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Organization and Summary of Significant Accounting Policies (Tables)
12 Months Ended
Jun. 30, 2019
Reconciliation of Deferred Revenue Balances A reconciliation of the beginning and ending balances of deferred revenue is shown in the table below:

 

 

Years Ended June 30,

 

 

 

2019

 

 

2018

 

Deferred revenue - beginning balance

 

$

2.6

 

 

$

2.6

 

Revenue recognized

 

 

(7.9

)

 

 

(14.0

)

Prepayments

 

 

7.5

 

 

 

14.0

 

Deferred revenue - ending balance

 

$

2.2

 

 

$

2.6

 

 

Schedule of Company's Revenue by Type

The following table represents the Company’s revenue by type for the years ended June 30, 2019, 2018 and 2017 (in thousands):

 

 

Years Ended June 30,

 

(In millions)

 

2019

 

 

2018 (a)

 

 

2017 (a)

 

Molecular diagnostic revenues:

 

 

 

 

 

 

 

 

 

 

 

 

Hereditary Cancer Testing

 

$

479.7

 

 

$

471.4

 

 

$

525.5

 

GeneSight

 

 

112.6

 

 

 

124.9

 

 

 

78.4

 

Prenatal

 

 

104.9

 

 

 

 

 

 

 

Vectra

 

 

48.3

 

 

 

55.2

 

 

 

45.2

 

Prolaris

 

 

25.5

 

 

 

21.5

 

 

 

11.1

 

EndoPredict

 

 

10.4

 

 

 

8.8

 

 

 

7.7

 

Other

 

 

8.0

 

 

 

8.6

 

 

 

11.5

 

Total molecular diagnostic revenue

 

 

789.4

 

 

 

690.4

 

 

 

679.4

 

Pharmaceutical and clinical service revenue

 

 

61.7

 

 

 

53.3

 

 

 

49.3

 

Total revenue

 

$

851.1

 

 

$

743.7

 

 

$

728.7

 

 

 

(a)

Amounts adjusted due to the adoption of Accounting Standards Update No. 2014-09, Revenue from Contracts with Customers (Topic 606)

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,

 

 

 

2019

 

 

2018

 

 

2017

 

Denominator:

 

 

 

 

 

 

 

 

 

 

 

 

Weighted-average shares outstanding used to

   compute basic EPS

 

 

73.5

 

 

 

69.4

 

 

 

68.3

 

Effect of dilutive stock options

 

 

2.5

 

 

 

2.6

 

 

 

0.5

 

Weighted-average shares outstanding and dilutive

   securities used to compute diluted EPS

 

 

76.0

 

 

 

72.0

 

 

 

68.8

 

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:

 

 

 

Years Ended June 30,

 

 

 

2019

 

 

2018

 

 

2017

 

Anti-dilutive options and RSUs excluded from EPS

   computation

 

 

0.8

 

 

 

 

 

 

7.0

 

ASC 606  
Schedule of Recast of Certain Prior Period Amounts to Conform with the Adoption of Topic 606 The Company recast certain prior period amounts to conform with the adoption of Topic 606, as shown in the table below (in thousands):

 

 

FY2018

 

 

FY2017

 

 

 

As

Reported

 

 

Adjusted for

ASC 606

 

 

As

Adjusted

 

 

As

Reported

 

 

Adjusted for

ASC 606

 

 

As

Adjusted

 

Total revenue

 

$

772.6

 

 

$

(28.9

)

 

$

743.7

 

 

$

769.9

 

 

$

(41.2

)

 

$

728.7

 

Selling, general, and administrative expense

 

 

467.1

 

 

$

(32.1

)

 

 

435.0

 

 

 

476.4

 

 

$

(36.5

)

 

 

439.9

 

Income tax provision

 

 

(14.0

)

 

$

1.0

 

 

 

(13.0

)

 

 

20.6

 

 

$

(1.6

)

 

 

19.0

 

Net income attributable to Myriad Genetics,

   Inc. stockholders

 

 

131.1

 

 

$

2.2

 

 

 

133.3

 

 

 

20.5

 

 

$

(3.1

)

 

 

17.4

 

Earnings per share:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

$

1.89

 

 

$

0.03

 

 

$

1.92

 

 

$

0.30

 

 

$

(0.05

)

 

$

0.25

 

Diluted

 

$

1.82

 

 

$

0.03

 

 

$

1.85

 

 

$

0.30

 

 

$

(0.05

)

 

$

0.25

 

 

 

 

 

FY2018

 

 

FY2017

 

 

 

As

Reported

 

 

Adjusted for

ASC 606

 

 

As

Adjusted

 

 

As

Reported

 

 

Adjusted for

ASC 606

 

 

As

Adjusted

 

Trade accounts receivable

 

$

98.3

 

 

$

1.2

 

 

$

99.5

 

 

$

90.2

 

 

$

(1.0

)

 

$

89.2

 

Retained earnings

 

 

52.9

 

 

 

1.2

 

 

 

54.1

 

 

 

(78.2

)

 

 

(1.0

)

 

 

(79.2

)

 

Accumulated Foreign Currency Adjustment Attributable to Parent [Member]  
Schedule of Cumulative Translation Adjustments Included in Accumulated Other Comprehensive Income/(Loss)

The following table shows the cumulative translation adjustments included in accumulated other comprehensive income/(loss):

 

Ending balance June 30, 2018

 

$

(4.1

)

Period translation adjustments

 

 

(3.1

)

Ending balance June 30, 2019

 

 

(7.2

)