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v3.20.1

Revenue | 9 Months Ended
--- | ---
Mar. 31, 2020
Revenue From Contract With Customer [Abstract] |
Revenue |
(2) | REVENUE
The following table presents detail regarding the composition of our total revenue by product and by U.S versus rest of world, “RoW”:
|  | Three months ended March 31, |
|  | 2020 |  |  | 2019 |
(In millions) |  | U.S. |  |  | RoW |  |  | Total |  |  | U.S. |  |  | RoW |  |  | Total |
Molecular diagnostic revenues: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Hereditary Cancer Testing |  | $ | 81.3 |  |  | $ | 3.9 |  |  | $ | 85.2 |  |  | $ | 114.3 |  |  | $ | 3.3 |  |  | $ | 117.6 |
GeneSight |  |  | 20.4 |  |  |  | — |  |  |  | 20.4 |  |  |  | 29.6 |  |  |  | — |  |  |  | 29.6 |
Prenatal |  |  | 20.2 |  |  |  | 0.1 |  |  |  | 20.3 |  |  |  | 30.6 |  |  |  | — |  |  |  | 30.6 |
Vectra |  |  | 10.5 |  |  |  | — |  |  |  | 10.5 |  |  |  | 11.3 |  |  |  | — |  |  |  | 11.3 |
Prolaris |  |  | 6.8 |  |  |  | — |  |  |  | 6.8 |  |  |  | 6.9 |  |  |  | — |  |  |  | 6.9 |
EndoPredict |  |  | 0.6 |  |  |  | 2.9 |  |  |  | 3.5 |  |  |  | 0.5 |  |  |  | 2.3 |  |  |  | 2.8 |
Other |  |  | 3.6 |  |  |  | 0.2 |  |  |  | 3.8 |  |  |  | 1.5 |  |  |  | 0.2 |  |  |  | 1.7 |
Total molecular diagnostic revenue |  |  | 143.4 |  |  |  | 7.1 |  |  |  | 150.5 |  |  |  | 194.7 |  |  |  | 5.8 |  |  |  | 200.5 |
Pharmaceutical and clinical service revenue |  |  | 9.6 |  |  |  | 3.9 |  |  |  | 13.5 |  |  |  | 9.7 |  |  |  | 6.4 |  |  |  | 16.1 |
Total revenue |  | $ | 153.0 |  |  | $ | 11.0 |  |  | $ | 164.0 |  |  | $ | 204.4 |  |  | $ | 12.2 |  |  | $ | 216.6 |
|  | Nine months ended March 31, |
|  | 2020 |  |  | 2019 |
(In millions) |  | U.S. |  |  | RoW |  |  | Total |  |  | U.S. |  |  | RoW |  |  | Total |
Molecular diagnostic revenues: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Hereditary Cancer Testing |  | $ | 295.0 |  |  | $ | 12.6 |  |  | $ | 307.6 |  |  | $ | 351.4 |  |  | $ | 9.3 |  |  | $ | 360.7 |
GeneSight |  |  | 65.6 |  |  |  | — |  |  |  | 65.6 |  |  |  | 82.8 |  |  |  | — |  |  |  | 82.8 |
Prenatal |  |  | 59.9 |  |  |  | 0.2 |  |  |  | 60.1 |  |  |  | 80.0 |  |  |  | — |  |  |  | 80.0 |
Vectra |  |  | 31.8 |  |  |  | — |  |  |  | 31.8 |  |  |  | 36.1 |  |  |  | — |  |  |  | 36.1 |
Prolaris |  |  | 20.0 |  |  |  | 0.1 |  |  |  | 20.1 |  |  |  | 19.1 |  |  |  | 0.1 |  |  |  | 19.2 |
EndoPredict |  |  | 1.5 |  |  |  | 6.8 |  |  |  | 8.3 |  |  |  | 1.2 |  |  |  | 6.2 |  |  |  | 7.4 |
Other |  |  | 9.9 |  |  |  | 0.2 |  |  |  | 10.1 |  |  |  | 5.8 |  |  |  | 0.5 |  |  |  | 6.3 |
Total molecular diagnostic revenue |  |  | 483.7 |  |  |  | 19.9 |  |  |  | 503.6 |  |  |  | 576.4 |  |  |  | 16.1 |  |  |  | 592.5 |
Pharmaceutical and clinical service revenue |  |  | 26.3 |  |  |  | 15.5 |  |  |  | 41.8 |  |  |  | 25.5 |  |  |  | 17.7 |  |  |  | 43.2 |
Total revenue |  | $ | 510.0 |  |  | $ | 35.4 |  |  | $ | 545.4 |  |  | $ | 601.9 |  |  | $ | 33.8 |  |  | $ | 635.7 |
The Company performs its obligation under a contract with a customer by processing diagnostic tests and communicating the test results to customers, in exchange for consideration from the customer. The Company has the right to bill its customers upon the completion of performance obligations and thus does not record contract assets. Occasionally customers make payments prior to the Company's performance of its contractual obligations. When this occurs, the Company records a contract liability as deferred revenue. A reconciliation of the beginning and ending balances of deferred revenue is shown in the table below:
|  | Nine months ended |
|  | March 31, |
|  | 2020 |  |  | 2019 |
Deferred revenue - beginning balance |  | $ | 2.2 |  |  | $ | 2.6 |
Revenue recognized |  |  | (2.4 | ) |  |  | (5.9 | )
Prepayments |  |  | 4.0 |  |  |  | 5.6 |
Deferred revenue - Ending Balance |  | $ | 3.8 |  |  | $ | 2.3 |
Myriad Companies generate revenue by performing molecular diagnostic testing and pharmaceutical & clinical services. Revenue from the sale of molecular diagnostic tests and pharmaceutical and clinical services is recorded at the invoiced amount net of any discounts or contractual allowances. The Company has determined that the communication of test results or the completion of clinical and pharmaceutical services indicates transfer of control for revenue recognition purposes. In accordance with ASU 2014-09, the Company has elected not to disclose the aggregate amount of the transaction price allocated to remaining performance obligations for its contracts that are one year or less, as the revenue is expected to be recognized within the next year. Furthermore, the Company has elected not to disclose the aggregate amount of the transaction price allocated to remaining performance obligations for its agreements wherein the Company’s right to payment is in an amount that directly corresponds with the value of Company’s performance to date. However, the Company periodically enters into arrangements with customers to provide diagnostic testing and/or pharmaceutical and clinical services that may have terms longer than one year and include multiple performance obligations. As of March 31, 2020, the aggregate amount of the transaction price of such contracts that is allocated to the remaining performance obligations is $4.1. The Company provides discounts such as self-pay and volume discounts to its customers. In determining the transaction price, Myriad includes an estimate of the expected amount of consideration as revenue. The Company applies this method consistently for similar contracts when estimating the effect of any uncertainty on an amount of variable consideration to which it will be entitled. The Company applies the expected value method for sales where the Company has a large number of contracts with similar characteristics. In addition, the Company considers all the information (historical, current, and forecast) that is reasonably available to identify possible consideration amounts. The Company considers the probability of the variable consideration for each possible scenario. The Company also has significant experience with historical discount patterns and uses this experience to estimate transaction prices. The Company excludes from the measurement of transaction price all taxes assessed by a governmental authority that are both imposed on and concurrent with a specific revenue-producing transaction and collected by the Company from a customer for e.g. sales tax, value added tax etc. The Company applies the practical expedient related to costs to obtain or fulfill a contract since the amortization period for such costs will be one year or less. Accordingly, no costs incurred to obtain or fulfill a contract have been capitalized. The Company also applies the practical expedient for not adjusting revenue recognized for the effects of the time value of money. This practical expedient has been elected because the Company collects very little cash from customers under payment terms and the vast majority of payments terms have a payback period of less than one year. During the three and nine months ended March 31, 2020, the Company recognized a $5.5 and $10.8 decrease in revenue respectively, which resulted in an ($0.06) and ($0.11) impact to EPS, for tests in which the performance obligation of delivering the tests results was met in prior periods. The changes were primarily driven by changes in the estimated transaction price due to contractual adjustments, obtaining updated information from payors and patients that was unknown at the time the performance obligation was met and settlements with third party payors.

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- Definition The entire disclosure of revenue from contract with customer to transfer good or service and to transfer nonfinancial asset. Includes, but is not limited to, disaggregation of revenue, credit loss recognized from contract with customer, judgment and change in judgment related to contract with customer, and asset recognized from cost incurred to obtain or fulfill contract with customer. Excludes insurance and lease contracts. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 606 -URI http://asc.fasb.org/topic&trid=49130388 + Details
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