Document and Entity Information
Document and Entity Information - shares | 9 Months Ended | |
Mar. 31, 2016 | Apr. 29, 2016 | |
Document And Entity Information [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Mar. 31, 2016 | |
Document Fiscal Year Focus | 2,016 | |
Document Fiscal Period Focus | Q3 | |
Trading Symbol | MYGN | |
Entity Registrant Name | MYRIAD GENETICS INC | |
Entity Central Index Key | 899,923 | |
Current Fiscal Year End Date | --06-30 | |
Entity Filer Category | Large Accelerated Filer | |
Entity Common Stock, Shares Outstanding | 70,298,970 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets - USD ($) $ in Millions | Mar. 31, 2016 | Jun. 30, 2015 |
Current assets: | ||
Cash and cash equivalents | $ 120.5 | $ 64.1 |
Marketable investment securities | 96.2 | 80.7 |
Prepaid expenses | 21.1 | 12.5 |
Inventory | 25.3 | 25.1 |
Trade accounts receivable, less allowance for doubtful accounts of $6.5 March 31, 2016 and $7.6 June 30, 2015 | 91.1 | 85.8 |
Deferred taxes | 13.5 | |
Prepaid taxes | 15.3 | |
Other receivables | 2.9 | 1.9 |
Total current assets | 372.4 | 283.6 |
Property, plant and equipment, net | 60 | 67.2 |
Long-term marketable investment securities | 69.7 | 40.6 |
Intangibles, net | 183.2 | 192.6 |
Goodwill | 177.9 | 177.2 |
Other assets | 5 | 5 |
Total assets | 868.2 | 766.2 |
Current liabilities: | ||
Accounts payable | 13.8 | 21.1 |
Accrued liabilities | 50.8 | 46.1 |
Deferred revenue | 1.5 | 1.5 |
Total current liabilities | 66.1 | 68.7 |
Unrecognized tax benefits | 24 | 26.4 |
Other long-term liabilities | 7.7 | 8.8 |
Long-term deferred taxes | 0.2 | 0.2 |
Total liabilities | $ 98 | $ 104.1 |
Commitments and contingencies | ||
Stockholders' equity: | ||
Common stock, 70.4 and 68.9 shares outstanding at March 31, 2016 and June 30, 2015 respectively | $ 0.7 | $ 0.7 |
Additional paid-in capital | 847 | 745.4 |
Accumulated other comprehensive loss | (8.3) | (7) |
Accumulated deficit | (69.2) | (77) |
Total stockholders' equity | 770.2 | 662.1 |
Total liabilities and stockholders' equity | $ 868.2 | $ 766.2 |
Condensed Consolidated Balance3
Condensed Consolidated Balance Sheets (Parenthetical) - USD ($) shares in Millions, $ in Millions | Mar. 31, 2016 | Jun. 30, 2015 |
Statement of Financial Position [Abstract] | ||
Allowance for doubtful accounts | $ 6.5 | $ 7.6 |
Common stock, shares outstanding | 70.4 | 68.9 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Operations - USD ($) shares in Millions, $ in Millions | 3 Months Ended | 9 Months Ended | ||
Mar. 31, 2016 | Mar. 31, 2015 | Mar. 31, 2016 | Mar. 31, 2015 | |
Income Statement [Abstract] | ||||
Molecular diagnostic testing | $ 177.4 | $ 173 | $ 532 | $ 516.6 |
Pharmaceutical and clinical services | 13.1 | 7 | 35.4 | 16.6 |
Total revenue | 190.5 | 180 | 567.4 | 533.2 |
Costs and expenses: | ||||
Cost of molecular diagnostic testing | 33.6 | 33 | 98.6 | 100.9 |
Cost of pharmaceutical and clinical services | 6.6 | 3.3 | 18.7 | 8.1 |
Research and development expense | 17.2 | 16.7 | 51.1 | 56.8 |
Selling, general, and administrative expense | 90.5 | 91.3 | 267.8 | 269.4 |
Total costs and expenses | 147.9 | 144.3 | 436.2 | 435.2 |
Operating income | 42.6 | 35.7 | 131.2 | 98 |
Other income (expense): | ||||
Interest income | 0.3 | 0.1 | 0.5 | 0.3 |
Other | 0.2 | (0.3) | 1.1 | |
Total other income (expense): | 0.5 | (0.2) | 0.5 | 1.4 |
Income before income tax | 43.1 | 35.5 | 131.7 | 99.4 |
Income tax provision | 10.5 | 14.1 | 42.1 | 37.9 |
Net income | $ 32.6 | $ 21.4 | $ 89.6 | $ 61.5 |
Earnings per share: | ||||
Basic | $ 0.46 | $ 0.30 | $ 1.28 | $ 0.85 |
Diluted | $ 0.44 | $ 0.29 | $ 1.22 | $ 0.82 |
Weighted average shares outstanding: | ||||
Basic | 70.9 | 70.7 | 70.1 | 72 |
Diluted | 73.5 | 73.9 | 73.2 | 75.1 |
Condensed Consolidated Stateme5
Condensed Consolidated Statements of Comprehensive Income - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Mar. 31, 2016 | Mar. 31, 2015 | Mar. 31, 2016 | Mar. 31, 2015 | |
Statement of Comprehensive Income [Abstract] | ||||
Net income | $ 32.6 | $ 21.4 | $ 89.6 | $ 61.5 |
Unrealized gain (loss) on available-for-sale securities, net of tax | 0.3 | 0.2 | (0.3) | |
Change in foreign currency translation adjustment, net of tax | 0.5 | (3.3) | (1.5) | (5.7) |
Comprehensive income | $ 33.4 | $ 18.1 | $ 88.3 | $ 55.5 |
Condensed Consolidated Stateme6
Condensed Consolidated Statements of Cash Flows - USD ($) $ in Millions | 9 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
CASH FLOWS FROM OPERATING ACTIVITIES: | ||
Net income | $ 89.6 | $ 61.5 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Depreciation and amortization | 20 | 18.4 |
Loss (gain) on disposition of assets | (0.4) | 0.1 |
Share-based compensation expense | 23.9 | 31.6 |
Bad debt expense | 23.5 | 23.5 |
Deferred income taxes | 31.5 | (1) |
Unrecognized tax benefits | (2.4) | 1.9 |
Excess tax benefit from share-based compensation | (17.9) | (3.2) |
Changes in assets and liabilities: | ||
Prepaid expenses | (8.7) | (3) |
Trade accounts receivable | (28.7) | (32.2) |
Other receivables | (1) | 0.9 |
Inventory | (0.2) | (4.9) |
Prepaid taxes | (15.3) | 13.6 |
Accounts payable | (6.9) | (6.4) |
Accrued liabilities | 2.9 | (11.5) |
Deferred revenue | 0.2 | |
Net cash provided by operating activities | 109.9 | 89.5 |
CASH FLOWS FROM INVESTING ACTIVITIES | ||
Capital expenditures | (2.8) | (21.9) |
Acquisitions, net of cash acquired | (20.1) | |
Purchases of marketable investment securities | (131.4) | (55.1) |
Proceeds from maturities and sales of marketable investment securities | 86.6 | 140.8 |
Net cash provided by (used in) investing activities | (47.6) | 43.7 |
CASH FLOWS FROM FINANCING ACTIVITIES: | ||
Net proceeds from common stock issued under share-based compensation plans | 85.9 | 25.6 |
Excess tax benefit from share-based compensation | 17.9 | 3.2 |
Repurchase and retirement of common stock | (107.9) | (165.9) |
Net cash used in financing activities | (4.1) | (137.1) |
Effect of foreign exchange rates on cash and cash equivalents | (1.8) | (5.7) |
Net increase (decrease) in cash and cash equivalents | 56.4 | (9.6) |
Cash and cash equivalents at beginning of the period | 64.1 | 64.8 |
Cash and cash equivalents at end of the period | $ 120.5 | $ 55.2 |
Basis of Presentation
Basis of Presentation | 9 Months Ended |
Mar. 31, 2016 | |
Accounting Policies [Abstract] | |
Basis of Presentation | (1) BASIS OF PRESENTATION The accompanying condensed consolidated financial statements have been prepared by Myriad Genetics, Inc. (the “Company”) in accordance with U.S. generally accepted accounting principles (“GAAP”) for interim financial information and pursuant to the applicable rules and regulations of the Securities and Exchange Commission (“SEC”). The condensed consolidated financial statements include the accounts of the Company and its wholly owned subsidiaries. All intercompany accounts and transactions have been eliminated in consolidation. In the opinion of management, the accompanying financial statements contain all adjustments (consisting of normal and recurring accruals) necessary to present fairly all financial statements in accordance with GAAP. The condensed consolidated financial statements herein should be read in conjunction with the Company’s audited consolidated financial statements and notes thereto for the fiscal year ended June 30, 2015, included in the Company’s Annual Report on Form 10-K for the fiscal year ended June 30, 2015. Operating results for the three and nine months ended March 31, 2016 may not necessarily be indicative of results to be expected for any other interim period or for the full year. The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities at the date of the financial statements, as well as the reported amounts of revenue and expenses during the reporting period. Actual results could differ from those estimates. New Accounting Pronouncements In February 2016, the FASB issued Accounting Standards Update 2016-02, Leases (“ASU 2016-02”). ASU 2016-02 amends the existing accounting standards for lease accounting, including requiring lessees to recognize most leases on their balance sheets and making targeted changes to lessor accounting. ASU 2016-02 will be effective beginning in the first quarter of 2019. Early adoption of ASU 2016-02 is permitted. ASU 2016-02 requires a modified retrospective transition approach for all leases existing at, or entered into after, the date of initial application, with an option to use certain transition relief. The Company’s management is currently evaluating the impact of adopting ASU 2016-02 on the Company’s consolidated financial statements. In March 2016, the FASB issued Accounting Standards Update No. 2016-09, Compensation—Stock Compensation (Topic 718). (“ASU 2016-09”), ASU 2016-09 makes several modifications to Topic 718 related to the accounting for forfeitures, employer tax withholding on share-based compensation and the financial statement presentation of excess tax benefits or deficiencies. ASU 2016-09 also clarifies the statement of cash flows presentation for certain components of share-based awards. ASU 2016-09 is effective for interim and annual reporting periods beginning after December 15, 2016, although early adoption is permitted. The Company’s management is currently evaluating how the adoption of ASU 2016-09 will impact the Company’s Consolidated Financial Statements. |
Acquisitions
Acquisitions | 9 Months Ended |
Mar. 31, 2016 | |
Business Combinations [Abstract] | |
Acquisitions | (2) 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 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 fair values at the acquisition date as set forth below. The Company believes acquisition of the Clinic should 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 its 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. Estimated Fair Current assets $ 3.1 Real property 20.7 Equipment 1.6 Goodwill 8.7 Current liabilities (4.4 ) Long-term liabilities (9.6 ) Total purchase price $ 20.1 During the quarter ended March 31, 2016 there was an adjustment to long-term liabilities. The long-term liabilities increased by approximately $0.6 due to information obtained from the third party actuarial analysis of the pension obligation which increased goodwill by the same amount. |
Marketable Investment Securitie
Marketable Investment Securities | 9 Months Ended |
Mar. 31, 2016 | |
Investments, Debt and Equity Securities [Abstract] | |
Marketable Investment Securities | (3) MARKETABLE INVESTMENT SECURITIES The Company has classified its marketable investment securities as available-for-sale securities. These securities are carried at estimated fair value with unrealized holding gains and losses, net of the related tax effect, included in accumulated other comprehensive loss in stockholders’ equity until realized. Gains and losses on investment security transactions are reported on the specific-identification method. Dividend and interest income are recognized when earned. The amortized cost, gross unrealized holding gains, gross unrealized holding losses, and fair value for available-for-sale securities by major security type and class of security at March 31, 2016 and June 30, 2015 were as follows: Amortized Gross Gross Estimated At March 31, 2016: Cash and cash equivalents: Cash $ 114.2 $ — $ — $ 114.2 Cash equivalents 6.3 — — 6.3 Total cash and cash equivalents 120.5 — — 120.5 Available-for-sale: Corporate bonds and notes 48.5 0.1 (0.1 ) 48.5 Municipal bonds 80.6 0.2 — 80.8 Federal agency issues 36.5 0.1 — 36.6 Total $ 286.1 $ 0.4 $ (0.1 ) $ 286.4 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 Cash, cash equivalents, and maturities of debt securities classified as available-for-sale securities are as follows at March 31, 2016: Amortized Estimated Cash $ 114.2 $ 114.2 Cash equivalents 6.3 6.3 Available-for-sale: Due within one year 96.2 96.2 Due after one year through five years 69.4 69.7 Due after five years — — Total $ 286.1 $ 286.4 |
Property, Plant and Equipment,
Property, Plant and Equipment, Net | 9 Months Ended |
Mar. 31, 2016 | |
Property, Plant and Equipment [Abstract] | |
Property, Plant and Equipment, Net | (4) PROPERTY, PLANT AND EQUIPMENT, NET March 31, June 30, Land $ 2.3 $ 2.3 Buildings and improvements 18.8 18.2 Leasehold improvements 18.7 18.5 Equipment 101.9 99.1 141.7 138.1 Less accumulated depreciation (81.7 ) (70.9 ) Property, plant and equipment, net $ 60.0 $ 67.2 Three months ended March 31, Nine months ended March 31, 2016 2015 2016 2015 Depreciation expense 3.5 3.3 10.6 8.8 |
Goodwill and Intangible Assets
Goodwill and Intangible Assets | 9 Months Ended |
Mar. 31, 2016 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill and Intangible Assets | (5) GOODWILL AND INTANGIBLE ASSETS Goodwill The Company has recorded goodwill of $177.9 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 $65.6 relates to the other segment. The following summarizes changes to the goodwill balance for the nine months ended March 31, 2016: Carrying Beginning balance July 1, 2015 $ 177.2 Purchase accounting (see note 2) 0.6 Translation adjustments 0.1 Ending balance March 31, 2016 $ 177.9 Intangible Assets Intangible assets primarily consist of amortizable assets of purchased licenses and technologies, customer relationships, and trade names as well as non-amortizable intangible assets of in-process technologies and research and development. The following summarizes the amounts reported as intangible assets: Gross Accumulated Net At March 31, 2016: Purchased licenses and technologies $ 199.1 $ (25.6 ) $ 173.5 Customer relationships 4.7 (2.2 ) 2.5 Trademarks 3.0 (0.6 ) 2.4 Total amortized intangible assets 206.8 (28.4 ) 178.4 In-process research and development 4.8 — 4.8 Total unamortized intangible assets 4.8 — 4.8 Total intangible assets $ 211.6 $ (28.4 ) $ 183.2 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 The Company recorded amortization expense during the respective periods for these intangible assets as follows: Three months ended March 31, Nine months ended March 31, 2016 2015 2016 2015 Amortization of intangible assets 3.1 3.1 9.4 9.6 |
Cost Basis Investment
Cost Basis Investment | 9 Months Ended |
Mar. 31, 2016 | |
Investments, All Other Investments [Abstract] | |
Cost Basis Investment | (6) COST BASIS INVESTMENT As of March 31, 2016, the Company had a $5.0 investment in RainDance Technologies, Inc., which has been recorded under the cost method as an “Other Asset” on the Company’s condensed consolidated balance sheet. There were no events or circumstances that indicated that impairment exists; therefore, the Company recorded no impairment in the investment for the nine months ended March 31, 2016. |
Accrued Liabilities
Accrued Liabilities | 9 Months Ended |
Mar. 31, 2016 | |
Payables and Accruals [Abstract] | |
Accrued Liabilities | (7) ACCRUED LIABILITIES March 31, June 30, Employee compensation and benefits $ 39.7 $ 33.8 Accrued taxes payable 2.3 3.8 Other 8.8 8.5 Total Accrued liabilities $ 50.8 $ 46.1 |
Other Long Term Liabilities
Other Long Term Liabilities | 9 Months Ended |
Mar. 31, 2016 | |
Other Liabilities Disclosure [Abstract] | |
Other Long Term Liabilities | (8) OTHER LONG TERM LIABILITIES March 31, June 30, 2016 2015 Pension obligation $ 5.7 $ 4.9 Other 2.0 3.9 Total other long term liabilities $ 7.7 $ 8.8 The Company has two non-contributory defined benefit pension plans for its current and former Clinic employees. Participation in the plans was closed to exclude those employees hired after 2002. As of March 31, 2016 the fair value of the plan assets were approximately $0.1 resulting in a net pension liability of $5.7. |
Preferred and Common Stockholde
Preferred and Common Stockholder's Equity | 9 Months Ended |
Mar. 31, 2016 | |
Equity [Abstract] | |
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 March 31, 2016. The Company is authorized to issue up to 150.0 shares of common stock, par value $0.01 per share. There were 70.4 shares issued and outstanding at March 31, 2016. Common shares issued and outstanding Nine months ended March 31, 2016 2015 Common stock issued and outstanding at July 1 68.9 73.5 Common stock issued upon exercise of options and employee stock plans 4.4 1.2 Repurchase and retirement of common stock (2.9 ) (4.7 ) Common stock issued and outstanding at March 31 70.4 70.0 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 (“EPS”) computations: Three months ended March 31, Nine months ended March 31, 2016 2015 2016 2015 Denominator: Weighted-average shares outstanding used to compute basic EPS 70.9 70.7 70.1 72.0 Effect of dilutive shares 2.6 3.2 3.1 3.1 Weighted-average shares outstanding and dilutive securities used to compute diluted EPS 73.5 73.9 73.2 75.1 Certain outstanding options and restricted stock units (“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: Three months ended March 31, Nine months ended March 31, 2016 2015 2016 2015 Anti-dilutive options and RSU’s excluded from EPS computation 0.1 0.1 — — Stock Repurchase Program 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 March 31, 2016, the Company has $47.0 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 March 31, 2016 and 2015 were as follows: Three months ended March 31, Nine months ended 2016 2015 2016 2015 Shares purchased and retired 1.2 1.8 2.9 4.7 Common stock and additional paid-in-capital reductions $ 11.2 $ 15.2 $ 26.0 $ 40.2 Charges to retained earnings $ 33.3 $ 46.8 $ 81.9 $ 125.8 |
Income Taxes
Income Taxes | 9 Months Ended |
Mar. 31, 2016 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | (10) INCOME TAXES In order to determine the Company’s quarterly provision for income taxes, the Company used an estimated annual effective tax rate that is based on expected annual income and statutory tax rates in the various jurisdictions in which the Company operates. Certain significant or unusual items are separately recognized in the quarter during which they occur and can be a source of variability in the effective tax rate from quarter to quarter. Income tax expense for the three months ended March 31, 2016 was $10.5, or approximately 24% of pre-tax income, compared to $14.1, or approximately 40% of pre-tax income, for the three months ended March 31, 2015. Income tax expense for the nine months ended March 31, 2016 was $42.1, or approximately 32% of pre-tax income, compared to $37.9, or approximately 38% of pre-tax income, for the nine months ended March 31, 2015. Income tax expense for the three and nine months ended March 31, 2016 is based on the Company’s estimated annual effective tax rate for the full fiscal year ending June 30, 2016, adjusted by discrete items recognized during the period. For the three and nine months ended March 31, 2016, the Company’s recognized effective tax rate differs from the U.S. federal statutory rate of 35% primarily due to the effect of state income taxes, changes in uncertain tax benefits and valuation allowances related to historic tax credits, the federal research tax credit, the sourcing of foreign losses and the benefits realized from the differences related to the earlier recognition of the tax effect of equity compensation expense from incentive stock options and the deduction realized when those options are disqualified upon exercise and sale. The Company files U.S., foreign and state income tax returns in jurisdictions with various statutes of limitations. The Company is currently under audit by the IRS for the fiscal year ended June 30, 2014, the State of New Jersey for the fiscal years June 30, 2007 through 2013 and the State of New York for the fiscal years June 30, 2014 through 2015. Annual and interim tax provisions include amounts considered necessary to pay assessments that may result from examination of prior year tax returns; however, the amount ultimately paid upon resolution of issues may differ materially from the amount accrued. Pursuant to the guidelines of the recently issued Accounting Standards Update 2015-17 (“the Update”), all deferred tax assets and liabilities are to be classified as non-current. The effective date of the Update for public companies is for annual periods beginning after December 15, 2016 and later dates for all other entities. Early adoption is permitted. To comply with the guidance, the Company elected to adopt this Update for the quarter ended December 31, 2015 and the annual period ending June 30, 2016. The guidance indicates that the Update may be applied either prospectively or retrospectively. The Company chose to apply the Update prospectively. Accordingly, no prior periods were adjusted. During the quarter ended December 31, 2015, approximately $13.5 of net current deferred tax assets were reclassified to non-current and netted against non-current deferred tax liabilities. |
Share-Based Compensation
Share-Based Compensation | 9 Months Ended |
Mar. 31, 2016 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
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 3, 2015, the shareholders approved an amendment to the 2010 Plan to add 1.6 to the number of shares of common stock available for grant. At March 31, 2016, 2.3 shares of common stock were available for issuance. If an option or RSU issued or awarded under the 2010 Plan is cancelled or expires without the issuance of shares of common stock, the unissued or reacquired shares, which were subject to the option or RSU, shall again be available for issuance pursuant to the 2010 Plan. In addition, as of March 31, 2016, the Company may grant up to 2.5 additional shares of common stock under the 2010 Plan if options previously granted under the Company’s terminated 2003 Employee, Director and Consultant Option Plan are cancelled or expire without the issuance of shares of common stock by the Company. The number of shares, terms, and vesting period of awards under the 2010 Plan are determined by the Compensation Committee of the Board of Directors for each equity award. Stock options granted under the plan prior to December 5, 2012 generally vest ratably over four years and expire ten years from the grant date. Stock options granted after December 5, 2012 generally vest ratably over four years and expire eight years from the grant date. The exercise price of options granted is equivalent to the fair market value of the stock on the grant date. In September 2014, in lieu of stock options, the Company began issuing restricted stock units (“RSUs”) to employees and directors which generally vest ratably over four years on the anniversary date of the grant. Beginning in fiscal 2016, RSUs issued will generally vest ratably over four years from the last day of the month in which the RSU award is granted. The number of RSUs awarded to certain executive officers may be reduced if certain additional financial performance metrics are not met. Stock Options A summary of the stock option activity under the Company’s plans for the nine months ended March 31, 2016 is as follows: Number Weighted Options outstanding at June 30, 2015 12.5 $ 23.49 Options granted — $ — Less: Options exercised (4.1 ) $ 21.39 Options canceled or expired — $ — Options outstanding at March 31, 2016 8.4 $ 24.51 Options exercisable at March 31, 2016 6.9 $ 24.02 As of March 31, 2016, there was $8.6 of total unrecognized share-based compensation expense related to stock options that will be recognized over a weighted-average period of 1.16 years. Restricted Stock Units A summary of the RSU activity under the Company’s plans for the nine months ended March 31, 2016 is as follows: Number Weighted RSUs outstanding at June 30, 2015 1.0 $ 37.63 RSUs granted 0.8 $ 40.66 Less: RSUs vested (0.4 ) $ 39.74 RSUs canceled — $ — RSUs outstanding at March 31, 2016 1.4 $ 38.78 As of March 31, 2016, there was $35.0 of total unrecognized share-based compensation expense related to RSUs that will be recognized over a weighted-average period of 2.54 years. This unrecognized compensation expense is equal to the fair value of RSUs expected to vest. Employee Stock Purchase Plan The Company also has an Employee Stock Purchase Plan that was approved by shareholders in 2012 (the “2012 Purchase Plan”), under which 2.0 shares of common stock have been authorized. Shares are issued under the 2012 Purchase Plan twice yearly at the end of each offering period. As of March 31, 2016, approximately 0.7 shares of common stock have been issued under the 2012 Purchase Plan. Share-Based Compensation Expense Share-based compensation expense recognized and included in the condensed consolidated statements of income and comprehensive income was allocated as follows: Three months ended March 31, Nine months ended 2016 2015 2016 2015 Cost of molecular diagnostic testing $ 0.2 $ 0.2 $ 0.7 $ 0.7 Cost of pharmaceutical and clinical services 0.1 0.1 0.3 0.4 Research and development expense 1.3 1.2 4.1 3.2 Selling, general, and administrative expense 6.0 11.0 18.8 27.3 Total share-based compensation expense $ 7.6 $ 12.5 $ 23.9 $ 31.6 |
Fair Value Measurements
Fair Value Measurements | 9 Months Ended |
Mar. 31, 2016 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | (12) FAIR VALUE MEASUREMENTS The fair value of the Company’s financial instruments reflects the amounts that the Company estimates it will receive in connection with the sale of an asset or pay in connection with the transfer of a liability in an orderly transaction between market participants at the measurement date (exit price). The fair value hierarchy prioritizes the use of inputs used in valuation techniques into the following three levels: Level 1— quoted prices in active markets for identical assets and liabilities. Level 2— observable inputs other than quoted prices in active markets for identical assets and liabilities; quoted prices in markets that are not active; or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities. Some of the Company’s marketable securities primarily utilize broker quotes in a non-active market for valuation of these securities. Level 3— unobservable inputs. All of the Company’s financial instruments are valued using quoted prices in active markets or based on other observable inputs. For Level 2 securities, the Company uses a third party pricing service which provides documentation on an ongoing basis that includes, among other things, pricing information with respect to reference data, methodology, inputs summarized by asset class, pricing application and corroborative information. The Company reviews, tests and validates this information. The following table sets forth the fair value of the financial assets that the Company re-measures on a regular basis: Level 1 Level 2 Level 3 Total at March 31, 2016 Money market funds (a) $ 6.3 $ — $ — $ 6.3 Corporate bonds and notes — 48.5 — 48.5 Municipal bonds — 80.8 — 80.8 Federal agency issues — 36.6 — 36.6 Total $ 6.3 $ 165.9 $ — $ 172.2 (a) Money market funds are primarily comprised of exchange traded funds and accrued interest 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 |
Commitment and Contingencies
Commitment and Contingencies | 9 Months Ended |
Mar. 31, 2016 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitment and Contingencies | (13) COMMITMENTS AND CONTINGENCIES The Company is subject to various claims and legal proceedings covering matters that arise in the ordinary course of its business activities. As of March 31, 2016, the management of the Company believes any liability that may ultimately result from the resolution of these matters will not have a material adverse effect on the Company’s consolidated financial position, operating results, or cash flows. |
Employee Deferred Savings Plan
Employee Deferred Savings Plan | 9 Months Ended |
Mar. 31, 2016 | |
Postemployment Benefits [Abstract] | |
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: Three months ended March 31, Nine months ended 2016 2015 2016 2015 Deferred savings plan contributions $ 1.4 $ 1.3 $ 4.1 $ 3.8 |
Segment and Related Information
Segment and Related Information | 9 Months Ended |
Mar. 31, 2016 | |
Segment Reporting [Abstract] | |
Segment and Related Information | (15) SEGMENT AND RELATED INFORMATION The Company’s business units have been aligned with how the Chief Operating Decision Maker (“CODM”) reviews performance and makes decisions in managing the Company. The business units have been aggregated into two reportable segments: (i) diagnostics and (ii) other. 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. Segment revenue and operating income (loss) were as follows during the periods presented: Diagnostics Other Total Three months ended March 31, 2016 Revenues $ 177.4 $ 13.1 $ 190.5 Depreciation and amortization 5.4 1.2 6.6 Segment operating income (loss) 59.2 (16.6 ) 42.6 Three months ended March 31, 2015 Revenues $ 173.0 $ 7.0 $ 180.0 Depreciation and amortization 5.2 1.2 6.4 Segment operating income (loss) 55.2 (19.5 ) 35.7 Nine months ended March 31, 2016 Revenues $ 532.0 $ 35.4 $ 567.4 Depreciation and amortization 16.2 3.8 20.0 Segment operating income (loss) 186.3 (55.1 ) 131.2 Nine months ended March 31, 2015 Revenues $ 516.6 $ 16.6 $ 533.2 Depreciation and amortization 15.2 3.2 18.4 Segment operating income (loss) 159.3 (61.3 ) 98.0 Three months ended March 31, Nine months ended 2016 2015 2016 2015 Total operating income for reportable segments $ 42.6 $ 35.7 $ 131.2 $ 98.0 Unallocated amounts: Interest income 0.3 0.1 0.5 0.3 Other 0.2 (0.3 ) — 1.1 Income from operations before income taxes 43.1 35.5 131.7 99.4 Income tax provision 10.5 14.1 42.1 37.9 Net income $ 32.6 $ 21.4 $ 89.6 $ 61.5 |
Supplemental Cash Flow Informat
Supplemental Cash Flow Information | 9 Months Ended |
Mar. 31, 2016 | |
Supplemental Cash Flow Elements [Abstract] | |
Supplemental Cash Flow Information | (16) SUPPLEMENTAL CASH FLOW INFORMATION Nine months ended 2016 2015 Cash paid during the period for income taxes $ 28.5 $ 22.7 Non-cash investing and financing activities: Fair value adjustment on marketable investment securities recorded to stockholders’ equity $ 0.2 $ (0.3 ) |
Basis of Presentation (Policies
Basis of Presentation (Policies) | 9 Months Ended |
Mar. 31, 2016 | |
Accounting Policies [Abstract] | |
Basis of Presentation | The accompanying condensed consolidated financial statements have been prepared by Myriad Genetics, Inc. (the “Company”) in accordance with U.S. generally accepted accounting principles (“GAAP”) for interim financial information and pursuant to the applicable rules and regulations of the Securities and Exchange Commission (“SEC”). The condensed consolidated financial statements include the accounts of the Company and its wholly owned subsidiaries. All intercompany accounts and transactions have been eliminated in consolidation. In the opinion of management, the accompanying financial statements contain all adjustments (consisting of normal and recurring accruals) necessary to present fairly all financial statements in accordance with GAAP. The condensed consolidated financial statements herein should be read in conjunction with the Company’s audited consolidated financial statements and notes thereto for the fiscal year ended June 30, 2015, included in the Company’s Annual Report on Form 10-K for the fiscal year ended June 30, 2015. Operating results for the three and nine months ended March 31, 2016 may not necessarily be indicative of results to be expected for any other interim period or for the full year. The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities at the date of the financial statements, as well as the reported amounts of revenue and expenses during the reporting period. Actual results could differ from those estimates. |
New Accounting Pronouncements | New Accounting Pronouncements In February 2016, the FASB issued Accounting Standards Update 2016-02, Leases (“ASU 2016-02”). ASU 2016-02 amends the existing accounting standards for lease accounting, including requiring lessees to recognize most leases on their balance sheets and making targeted changes to lessor accounting. ASU 2016-02 will be effective beginning in the first quarter of 2019. Early adoption of ASU 2016-02 is permitted. ASU 2016-02 requires a modified retrospective transition approach for all leases existing at, or entered into after, the date of initial application, with an option to use certain transition relief. The Company’s management is currently evaluating the impact of adopting ASU 2016-02 on the Company’s consolidated financial statements. In March 2016, the FASB issued Accounting Standards Update No. 2016-09, Compensation—Stock Compensation (Topic 718). (“ASU 2016-09”), ASU 2016-09 makes several modifications to Topic 718 related to the accounting for forfeitures, employer tax withholding on share-based compensation and the financial statement presentation of excess tax benefits or deficiencies. ASU 2016-09 also clarifies the statement of cash flows presentation for certain components of share-based awards. ASU 2016-09 is effective for interim and annual reporting periods beginning after December 15, 2016, although early adoption is permitted. The Company’s management is currently evaluating how the adoption of ASU 2016-09 will impact the Company’s Consolidated Financial Statements. |
Acquisitions (Tables)
Acquisitions (Tables) | 9 Months Ended |
Mar. 31, 2016 | |
Business Combinations [Abstract] | |
Allocation of Consideration Transferred | 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. Estimated Fair Current assets $ 3.1 Real property 20.7 Equipment 1.6 Goodwill 8.7 Current liabilities (4.4 ) Long-term liabilities (9.6 ) Total purchase price $ 20.1 |
Marketable Investment Securit25
Marketable Investment Securities (Tables) | 9 Months Ended |
Mar. 31, 2016 | |
Investments, Debt and Equity Securities [Abstract] | |
Schedule of Fair Value for Available-for-Sale Securities by Major Security Type and Class of Security | The amortized cost, gross unrealized holding gains, gross unrealized holding losses, and fair value for available-for-sale securities by major security type and class of security at March 31, 2016 and June 30, 2015 were as follows: Amortized Gross Gross Estimated At March 31, 2016: Cash and cash equivalents: Cash $ 114.2 $ — $ — $ 114.2 Cash equivalents 6.3 — — 6.3 Total cash and cash equivalents 120.5 — — 120.5 Available-for-sale: Corporate bonds and notes 48.5 0.1 (0.1 ) 48.5 Municipal bonds 80.6 0.2 — 80.8 Federal agency issues 36.5 0.1 — 36.6 Total $ 286.1 $ 0.4 $ (0.1 ) $ 286.4 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 |
Schedule of Maturities of Debt Securities Classified as Cash Equivalents and Available-For-Sale Securities | Cash, cash equivalents, and maturities of debt securities classified as available-for-sale securities are as follows at March 31, 2016: Amortized Estimated Cash $ 114.2 $ 114.2 Cash equivalents 6.3 6.3 Available-for-sale: Due within one year 96.2 96.2 Due after one year through five years 69.4 69.7 Due after five years — — Total $ 286.1 $ 286.4 |
Property, Plant and Equipment26
Property, Plant and Equipment, Net (Tables) | 9 Months Ended |
Mar. 31, 2016 | |
Property, Plant and Equipment [Abstract] | |
Schedule of Property, Plant and Equipment, Net | March 31, June 30, Land $ 2.3 $ 2.3 Buildings and improvements 18.8 18.2 Leasehold improvements 18.7 18.5 Equipment 101.9 99.1 141.7 138.1 Less accumulated depreciation (81.7 ) (70.9 ) Property, plant and equipment, net $ 60.0 $ 67.2 Three months ended March 31, Nine months ended March 31, 2016 2015 2016 2015 Depreciation expense 3.5 3.3 10.6 8.8 |
Goodwill and Intangible Assets
Goodwill and Intangible Assets (Tables) | 9 Months Ended |
Mar. 31, 2016 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Changes in Carrying Amount of Goodwill | The following summarizes changes to the goodwill balance for the nine months ended March 31, 2016: Carrying Beginning balance July 1, 2015 $ 177.2 Purchase accounting (see note 2) 0.6 Translation adjustments 0.1 Ending balance March 31, 2016 $ 177.9 |
Summarized Amounts Reported as Intangible Assets | The following summarizes the amounts reported as intangible assets: Gross Accumulated Net At March 31, 2016: Purchased licenses and technologies $ 199.1 $ (25.6 ) $ 173.5 Customer relationships 4.7 (2.2 ) 2.5 Trademarks 3.0 (0.6 ) 2.4 Total amortized intangible assets 206.8 (28.4 ) 178.4 In-process research and development 4.8 — 4.8 Total unamortized intangible assets 4.8 — 4.8 Total intangible assets $ 211.6 $ (28.4 ) $ 183.2 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 |
Amortization for Intangible Assets | The Company recorded amortization expense during the respective periods for these intangible assets as follows: Three months ended March 31, Nine months ended March 31, 2016 2015 2016 2015 Amortization of intangible assets 3.1 3.1 9.4 9.6 |
Accrued Liabilities (Tables)
Accrued Liabilities (Tables) | 9 Months Ended |
Mar. 31, 2016 | |
Payables and Accruals [Abstract] | |
Summary of Accrued Liabilities | March 31, June 30, Employee compensation and benefits $ 39.7 $ 33.8 Accrued taxes payable 2.3 3.8 Other 8.8 8.5 Total Accrued liabilities $ 50.8 $ 46.1 |
Other Long Term Liabilities (Ta
Other Long Term Liabilities (Tables) | 9 Months Ended |
Mar. 31, 2016 | |
Other Liabilities Disclosure [Abstract] | |
Summary of Other Long Term Liabilities | March 31, June 30, 2016 2015 Pension obligation $ 5.7 $ 4.9 Other 2.0 3.9 Total other long term liabilities $ 7.7 $ 8.8 |
Preferred and Common Stockhol30
Preferred and Common Stockholder's Equity (Tables) | 9 Months Ended |
Mar. 31, 2016 | |
Equity [Abstract] | |
Summary of Common Shares Issued and Outstanding | Common shares issued and outstanding Nine months ended March 31, 2016 2015 Common stock issued and outstanding at July 1 68.9 73.5 Common stock issued upon exercise of options and employee stock plans 4.4 1.2 Repurchase and retirement of common stock (2.9 ) (4.7 ) Common stock issued and outstanding at March 31 70.4 70.0 |
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 (“EPS”) computations: Three months ended March 31, Nine months ended March 31, 2016 2015 2016 2015 Denominator: Weighted-average shares outstanding used to compute basic EPS 70.9 70.7 70.1 72.0 Effect of dilutive shares 2.6 3.2 3.1 3.1 Weighted-average shares outstanding and dilutive securities used to compute diluted EPS 73.5 73.9 73.2 75.1 |
Schedule of Anti-Dilutive Options and Restricted Stock Units Excluded from EPS Computation | These potential dilutive common shares, which may be dilutive to future diluted earnings per share, are as follows: Three months ended March 31, Nine months ended March 31, 2016 2015 2016 2015 Anti-dilutive options and RSU’s excluded from EPS computation 0.1 0.1 — — |
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 March 31, 2016 and 2015 were as follows: Three months ended March 31, Nine months ended 2016 2015 2016 2015 Shares purchased and retired 1.2 1.8 2.9 4.7 Common stock and additional paid-in-capital reductions $ 11.2 $ 15.2 $ 26.0 $ 40.2 Charges to retained earnings $ 33.3 $ 46.8 $ 81.9 $ 125.8 |
Share-Based Compensation (Table
Share-Based Compensation (Tables) | 9 Months Ended |
Mar. 31, 2016 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Schedule of Share-Based Compensation Arrangement by Share Based Payment Award Options Outstanding | A summary of the stock option activity under the Company’s plans for the nine months ended March 31, 2016 is as follows: Number Weighted Options outstanding at June 30, 2015 12.5 $ 23.49 Options granted — $ — Less: Options exercised (4.1 ) $ 21.39 Options canceled or expired — $ — Options outstanding at March 31, 2016 8.4 $ 24.51 Options exercisable at March 31, 2016 6.9 $ 24.02 |
Schedule of Share-Based Compensation Arrangement by Share Based Payment Award Restricted Stock Units Outstanding | A summary of the RSU activity under the Company’s plans for the nine months ended March 31, 2016 is as follows: Number Weighted RSUs outstanding at June 30, 2015 1.0 $ 37.63 RSUs granted 0.8 $ 40.66 Less: RSUs vested (0.4 ) $ 39.74 RSUs canceled — $ — RSUs outstanding at March 31, 2016 1.4 $ 38.78 |
Schedule of Share-Based Compensation Recognized in Consolidated Statements of Operations | Share-based compensation expense recognized and included in the condensed consolidated statements of income and comprehensive income was allocated as follows: Three months ended March 31, Nine months ended 2016 2015 2016 2015 Cost of molecular diagnostic testing $ 0.2 $ 0.2 $ 0.7 $ 0.7 Cost of pharmaceutical and clinical services 0.1 0.1 0.3 0.4 Research and development expense 1.3 1.2 4.1 3.2 Selling, general, and administrative expense 6.0 11.0 18.8 27.3 Total share-based compensation expense $ 7.6 $ 12.5 $ 23.9 $ 31.6 |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 9 Months Ended |
Mar. 31, 2016 | |
Fair Value Disclosures [Abstract] | |
Schedule of Fair Value of Financial Assets | The following table sets forth the fair value of the financial assets that the Company re-measures on a regular basis: Level 1 Level 2 Level 3 Total at March 31, 2016 Money market funds (a) $ 6.3 $ — $ — $ 6.3 Corporate bonds and notes — 48.5 — 48.5 Municipal bonds — 80.8 — 80.8 Federal agency issues — 36.6 — 36.6 Total $ 6.3 $ 165.9 $ — $ 172.2 (a) Money market funds are primarily comprised of exchange traded funds and accrued interest 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 |
Employee Deferred Savings Plan
Employee Deferred Savings Plan (Tables) | 9 Months Ended |
Mar. 31, 2016 | |
Postemployment Benefits [Abstract] | |
Recorded Contributions to Employee Deferred Savings Plan | The Company’s recorded contributions to the plan as follows: Three months ended March 31, Nine months ended 2016 2015 2016 2015 Deferred savings plan contributions $ 1.4 $ 1.3 $ 4.1 $ 3.8 |
Segment and Related Informati34
Segment and Related Information (Tables) | 9 Months Ended |
Mar. 31, 2016 | |
Segment Reporting [Abstract] | |
Schedule of Segment Performance Based on Income (Loss) before Interest Income and Other Income and Expense | Segment revenue and operating income (loss) were as follows during the periods presented: Diagnostics Other Total Three months ended March 31, 2016 Revenues $ 177.4 $ 13.1 $ 190.5 Depreciation and amortization 5.4 1.2 6.6 Segment operating income (loss) 59.2 (16.6 ) 42.6 Three months ended March 31, 2015 Revenues $ 173.0 $ 7.0 $ 180.0 Depreciation and amortization 5.2 1.2 6.4 Segment operating income (loss) 55.2 (19.5 ) 35.7 Nine months ended March 31, 2016 Revenues $ 532.0 $ 35.4 $ 567.4 Depreciation and amortization 16.2 3.8 20.0 Segment operating income (loss) 186.3 (55.1 ) 131.2 Nine months ended March 31, 2015 Revenues $ 516.6 $ 16.6 $ 533.2 Depreciation and amortization 15.2 3.2 18.4 Segment operating income (loss) 159.3 (61.3 ) 98.0 Three months ended March 31, Nine months ended 2016 2015 2016 2015 Total operating income for reportable segments $ 42.6 $ 35.7 $ 131.2 $ 98.0 Unallocated amounts: Interest income 0.3 0.1 0.5 0.3 Other 0.2 (0.3 ) — 1.1 Income from operations before income taxes 43.1 35.5 131.7 99.4 Income tax provision 10.5 14.1 42.1 37.9 Net income $ 32.6 $ 21.4 $ 89.6 $ 61.5 |
Supplemental Cash Flow Inform35
Supplemental Cash Flow Information (Tables) | 9 Months Ended |
Mar. 31, 2016 | |
Supplemental Cash Flow Elements [Abstract] | |
Schedule of Supplemental Cash Flow Information | Nine months ended 2016 2015 Cash paid during the period for income taxes $ 28.5 $ 22.7 Non-cash investing and financing activities: Fair value adjustment on marketable investment securities recorded to stockholders’ equity $ 0.2 $ (0.3 ) |
Acquisitions - Additional Infor
Acquisitions - Additional Information (Detail) - USD ($) $ in Millions | Feb. 27, 2015 | Mar. 31, 2016 | Mar. 31, 2016 |
Business Acquisition [Line Items] | |||
Increase in long-term liabilities | $ 0.6 | ||
Increase in goodwill | $ 0.6 | ||
German Clinic [Member] | |||
Business Acquisition [Line Items] | |||
Total consideration transferred | $ 20.1 | ||
Intangible asset amortization period for income tax purposes | 15 years |
Acquisitions - Allocation of Co
Acquisitions - Allocation of Consideration Transferred (Detail) - USD ($) $ in Millions | Mar. 31, 2016 | Jun. 30, 2015 | Feb. 27, 2015 |
Business Acquisition [Line Items] | |||
Goodwill | $ 177.9 | $ 177.2 | |
German Clinic [Member] | |||
Business Acquisition [Line Items] | |||
Current assets | $ 3.1 | ||
Real property | 20.7 | ||
Equipment | 1.6 | ||
Goodwill | 8.7 | ||
Current liabilities | (4.4) | ||
Long-term liabilities | (9.6) | ||
Total purchase price | $ 20.1 |
Marketable Investment Securit38
Marketable Investment Securities - Schedule of Fair Value for Available-for-Sale Securities by Major Security Type and Class of Security (Detail) - USD ($) $ in Millions | Mar. 31, 2016 | Jun. 30, 2015 | Mar. 31, 2015 | Jun. 30, 2014 |
Schedule of Available-for-sale Securities [Line Items] | ||||
Amortized cost | $ 120.5 | $ 64.1 | $ 55.2 | $ 64.8 |
Gross unrealized holding gains | 0.4 | 0.1 | ||
Gross unrealized holding losses | (0.1) | (0.1) | ||
Amortized cost | 286.1 | 185.4 | ||
Estimated fair value | 286.4 | 185.4 | ||
Corporate Bonds and Notes | ||||
Schedule of Available-for-sale Securities [Line Items] | ||||
Amortized cost | 48.5 | 41.8 | ||
Gross unrealized holding gains | 0.1 | |||
Gross unrealized holding losses | (0.1) | |||
Estimated fair value | 48.5 | 41.8 | ||
Municipal Bonds | ||||
Schedule of Available-for-sale Securities [Line Items] | ||||
Amortized cost | 80.6 | 66.3 | ||
Gross unrealized holding gains | 0.2 | 0.1 | ||
Gross unrealized holding losses | (0.1) | |||
Estimated fair value | 80.8 | 66.3 | ||
Federal Agency Issues | ||||
Schedule of Available-for-sale Securities [Line Items] | ||||
Amortized cost | 36.5 | 13.2 | ||
Gross unrealized holding gains | 0.1 | |||
Estimated fair value | 36.6 | 13.2 | ||
Cash | ||||
Schedule of Available-for-sale Securities [Line Items] | ||||
Amortized cost | 114.2 | 54.7 | ||
Estimated fair value | 114.2 | 54.7 | ||
Cash Equivalents | ||||
Schedule of Available-for-sale Securities [Line Items] | ||||
Amortized cost | 6.3 | 9.4 | ||
Estimated fair value | 6.3 | 9.4 | ||
Total Cash and Cash Equivalents | ||||
Schedule of Available-for-sale Securities [Line Items] | ||||
Amortized cost | 120.5 | 64.1 | ||
Estimated fair value | $ 120.5 | $ 64.1 |
Marketable Investment Securit39
Marketable Investment Securities - Schedule of Maturities of Debt Securities Classified as Cash Equivalents and Available-For-Sale Securities (Detail) - USD ($) $ in Millions | Mar. 31, 2016 | Jun. 30, 2015 | Mar. 31, 2015 | Jun. 30, 2014 |
Schedule of Available-for-sale Securities [Line Items] | ||||
Cash equivalents, Amortized cost | $ 120.5 | $ 64.1 | $ 55.2 | $ 64.8 |
Due within one year, Amortized cost | 96.2 | |||
Due after one year through five years, Amortized cost | 69.4 | |||
Due after five years, Amortized cost | 0 | |||
Total | 286.1 | 185.4 | ||
Due within one year, Estimated fair value | 96.2 | |||
Due after one year through five years, Estimated fair value | 69.7 | |||
Due after five years, Estimated fair value | 0 | |||
Total | 286.4 | 185.4 | ||
Cash | ||||
Schedule of Available-for-sale Securities [Line Items] | ||||
Cash equivalents, Amortized cost | 114.2 | 54.7 | ||
Cash equivalents, Estimated fair value | 114.2 | 54.7 | ||
Cash Equivalents | ||||
Schedule of Available-for-sale Securities [Line Items] | ||||
Cash equivalents, Amortized cost | 6.3 | 9.4 | ||
Cash equivalents, Estimated fair value | $ 6.3 | $ 9.4 |
Property, Plant and Equipment40
Property, Plant and Equipment, Net - Schedule of Property, Plant and Equipment, Net (Detail) - USD ($) $ in Millions | Mar. 31, 2016 | Jun. 30, 2015 |
Property, Plant and Equipment [Abstract] | ||
Land | $ 2.3 | $ 2.3 |
Buildings and improvements | 18.8 | 18.2 |
Leasehold improvements | 18.7 | 18.5 |
Equipment | 101.9 | 99.1 |
Gross property, plant and equipment | 141.7 | 138.1 |
Less accumulated depreciation | (81.7) | (70.9) |
Property, plant and equipment, net | $ 60 | $ 67.2 |
Property, Plant and Equipment41
Property, Plant and Equipment, Net - Schedule of Depreciation Expense (Detail) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Mar. 31, 2016 | Mar. 31, 2015 | Mar. 31, 2016 | Mar. 31, 2015 | |
Property, Plant and Equipment [Abstract] | ||||
Depreciation expense | $ 3.5 | $ 3.3 | $ 10.6 | $ 8.8 |
Goodwill and Intangible Asset42
Goodwill and Intangible Assets - Additional Information (Detail) - USD ($) $ in Millions | Mar. 31, 2016 | Jun. 30, 2015 |
Goodwill And Intangible Assets [Line Items] | ||
Goodwill | $ 177.9 | $ 177.2 |
Diagnostics | ||
Goodwill And Intangible Assets [Line Items] | ||
Goodwill | 112.3 | |
Other | ||
Goodwill And Intangible Assets [Line Items] | ||
Goodwill | $ 65.6 |
Goodwill and Intangible Asset43
Goodwill and Intangible Assets - Summary of Changes to Goodwill Balance (Detail) $ in Millions | 9 Months Ended |
Mar. 31, 2016USD ($) | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Beginning balance | $ 177.2 |
Purchase accounting (see note 2) | 0.6 |
Translation adjustments | 0.1 |
Ending balance | $ 177.9 |
Goodwill and Intangible Asset44
Goodwill and Intangible Assets - Summarized Amounts Reported as Intangible Assets (Detail) - USD ($) $ in Millions | Mar. 31, 2016 | Jun. 30, 2015 |
Intangible Assets [Line Items] | ||
Gross Carrying Amount, amortizable intangible assets | $ 206.8 | $ 206.8 |
Gross Carrying Amount, total intangible assets | 211.6 | 211.6 |
Accumulated Amortization | (28.4) | (19) |
Net, amortizable intangible assets | 178.4 | 187.8 |
Net, total intangible assets | 183.2 | 192.6 |
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 | 199.1 |
Accumulated Amortization | (25.6) | (16.7) |
Net, amortizable intangible assets | 173.5 | 182.4 |
Customer Relationships | ||
Intangible Assets [Line Items] | ||
Gross Carrying Amount, amortizable intangible assets | 4.7 | 4.7 |
Accumulated Amortization | (2.2) | (1.9) |
Net, amortizable intangible assets | 2.5 | 2.8 |
Trademarks | ||
Intangible Assets [Line Items] | ||
Gross Carrying Amount, amortizable intangible assets | 3 | 3 |
Accumulated Amortization | (0.6) | (0.4) |
Net, amortizable intangible assets | $ 2.4 | $ 2.6 |
Goodwill and Intangible Asset45
Goodwill and Intangible Assets - Amortization on Intangible Assets (Detail) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Mar. 31, 2016 | Mar. 31, 2015 | Mar. 31, 2016 | Mar. 31, 2015 | |
Goodwill and Intangible Assets Disclosure [Abstract] | ||||
Amortization of intangible assets | $ 3.1 | $ 3.1 | $ 9.4 | $ 9.6 |
Cost Basis Investment - Additio
Cost Basis Investment - Additional Information (Detail) - RainDance | 9 Months Ended |
Mar. 31, 2016USD ($) | |
Schedule of Cost-method Investments [Line Items] | |
Investment accounted under cost method | $ 5,000,000 |
Impairment on investment | $ 0 |
Accrued Liabilities - Summary o
Accrued Liabilities - Summary of Accrued Liabilities (Detail) - USD ($) $ in Millions | Mar. 31, 2016 | Jun. 30, 2015 |
Payables and Accruals [Abstract] | ||
Employee compensation and benefits | $ 39.7 | $ 33.8 |
Accrued taxes payable | 2.3 | 3.8 |
Other | 8.8 | 8.5 |
Total Accrued liabilities | $ 50.8 | $ 46.1 |
Other Long Term Liabilities - S
Other Long Term Liabilities - Summary of Other Long Term Liabilities (Detail) - USD ($) $ in Millions | Mar. 31, 2016 | Jun. 30, 2015 |
Other Liabilities Disclosure [Abstract] | ||
Pension obligation | $ 5.7 | $ 4.9 |
Other | 2 | 3.9 |
Total other long term liabilities | $ 7.7 | $ 8.8 |
Other Long Term Liabilities - A
Other Long Term Liabilities - Additional Information (Detail) $ in Millions | Mar. 31, 2016USD ($)plan | Jun. 30, 2015USD ($) |
Other Liabilities Disclosure [Abstract] | ||
Number of defined benefit pension plans | plan | 2 | |
Fair value of plan assets | $ 0.1 | |
Net pension liability | $ 5.7 | $ 4.9 |
Preferred and Common Stockhol50
Preferred and Common Stockholder's Equity - Additional Information (Detail) - USD ($) | Mar. 31, 2016 | Jun. 30, 2015 | Mar. 31, 2015 | Feb. 28, 2015 | Jun. 30, 2014 |
Class of Stock [Line Items] | |||||
Preferred stock, shares authorized | 5,000,000 | ||||
Preferred stock, par value | $ 0.01 | ||||
Preferred stock, shares outstanding | 0 | ||||
Common stock, shares authorized | 150,000,000 | ||||
Common stock, par value | $ 0.01 | ||||
Common stock, shares issued | 70,400,000 | 68,900,000 | 70,000,000 | 73,500,000 | |
Common stock, shares outstanding | 70,400,000 | 68,900,000 | 70,000,000 | 73,500,000 | |
Share repurchase program, remaining authorized repurchase amount | $ 47,000,000 | ||||
Seventh Share Repurchase Program | |||||
Class of Stock [Line Items] | |||||
Share repurchase program, authorized amount | $ 200,000,000 |
Preferred and Common Stockhol51
Preferred and Common Stockholder's Equity - Summary of Common Shares Issued and Outstanding (Detail) - shares shares in Millions | 9 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Equity [Abstract] | ||
Common stock issued, Beginning balance | 68.9 | 73.5 |
Common stock outstanding, Beginning balance | 68.9 | 73.5 |
Common stock issued upon exercise of options and employee stock plans | 4.4 | 1.2 |
Repurchase and retirement of common stock | (2.9) | (4.7) |
Common stock issued, Ending balance | 70.4 | 70 |
Common stock outstanding, Ending balance | 70.4 | 70 |
Preferred and Common Stockhol52
Preferred and Common Stockholder's Equity - Reconciliation of Denominators of Basic and Diluted Earnings Per Share Computations (Detail) - shares shares in Millions | 3 Months Ended | 9 Months Ended | ||
Mar. 31, 2016 | Mar. 31, 2015 | Mar. 31, 2016 | Mar. 31, 2015 | |
Equity [Abstract] | ||||
Weighted-average shares outstanding used to compute basic EPS | 70.9 | 70.7 | 70.1 | 72 |
Effect of dilutive shares | 2.6 | 3.2 | 3.1 | 3.1 |
Weighted-average shares outstanding and dilutive securities used to compute diluted EPS | 73.5 | 73.9 | 73.2 | 75.1 |
Preferred and Common Stockhol53
Preferred and Common Stockholder's Equity - Schedule of Anti-Dilutive Options and Restricted Stock Units Excluded from EPS Computation (Detail) - shares shares in Millions | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Equity [Abstract] | ||
Anti-dilutive options and RSU's excluded from EPS computation | 0.1 | 0.1 |
Preferred and Common Stockhol54
Preferred and Common Stockholder's Equity - Schedule of Stock Repurchases (Detail) - USD ($) shares in Millions, $ in Millions | 3 Months Ended | 9 Months Ended | ||
Mar. 31, 2016 | Mar. 31, 2015 | Mar. 31, 2016 | Mar. 31, 2015 | |
Stockholders Equity [Line Items] | ||||
Shares purchased and retired | 2.9 | 4.7 | ||
Common stock and additional paid-in-capital reductions | $ 11.2 | $ 15.2 | $ 26 | $ 40.2 |
Charges to retained earnings | $ 33.3 | $ 46.8 | $ 81.9 | $ 125.8 |
Common Stock | ||||
Stockholders Equity [Line Items] | ||||
Shares purchased and retired | 1.2 | 1.8 | 2.9 | 4.7 |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Detail) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | |||
Mar. 31, 2016 | Mar. 31, 2015 | Mar. 31, 2016 | Mar. 31, 2015 | Dec. 31, 2015 | |
Income Tax Disclosure [Abstract] | |||||
Income tax expense | $ 10.5 | $ 14.1 | $ 42.1 | $ 37.9 | |
Approximate rate on pre-tax income | 24.00% | 40.00% | 32.00% | 38.00% | |
U.S. federal statutory rate | 35.00% | 35.00% | |||
Non-current deferred tax assets | $ 13.5 |
Share-Based Compensation - Addi
Share-Based Compensation - Additional Information (Detail) - USD ($) $ in Millions | 1 Months Ended | 9 Months Ended | |
Sep. 30, 2014 | Mar. 31, 2016 | Dec. 03, 2015 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Total unrecognized share-based compensation cost related to stock options | $ 8.6 | ||
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 1 month 28 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 6 months 15 days | ||
Total unrecognized share-based compensation cost related to RSUs | $ 35 | ||
The 2010 Plan | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Number of shares approved | 1,600,000 | ||
Shares reserved for issuance exercise of options | 2,300,000 | ||
The 2010 Plan | Maximum | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Shares available for future grant | 2,500,000 | ||
2012 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 | 700,000 |
Share-Based Compensation - Sche
Share-Based Compensation - Schedule of Share-Based Compensation Arrangement by Share Based Payment Award Options Outstanding (Detail) shares in Millions | 9 Months Ended |
Mar. 31, 2016$ / sharesshares | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Options outstanding at beginning of period, Number of shares | shares | 12.5 |
Options granted, Number of shares | shares | 0 |
Options exercised, Number of shares | shares | (4.1) |
Options canceled or expired, Number of shares | shares | 0 |
Options outstanding at end of year, Number of shares | shares | 8.4 |
Options exercisable at end of period, Number of shares | shares | 6.9 |
Options outstanding at beginning of period, Weighted average exercise price | $ / shares | $ 23.49 |
Options granted, Weighted average exercise price | $ / shares | 0 |
Options exercised, Weighted average exercise price | $ / shares | 21.39 |
Options canceled or expired, Weighted average exercise price | $ / shares | 0 |
Options outstanding at end of year, Weighted average exercise price | $ / shares | 24.51 |
Options exercisable at end of period, Weighted average exercise price | $ / shares | $ 24.02 |
Share-Based Compensation - Sc58
Share-Based Compensation - Schedule of Share-Based Compensation Arrangement by Share Based Payment Award Restricted Stock Units Outstanding (Detail) - Restricted Stock Units (RSUs) shares in Millions | 9 Months Ended |
Mar. 31, 2016$ / sharesshares | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
RSUs outstanding at beginning of period, Number of shares | shares | 1 |
RSUs granted, Number of shares | shares | 0.8 |
RSUs vested, Number of shares | shares | (0.4) |
RSUs canceled, Number of shares | shares | 0 |
RSUs outstanding at end of period, Number of shares | shares | 1.4 |
RSUs outstanding at beginning of period, Weighted average grant date fair value | $ / shares | $ 37.63 |
RSUs granted, Weighted average grant date fair value | $ / shares | 40.66 |
RSUs vested, Weighted average grant date fair value | $ / shares | 39.74 |
RSUs canceled, Weighted average grant date fair value | $ / shares | 0 |
RSUs outstanding at end of period, Weighted average grant date fair value | $ / shares | $ 38.78 |
Share-Based Compensation - Sc59
Share-Based Compensation - Schedule of Share-Based Compensation Recognized in Consolidated Statements of Operations (Detail) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Mar. 31, 2016 | Mar. 31, 2015 | Mar. 31, 2016 | Mar. 31, 2015 | |
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | ||||
Total share-based compensation expense | $ 7.6 | $ 12.5 | $ 23.9 | $ 31.6 |
Molecular Diagnostic Testing Expense | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | ||||
Total share-based compensation expense | 0.2 | 0.2 | 0.7 | 0.7 |
Pharmaceutical and Clinical Services Expense | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | ||||
Total share-based compensation expense | 0.1 | 0.1 | 0.3 | 0.4 |
Research And Development Expense | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | ||||
Total share-based compensation expense | 1.3 | 1.2 | 4.1 | 3.2 |
Selling, General, and Administrative Expenses | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | ||||
Total share-based compensation expense | $ 6 | $ 11 | $ 18.8 | $ 27.3 |
Fair Value Measurements - Sched
Fair Value Measurements - Schedule of Fair Value of Financial Assets (Detail) - USD ($) $ in Millions | Mar. 31, 2016 | Jun. 30, 2015 | |
Fair Value, Option, Qualitative Disclosures Related to Election [Line Items] | |||
Total fair value of financial assets | $ 172.2 | $ 130.7 | |
Money Market Funds | |||
Fair Value, Option, Qualitative Disclosures Related to Election [Line Items] | |||
Total fair value of financial assets | [1] | 6.3 | 2.4 |
Corporate Bonds and Notes | |||
Fair Value, Option, Qualitative Disclosures Related to Election [Line Items] | |||
Total fair value of financial assets | 48.5 | 44.8 | |
Federal Agency Issues | |||
Fair Value, Option, Qualitative Disclosures Related to Election [Line Items] | |||
Total fair value of financial assets | 36.6 | 13.2 | |
Level 1 | |||
Fair Value, Option, Qualitative Disclosures Related to Election [Line Items] | |||
Total fair value of financial assets | 6.3 | 2.4 | |
Level 1 | Money Market Funds | |||
Fair Value, Option, Qualitative Disclosures Related to Election [Line Items] | |||
Total fair value of financial assets | [1] | 6.3 | 2.4 |
Level 2 | |||
Fair Value, Option, Qualitative Disclosures Related to Election [Line Items] | |||
Total fair value of financial assets | 165.9 | 128.3 | |
Level 2 | Corporate Bonds and Notes | |||
Fair Value, Option, Qualitative Disclosures Related to Election [Line Items] | |||
Total fair value of financial assets | 48.5 | 44.8 | |
Level 2 | Federal Agency Issues | |||
Fair Value, Option, Qualitative Disclosures Related to Election [Line Items] | |||
Total fair value of financial assets | 36.6 | 13.2 | |
Municipal Bonds | |||
Fair Value, Option, Qualitative Disclosures Related to Election [Line Items] | |||
Total fair value of financial assets | 80.8 | 70.3 | |
Municipal Bonds | Level 2 | |||
Fair Value, Option, Qualitative Disclosures Related to Election [Line Items] | |||
Total fair value of financial assets | $ 80.8 | $ 70.3 | |
[1] | Money market funds are primarily comprised of exchange traded funds and accrued interest |
Employee Deferred Savings Pla61
Employee Deferred Savings Plan - Additional Information (Detail) | 9 Months Ended |
Mar. 31, 2016 | |
Compensation and Retirement Disclosure [Abstract] | |
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 Pla62
Employee Deferred Savings Plan - Company's Recorded Contributions To Plan (Detail) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Mar. 31, 2016 | Mar. 31, 2015 | Mar. 31, 2016 | Mar. 31, 2015 | |
Compensation and Retirement Disclosure [Abstract] | ||||
Deferred savings plan contributions | $ 1.4 | $ 1.3 | $ 4.1 | $ 3.8 |
Segment and Related Informati63
Segment and Related Information - Additional Information (Detail) | 9 Months Ended |
Mar. 31, 2016Segment | |
Segment Reporting [Abstract] | |
Number of reportable segment | 2 |
Segment and Related Informati64
Segment and Related Information - Schedule of Segment Performance Based on Income (Loss) before Interest Income and Other Income and Expense (Detail) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Mar. 31, 2016 | Mar. 31, 2015 | Mar. 31, 2016 | Mar. 31, 2015 | |
Segment Reporting Information [Line Items] | ||||
Revenues | $ 190.5 | $ 180 | $ 567.4 | $ 533.2 |
Depreciation and amortization | 6.6 | 6.4 | 20 | 18.4 |
Segment operating income (loss) | 42.6 | 35.7 | 131.2 | 98 |
Diagnostics | ||||
Segment Reporting Information [Line Items] | ||||
Revenues | 177.4 | 173 | 532 | 516.6 |
Depreciation and amortization | 5.4 | 5.2 | 16.2 | 15.2 |
Segment operating income (loss) | 59.2 | 55.2 | 186.3 | 159.3 |
Other | ||||
Segment Reporting Information [Line Items] | ||||
Revenues | 13.1 | 7 | 35.4 | 16.6 |
Depreciation and amortization | 1.2 | 1.2 | 3.8 | 3.2 |
Segment operating income (loss) | $ (16.6) | $ (19.5) | $ (55.1) | $ (61.3) |
Segment and Related Informati65
Segment and Related Information - Schedule of Total Operating Income for Reportable Segments (Detail) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Mar. 31, 2016 | Mar. 31, 2015 | Mar. 31, 2016 | Mar. 31, 2015 | |
Segment Reporting [Abstract] | ||||
Total operating income for reportable segments | $ 42.6 | $ 35.7 | $ 131.2 | $ 98 |
Interest income | 0.3 | 0.1 | 0.5 | 0.3 |
Other | 0.2 | (0.3) | 1.1 | |
Income before income tax | 43.1 | 35.5 | 131.7 | 99.4 |
Income tax provision | 10.5 | 14.1 | 42.1 | 37.9 |
Net income | $ 32.6 | $ 21.4 | $ 89.6 | $ 61.5 |
Supplemental Cash Flow Inform66
Supplemental Cash Flow Information - Schedule of Supplemental Cash Flow Information (Detail) - USD ($) $ in Millions | 9 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Supplemental Cash Flow Elements [Abstract] | ||
Cash paid during the period for income taxes | $ 28.5 | $ 22.7 |
Non-cash investing and financing activities: | ||
Fair value adjustment on marketable investment securities recorded to stockholders' equity | $ 0.2 | $ (0.3) |