods within those fiscal years and which should be applied retrospectively to all periods presented. Earlier application is permitted. The new amendment removes the requirement to categorize within the fair value hierarchy all investments for which fair value is measured using the net asset value (“NAV”) per share practical expedient. In addition, the amendments remove the requirement to make certain disclosures for all investments that are eligible to be measured at fair value using the net asset value per share practical expedient. The Company is currently evaluating the impact of this guidance on its consolidated financial statements. 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, 2017, including interim reporting periods. Early adoption is permitted for annual reporting periods beginning after December 15, 2016. 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. |
Business Acquisitions
Business Acquisitions | 12 Months Ended |
Jun. 30, 2015 | |
Business Acquisitions | 2. BUSINESS ACQUISITIONS German Clinic On February 27, 2015, the Company completed the acquisition of privately-held Privatklinik Dr. Robert Schindlbeck GmbH & Co. KG (the “Clinic”) approximately 15 miles from the Company’s European laboratories in Munich, Germany. The cash paid and preliminary total consideration transferred to acquire the Clinic was $20.1. Total consideration transferred was allocated to tangible assets acquired and liabilities assumed based on their preliminary fair values at the acquisition date as set forth below. The Company believes acquisition of the Clinic may facilitate the Company’s penetration into the German molecular diagnostic market. The Clinic will allow the Company to directly negotiate reimbursement with government and private insurance providers for our tests in the German market and collaborate with hospitals and physician groups. These factors contributed to consideration transferred in excess of the fair value of the Clinic’s net tangible and intangible assets acquired, resulting in the Company recording goodwill in connection with the transaction. Under German tax law the goodwill related to the purchase of the clinic is deductible and will be amortized for tax purposes over 15 years. Management estimated the fair value of tangible and intangible assets and liabilities in accordance with the applicable accounting guidance for business combinations and utilized the services of third-party valuation consultants. The preliminary allocation of the consideration transferred is subject to potential adjustments primarily due to tax-related matters, including tax basis of acquired assets and liabilities in the foreign jurisdiction, and third party valuations of acquired assets and liabilities, including actuarial analysis of pension assets and liabilities and fair value of equipment. During the measurement period, the Company may record adjustments to the provisional amounts recognized in the Company’s initial accounting for the acquisition. The Company expects the allocation of the consideration transferred to be final within the measurement period (up to one year from the acquisition date). Estimated Fair Current assets $ 3.1 Real property 20.7 Equipment 1.6 Goodwill 8.1 Current liabilities (4.4 ) Long-term liabilities (9.0 ) Total purchase price $ 20.1 During the current period there were adjustments to long-term liabilities, deferred grants and goodwill. The long-term liabilities increased by approximately $2.0 due to information obtained from the third party actuary analysis of the pension obligation which increased goodwill for further information on the pension see Note 8. The deferred grants fair value was determined to be $0.0 by management. This fair value adjustment decreased the deferred grants to $0.0 and decreased goodwill by $10.7. 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 $259.0 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: Total consideration transferred $ 259.0 Share-based compensation to Crescendo employees 6.9 Change of control payments to Crescendo employees 5.7 Offset: Non-cash fair value purchase option (8.0 ) Total cash paid $ 263.6 The total consideration of $259.0 consisted of (i) $225.1 in cash, (ii) $25.9 in elimination of intercompany balances related to accrued interest and the term loan the Company issued to Crescendo on September 8, 2011, and (iii) $8.0 related to the fair value of the purchase option granted to the Company on September 8, 2011 by Crescendo through a definitive merger agreement (“Option Agreement”) entered into in association with the term note. Of the cash consideration, $20.0 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 was accounted for as share-based compensation expense resulting from the accelerated vesting of employee options immediately prior to the acquisition and $5.7 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: Estimated Fair Other assets acquired $ 15.9 Intangible assets 196.6 Goodwill 112.3 Total assets acquired 324.8 Deferred tax liabilities 44.2 Other liabilities assumed 21.6 Total net assets acquired $ 259.0 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 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, 2013. June 30, 2015 2014 Revenue $ 723.1 $ 807.5 Income from operations 134.2 252.6 Net income $ 80.2 $ 155.9 Net income per share, basic $ 1.13 $ 2.06 Net income per share, diluted $ 1.08 $ 1.99 |
Marketable Investment Securitie
Marketable Investment Securities | 12 Months Ended |
Jun. 30, 2015 | |
Marketable Investment Securities | 3. 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, 2015 and 2014 were as follows: Amortized Gross Gross Estimated At June 30, 2015: Cash and cash equivalents: Cash $ 54.7 $ — $ — $ 54.7 Cash equivalents 9.4 — — 9.4 Total cash and cash equivalents 64.1 — — 64.1 Available-for-sale: Corporate bonds and notes 41.8 — — 41.8 Municipal bonds 66.3 0.1 (0.1 ) 66.3 Federal agency issues 13.2 — — 13.2 Total $ 185.4 $ 0.1 $ (0.1 ) $ 185.4 Amortized Gross Gross Estimated At June 30, 2014: Cash and cash equivalents: Cash $ 45.2 $ — $ — $ 45.2 Cash equivalents 19.6 — — 19.6 Total cash and cash equivalents 64.8 — — 64.8 Available-for-sale: Corporate bonds and notes 44.5 — — 44.5 Municipal bonds 137.8 0.3 — 138.1 Federal agency issues 23.1 — — 23.1 Total $ 270.2 $ 0.3 $ — $ 270.5 Cash, cash equivalents, and maturities of debt securities classified as available-for-sale are as follows at June 30, 2015: Amortized Estimated Cash $ 54.7 $ 54.7 Cash equivalents 9.4 9.4 Available-for-sale: Due within one year 80.7 80.7 Due after one year through five years 40.6 40.6 Due after five years — — Total $ 185.4 $ 185.4 Debt securities in an unrealized loss position as of June 30, 2015 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, 2015 and 2014 are debt securities. Debt securities available-for-sale in a gross unrealized loss position as of June 30, 2015 and 2014 are summarized as follows: Less than 12 months More than 12 months Total Fair Unrealized Fair Unrealized Fair Unrealized At June 30, 2015: Debt securities: Corporate bonds and notes 24.4 (0.0 ) — — 24.4 (0.0 ) Municipal bonds 24.8 (0.1 ) — — 24.8 (0.1 ) Federal agency issues 1.9 (0.0 ) — — 1.9 (0.0 ) $ 51.1 $ (0.1 ) $ — $ — $ 51.1 $ (0.1 ) Less than 12 months More than 12 months Total Fair Unrealized Fair Unrealized Fair Unrealized At June 30, 2014: Debt securities: Corporate bonds and notes 16.0 (0.0 ) — — 16.0 (0.0 ) Municipal bonds 8.6 (0.0 ) — — 8.6 (0.0 ) Federal agency issues 5.0 (0.0 ) — — 5.0 (0.0 ) $ 29.6 $ (0.0 ) $ — $ — $ 29.6 $ (0.0 ) Additional information relating to fair value of marketable investment securities can be found in Note 12. |
Property, Plant and Equipment,
Property, Plant and Equipment, Net | 12 Months Ended |
Jun. 30, 2015 | |
Property, Plant and Equipment, Net | 4. PROPERTY, PLANT AND EQUIPMENT, NET Years Ended June 30, 2015 2014 Land $ 2.3 $ — Buildings and improvements 18.2 — Leasehold improvements 18.5 18.9 Equipment 99.1 80.7 138.1 99.6 Less accumulated depreciation (70.9 ) (65.0 ) Property, plant and equipment, net $ 67.2 $ 34.6 Years Ended June 30, 2015 2014 2013 Depreciation expense $ 12.3 $ 9.2 $ 8.0 |
Goodwill and Intangible Assets
Goodwill and Intangible Assets | 12 Months Ended |
Jun. 30, 2015 | |
Goodwill and Intangible Assets | 5. GOODWILL AND INTANGIBLE ASSETS Goodwill The Company has recorded goodwill of $177.2 from the acquisitions of Privatklinik Dr. Robert Schindlbeck GmbH & Co. KG that was completed on February 27, 2015, Crescendo Bioscience, Inc. that was completed on February 28, 2014 and Rules-Based Medicine, Inc. that was completed on May 31, 2011. Of this goodwill, $112.3 relates to the Company’s diagnostic segment and $64.9 related to the other segment. The Company assessed goodwill for impairment in accordance with the appropriate guidance (see Note 1) and recorded no impairment of goodwill for the period ended June 30, 2015. Included in the other segment is $8.0 in goodwill associated with the acquisition of the Clinic which is preliminary and subject to adjustment within the measurement period (see Note 2). The following summarizes changes to the goodwill balance for the years ended June 30, 2015 and 2014: Years Ended June 30, 2015 2014 Beginning balance $ 169.2 $ 56.9 Acquisitions 8.1 112.3 Translation adjustments (0.1 ) — Ending balance $ 177.2 $ 169.2 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 and Myriad RBM on May 31, 2011. The Company’s developed technology and database acquired have estimated remaining useful lives of 16 years, trademarks acquired in have an estimated remaining useful life of approximately 13 years and customer relationships have an estimated remaining useful life of approximately 6 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. 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 associated with the purchased license agreement. Other than this $1.5 impairment charge, the Company concluded there was no impairment of long-lived assets for the years ended June 30, 2015, 2014 and 2013. The following summarizes the amounts reported as intangible assets: Gross Accumulated Net At June 30, 2015: Purchased licenses and technologies $ 199.1 $ (16.7 ) $ 182.4 Customer relationships 4.7 (1.9 ) 2.8 Trademarks 3.0 (0.4 ) 2.6 Total amortized intangible assets 206.8 (19.0 ) 187.8 In-process research and development 4.8 — 4.8 Total unamortized intangible assets 4.8 — 4.8 Total intangible assets $ 211.6 $ (19.0 ) $ 192.6 Gross Accumulated Net At June 30, 2014: Purchased licenses and technologies $ 201.1 $ (6.6 ) $ 194.5 Customer relationships 4.7 (1.5 ) 3.2 Trademarks 3.0 (0.2 ) 2.8 Total amortized intangible assets 208.8 (8.3 ) 200.5 In-process research and development 4.8 — 4.8 Total unamortized intangible assets 4.8 — 4.8 Total intangible assets $ 213.6 $ (8.3 ) $ 205.3 As of June 30, 2015 the weighted average remaining amortization period for purchased licenses and technologies, trademarks, and customer relationships is approximately 15 years. The Company recorded amortization during the respective periods for these intangible assets as follows: Years Ended June 30, 2015 2014 2013 Amortization on intangible assets $ 12.7 $ 4.6 $ 0.9 Amortization expense of intangible assets is estimated to be $12.5 in 2016, $12.5 in 2017, $12.5 in 2018, $12.5 in 2019 and $12.2 in 2020 and $125.6 thereafter. |
Cost Basis Investment
Cost Basis Investment | 12 Months Ended |
Jun. 30, 2015 | |
Cost Basis Investment | 6. COST BASIS INVESTMENT In April 2013, the Company acquired approximately 28 shares of Series E preferred stock of RainDance Technologies, Inc. (“RainDance”) of Lexington, Massachusetts, for $5.0. 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 periodically evaluates the investment for impairment. No impairment indicators were noted at June 30, 2015. |
Accrued Liabilities
Accrued Liabilities | 12 Months Ended |
Jun. 30, 2015 | |
Accrued Liabilities | 7. ACCRUED LIABILITIES Years Ended June 30, 2015 2014 Employee compensation and benefits $ 33.8 $ 40.8 Accrued taxes payable 3.8 6.2 Other 8.5 9.4 Total accrued liabilities $ 46.1 $ 56.4 |
Other Long Term Liabilities
Other Long Term Liabilities | 12 Months Ended |
Jun. 30, 2015 | |
Other Long Term Liabilities | 8. OTHER LONG TERM LIABILITIES Years Ended June 30, 2015 2014 Pension obligation $ 4.9 $ — Other 3.9 — Total other long term liabilities $ 8.8 $ — The Company has two non-contributory defined benefit pension plans for its current and former Clinic employees. The Company has closed participation in the plans to exclude those employees hired after 2002. As of June 30, 2015 the fair value of the plan assets were approximately $0.2 resulting in a net pension liability of $4.9. |
Preferred and Common Stockholde
Preferred and Common Stockholder's Equity | 12 Months Ended |
Jun. 30, 2015 | |
Preferred and Common Stockholder's Equity | 9. PREFERRED AND COMMON STOCKHOLDER’S EQUITY The Company is authorized to issue up to 5.0 shares of preferred stock, par value $0.01 per share. There were no preferred shares outstanding at June 30, 2015, 2014 and 2013. The Company is authorized to issue up to 150.0 shares of common stock, par value $0.01 per share. There were 68.9, 73.5 and 80.6 shares issued and outstanding at June 30, 2015, 2014 and 2013 respectively. Common shares issued and outstanding Years Ended June 30, 2015 2014 2013 Common stock issued and outstanding at July 1 73.5 80.6 82.6 Common stock issued upon exercise of options and employee stock plans 1.4 3.3 3.6 Repurchase and retirement of common stock (6.0 ) (10.4 ) (5.6 ) Common stock issued and outstanding at June 30 68.9 73.5 80.6 Stock Repurchase Program In March 2015, the Company completed its sixth share repurchase program, which authorized the repurchase of up to $300.0 of the Company’s common stock. In February 2015, the Company’s Board of Directors authorized a seventh share repurchase program of $200.0 of the Company’s outstanding common stock. The Company plans to repurchase its common stock from time to time or on an accelerated basis through open market transactions or privately negotiated transactions as determined by the Company’s management. The amount and timing of stock repurchases under the program will depend on business and market conditions, stock price, trading restrictions, acquisition activity and other factors. As of June 30, 2015, the Company has $155.0 remaining on its current share repurchase authorization. The Company uses the par value method of accounting for its stock repurchases. As a result of the stock repurchases, the Company reduced common stock and additional paid-in capital and recorded charges to accumulated deficit. The shares retired, aggregate common stock and additional paid-in capital reductions, and related charges to accumulated deficit for the repurchases for periods ended June 30, 2015, 2014 and 2013 were as follows: Year ended June 30, 2015 2014 2013 Shares purchased and retired 6.0 10.4 5.6 Common stock and additional paid-in-capital reductions $ 51.5 $ 82.5 $ 42.7 Charges to retained earnings $ 159.2 $ 205.1 $ 103.6 |
Income Taxes
Income Taxes | 12 Months Ended |
Jun. 30, 2015 | |
Income Taxes | 10. INCOME TAXES Income tax expense consists of the following: Year ended June 30, 2015 2014 2013 Current: Federal $ 53.7 $ 97.4 $ 80.3 State 4.7 3.5 6.0 Total Current 58.4 100.9 86.3 Deferred: Federal (2.1 ) (0.7 ) 0.7 State 8.7 0.8 (0.4 ) Foreign (2.3 ) (2.9 ) (2.1 ) Change in valuation allowance (8.0 ) 3.5 1.6 Total Deferred (3.7 ) 0.7 (0.2 ) Total income tax expense $ 54.7 $ 101.6 $ 86.1 Income (loss) before income taxes consists of the following: Year ended June 30, 2015 2014 2013 United States $ 147.0 $ 292.0 $ 243.6 Foreign (12.1 ) (14.2 ) (10.3 ) Total $ 134.9 $ 277.8 $ 233.3 The differences between income taxes at the statutory federal income tax rate and income taxes reported in the consolidated statements of operations were as follows: Year ended June 30, 2015 2014 2013 Federal income tax expense at the statutory rate 35.0 % 35.0 % 35.0 % State income taxes, net of federal benefit 1.7 1.6 1.7 Research and development credits, net of the federal tax on state credits (2.5 ) (0.2 ) (1.0 ) Uncertain tax positions, net of federal benefit on state positions 1.2 (0.1 ) 0.2 Incentive stock option and employee stock purchase plan expense 0.2 (0.3 ) (0.5 ) Adjustment to deferred tax liability attributable to acquired intangible assets 1.6 — — Foreign rate differential 1.6 0.8 0.6 Change in valuation allowance 2.6 1.2 0.7 Basis difference, disposition of foreign subsidiary — (1.9 ) — California basis step-up election, net of related valuation allowance impact (1.2 ) — — Other, net 0.4 0.5 0.2 Effective income tax rate 40.6 % 36.6 % 36.9 % The Company’s effective tax rate for the year ended June 30, 2015 was greater than the years ended June 30, 2014 and 2013. This increase was primarily due to an increase in the Company’s liability for unrecognized tax benefits, an increase in the valuation allowance attributable to state research credits and an adjustment in the deferred tax liability related to intangible assets acquired in 2011. The Company evaluated the intangible assets acquired in 2011 as part of the acquisition of Rules Based Medicine and determined that no tax basis is available for the intangible asset for In Process Research & Development. This resulted in an adjustment to the related deferred tax liability and a corresponding increase in the Company’s deferred income tax expense. The effective tax rate was also negatively impacted by foreign losses for which no benefit is recognized. The fiscal 2015 foreign losses, and the resulting impact on the effective rate, were larger in proportion to consolidated income as compared to the earlier years. The significant components of the Company’s deferred tax assets and liabilities were comprised of the following at June 30, 2015 and 2014: Year ended June 30, 2015 2014 Deferred tax assets: Net operating loss carryforwards $ 61.1 $ 77.0 Property, plant and equipment 2.9 2.9 Accrued vacation 1.7 1.6 Allowance for doubtful accounts 2.7 3.3 Stock compensation expense 36.8 26.0 Research and development credits 8.9 11.2 Uncertain state tax positions 1.1 0.6 Other, net 0.9 0.3 Total gross deferred tax assets 116.1 122.9 Less valuation allowance (33.4 ) (41.4 ) Total deferred tax assets 82.7 81.5 Deferred tax liabilities: Intangible assets 69.4 71.8 Total deferred tax liabilities 69.4 71.8 Net deferred tax assets 13.3 9.7 Current net deferred tax asset 13.5 6.5 Long term net deferred tax asset (0.2 ) 3.2 Net deferred tax asset $ 13.3 $ 9.7 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, 2015 and 2014, the Company’s valuation allowance decreased by $8.0 and increased by $33.2, respectively. The net decrease of the valuation allowance in the year ended June 30, 2015 consisted of a decrease of $11.5 related to the use of California net operating losses and credits made available through a post-acquisition California stand-alone state tax election and an offsetting increase in the amount of $3.5 which was related to foreign net operating losses and state tax research credits, for which the company concluded it was more likely than not that the benefits of the losses and credits will not be realized. The increase for the year ended June 30, 2014 consisted of $29.7 related to the acquisition of Crescendo Bioscience, Inc. and $3.5 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, 2015 and 2014, the Company realized $3.4 and $11.1, 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, 2015, 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 Carryforwards Amount Subject to Expires Through Federal net operating loss $ 138.4 Yes 2027 2033 Utah net operating loss 229.9 No 2016 2024 Oklahoma net operating loss 14.1 Yes 2023 2033 Foreign net operating losses (various jurisdictions) 39.3 No Various Various Federal research credit 3.2 Yes 2025 2032 Utah research credit 8.6 No 2021 2029 Due to a post-acquisition California stand-alone state election related to the acquisition of Crescendo Bioscience, Inc., all of Crescendo’s California net operating loss carryforwards and California research credit carryforwards were utilized or lost at the acquisition, resulting in no remaining carryforwards. 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 $92.6 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 $137.3 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 $3.0 and is offset by a full valuation allowance at June 30, 2015. If the ‘excess tax benefits’ are recognized as additional paid-in-capital in future years, the corresponding valuation allowance will be reversed. Consistent with the indefinite reversal criteria of ASC 740-30-25-17, the Company intends to invest undistributed earnings of its foreign subsidiaries indefinitely. Due to the cumulative losses that have been incurred to date in its foreign operations, the amount of unrecorded deferred liability resulting from the indefinite reversal criteria at June 30, 2015 is $0. In July 2006, the FASB issued ASC Topic 740 Subtopic 10 Section 05, which clarifies the accounting for uncertainty in tax positions. Accounting 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, 2015 2014 2013 Unrecognized tax benefits at the beginning of year $ 24.2 $ 10.9 $ 10.2 Gross increases - current year tax positions 1.1 1.8 0.7 Gross increases - prior year tax positions 1.0 0.3 — Gross increases - acquisitions — 14.2 — Gross decreases - prior year tax positions — (3.0 ) — Unrecognized tax benefits at end of year $ 26.3 $ 24.2 $ 10.9 Interest and penalties in year-end balance $ 1.0 $ 0.6 $ 0.3 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, 2012 through June 30, 2015 remain subject to examination at June 30, 2015. 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 Division 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, foreign income tax returns and all other state tax returns are not currently under examination. |
Share-Based Compensation
Share-Based Compensation | 12 Months Ended |
Jun. 30, 2015 | |
Share-Based Compensation | 11. SHARE-BASED COMPENSATION The Company maintains a share-based compensation plan, the 2010 Employee, Director and Consultant Equity Incentive Plan, as amended (the “2010 Plan”), that has been approved by the Company’s shareholders. The 2010 Plan allows the Company, under the direction of the Compensation Committee of the Board of Directors, to make grants of stock options, restricted and unrestricted stock awards and other stock-based awards to employees, consultants and directors. On December 5, 2013, the shareholders approved an amendment to the 2010 Plan to set the number of shares available for grant to 3.5. As of June 30, 2015, a total of 2.2 shares of common stock are available for issuance under the 2010 Plan. In addition, as of June 30, 2015, the Company may grant up to 4.4 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 2015, 2014 and 2013 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. In September 2014, the Company began issuing restricted stock units (“RSUs”) in lieu of stock options. RSUs generally vest ratably over four years on the anniversary date of the grant to all employees and directors. The number of RSUs awarded to certain executive officers may be reduced if certain additional performance metrics are not met. The fair value of each option grant is estimated on the date of the grant using the Black-Scholes 2015 2014 2013 Risk-free interest rate 1.6 % 1.6 % 0.8 % Expected dividend yield 0 % 0 % 0 % Expected lives (in years) 4.1 - 4.7 4.1 - 4.7 4.2 - 4.7 Expected volatility 40 % 40 % 44 % Expected option lives and volatilities are based on historical data of the Company and other factors. Stock Options A summary of option activity is as follows for the fiscal years ended June 30: 2015 2014 2013 Number Weighted Number Weighted Number Weighted Options outstanding at beginning of year 14.2 $ 23.30 14.4 $ 21.75 15.2 $ 19.32 Options granted — $ — 3.3 $ 26.52 3.0 $ 27.09 Less: Options exercised (1.2 ) $ 20.17 (3.1 ) $ 19.44 (3.5 ) $ 15.65 Options canceled or expired (0.5 ) $ 25.98 (0.4 ) $ 24.30 (0.3 ) $ 22.26 Options outstanding at end of year 12.5 $ 23.49 14.2 $ 23.30 14.4 $ 21.75 Options exercisable at end of year 9.6 $ 22.80 7.1 $ 21.90 7.5 $ 20.51 Options vested and expected to vest 12.5 $ 23.49 13.4 $ 23.12 13.5 $ 21.58 Weighted average fair value of options granted during the year $ — $ 10.04 $ 9.87 The following table summarizes information about stock options outstanding at June 30, 2015: Range of exercise prices outstanding June 30, average Weighted exercisable June 30, Weighted $7.27 - 19.47 4.0 5.02 $ 17.49 3.6 $ 17.30 $20.01 - 26.49 4.9 5.52 $ 24.95 3.3 $ 24.29 $26.84 - 30.34 3.6 6.16 $ 28.12 2.7 $ 28.44 $30.53 - 37.73 — 6.17 $ 34.02 — $ 32.74 12.5 5.54 $ 23.49 9.6 $ 22.80 Options exercisable at June 30, 2015 had a weighted average remaining contractual life of 5.25 years. As of June 30, 2015, there was $15.7 of total unrecognized share-based compensation expense related to stock options that will be recognized over a weighted-average period of 1.60 years. Restricted Stock Units A summary of RSU activity is as follows: 2015 Number Weighted RSUs outstanding at beginning of year — $ — RSUs granted 1.2 $ 37.66 Less: RSUs vested 0.0 $ 34.22 RSUs canceled 0.2 $ 38.12 RSUs outstanding at end of year 1.0 $ 37.63 As of June 30, 2015, there was $20.8 of total unrecognized share-based compensation expense related to RSUs that will be recognized over a weighted-average period of 2.67 years. Share-based compensation expense recognized and included in the consolidated statements of operations for the fiscal years ended June 30, 2015, 2014 and 2013 was as follows: Years Ended June 30, 2015 2014 2013 Cost of molecular diagnostic testing $ 0.9 $ 0.8 $ 1.0 Cost of pharmaceutical and clinical services 0.5 0.3 0.2 Research and development expense 4.3 5.4 3.3 Selling, general, and administrative expense 40.0 27.5 22.1 Total share-based compensation expense $ 45.7 $ 34.0 $ 26.6 In October 2014, the Company and its former Chief Financial Officer entered into a resignation agreement under which the vesting of certain awards were modified such that the specified awards were vested in full. As a result of this award modification the Company recognized approximately $3.1 in share-based compensation expense for year ended June 30, 2015. In February 2015, the Company and its former Chief Executive Officer entered into a resignation agreement under which the vesting of certain awards were modified such that the specified awards were accelerated. As a result of this award modification the Company recognized approximately $12.8 in share-based compensation expense for year ended June 30, 2015. 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, aggregate intrinsic value of options that are fully vested and aggregate intrinsic value of RSUs vested and expected to vest is as follows: As of Unrecognized share-based compensation cost $ 37.3 Aggregate intrinsic value of options outstanding $ 131.2 Aggregate intrinsic value of options fully vested $ 107.3 Aggregate intrinsic value of RSUs outstanding $ 34.3 The total intrinsic value of options exercised during 2015, 2014 and 2013 was as follows: Years Ended June 30, 2015 2014 2013 Total intrinsic value of options exercised $ 20.5 $ 49.4 $ 51.8 Employee Stock Purchase Plan The Company had an Employee Stock Purchase Plan that was approved by shareholders in 1995 (the “1995 Purchase Plan”), and subsequently amended, under which 2.0 shares of common stock had been authorized. As of December 5, 2012, a total of 2.0 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 2.0 shares of common stock have been authorized. Shares are issued under the 2012 Purchase Plan twice yearly at the end of each offering period. At June 30, 2015, a total of 0.4 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, 2015 2014 2013 Shares purchased under the plans 0.2 0.2 0.1 Plan compensation expense $ 1.8 $ 1.3 $ 0.9 As of June 30, 2015, there was $0.8 of total unrecognized share-based compensation expense related to ESPP. The fair value of shares issued under the Plan that was in effect for each period reported was calculated using the Black-Scholes 2015 2014 2013 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 33 % 56 % 37 % |
Fair Value Measurements
Fair Value Measurements | 12 Months Ended |
Jun. 30, 2015 | |
Fair Value Measurements | 12. 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: Level 1 Level 2 Level 3 Total at June 30, 2015 Money market funds (a) $ 2.4 $ — $ — $ 2.4 Corporate bonds and notes — 44.8 — 44.8 Municipal bonds — 70.3 — 70.3 Federal agency issues — 13.2 — 13.2 Total $ 2.4 $ 128.3 $ — $ 130.7 (a) Money market funds are primarily comprised of exchange traded funds and accrued interest Level 1 Level 2 Level 3 Total at June 30, 2014 Money market funds (a) $ 13.6 $ — $ — $ 13.6 Corporate bonds and notes — 44.5 — 44.5 Municipal bonds — 144.2 — 144.2 Federal agency issues — 23.1 — 23.1 Total $ 13.6 $ 211.8 $ — $ 225.4 (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, 2015 and 2014, the Company had no investments which were measured using unobservable (Level 3) inputs. |
Commitment and Contingencies
Commitment and Contingencies | 12 Months Ended |
Jun. 30, 2015 | |
Commitment and Contingencies | 13. COMMITMENT 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, 2015, 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, 2015, Crescendo Bioscience, Inc. has approximately two 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. As of June 30, 2015 under this agreement the Company has expended as follows: Amount Fiscal year ending: 2014 $ 10.4 2015 10.9 Total expended on unconditional purchase obligations $ 21.3 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, 2015, the remaining obligations under this agreement were as follows: Amount Fiscal year ending: 2016 $ 21.3 2017 12.1 Total commitment for unconditional purchase obligations $ 33.4 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 that expires in 2018 in Munich, Germany, and a non-cancelable operating lease for Myriad RBM for office and laboratory space that expires in 2020 in Austin, Texas. The Company also leases office and laboratory space under one non-cancellable operating lease that expires in 2016 in South San Francisco, California for Crescendo. In addition, the Company maintains lease agreements that expire between 2015 and 2020 for administrative offices in Zurich, Switzerland; Paris, France; Madrid, Spain; Milan, Italy; London, UK; and Munich, Germany. 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, 2015 2014 2013 Rental expense $ 13.8 $ 11.3 $ 8.2 Future minimum lease payments under the Company’s current leases as of June 30, 2015 are as follows: Fiscal year ending: 2016 $ 12.4 2017 11.8 2018 7.4 2019 6.2 2020 6.4 Thereafter 19.8 $ 64.0 |
Employee Deferred Savings Plan
Employee Deferred Savings Plan | 12 Months Ended |
Jun. 30, 2015 | |
Employee Deferred Savings Plan | 14. EMPLOYEE DEFERRED SAVINGS PLAN The Company has a deferred savings plan which qualifies under Section 401(k) of the Internal Revenue Code. Substantially all of the Company’s U.S. employees are covered by the plan. The Company makes matching contributions of 50% of each employee’s contribution with the employer’s contribution not to exceed 4% of the employee’s compensation. The Company’s recorded contributions to the plan as follows: Years Ended June 30, 2015 2014 2013 Deferred savings plan Company contributions $ 5.1 $ 4.4 $ 3.5 |
Segment and Related Information
Segment and Related Information | 12 Months Ended |
Jun. 30, 2015 | |
Segment and Related Information | 15. SEGMENT AND RELATED INFORMATION The Company’s business units have been changed to align with how its Chief Operating Decision Maker (“CODM”) review performance and make decisions in managing the Company. The business units were historically comprised of three reportable segments: (i) research, (ii) molecular diagnostics and (iii) pharmaceutical and clinical services. Currently the business units have been aggregated into two reportable segments: (i) diagnostics and (ii) other, which was formerly the research and pharmaceutical and clinical services segments. The diagnostics segment provides testing and collaborative development of testing that is designed to assess an individual’s risk for developing disease later in life, identify a patient’s likelihood of responding to drug therapy and guide a patient’s dosing to ensure optimal treatment, or assess a patient’s risk of disease progression and disease recurrence. The other segment provides testing products and services to the pharmaceutical, biotechnology and medical research industries, research and development, and clinical services for patients, and includes corporate services such as finance, human resources, legal and information technology. The prior periods presented have been restated to conform to the current presentation. 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. Diagnostics Other Total Year ended June 30, 2015: Revenues $ 695.5 $ 27.6 $ 723.1 Depreciation and amortization 20.5 4.5 25.0 Segment operating income (loss) 217.1 (82.9 ) 134.2 Year ended June 30, 2014: Revenues $ 748.2 $ 30.0 $ 778.2 Depreciation and amortization 9.9 3.9 13.8 Segment operating income (loss) 338.0 (63.6 ) 274.4 Year ended June 30, 2013: Revenues $ 582.4 $ 30.8 $ 613.2 Depreciation and amortization 5.0 3.9 8.9 Segment operating income (loss) 291.5 (63.5 ) 228.0 Years Ended June 30, 2015 2014 2013 Total operating income for reportable segments $ 134.2 $ 274.4 $ 228.0 Unallocated amounts: Interest income 0.4 5.4 5.5 Other 0.3 (2.0 ) (0.2 ) Income from operations before income taxes 134.9 277.8 233.3 Income tax provision 54.7 101.6 86.1 Net income $ 80.2 $ 176.2 $ 147.2 The following table indicates significant revenues from major products by operating segment: Years Ended June 30, Change % of Total Revenue 2015 2014 2013 2015 2014 2015 2014 2013 Diagnostic revenues: myRisk $ 320.7 $ 53.7 $ — $ 267.0 $ 53.7 44 % 7 % N/A BRACAnalysis 237.6 517.9 460.3 (280.3 ) 57.6 33 % 67 % 75 % VectraDA 43.7 14.0 — 29.7 14.0 6 % 2 % N/A Other 93.5 162.6 122.1 (69.1 ) 40.5 13 % 21 % 20 % Total diagnostic revenue 695.5 748.2 582.4 (52.7 ) 165.8 96 % 96 % 95 % Other 27.6 30.0 30.8 (2.4 ) (0.8 ) 4 % 4 % 5 % Total revenue $ 723.1 $ 778.2 $ 613.2 $ (55.1 ) $ 165.0 100 % 100 % 100 % The following table sets forth a comparison of balance sheet assets by operating segment: June 30, 2015 2014 Net equipment, leasehold improvements and property: Diagnostics 34.5 24.3 Other 32.7 10.3 Total $ 67.2 $ 34.6 Total Assets: Diagnostics 450.6 409.9 Other 130.2 143.4 Total $ 580.8 $ 553.3 The following table reconciles assets by operating segment to total assets: June 30, 2015 2014 Total assets by segment $ 580.8 $ 553.3 Cash, cash equivalents, and marketable investment securities (1) 185.4 270.5 Total $ 766.2 $ 823.8 (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 diagnostic tests in the United States. There were no customers that accounted for greater than 10% of revenue in the years ended June 30, 2015, 2014 and 2013. |
Supplemental Cash Flow Informat
Supplemental Cash Flow Information | 12 Months Ended |
Jun. 30, 2015 | |
Supplemental Cash Flow Information | 16. SUPPLEMENTAL CASH FLOW INFORMATION 2015 2014 2013 Cash paid during the year for income taxes $ 39.1 $ 108.2 $ 80.3 Non-cash investing and financing activities: Fair value adjustment on marketable investment securities recorded to stockholders’ equity — (0.4 ) 0.4 |
Schedule of Valuation and Quali
Schedule of Valuation and Qualifying Accounts | 12 Months Ended |
Jun. 30, 2015 | |
Schedule of Valuation and Qualifying Accounts | Schedule II MYRIAD GENETICS, INC. Schedule of Valuation and Qualifying Accounts Years Ended June 30, 2015, 2014, and 2013 (In millions) Balance at Beginning of Period Addition Charged to Cost and Expenses Net Deductions and Other (1) Balance at End of Period Allowance for doubtful accounts: Year ended June 30, 2015 $ 9.0 $ 31.5 ($ 32.9 ) $ 7.6 Year ended June 30, 2014 $ 7.5 $ 39.2 ($ 37.7 ) $ 9.0 Year ended June 30, 2013 $ 4.6 $ 33.3 ($ 30.4 ) $ 7.5 (1) Primarily represents the write-off of accounts receivables net of recoveries. |
Organization and Summary of S25
Organization and Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Jun. 30, 2015 | |
Basis of Financial Statement Presentation | Basis of Financial Statement 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 generates revenue by performing molecular diagnostic tests as well as 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. A reclassification of $0.6 and $0.7 from proceeds from maturities and sales of marketable securities was made to reflect the effect of foreign exchange rates on cash and cash equivalents in the condensed consolidated statement of cash flows and for the fiscal year ended June 30, 2014 and 2013 respectively, and a reclassification of $0.6 from other receivables to trade accounts receivable in the condensed consolidated balance sheet for fiscal year ended June 30, 2014 to conform to the current-year presentation. |
Marketable Investment Securities | 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 using 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 fiscal years ended June 30, 2015, 2014 and 2013. |
Inventory | 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. |
Trade Accounts Receivable and Allowance for Doubtful Accounts | 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. |
Property, Plant and Equipment | Property, Plant and Equipment 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. |
Intangible Assets and Other Long-Lived Assets | Intangible Assets and Other Long-Lived Assets Intangible and other long-lived assets are comprised of acquired licenses 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 estimated useful life of acquired in-process research and development was also evaluated in conjunction with the annual impairment analysis of intangible assets. 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. 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. |
Goodwill | Goodwill 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 | 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 service has been completed and the results of the tests/service are provided 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 | 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 | 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: Years Ended June 30, 2015 2014 2013 Denominator: Weighted-average shares outstanding used to compute basic EPS 71.3 75.7 80.9 Effect of dilutive stock options 3.2 2.5 2.4 Weighted-average shares outstanding and dilutive securities used to compute diluted EPS 74.5 78.2 83.3 Certain outstanding options and RSUs were excluded from the computation of diluted earnings per share because the effect would have been anti-dilutive. These potential dilutive common shares, which may be dilutive to future diluted earnings per share, are as follows: Years Ended June 30, 2015 2014 2013 Anti-dilutive options and RSUs excluded from EPS computation — — — |
Foreign Currency | Foreign Currency The functional currency of the Company’s international subsidiaries is the local currency. For those subsidiaries, expenses denominated in the functional currency are translated into U.S. dollars using average exchange rates in effect during the period and assets and liabilities are translated using period-end exchange rates. The foreign currency translation adjustments are included in accumulated other comprehensive income (loss) as a separate component of stockholders’ (deficit) equity. The following table shows the cumulative translation adjustments included in other comprehensive income, net of tax: Balance at June 30, 2014 $ (1.8 ) Period translation adjustments (5.2 ) Ending balance June 30, 2015 (7.0 ) |
Use of Estimates | 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 | Recent Accounting Pronouncements In May, 2015, the Financial Accounting Standards Board issued ASU 2015-07, Fair Value Measurement: Disclosures for Investments in Certain Entities That Calculate Net Asset Value per Share (or Its Equivalent), effective for fiscal years beginning after December 15, 2015, and interim periods within those fiscal years and which should be applied retrospectively to all periods presented. Earlier application is permitted. The new amendment removes the requirement to categorize within the fair value hierarchy all investments for which fair value is measured using the net asset value (“NAV”) per share practical expedient. In addition, the amendments remove the requirement to make certain disclosures for all investments that are eligible to be measured at fair value using the net asset value per share practical expedient. The Company is currently evaluating the impact of this guidance on its consolidated financial statements. 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, 2017, including interim reporting periods. Early adoption is permitted for annual reporting periods beginning after December 15, 2016. 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 S26
Organization and Summary of Significant Accounting Policies (Tables) | 12 Months Ended |
Jun. 30, 2015 | |
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: Years Ended June 30, 2015 2014 2013 Denominator: Weighted-average shares outstanding used to compute basic EPS 71.3 75.7 80.9 Effect of dilutive stock options 3.2 2.5 2.4 Weighted-average shares outstanding and dilutive securities used to compute diluted EPS 74.5 78.2 83.3 |
Schedule of Anti-Dilutive Options and RSUs Excluded from EPS Computation | These potential dilutive common shares, which may be dilutive to future diluted earnings per share, are as follows: Years Ended June 30, 2015 2014 2013 Anti-dilutive options and RSUs excluded from EPS computation — — — |
Accumulated Foreign Currency Adjustment Attributable to Parent [Member] | |
Schedule of Cumulative Translation Adjustments Included in Other Comprehensive Income, Net of Tax | The following table shows the cumulative translation adjustments included in other comprehensive income, net of tax: Balance at June 30, 2014 $ (1.8 ) Period translation adjustments (5.2 ) Ending balance June 30, 2015 (7.0 ) |
Business Acquisitions (Tables)
Business Acquisitions (Tables) | 12 Months Ended |
Jun. 30, 2015 | |
Allocation of Consideration Transferred | The Company expects the allocation of the consideration transferred to be final within the measurement period (up to one year from the acquisition date). Estimated Fair Current assets $ 3.1 Real property 20.7 Equipment 1.6 Goodwill 8.1 Current liabilities (4.4 ) Long-term liabilities (9.0 ) Total purchase price $ 20.1 |
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: Total consideration transferred $ 259.0 Share-based compensation to Crescendo employees 6.9 Change of control payments to Crescendo employees 5.7 Offset: Non-cash fair value purchase option (8.0 ) Total cash paid $ 263.6 |
Allocation of Consideration Transferred for Crescendo | The Company’s allocation of consideration transferred for Crescendo is as follows: Estimated Fair Other assets acquired $ 15.9 Intangible assets 196.6 Goodwill 112.3 Total assets acquired 324.8 Deferred tax liabilities 44.2 Other liabilities assumed 21.6 Total net assets acquired $ 259.0 |
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 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, 2013. June 30, 2015 2014 Revenue $ 723.1 $ 807.5 Income from operations 134.2 252.6 Net income $ 80.2 $ 155.9 Net income per share, basic $ 1.13 $ 2.06 Net income per share, diluted $ 1.08 $ 1.99 |
Marketable Investment Securit28
Marketable Investment Securities (Tables) | 12 Months Ended |
Jun. 30, 2015 | |
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, 2015 and 2014 were as follows: Amortized Gross Gross Estimated At June 30, 2015: Cash and cash equivalents: Cash $ 54.7 $ — $ — $ 54.7 Cash equivalents 9.4 — — 9.4 Total cash and cash equivalents 64.1 — — 64.1 Available-for-sale: Corporate bonds and notes 41.8 — — 41.8 Municipal bonds 66.3 0.1 (0.1 ) 66.3 Federal agency issues 13.2 — — 13.2 Total $ 185.4 $ 0.1 $ (0.1 ) $ 185.4 Amortized Gross Gross Estimated At June 30, 2014: Cash and cash equivalents: Cash $ 45.2 $ — $ — $ 45.2 Cash equivalents 19.6 — — 19.6 Total cash and cash equivalents 64.8 — — 64.8 Available-for-sale: Corporate bonds and notes 44.5 — — 44.5 Municipal bonds 137.8 0.3 — 138.1 Federal agency issues 23.1 — — 23.1 Total $ 270.2 $ 0.3 $ — $ 270.5 |
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, 2015: Amortized Estimated Cash $ 54.7 $ 54.7 Cash equivalents 9.4 9.4 Available-for-sale: Due within one year 80.7 80.7 Due after one year through five years 40.6 40.6 Due after five years — — Total $ 185.4 $ 185.4 |
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, 2015 and 2014 are summarized as follows: Less than 12 months More than 12 months Total Fair Unrealized Fair Unrealized Fair Unrealized At June 30, 2015: Debt securities: Corporate bonds and notes 24.4 (0.0 ) — — 24.4 (0.0 ) Municipal bonds 24.8 (0.1 ) — — 24.8 (0.1 ) Federal agency issues 1.9 (0.0 ) — — 1.9 (0.0 ) $ 51.1 $ (0.1 ) $ — $ — $ 51.1 $ (0.1 ) Less than 12 months More than 12 months Total Fair Unrealized Fair Unrealized Fair Unrealized At June 30, 2014: Debt securities: Corporate bonds and notes 16.0 (0.0 ) — — 16.0 (0.0 ) Municipal bonds 8.6 (0.0 ) — — 8.6 (0.0 ) Federal agency issues 5.0 (0.0 ) — — 5.0 (0.0 ) $ 29.6 $ (0.0 ) $ — $ — $ 29.6 $ (0.0 ) |
Property, Plant and Equipment29
Property, Plant and Equipment, Net (Tables) | 12 Months Ended |
Jun. 30, 2015 | |
Schedule of Property, Plant and Equipment, Net | Years Ended June 30, 2015 2014 Land $ 2.3 $ — Buildings and improvements 18.2 — Leasehold improvements 18.5 18.9 Equipment 99.1 80.7 138.1 99.6 Less accumulated depreciation (70.9 ) (65.0 ) Property, plant and equipment, net $ 67.2 $ 34.6 Years Ended June 30, 2015 2014 2013 Depreciation expense $ 12.3 $ 9.2 $ 8.0 |
Goodwill and Intangible Assets
Goodwill and Intangible Assets (Tables) | 12 Months Ended |
Jun. 30, 2015 | |
Summary of Changes to Goodwill Balance | The following summarizes changes to the goodwill balance for the years ended June 30, 2015 and 2014: Years Ended June 30, 2015 2014 Beginning balance $ 169.2 $ 56.9 Acquisitions 8.1 112.3 Translation adjustments (0.1 ) — Ending balance $ 177.2 $ 169.2 |
Summarized Amounts Reported as Intangible Assets | The following summarizes the amounts reported as intangible assets: Gross Accumulated Net At June 30, 2015: Purchased licenses and technologies $ 199.1 $ (16.7 ) $ 182.4 Customer relationships 4.7 (1.9 ) 2.8 Trademarks 3.0 (0.4 ) 2.6 Total amortized intangible assets 206.8 (19.0 ) 187.8 In-process research and development 4.8 — 4.8 Total unamortized intangible assets 4.8 — 4.8 Total intangible assets $ 211.6 $ (19.0 ) $ 192.6 Gross Accumulated Net At June 30, 2014: Purchased licenses and technologies $ 201.1 $ (6.6 ) $ 194.5 Customer relationships 4.7 (1.5 ) 3.2 Trademarks 3.0 (0.2 ) 2.8 Total amortized intangible assets 208.8 (8.3 ) 200.5 In-process research and development 4.8 — 4.8 Total unamortized intangible assets 4.8 — 4.8 Total intangible assets $ 213.6 $ (8.3 ) $ 205.3 |
Amortization for Intangible Assets | The Company recorded amortization during the respective periods for these intangible assets as follows: Years Ended June 30, 2015 2014 2013 Amortization on intangible assets $ 12.7 $ 4.6 $ 0.9 |
Accrued Liabilities (Tables)
Accrued Liabilities (Tables) | 12 Months Ended |
Jun. 30, 2015 | |
Summary of Accrued Liabilities | Years Ended June 30, 2015 2014 Employee compensation and benefits $ 33.8 $ 40.8 Accrued taxes payable 3.8 6.2 Other 8.5 9.4 Total accrued liabilities $ 46.1 $ 56.4 |
Other Long Term Liabilities (Ta
Other Long Term Liabilities (Tables) | 12 Months Ended |
Jun. 30, 2015 | |
Summary of Other Long Term Liabilities | Years Ended June 30, 2015 2014 Pension obligation $ 4.9 $ — Other 3.9 — Total other long term liabilities $ 8.8 $ — |
Preferred and Common Stockhol33
Preferred and Common Stockholder's Equity (Tables) | 12 Months Ended |
Jun. 30, 2015 | |
Summary of Common Shares Issued and Outstanding | Common shares issued and outstanding Years Ended June 30, 2015 2014 2013 Common stock issued and outstanding at July 1 73.5 80.6 82.6 Common stock issued upon exercise of options and employee stock plans 1.4 3.3 3.6 Repurchase and retirement of common stock (6.0 ) (10.4 ) (5.6 ) Common stock issued and outstanding at June 30 68.9 73.5 80.6 |
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, 2015, 2014 and 2013 were as follows: Year ended June 30, 2015 2014 2013 Shares purchased and retired 6.0 10.4 5.6 Common stock and additional paid-in-capital reductions $ 51.5 $ 82.5 $ 42.7 Charges to retained earnings $ 159.2 $ 205.1 $ 103.6 |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Jun. 30, 2015 | |
Schedule of Income Tax Expense | Income tax expense consists of the following: Year ended June 30, 2015 2014 2013 Current: Federal $ 53.7 $ 97.4 $ 80.3 State 4.7 3.5 6.0 Total Current 58.4 100.9 86.3 Deferred: Federal (2.1 ) (0.7 ) 0.7 State 8.7 0.8 (0.4 ) Foreign (2.3 ) (2.9 ) (2.1 ) Change in valuation allowance (8.0 ) 3.5 1.6 Total Deferred (3.7 ) 0.7 (0.2 ) Total income tax expense $ 54.7 $ 101.6 $ 86.1 |
Schedule of Income (Loss) Before Income Taxes | Income (loss) before income taxes consists of the following: Year ended June 30, 2015 2014 2013 United States $ 147.0 $ 292.0 $ 243.6 Foreign (12.1 ) (14.2 ) (10.3 ) Total $ 134.9 $ 277.8 $ 233.3 |
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 operations were as follows: Year ended June 30, 2015 2014 2013 Federal income tax expense at the statutory rate 35.0 % 35.0 % 35.0 % State income taxes, net of federal benefit 1.7 1.6 1.7 Research and development credits, net of the federal tax on state credits (2.5 ) (0.2 ) (1.0 ) Uncertain tax positions, net of federal benefit on state positions 1.2 (0.1 ) 0.2 Incentive stock option and employee stock purchase plan expense 0.2 (0.3 ) (0.5 ) Adjustment to deferred tax liability attributable to acquired intangible assets 1.6 — — Foreign rate differential 1.6 0.8 0.6 Change in valuation allowance 2.6 1.2 0.7 Basis difference, disposition of foreign subsidiary — (1.9 ) — California basis step-up election, net of related valuation allowance impact (1.2 ) — — Other, net 0.4 0.5 0.2 Effective income tax rate 40.6 % 36.6 % 36.9 % |
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, 2015 and 2014: Year ended June 30, 2015 2014 Deferred tax assets: Net operating loss carryforwards $ 61.1 $ 77.0 Property, plant and equipment 2.9 2.9 Accrued vacation 1.7 1.6 Allowance for doubtful accounts 2.7 3.3 Stock compensation expense 36.8 26.0 Research and development credits 8.9 11.2 Uncertain state tax positions 1.1 0.6 Other, net 0.9 0.3 Total gross deferred tax assets 116.1 122.9 Less valuation allowance (33.4 ) (41.4 ) Total deferred tax assets 82.7 81.5 Deferred tax liabilities: Intangible assets 69.4 71.8 Total deferred tax liabilities 69.4 71.8 Net deferred tax assets 13.3 9.7 Current net deferred tax asset 13.5 6.5 Long term net deferred tax asset (0.2 ) 3.2 Net deferred tax asset $ 13.3 $ 9.7 |
Summary of Net Operating Loss and Research Credit Carryforwards | At June 30, 2015, 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 Carryforwards Amount Subject to Expires Through Federal net operating loss $ 138.4 Yes 2027 2033 Utah net operating loss 229.9 No 2016 2024 Oklahoma net operating loss 14.1 Yes 2023 2033 Foreign net operating losses (various jurisdictions) 39.3 No Various Various Federal research credit 3.2 Yes 2025 2032 Utah research credit 8.6 No 2021 2029 |
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, 2015 2014 2013 Unrecognized tax benefits at the beginning of year $ 24.2 $ 10.9 $ 10.2 Gross increases - current year tax positions 1.1 1.8 0.7 Gross increases - prior year tax positions 1.0 0.3 — Gross increases - acquisitions — 14.2 — Gross decreases - prior year tax positions — (3.0 ) — Unrecognized tax benefits at end of year $ 26.3 $ 24.2 $ 10.9 Interest and penalties in year-end balance $ 1.0 $ 0.6 $ 0.3 |
Share-Based Compensation (Table
Share-Based Compensation (Tables) | 12 Months Ended |
Jun. 30, 2015 | |
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 2015 2014 2013 Risk-free interest rate 1.6 % 1.6 % 0.8 % Expected dividend yield 0 % 0 % 0 % Expected lives (in years) 4.1 - 4.7 4.1 - 4.7 4.2 - 4.7 Expected volatility 40 % 40 % 44 % |
Schedule of Share-Based Compensation Arrangement by Share Based Payment Award Options Outstanding | A summary of option activity is as follows for the fiscal years ended June 30: 2015 2014 2013 Number Weighted Number Weighted Number Weighted Options outstanding at beginning of year 14.2 $ 23.30 14.4 $ 21.75 15.2 $ 19.32 Options granted — $ — 3.3 $ 26.52 3.0 $ 27.09 Less: Options exercised (1.2 ) $ 20.17 (3.1 ) $ 19.44 (3.5 ) $ 15.65 Options canceled or expired (0.5 ) $ 25.98 (0.4 ) $ 24.30 (0.3 ) $ 22.26 Options outstanding at end of year 12.5 $ 23.49 14.2 $ 23.30 14.4 $ 21.75 Options exercisable at end of year 9.6 $ 22.80 7.1 $ 21.90 7.5 $ 20.51 Options vested and expected to vest 12.5 $ 23.49 13.4 $ 23.12 13.5 $ 21.58 Weighted average fair value of options granted during the year $ — $ 10.04 $ 9.87 |
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, 2015: Range of exercise prices outstanding June 30, average Weighted exercisable June 30, Weighted $7.27 - 19.47 4.0 5.02 $ 17.49 3.6 $ 17.30 $20.01 - 26.49 4.9 5.52 $ 24.95 3.3 $ 24.29 $26.84 - 30.34 3.6 6.16 $ 28.12 2.7 $ 28.44 $30.53 - 37.73 — 6.17 $ 34.02 — $ 32.74 12.5 5.54 $ 23.49 9.6 $ 22.80 |
Schedule of Share-Based Compensation Arrangement by Share Based Payment Award Restricted Stock Units Outstanding | A summary of RSU activity is as follows: 2015 Number Weighted RSUs outstanding at beginning of year — $ — RSUs granted 1.2 $ 37.66 Less: RSUs vested 0.0 $ 34.22 RSUs canceled 0.2 $ 38.12 RSUs outstanding at end of year 1.0 $ 37.63 |
Schedule of Share-Based Compensation Recognized in Consolidated Statements of Operations | Share-based compensation expense recognized and included in the consolidated statements of operations for the fiscal years ended June 30, 2015, 2014 and 2013 was as follows: Years Ended June 30, 2015 2014 2013 Cost of molecular diagnostic testing $ 0.9 $ 0.8 $ 1.0 Cost of pharmaceutical and clinical services 0.5 0.3 0.2 Research and development expense 4.3 5.4 3.3 Selling, general, and administrative expense 40.0 27.5 22.1 Total share-based compensation expense $ 45.7 $ 34.0 $ 26.6 |
Schedule of Unrecognized Share-Based Compensation Cost | 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, aggregate intrinsic value of options that are fully vested and aggregate intrinsic value of RSUs vested and expected to vest is as follows: As of Unrecognized share-based compensation cost $ 37.3 Aggregate intrinsic value of options outstanding $ 131.2 Aggregate intrinsic value of options fully vested $ 107.3 Aggregate intrinsic value of RSUs outstanding $ 34.3 |
Schedule of Intrinsic Value of Options Exercised | The total intrinsic value of options exercised during 2015, 2014 and 2013 was as follows: Years Ended June 30, 2015 2014 2013 Total intrinsic value of options exercised $ 20.5 $ 49.4 $ 51.8 |
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, 2015 2014 2013 Shares purchased under the plans 0.2 0.2 0.1 Plan compensation expense $ 1.8 $ 1.3 $ 0.9 |
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 2015 2014 2013 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 33 % 56 % 37 % |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 12 Months Ended |
Jun. 30, 2015 | |
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: Level 1 Level 2 Level 3 Total at June 30, 2015 Money market funds (a) $ 2.4 $ — $ — $ 2.4 Corporate bonds and notes — 44.8 — 44.8 Municipal bonds — 70.3 — 70.3 Federal agency issues — 13.2 — 13.2 Total $ 2.4 $ 128.3 $ — $ 130.7 (a) Money market funds are primarily comprised of exchange traded funds and accrued interest Level 1 Level 2 Level 3 Total at June 30, 2014 Money market funds (a) $ 13.6 $ — $ — $ 13.6 Corporate bonds and notes — 44.5 — 44.5 Municipal bonds — 144.2 — 144.2 Federal agency issues — 23.1 — 23.1 Total $ 13.6 $ 211.8 $ — $ 225.4 (a) Money market funds are primarily comprised of exchange traded funds and accrued interest |
Commitment and Contingencies (T
Commitment and Contingencies (Tables) | 12 Months Ended |
Jun. 30, 2015 | |
Summary of Expended Unconditional Purchase Obligation | As of June 30, 2015 under this agreement the Company has expended as follows: Amount Fiscal year ending: 2014 $ 10.4 2015 10.9 Total expended on unconditional purchase obligations $ 21.3 |
Summary of Remaining Unconditional Purchase Obligation | As of June 30, 2015, the remaining obligations under this agreement were as follows: Amount Fiscal year ending: 2016 $ 21.3 2017 12.1 Total commitment for unconditional purchase obligations $ 33.4 |
Summary of Rental Expense | The following is a summary of the Company’s rental expense for the fiscal years reported: Years Ended June 30, 2015 2014 2013 Rental expense $ 13.8 $ 11.3 $ 8.2 |
Future Minimum Lease Payments | Future minimum lease payments under the Company’s current leases as of June 30, 2015 are as follows: Fiscal year ending: 2016 $ 12.4 2017 11.8 2018 7.4 2019 6.2 2020 6.4 Thereafter 19.8 $ 64.0 |
Employee Deferred Savings Plan
Employee Deferred Savings Plan (Tables) | 12 Months Ended |
Jun. 30, 2015 | |
Recorded Contributions to Employee Deferred Savings Plan | The Company’s recorded contributions to the plan as follows: Years Ended June 30, 2015 2014 2013 Deferred savings plan Company contributions $ 5.1 $ 4.4 $ 3.5 |
Segment and Related Informati39
Segment and Related Information (Tables) | 12 Months Ended |
Jun. 30, 2015 | |
Schedule of Segment Performance Based on Income (Loss) 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. Diagnostics Other Total Year ended June 30, 2015: Revenues $ 695.5 $ 27.6 $ 723.1 Depreciation and amortization 20.5 4.5 25.0 Segment operating income (loss) 217.1 (82.9 ) 134.2 Year ended June 30, 2014: Revenues $ 748.2 $ 30.0 $ 778.2 Depreciation and amortization 9.9 3.9 13.8 Segment operating income (loss) 338.0 (63.6 ) 274.4 Year ended June 30, 2013: Revenues $ 582.4 $ 30.8 $ 613.2 Depreciation and amortization 5.0 3.9 8.9 Segment operating income (loss) 291.5 (63.5 ) 228.0 Years Ended June 30, 2015 2014 2013 Total operating income for reportable segments $ 134.2 $ 274.4 $ 228.0 Unallocated amounts: Interest income 0.4 5.4 5.5 Other 0.3 (2.0 ) (0.2 ) Income from operations before income taxes 134.9 277.8 233.3 Income tax provision 54.7 101.6 86.1 Net income $ 80.2 $ 176.2 $ 147.2 |
Schedule of Significant Revenues from Major Products by Operating Segment | The following table indicates significant revenues from major products by operating segment: Years Ended June 30, Change % of Total Revenue 2015 2014 2013 2015 2014 2015 2014 2013 Diagnostic revenues: myRisk $ 320.7 $ 53.7 $ — $ 267.0 $ 53.7 44 % 7 % N/A BRACAnalysis 237.6 517.9 460.3 (280.3 ) 57.6 33 % 67 % 75 % VectraDA 43.7 14.0 — 29.7 14.0 6 % 2 % N/A Other 93.5 162.6 122.1 (69.1 ) 40.5 13 % 21 % 20 % Total diagnostic revenue 695.5 748.2 582.4 (52.7 ) 165.8 96 % 96 % 95 % Other 27.6 30.0 30.8 (2.4 ) (0.8 ) 4 % 4 % 5 % Total revenue $ 723.1 $ 778.2 $ 613.2 $ (55.1 ) $ 165.0 100 % 100 % 100 % |
Schedule Of Comparison of Balance Sheet Assets by Operating Segment | The following table sets forth a comparison of balance sheet assets by operating segment: June 30, 2015 2014 Net equipment, leasehold improvements and property: Diagnostics 34.5 24.3 Other 32.7 10.3 Total $ 67.2 $ 34.6 Total Assets: Diagnostics 450.6 409.9 Other 130.2 143.4 Total $ 580.8 $ 553.3 |
Reconciliation of Assets by Operating Segment to Total Assets | The following table reconciles assets by operating segment to total assets: June 30, 2015 2014 Total assets by segment $ 580.8 $ 553.3 Cash, cash equivalents, and marketable investment securities (1) 185.4 270.5 Total $ 766.2 $ 823.8 (1) The Company manages cash, cash equivalents, and marketable investment securities at the consolidated level for all segments |
Supplemental Cash Flow Inform40
Supplemental Cash Flow Information (Tables) | 12 Months Ended |
Jun. 30, 2015 | |
Schedule of Supplemental Cash Flow Information | 2015 2014 2013 Cash paid during the year for income taxes $ 39.1 $ 108.2 $ 80.3 Non-cash investing and financing activities: Fair value adjustment on marketable investment securities recorded to stockholders’ equity — (0.4 ) 0.4 |
Organization and Summary of S41
Organization and Summary of Significant Accounting Policies - Additional Information (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2013 | |
Organization and Summary of Significant Accounting Policies Disclosure [Line Items] | |||
Proceeds from maturities and sales of marketable investment securities | $ 165.6 | $ 382.5 | $ 385.3 |
Effect of foreign exchange rates on cash and cash equivalents | (4.8) | (0.6) | (0.7) |
Other receivables | 1.9 | 3.2 | |
Trade accounts receivables | $ 85.8 | 81.9 | |
Restatement Adjustment | |||
Organization and Summary of Significant Accounting Policies Disclosure [Line Items] | |||
Proceeds from maturities and sales of marketable investment securities | (0.6) | (0.7) | |
Effect of foreign exchange rates on cash and cash equivalents | 0.6 | $ 0.7 | |
Other receivables | (0.6) | ||
Trade accounts receivables | $ 0.6 | ||
Equipment | Minimum | |||
Organization and Summary of Significant Accounting Policies Disclosure [Line Items] | |||
Estimated useful lives, in years | 5 years | ||
Equipment | Maximum | |||
Organization and Summary of Significant Accounting Policies Disclosure [Line Items] | |||
Estimated useful lives, in years | 7 years | ||
Leasehold Improvements | Minimum | |||
Organization and Summary of Significant Accounting Policies Disclosure [Line Items] | |||
Estimated useful lives, in years | 3 years | ||
Leasehold Improvements | Maximum | |||
Organization and Summary of Significant Accounting Policies Disclosure [Line Items] | |||
Estimated useful lives, in years | 15 years |
Organization and Summary of S42
Organization and Summary of Significant Accounting Policies - Reconciliation of Denominators of Basic and Diluted Earnings Per Share (Detail) - shares shares in Millions | 12 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2013 | |
Schedule of Earnings Per Share, Basic and Diluted, by Common Class [Line Items] | |||
Weighted-average shares outstanding used to compute basic EPS | 71.3 | 75.7 | 80.9 |
Effect of dilutive stock options | 3.2 | 2.5 | 2.4 |
Weighted-average shares outstanding and dilutive securities used to compute diluted EPS | 74.5 | 78.2 | 83.3 |
Organization and Summary of S43
Organization and Summary of Significant Accounting Policies - Schedule of Anti-Dilutive Options and RSUs Excluded from EPS Computation (Detail) - shares shares in Millions | 12 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2013 | |
Stock options | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||
Anti-dilutive options and RSUs excluded from EPS computation | 0 | 0 | 0 |
Organization and Summary of S44
Organization and Summary of Significant Accounting Policies - Schedule of Cumulative Translation Adjustments Included in Other Comprehensive Income, Net of Tax (Detail) - USD ($) $ in Millions | 12 Months Ended | |
Jun. 30, 2015 | Jun. 30, 2014 | |
Foreign Currency Translation [Line Items] | ||
Beginning Balance | $ (1.8) | |
Period translation adjustments | (5.2) | $ (1.7) |
Ending balance | $ (7) | $ (1.8) |
Business Acquisitions - Additio
Business Acquisitions - Additional Information (Detail) - USD ($) $ in Millions | Feb. 27, 2015 | Feb. 28, 2014 | Jun. 30, 2015 | Jun. 30, 2014 |
Business Acquisition [Line Items] | ||||
Increase in long-term liabilities | $ 2 | |||
Deferred grants, determined fair value | 0 | |||
Decreased the deferred grants fair value | 0 | |||
Decrease in goodwill | (10.7) | |||
Business acquisition, cash transferred | $ 20.1 | $ 223.5 | ||
Crescendo Biosciences, Inc. | ||||
Business Acquisition [Line Items] | ||||
Total consideration transferred | $ 259 | |||
Business acquisition, cash transferred | 225.1 | |||
Elimination of intercompany balances related to accrued interest and term loan | 25.9 | |||
Fair value of purchase option granted | 8 | |||
Business acquisition, amount deposited into escrow account | 20 | |||
Share-based compensation to Crescendo employees | 6.9 | |||
Control bonuses paid to Crescendo employees | $ 5.7 | |||
Crescendo Biosciences, Inc. | Minimum | ||||
Business Acquisition [Line Items] | ||||
Period of audit completion | 12 months | |||
Crescendo Biosciences, Inc. | Maximum | ||||
Business Acquisition [Line Items] | ||||
Period of audit completion | 15 months | |||
German Clinic [Member] | ||||
Business Acquisition [Line Items] | ||||
Total consideration transferred | $ 20.1 | |||
Intangible asset amortization period for income tax purposes | 15 years |
Business Acquisitions - Allocat
Business Acquisitions - Allocation of Consideration Transferred (Detail) - USD ($) $ in Millions | Jun. 30, 2015 | Feb. 27, 2015 | Jun. 30, 2014 | Jun. 30, 2013 |
Business Acquisition [Line Items] | ||||
Goodwill | $ 177.2 | $ 169.2 | $ 56.9 | |
German Clinic [Member] | ||||
Business Acquisition [Line Items] | ||||
Current assets | $ 3.1 | |||
Real property | 20.7 | |||
Equipment | 1.6 | |||
Goodwill | 8.1 | |||
Current liabilities | (4.4) | |||
Long-term liabilities | (9) | |||
Total purchase price | $ 20.1 |
Business Acquisitions - Reconci
Business Acquisitions - Reconciliation of Consideration Transferred to Total Cash Paid to Acquire Business (Detail) - Crescendo Biosciences, Inc. $ in Millions | Feb. 28, 2014USD ($) |
Schedule of Business Acquisitions, Cost of Acquired Entity [Line Items] | |
Total consideration transferred | $ 259 |
Share-based compensation to Crescendo employees | 6.9 |
Change of control payments to Crescendo employees | 5.7 |
Offset: Non-cash fair value purchase option | (8) |
Total cash paid | $ 263.6 |
Business Acquisitions - Alloc48
Business Acquisitions - Allocation of Consideration Transferred for Crescendo (Detail) - USD ($) $ in Millions | Jun. 30, 2015 | Jun. 30, 2014 | Feb. 28, 2014 | Jun. 30, 2013 |
Business Acquisition [Line Items] | ||||
Goodwill | $ 177.2 | $ 169.2 | $ 56.9 | |
Crescendo Biosciences, Inc. | ||||
Business Acquisition [Line Items] | ||||
Other assets acquired | $ 15.9 | |||
Intangible assets | 196.6 | |||
Goodwill | 112.3 | |||
Total assets acquired | 324.8 | |||
Deferred tax liabilities | 44.2 | |||
Other liabilities assumed | 21.6 | |||
Total net assets acquired | $ 259 |
Business Acquisitions - Pro-for
Business Acquisitions - Pro-forma Results of Acquisitions (Detail) - USD ($) $ / shares in Units, $ in Millions | 12 Months Ended | |
Jun. 30, 2015 | Jun. 30, 2014 | |
Business Acquisition, Pro Forma Information [Line Items] | ||
Revenue | $ 723.1 | $ 807.5 |
Income from operations | 134.2 | 252.6 |
Net income | $ 80.2 | $ 155.9 |
Net income per share, basic | $ 1.13 | $ 2.06 |
Net income per share, diluted | $ 1.08 | $ 1.99 |
Marketable Investment Securit50
Marketable Investment Securities - Schedule of Fair Value for Available-for-Sale Securities by Major Security Type and Class of Security (Detail) - USD ($) $ in Millions | Jun. 30, 2015 | Jun. 30, 2014 |
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized cost | $ 185.4 | $ 270.2 |
Gross unrealized holding gains | 0.1 | 0.3 |
Gross unrealized holding losses | (0.1) | |
Estimated fair value | 185.4 | 270.5 |
Cash | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized cost | 54.7 | 45.2 |
Estimated fair value | 54.7 | 45.2 |
Cash Equivalents | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized cost | 9.4 | 19.6 |
Estimated fair value | 9.4 | 19.6 |
Total Cash and Cash Equivalents | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized cost | 64.1 | 64.8 |
Estimated fair value | 64.1 | 64.8 |
Corporate Bonds and Notes | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized cost | 41.8 | 44.5 |
Estimated fair value | 41.8 | 44.5 |
Municipal Bonds | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized cost | 66.3 | 137.8 |
Gross unrealized holding gains | 0.1 | 0.3 |
Gross unrealized holding losses | (0.1) | |
Estimated fair value | 66.3 | 138.1 |
Federal Agency Issues | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized cost | 13.2 | 23.1 |
Estimated fair value | $ 13.2 | $ 23.1 |
Marketable Investment Securit51
Marketable Investment Securities - Schedule of Maturities of Debt Securities Classified as Cash Equivalents and Available-For-Sale (Detail) $ in Millions | Jun. 30, 2015USD ($) |
Schedule of Available-for-sale Securities [Line Items] | |
Due within one year, Amortized cost | $ 80.7 |
Due after one year through five years, Amortized cost | 40.6 |
Due after five years, Amortized cost | 0 |
Total | 185.4 |
Due within one year, Estimated fair value | 80.7 |
Due after one year through five years, Estimated fair value | 40.6 |
Due after five years, Estimated fair value | 0 |
Total | 185.4 |
Cash | |
Schedule of Available-for-sale Securities [Line Items] | |
Cash, Amortized cost | 54.7 |
Cash, Estimated fair value | 54.7 |
Cash Equivalents | |
Schedule of Available-for-sale Securities [Line Items] | |
Cash equivalents, Amortized cost | 9.4 |
Cash equivalents, Estimated fair value | $ 9.4 |
Marketable Investment Securit52
Marketable Investment Securities - Schedule of Debt Securities Available-For-Sale in Gross Unrealized Loss Position (Detail) - USD ($) $ in Millions | Jun. 30, 2015 | Jun. 30, 2014 |
Schedule of Available-for-sale Securities [Line Items] | ||
Fair Value, Less than 12 Months | $ 51.1 | $ 29.6 |
Unrealized losses, Less than 12 months | (0.1) | 0 |
Fair Value, More than 12 months | 0 | 0 |
Unrealized losses, More than 12 months | 0 | 0 |
Fair value, Total | 51.1 | 29.6 |
Unrealized losses, Total | (0.1) | 0 |
Corporate Bonds and Notes | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Fair Value, Less than 12 Months | 24.4 | 16 |
Unrealized losses, Less than 12 months | 0 | 0 |
Fair Value, More than 12 months | 0 | 0 |
Unrealized losses, More than 12 months | 0 | 0 |
Fair value, Total | 24.4 | 16 |
Unrealized losses, Total | 0 | 0 |
Municipal Bonds | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Fair Value, Less than 12 Months | 24.8 | 8.6 |
Unrealized losses, Less than 12 months | (0.1) | 0 |
Fair Value, More than 12 months | 0 | 0 |
Unrealized losses, More than 12 months | 0 | 0 |
Fair value, Total | 24.8 | 8.6 |
Unrealized losses, Total | (0.1) | 0 |
Federal Agency Issues | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Fair Value, Less than 12 Months | 1.9 | 5 |
Unrealized losses, Less than 12 months | 0 | 0 |
Fair Value, More than 12 months | 0 | 0 |
Unrealized losses, More than 12 months | 0 | 0 |
Fair value, Total | 1.9 | 5 |
Unrealized losses, Total | $ 0 | $ 0 |
Property, Plant and Equipment53
Property, Plant and Equipment, Net - Schedule of Property, Plant and Equipment, Net (Detail) - USD ($) $ in Millions | Jun. 30, 2015 | Jun. 30, 2014 |
Property, Plant and Equipment [Line Items] | ||
Land | $ 2.3 | |
Buildings and improvements | 18.2 | |
Leasehold improvements | 18.5 | $ 18.9 |
Equipment | 99.1 | 80.7 |
Gross property, plant and equipment | 138.1 | 99.6 |
Less accumulated depreciation | (70.9) | (65) |
Property, plant and equipment, net | $ 67.2 | $ 34.6 |
Property, Plant and Equipment54
Property, Plant and Equipment, Net - Schedule of Depreciation Expense (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2013 | |
Depreciation and Other Amortization Expenses [Line Items] | |||
Depreciation expense | $ 12.3 | $ 9.2 | $ 8 |
Goodwill and Intangible Asset55
Goodwill and Intangible Assets - Additional Information (Detail) - USD ($) | 12 Months Ended | |||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2013 | Feb. 27, 2015 | |
Goodwill And Intangible Assets [Line Items] | ||||
Goodwill | $ 177,200,000 | $ 169,200,000 | $ 56,900,000 | |
Impairment of goodwill | 0 | |||
Goodwill associated with the acquisition | 8,100,000 | 112,300,000 | ||
Impairment charges of intangible assets | 1,500,000 | |||
Impairment of long-lived assets | 0 | $ 0 | 0 | |
2,016 | 12,500,000 | |||
2,017 | 12,500,000 | |||
2,018 | 12,500,000 | |||
2,019 | 12,500,000 | |||
2,020 | 12,200,000 | |||
Thereafter | 125,600,000 | |||
German Clinic [Member] | ||||
Goodwill And Intangible Assets [Line Items] | ||||
Goodwill | $ 8,100,000 | |||
Diagnostics | ||||
Goodwill And Intangible Assets [Line Items] | ||||
Goodwill | 112,300,000 | |||
Other | ||||
Goodwill And Intangible Assets [Line Items] | ||||
Goodwill | 64,900,000 | |||
Other | German Clinic [Member] | ||||
Goodwill And Intangible Assets [Line Items] | ||||
Goodwill associated with the acquisition | $ 8,000,000 | |||
Purchased Licenses And Technologies | ||||
Goodwill And Intangible Assets [Line Items] | ||||
Weighted average remaining amortization period | 15 years | |||
Customer Relationships | ||||
Goodwill And Intangible Assets [Line Items] | ||||
Estimated useful life | 6 years | |||
Weighted average remaining amortization period | 15 years | |||
Trademarks | ||||
Goodwill And Intangible Assets [Line Items] | ||||
Estimated useful life | 13 years | |||
Weighted average remaining amortization period | 15 years | |||
Developed Technology and Database | ||||
Goodwill And Intangible Assets [Line Items] | ||||
Estimated useful life | 16 years | |||
Licensing Agreements | ||||
Goodwill And Intangible Assets [Line Items] | ||||
Impairment charges of intangible assets | $ 1,500,000 |
Goodwill and Intangible Asset56
Goodwill and Intangible Assets - Summary of Changes to Goodwill Balance (Detail) - USD ($) $ in Millions | 12 Months Ended | |
Jun. 30, 2015 | Jun. 30, 2014 | |
Goodwill [Line Items] | ||
Beginning balance | $ 169.2 | $ 56.9 |
Acquisitions | 8.1 | 112.3 |
Translation adjustments | (0.1) | |
Ending balance | $ 177.2 | $ 169.2 |
Goodwill and Intangible Asset57
Goodwill and Intangible Assets - Summarized Amounts Reported as Intangible Assets (Detail) - USD ($) $ in Millions | Jun. 30, 2015 | Jun. 30, 2014 |
Intangible Assets [Line Items] | ||
Gross Carrying Amount, amortizable intangible assets | $ 206.8 | $ 208.8 |
Gross Carrying Amount, total intangible assets | 211.6 | 213.6 |
Accumulated Amortization | (19) | (8.3) |
Net, amortizable intangible assets | 187.8 | 200.5 |
Net, total intangible assets | 192.6 | 205.3 |
Net, non-amortizable intangible assets | 4.8 | 4.8 |
In-Process Research And Development | ||
Intangible Assets [Line Items] | ||
Net, non-amortizable intangible assets | 4.8 | 4.8 |
Purchased Licenses And Technologies | ||
Intangible Assets [Line Items] | ||
Gross Carrying Amount, amortizable intangible assets | 199.1 | 201.1 |
Accumulated Amortization | (16.7) | (6.6) |
Net, amortizable intangible assets | 182.4 | 194.5 |
Customer Relationships | ||
Intangible Assets [Line Items] | ||
Gross Carrying Amount, amortizable intangible assets | 4.7 | 4.7 |
Accumulated Amortization | (1.9) | (1.5) |
Net, amortizable intangible assets | 2.8 | 3.2 |
Trademarks | ||
Intangible Assets [Line Items] | ||
Gross Carrying Amount, amortizable intangible assets | 3 | 3 |
Accumulated Amortization | (0.4) | (0.2) |
Net, amortizable intangible assets | $ 2.6 | $ 2.8 |
Goodwill and Intangible Asset58
Goodwill and Intangible Assets - Amortization on Intangible Assets (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2013 | |
Finite-Lived Intangible Assets [Line Items] | |||
Amortization on intangible assets | $ 12.7 | $ 4.6 | $ 0.9 |
Cost Basis Investment - Additio
Cost Basis Investment - Additional Information (Detail) - Apr. 30, 2013 - RainDance - Series E Preferred Stock - USD ($) shares in Millions, $ in Millions | Total |
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% |
Accrued Liabilities - Summary o
Accrued Liabilities - Summary of Accrued Liabilities (Detail) - USD ($) $ in Millions | Jun. 30, 2015 | Jun. 30, 2014 |
Accrued Liabilities [Line Items] | ||
Employee compensation and benefits | $ 33.8 | $ 40.8 |
Accrued taxes payable | 3.8 | 6.2 |
Other | 8.5 | 9.4 |
Total accrued liabilities | $ 46.1 | $ 56.4 |
Other Long Term Liabilities - S
Other Long Term Liabilities - Summary of Other Long Term Liabilities (Detail) - USD ($) $ in Millions | Jun. 30, 2015 | Jun. 30, 2014 |
Other Non Current Liabilities [Line Items] | ||
Pension obligation | $ 4.9 | $ 0 |
Other | 3.9 | 0 |
Total other long term liabilities | $ 8.8 | $ 0 |
Other Long Term Liabilities - A
Other Long Term Liabilities - Additional Information (Detail) $ in Millions | Jun. 30, 2015USD ($)plan | Jun. 30, 2014USD ($) |
Other Non Current Liabilities [Line Items] | ||
Number of defined benefit pension plans | plan | 2 | |
Fair value of plan assets | $ 0.2 | |
Net pension liability | $ 4.9 | $ 0 |
Preferred and Common Stockhol63
Preferred and Common Stockholder's Equity - Additional Information (Detail) - USD ($) | Jun. 30, 2015 | Mar. 31, 2015 | Feb. 28, 2015 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2012 |
Class of Stock [Line Items] | ||||||
Preferred stock, shares authorized | 5,000,000 | |||||
Preferred stock, par value | $ 0.01 | |||||
Preferred stock, shares outstanding | 0 | 0 | 0 | |||
Common stock, shares authorized | 150,000,000 | |||||
Common stock, par value | $ 0.01 | |||||
Common stock, shares issued | 68,900,000 | 73,500,000 | 80,600,000 | 82,600,000 | ||
Common stock, shares outstanding | 68,900,000 | 73,500,000 | 80,600,000 | 82,600,000 | ||
Share repurchase program, remaining authorized repurchase amount | $ 155,000,000 | |||||
Sixth Share Repurchase Program | ||||||
Class of Stock [Line Items] | ||||||
Share repurchase program, authorized amount | $ 300,000,000 | |||||
Seventh Share Repurchase Program | ||||||
Class of Stock [Line Items] | ||||||
Share repurchase program, authorized amount | $ 200,000,000 |
Preferred and Common Stockhol64
Preferred and Common Stockholder's Equity - Summary of Common Shares Issued and Outstanding (Detail) - shares shares in Millions | 12 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2013 | |
Class of Stock [Line Items] | |||
Common stock issued, Beginning balance | 73.5 | 80.6 | 82.6 |
Common stock outstanding, Beginning balance | 73.5 | 80.6 | 82.6 |
Common stock issued upon exercise of options and employee stock plans | 1.4 | 3.3 | 3.6 |
Repurchase and retirement of common stock | (6) | (10.4) | (5.6) |
Common stock issued, Ending balance | 68.9 | 73.5 | 80.6 |
Common stock outstanding, Ending balance | 68.9 | 73.5 | 80.6 |
Preferred and Common Stockhol65
Preferred and Common Stockholder's Equity - Schedule of Stock Repurchases (Detail) - USD ($) shares in Millions, $ in Millions | 12 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2013 | |
Stockholders Equity [Line Items] | |||
Shares purchased and retired | 6 | 10.4 | 5.6 |
Common stock and additional paid-in-capital reductions | $ 51.5 | $ 82.5 | $ 42.7 |
Charges to retained earnings | $ 159.2 | $ 205.1 | $ 103.6 |
Common Stock | |||
Stockholders Equity [Line Items] | |||
Shares purchased and retired | 6 | 10.4 | 5.6 |
Income Taxes - Schedule of Inco
Income Taxes - Schedule of Income Tax Expense (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2013 | |
Income Taxes [Line Items] | |||
Current, Federal | $ 53.7 | $ 97.4 | $ 80.3 |
Current, State | 4.7 | 3.5 | 6 |
Total Current | 58.4 | 100.9 | 86.3 |
Deferred, Federal | (2.1) | (0.7) | 0.7 |
Deferred, State | 8.7 | 0.8 | (0.4) |
Foreign | (2.3) | (2.9) | (2.1) |
Change in valuation allowance | (8) | 3.5 | 1.6 |
Total Deferred | (3.7) | 0.7 | (0.2) |
Total income tax expense | $ 54.7 | $ 101.6 | $ 86.1 |
Income Taxes - Schedule Of In67
Income Taxes - Schedule Of Income (Loss) Before Income Taxes (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2013 | |
Income Tax [Line Items] | |||
Income (loss) before income taxes, United States | $ 147 | $ 292 | $ 243.6 |
Income (loss) before income taxes, Foreign | (12.1) | (14.2) | (10.3) |
Income before income tax | $ 134.9 | $ 277.8 | $ 233.3 |
Income Taxes - Schedule Of Diff
Income Taxes - Schedule Of Differences Between Income Taxes At Statutory Federal Rate And Income Taxes Reported In Consolidated Statements of Operations (Detail) | 12 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2013 | |
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 | 1.70% | 1.60% | 1.70% |
Research and development credits, net of the federal tax on state credits | (2.50%) | (0.20%) | (1.00%) |
Uncertain tax positions, net of federal benefit on state positions | 1.20% | (0.10%) | 0.20% |
Incentive stock option and employee stock purchase plan expense | 0.20% | (0.30%) | (0.50%) |
Adjustment to deferred tax liability attributable to acquired intangible assets | 1.60% | ||
Foreign rate differential | 1.60% | 0.80% | 0.60% |
Change in valuation allowance | 2.60% | 1.20% | 0.70% |
Basis difference, disposition of foreign subsidiary | (1.90%) | ||
California basis step-up election, net of related valuation allowance impact | (1.20%) | ||
Other, net | 0.40% | 0.50% | 0.20% |
Effective income tax rate | 40.60% | 36.60% | 36.90% |
Income Taxes - Schedule Of Sign
Income Taxes - Schedule Of Significant Components of Company's Deferred Tax Assets And Liabilities (Detail) - USD ($) $ in Millions | Jun. 30, 2015 | Jun. 30, 2014 |
Deferred tax assets: | ||
Net operating loss carryforwards | $ 61.1 | $ 77 |
Property, plant and equipment | 2.9 | 2.9 |
Accrued vacation | 1.7 | 1.6 |
Allowance for doubtful accounts | 2.7 | 3.3 |
Stock compensation expense | 36.8 | 26 |
Research and development credits | 8.9 | 11.2 |
Uncertain state tax positions | 1.1 | 0.6 |
Other, net | 0.9 | 0.3 |
Total gross deferred tax assets | 116.1 | 122.9 |
Less valuation allowance | (33.4) | (41.4) |
Total deferred tax assets | 82.7 | 81.5 |
Deferred tax liabilities: | ||
Intangible assets | 69.4 | 71.8 |
Total deferred tax liabilities | 69.4 | 71.8 |
Net deferred tax assets | 13.3 | 9.7 |
Current net deferred tax asset | 13.5 | 6.5 |
Long term net deferred tax asset | (0.2) | 3.2 |
Net deferred tax assets | $ 13.3 | $ 9.7 |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Detail) - USD ($) $ in Millions | 12 Months Ended | |
Jun. 30, 2015 | Jun. 30, 2014 | |
Income Taxes [Line Items] | ||
Amount of valuation allowance increased (decreased) | $ (8) | $ 33.2 |
Excess tax benefits realized | 3.4 | 11.1 |
Excess tax benefits attributable to deferred tax asset | 61.1 | 77 |
Deferred tax liability not recognized, Amount of unrecognized deferred tax liability, undistributed earnings of foreign subsidiaries | 0 | |
Cumulative effect | $ 0 | |
Income tax returns examination | 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 Division of Taxation and Finance. | |
Crescendo Biosciences, Inc. | ||
Income Taxes [Line Items] | ||
Amount of valuation allowance increased (decreased) | 29.7 | |
Utah | ||
Income Taxes [Line Items] | ||
Excess tax benefits attributable to deferred tax asset | $ 92.6 | |
Remaining excess tax benefits not included in deferred tax assets | 137.3 | |
Utah | Prior to the adoption of Statement 123(R) | ||
Income Taxes [Line Items] | ||
Excess tax benefits attributable to deferred tax asset | 3 | |
South San Francisco, California | ||
Income Taxes [Line Items] | ||
Amount of valuation allowance increased (decreased) | (11.5) | |
Foreign net operating losses and state tax research credits | ||
Income Taxes [Line Items] | ||
Amount of valuation allowance increased (decreased) | $ 3.5 | |
Foreign (various jurisdictions) | ||
Income Taxes [Line Items] | ||
Amount of valuation allowance increased (decreased) | $ 3.5 |
Income Taxes - Summary of Net O
Income Taxes - Summary of Net Operating Loss and Research Credit Carryforwards (Detail) - Jun. 30, 2015 - USD ($) $ in Millions | Total |
Domestic Country | Federal | |
Operating Loss Carryforwards [Line Items] | |
Net operating losses | $ 138.4 |
Net operating losses subject to sections 382,383 | Yes |
Domestic Country | Federal | Research | |
Operating Loss Carryforwards [Line Items] | |
Research credit | $ 3.2 |
Research credit subject to sections 382,383 | Yes |
State and Local Jurisdiction | UTAH | |
Operating Loss Carryforwards [Line Items] | |
Net operating losses | $ 229.9 |
Net operating losses subject to sections 382,383 | No |
State and Local Jurisdiction | UTAH | Research | |
Operating Loss Carryforwards [Line Items] | |
Research credit | $ 8.6 |
Research credit subject to sections 382,383 | No |
State and Local Jurisdiction | OKLAHOMA | |
Operating Loss Carryforwards [Line Items] | |
Net operating losses | $ 14.1 |
Net operating losses subject to sections 382,383 | Yes |
Foreign (various jurisdictions) | |
Operating Loss Carryforwards [Line Items] | |
Net operating losses | $ 39.3 |
Net operating losses subject to sections 382,383 | No |
Minimum | Domestic Country | Federal | |
Operating Loss Carryforwards [Line Items] | |
Net operating losses, expiration in year | 2,027 |
Minimum | Domestic Country | Federal | Research | |
Operating Loss Carryforwards [Line Items] | |
Research credit, expiration in year | 2,025 |
Minimum | State and Local Jurisdiction | UTAH | |
Operating Loss Carryforwards [Line Items] | |
Net operating losses, expiration in year | 2,016 |
Minimum | State and Local Jurisdiction | UTAH | Research | |
Operating Loss Carryforwards [Line Items] | |
Research credit, expiration in year | 2,021 |
Minimum | State and Local Jurisdiction | OKLAHOMA | |
Operating Loss Carryforwards [Line Items] | |
Net operating losses, expiration in year | 2,023 |
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 | 2,033 |
Maximum | Domestic Country | Federal | Research | |
Operating Loss Carryforwards [Line Items] | |
Research credit, expiration in year | 2,032 |
Maximum | State and Local Jurisdiction | UTAH | |
Operating Loss Carryforwards [Line Items] | |
Net operating losses, expiration in year | 2,024 |
Maximum | State and Local Jurisdiction | UTAH | Research | |
Operating Loss Carryforwards [Line Items] | |
Research credit, expiration in year | 2,029 |
Maximum | State and Local Jurisdiction | OKLAHOMA | |
Operating Loss Carryforwards [Line Items] | |
Net operating losses, expiration in year | 2,033 |
Maximum | Foreign (various jurisdictions) | |
Operating Loss Carryforwards [Line Items] | |
Net operating losses, expiration date ranges | Various |
Income Taxes - Schedule of Reco
Income Taxes - Schedule of Reconciliation of Beginning and Ending Amount of Unrecognized Tax Benefits (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2013 | |
Income Tax Reconciliation [Line Items] | |||
Unrecognized tax benefits at the beginning of year | $ 24.2 | $ 10.9 | $ 10.2 |
Gross increases - current year tax positions | 1.1 | 1.8 | 0.7 |
Gross increases - prior year tax positions | 1 | 0.3 | |
Gross increases - acquisitions | 14.2 | ||
Gross decreases - prior year tax positions | (3) | ||
Unrecognized tax benefits at end of year | 26.3 | 24.2 | 10.9 |
Interest and penalties in year-end balance | $ 1 | $ 0.6 | $ 0.3 |
Share-Based Compensation - Addi
Share-Based Compensation - Additional Information (Detail) - USD ($) $ in Millions | Dec. 05, 2012 | Sep. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2013 | Dec. 05, 2013 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Options exercisable, weighted average remaining contractual life | 5 years 3 months | |||||
Total unrecognized share-based compensation cost related to stock options | $ 15.7 | |||||
Share based compensation expense | $ 45.7 | $ 34 | $ 26.6 | |||
Shares purchased under the Plan | 200,000 | 200,000 | 100,000 | |||
Stock options | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Service period of share-based compensation vested, years | 4 years | |||||
Total unrecognized share-based compensation cost, weighted-average period, years | 1 year 7 months 6 days | |||||
Stock options | Share-based compensation granted after December 5, 2012 | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Share-based compensation expire from date of grant, years | 8 years | |||||
Stock options | Share-based compensation granted prior to December 5, 2012 | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Share-based compensation expire from date of grant, years | 10 years | |||||
Restricted Stock Units (RSUs) | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Service period of share-based compensation vested, years | 4 years | |||||
Total unrecognized share-based compensation cost, weighted-average period, years | 2 years 8 months 1 day | |||||
Total unrecognized share-based compensation cost related to RSUs | $ 20.8 | |||||
Unrecognized share-based compensation cost | $ 37.3 | |||||
1995 Purchase Plan | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Number of shares approved | 2,000,000 | |||||
Shares issued under the Plan | 2,000,000 | |||||
2012 Purchase Plan | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Number of shares approved | 2,000,000 | |||||
Shares purchased under the Plan | 400,000 | |||||
Unrecognized share-based compensation cost | $ 0.8 | |||||
The 2010 Plan | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Number of shares approved | 3,500,000 | |||||
Shares reserved for issuance exercise of options | 2,200,000 | |||||
The 2010 Plan | Maximum | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Shares available for future grant | 4,400,000 | |||||
Chief Financial Officer [Member] | Resignation Agreement In October Two Thousand Fourteen | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Share based compensation expense | $ 3.1 | |||||
Chief Executive Officer [Member] | Resignation Agreement In February Two Thousand Fifteen [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Share based compensation expense | $ 12.8 |
Share-Based Compensation - Sche
Share-Based Compensation - Schedule of Fair Value of Stock Option Grant with Weighted-Average Assumptions (Detail) | 12 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2013 | |
Options Plan | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Risk-free interest rate | 1.60% | 1.60% | 0.80% |
Expected dividend yield | 0.00% | 0.00% | 0.00% |
Expected volatility | 40.00% | 40.00% | 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 1 month 6 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 8 months 12 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 | 33.00% | 56.00% | 37.00% |
Share-Based Compensation - Sc75
Share-Based Compensation - Schedule of Share-Based Compensation Arrangement by Share Based Payment Award Options Outstanding (Detail) - $ / shares shares in Millions | 12 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2013 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Options outstanding at beginning of year, Number of shares | 14.2 | 14.4 | 15.2 |
Options granted, Number of shares | 3.3 | 3 | |
Options exercised, Number of shares | (1.2) | (3.1) | (3.5) |
Options canceled or expired, Number of shares | (0.5) | (0.4) | (0.3) |
Options outstanding at end of year, Number of shares | 12.5 | 14.2 | 14.4 |
Options exercisable at end of year, Number of shares | 9.6 | 7.1 | 7.5 |
Options vested and expected to vest, Number of shares | 12.5 | 13.4 | 13.5 |
Options outstanding at beginning of year, Weighted average exercise price | $ 23.30 | $ 21.75 | $ 19.32 |
Options granted, Weighted average exercise price | 26.52 | 27.09 | |
Options exercised, Weighted average exercise price | 20.17 | 19.44 | 15.65 |
Options canceled or expired, Weighted average exercise price | 25.98 | 24.30 | 22.26 |
Options outstanding at end of year, Weighted average exercise price | 23.49 | 23.30 | 21.75 |
Options exercisable at end of year, Weighted average exercise price | 22.80 | 21.90 | 20.51 |
Options vested and expected to vest, Weighted average exercise price | $ 23.49 | 23.12 | 21.58 |
Weighted average fair value of options granted during the year | $ 10.04 | $ 9.87 |
Share-Based Compensation - Sc76
Share-Based Compensation - Schedule of Share-Based Compensation Arrangement by Share Based Payment Award Options Outstanding and Options Exercisable (Detail) - Jun. 30, 2015 - $ / shares shares in Millions | Total |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Outstanding at June 30,2015, Option outstanding | 12.5 |
Average remaining contractual life (years), Options outstanding | 5 years 6 months 15 days |
Weighted average exercise price, Options outstanding | $ 23.49 |
Exercisable at June 30, 2015, Options exercisable | 9.6 |
Weighted average exercise price, Options exercisable | $ 22.80 |
$7.27 - 19.47 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Range of exercise prices, minimum | 7.27 |
Range of exercise prices, maximum | $ 19.47 |
Outstanding at June 30,2015, Option outstanding | 4 |
Average remaining contractual life (years), Options outstanding | 5 years 7 days |
Weighted average exercise price, Options outstanding | $ 17.49 |
Exercisable at June 30, 2015, Options exercisable | 3.6 |
Weighted average exercise price, Options exercisable | $ 17.30 |
$ 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 |
Outstanding at June 30,2015, Option outstanding | 4.9 |
Average remaining contractual life (years), Options outstanding | 5 years 6 months 7 days |
Weighted average exercise price, Options outstanding | $ 24.95 |
Exercisable at June 30, 2015, Options exercisable | 3.3 |
Weighted average exercise price, Options exercisable | $ 24.29 |
$ 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 |
Outstanding at June 30,2015, Option outstanding | 3.6 |
Average remaining contractual life (years), Options outstanding | 6 years 1 month 28 days |
Weighted average exercise price, Options outstanding | $ 28.12 |
Exercisable at June 30, 2015, Options exercisable | 2.7 |
Weighted average exercise price, Options exercisable | $ 28.44 |
$ 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 |
Average remaining contractual life (years), Options outstanding | 6 years 2 months 1 day |
Weighted average exercise price, Options outstanding | $ 34.02 |
Weighted average exercise price, Options exercisable | $ 32.74 |
Share-Based Compensation - Sc77
Share-Based Compensation - Schedule of Share-Based Compensation Arrangement by Share Based Payment Award Restricted Stock Units Outstanding (Detail) - 12 months ended Jun. 30, 2015 - Restricted Stock Units (RSUs) - $ / shares shares in Millions | Total |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
RSUs granted, Number of shares | 1.2 |
RSUs vested, Number of shares | 0 |
RSUs canceled, Number of shares | 0.2 |
RSUs outstanding at end of year, Number of shares | 1 |
RSUs granted, Weighted average grant date fair value | $ 37.66 |
RSUs vested, Weighted average grant date fair value | 34.22 |
RSUs canceled, Weighted average grant date fair value | 38.12 |
RSUs outstanding at end of year, Weighted average grant date fair value | $ 37.63 |
Share-Based Compensation - Sc78
Share-Based Compensation - Schedule of Share-Based Compensation Recognized in Consolidated Statements of Operations (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2013 | |
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | |||
Total share-based compensation expense | $ 45.7 | $ 34 | $ 26.6 |
Molecular Diagnostic Testing Expense | |||
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | |||
Total share-based compensation expense | 0.9 | 0.8 | 1 |
Pharmaceutical and Clinical Services Expense | |||
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | |||
Total share-based compensation expense | 0.5 | 0.3 | 0.2 |
Research And Development Expense | |||
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | |||
Total share-based compensation expense | 4.3 | 5.4 | 3.3 |
Selling, General, and Administrative Expenses | |||
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | |||
Total share-based compensation expense | $ 40 | $ 27.5 | $ 22.1 |
Share-Based Compensation - Sc79
Share-Based Compensation - Schedule of Unrecognized Share-Based Compensation Cost (Detail) - Restricted Stock Units (RSUs) $ in Millions | Jun. 30, 2015USD ($) |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Unrecognized share-based compensation cost | $ 37.3 |
Aggregate intrinsic value of options outstanding | 131.2 |
Aggregate intrinsic value of options fully vested | 107.3 |
Aggregate intrinsic value of RSUs outstanding | $ 34.3 |
Share-Based Compensation - Sc80
Share-Based Compensation - Schedule of Intrinsic Value of Options Exercised (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2013 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Total intrinsic value of options exercised | $ 20.5 | $ 49.4 | $ 51.8 |
Share-Based Compensation - Sc81
Share-Based Compensation - Schedule of Shares Purchased and Compensation Expenses (Detail) - USD ($) shares in Millions, $ in Millions | 12 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2013 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Shares purchased under the plans | 0.2 | 0.2 | 0.1 |
Plan compensation expense | $ 1.8 | $ 1.3 | $ 0.9 |
Fair Value Measurements - Sched
Fair Value Measurements - Schedule of Fair Value of Financial Assets (Detail) - USD ($) $ in Millions | Jun. 30, 2015 | Jun. 30, 2014 | |
Fair Value, Option, Qualitative Disclosures Related to Election [Line Items] | |||
Total fair value of financial assets | $ 130.7 | $ 225.4 | |
Money Market Funds | |||
Fair Value, Option, Qualitative Disclosures Related to Election [Line Items] | |||
Total fair value of financial assets | [1] | 2.4 | 13.6 |
Corporate Bonds and Notes | |||
Fair Value, Option, Qualitative Disclosures Related to Election [Line Items] | |||
Total fair value of financial assets | 44.8 | 44.5 | |
Municipal Bonds | |||
Fair Value, Option, Qualitative Disclosures Related to Election [Line Items] | |||
Total fair value of financial assets | 70.3 | 144.2 | |
Federal Agency Issues | |||
Fair Value, Option, Qualitative Disclosures Related to Election [Line Items] | |||
Total fair value of financial assets | 13.2 | 23.1 | |
Level 1 | |||
Fair Value, Option, Qualitative Disclosures Related to Election [Line Items] | |||
Total fair value of financial assets | 2.4 | 13.6 | |
Level 1 | Money Market Funds | |||
Fair Value, Option, Qualitative Disclosures Related to Election [Line Items] | |||
Total fair value of financial assets | [1] | 2.4 | 13.6 |
Level 2 | |||
Fair Value, Option, Qualitative Disclosures Related to Election [Line Items] | |||
Total fair value of financial assets | 128.3 | 211.8 | |
Level 2 | Corporate Bonds and Notes | |||
Fair Value, Option, Qualitative Disclosures Related to Election [Line Items] | |||
Total fair value of financial assets | 44.8 | 44.5 | |
Level 2 | Municipal Bonds | |||
Fair Value, Option, Qualitative Disclosures Related to Election [Line Items] | |||
Total fair value of financial assets | 70.3 | 144.2 | |
Level 2 | Federal Agency Issues | |||
Fair Value, Option, Qualitative Disclosures Related to Election [Line Items] | |||
Total fair value of financial assets | $ 13.2 | $ 23.1 | |
[1] | Money market funds are primarily comprised of exchange traded funds and accrued interest |
Commitment and Contingencies -
Commitment and Contingencies - Summary of Expended Unconditional Purchase Obligation (Detail) $ in Millions | 12 Months Ended |
Jun. 30, 2015USD ($) | |
Recorded Unconditional Purchase Obligation [Line Items] | |
Total expended on unconditional purchase obligations | $ 21.3 |
Fiscal Year 2014 [Member] | |
Recorded Unconditional Purchase Obligation [Line Items] | |
Total expended on unconditional purchase obligations | 10.4 |
Fiscal Year 2015 [Member] | |
Recorded Unconditional Purchase Obligation [Line Items] | |
Total expended on unconditional purchase obligations | $ 10.9 |
Commitment and Contingencies 84
Commitment and Contingencies - Summary of Remaining Unconditional Purchase Obligation (Detail) $ in Millions | Jun. 30, 2015USD ($) |
Unrecorded Unconditional Purchase Obligation [Line Items] | |
Commitment for unconditional purchase obligations, 2016 | $ 21.3 |
Commitment for unconditional purchase obligations, 2017 | 12.1 |
Total commitment for unconditional purchase obligations | $ 33.4 |
Commitment and Contingencies 85
Commitment and Contingencies - Additional Information (Detail) - 12 months ended Jun. 30, 2015 - Leases | Total |
Myriad RBM | |
Commitments and Contingencies [Line Items] | |
Non-cancelable operating leases | 1 |
Operating leases expiration period | 2,020 |
Administrative Functions | Minimum | |
Commitments and Contingencies [Line Items] | |
Operating leases expiration period | 2,015 |
Administrative Functions | Maximum | |
Commitments and Contingencies [Line Items] | |
Operating leases expiration period | 2,020 |
Information Technology Equipment | |
Commitments and Contingencies [Line Items] | |
Non-cancelable operating leases | 2 |
Information Technology Equipment | Minimum | |
Commitments and Contingencies [Line Items] | |
Operating leases expiration period | 2,016 |
Salt Lake City, Utah | |
Commitments and Contingencies [Line Items] | |
Non-cancelable operating leases | 5 |
Salt Lake City, Utah | Minimum | |
Commitments and Contingencies [Line Items] | |
Operating leases expiration period | 2,017 |
Salt Lake City, Utah | Maximum | |
Commitments and Contingencies [Line Items] | |
Operating leases expiration period | 2,025 |
Munich, Germany | |
Commitments and Contingencies [Line Items] | |
Cancelable operating leases | 1 |
Cancelable operating leases expiration period | 2,018 |
South San Francisco, California | |
Commitments and Contingencies [Line Items] | |
Non-cancelable operating leases | 1 |
Operating leases expiration period | 2,016 |
Commitment and Contingencies 86
Commitment and Contingencies - Summary of Rental Expense (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2013 | |
Operating Leased Assets [Line Items] | |||
Rental expense | $ 13.8 | $ 11.3 | $ 8.2 |
Commitment and Contingencies 87
Commitment and Contingencies - Future Minimum Lease Payments (Detail) $ in Millions | Jun. 30, 2015USD ($) |
Operating Leased Assets [Line Items] | |
2,016 | $ 12.4 |
2,017 | 11.8 |
2,018 | 7.4 |
2,019 | 6.2 |
2,020 | 6.4 |
Thereafter | 19.8 |
Total | $ 64 |
Employee Deferred Savings Pla88
Employee Deferred Savings Plan - Additional Information (Detail) | 12 Months Ended |
Jun. 30, 2015 | |
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% |
Employee Deferred Savings Pla89
Employee Deferred Savings Plan -Company's Recorded Contributions To Plan (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2013 | |
Savings Plan [Line Items] | |||
Deferred savings plan Company contributions | $ 5.1 | $ 4.4 | $ 3.5 |
Segment and Related Informati90
Segment and Related Information - Additional Information (Detail) | 12 Months Ended |
Jun. 30, 2015Segment | |
Segment Reporting Information [Line Items] | |
Number of reportable segment | 2 |
Segment and Related Informati91
Segment and Related Information - Schedule of Segment Performance Based on Income (Loss) before Interest Income and Other Income and Expense (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2013 | |
Segment Reporting Information [Line Items] | |||
Revenues | $ 723.1 | $ 778.2 | $ 613.2 |
Depreciation and amortization | 25 | 13.8 | 8.9 |
Segment operating income (loss) | 134.2 | 274.4 | 228 |
Diagnostics | |||
Segment Reporting Information [Line Items] | |||
Revenues | 695.5 | 748.2 | 582.4 |
Depreciation and amortization | 20.5 | 9.9 | 5 |
Segment operating income (loss) | 217.1 | 338 | 291.5 |
Other | |||
Segment Reporting Information [Line Items] | |||
Revenues | 27.6 | 30 | 30.8 |
Depreciation and amortization | 4.5 | 3.9 | 3.9 |
Segment operating income (loss) | $ (82.9) | $ (63.6) | $ (63.5) |
Segment and Related Informati92
Segment and Related Information - Schedule of Total Operating Income for Reportable Segments (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2013 | |
Segment Reporting Information [Line Items] | |||
Total operating income for reportable segments | $ 134.2 | $ 274.4 | $ 228 |
Interest income | 0.4 | 5.4 | 5.5 |
Other | 0.3 | (2) | (0.2) |
Income before income tax | 134.9 | 277.8 | 233.3 |
Income tax provision | 54.7 | 101.6 | 86.1 |
Net income | $ 80.2 | $ 176.2 | $ 147.2 |
Segment and Related Informati93
Segment and Related Information - Schedule of Significant Revenues from Major Products by Operating Segment (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2013 | |
Segment Reporting Information [Line Items] | |||
Revenues | $ 723.1 | $ 778.2 | $ 613.2 |
Change in Revenues | $ (55.1) | $ 165 | |
Sales Revenue | Product Concentration Risk | |||
Segment Reporting Information [Line Items] | |||
Percentage of Total Revenue | 100.00% | 100.00% | 100.00% |
Diagnostics | |||
Segment Reporting Information [Line Items] | |||
Revenues | $ 695.5 | $ 748.2 | $ 582.4 |
Change in Revenues | $ (52.7) | $ 165.8 | |
Diagnostics | Sales Revenue | Product Concentration Risk | |||
Segment Reporting Information [Line Items] | |||
Percentage of Total Revenue | 96.00% | 96.00% | 95.00% |
Diagnostics | myRisk | |||
Segment Reporting Information [Line Items] | |||
Revenues | $ 320.7 | $ 53.7 | |
Change in Revenues | $ 267 | $ 53.7 | |
Diagnostics | myRisk | Sales Revenue | Product Concentration Risk | |||
Segment Reporting Information [Line Items] | |||
Percentage of Total Revenue | 44.00% | 7.00% | |
Diagnostics | BRACAnalysis | |||
Segment Reporting Information [Line Items] | |||
Revenues | $ 237.6 | $ 517.9 | $ 460.3 |
Change in Revenues | $ (280.3) | $ 57.6 | |
Diagnostics | BRACAnalysis | Sales Revenue | Product Concentration Risk | |||
Segment Reporting Information [Line Items] | |||
Percentage of Total Revenue | 33.00% | 67.00% | 75.00% |
Diagnostics | VectraDA | |||
Segment Reporting Information [Line Items] | |||
Revenues | $ 43.7 | $ 14 | |
Change in Revenues | $ 29.7 | $ 14 | |
Diagnostics | VectraDA | Sales Revenue | Product Concentration Risk | |||
Segment Reporting Information [Line Items] | |||
Percentage of Total Revenue | 6.00% | 2.00% | |
Diagnostics | Other | |||
Segment Reporting Information [Line Items] | |||
Revenues | $ 93.5 | $ 162.6 | $ 122.1 |
Change in Revenues | $ (69.1) | $ 40.5 | |
Diagnostics | Other | Sales Revenue | Product Concentration Risk | |||
Segment Reporting Information [Line Items] | |||
Percentage of Total Revenue | 13.00% | 21.00% | 20.00% |
Other | |||
Segment Reporting Information [Line Items] | |||
Revenues | $ 27.6 | $ 30 | $ 30.8 |
Change in Revenues | $ (2.4) | $ (0.8) | |
Other | Sales Revenue | Product Concentration Risk | |||
Segment Reporting Information [Line Items] | |||
Percentage of Total Revenue | 4.00% | 4.00% | 5.00% |
Segment and Related Informati94
Segment and Related Information - Schedule Of Comparison Of Balance Sheet Assets By Operating Segment (Detail) - USD ($) $ in Millions | Jun. 30, 2015 | Jun. 30, 2014 |
Segment Reporting Information [Line Items] | ||
Net equipment, leasehold improvements and property | $ 67.2 | $ 34.6 |
Total assets by segment | 766.2 | 823.8 |
Operating Segments | ||
Segment Reporting Information [Line Items] | ||
Net equipment, leasehold improvements and property | 67.2 | 34.6 |
Total assets by segment | 580.8 | 553.3 |
Operating Segments | Diagnostics | ||
Segment Reporting Information [Line Items] | ||
Net equipment, leasehold improvements and property | 34.5 | 24.3 |
Total assets by segment | 450.6 | 409.9 |
Operating Segments | Other | ||
Segment Reporting Information [Line Items] | ||
Net equipment, leasehold improvements and property | 32.7 | 10.3 |
Total assets by segment | $ 130.2 | $ 143.4 |
Segment and Related Informati95
Segment and Related Information - Reconciliation of Assets by Operating Segment to Total Assets (Detail) - USD ($) $ in Millions | Jun. 30, 2015 | Jun. 30, 2014 | |
Segment Reporting, Asset Reconciling Item [Line Items] | |||
Assets | $ 766.2 | $ 823.8 | |
Operating Segments | |||
Segment Reporting, Asset Reconciling Item [Line Items] | |||
Assets | 580.8 | 553.3 | |
Cash, cash equivalents, and marketable investment securities | |||
Segment Reporting, Asset Reconciling Item [Line Items] | |||
Assets | [1] | $ 185.4 | $ 270.5 |
[1] | The Company manages cash, cash equivalents, and marketable investment securities at the consolidated level for all segments |
Supplemental Cash Flow Inform96
Supplemental Cash Flow Information - Schedule of Supplemental Cash Flow Information (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2013 | |
Supplemental Cash Flow Information [Line Items] | |||
Cash paid during the year for income taxes | $ 39.1 | $ 108.2 | $ 80.3 |
Non-cash investing and financing activities: | |||
Fair value adjustment on marketable investment securities recorded to stockholders' equity | $ (0.4) | $ 0.4 |
Schedule of Valuation and Qua97
Schedule of Valuation and Qualifying Accounts (Detail) - Allowance for Doubtful Accounts - USD ($) $ in Millions | 12 Months Ended | |||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2013 | ||
Valuation and Qualifying Accounts Disclosure [Line Items] | ||||
Balance at Beginning of Period | $ 9 | $ 7.5 | $ 4.6 | |
Addition Changed to Cost and Expenses | 31.5 | 39.2 | 33.3 | |
Net Deductions and Other | [1] | (32.9) | (37.7) | (30.4) |
Balance at End of Period | $ 7.6 | $ 9 | $ 7.5 | |
[1] | Primarily represents the write-off of accounts receivables net of recoveries. |