UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
(Mark One)
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ý QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
For the quarterly period ended March 31, 2003
OR
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o TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
For the transition period from to
Commission file number: 0-26642
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MYRIAD GENETICS, INC. |
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(Exact name of registrant as specified in its charter) |
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Delaware |
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87-0494517 |
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(State or other jurisdiction |
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(I.R.S. Employer Identification No.) |
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320 Wakara Way, Salt Lake City, UT |
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84108 |
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(Address of principal executive offices) |
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(Zip Code) |
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Registrant’s telephone number, including area code: (801) 584-3600 |
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Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ý No o
Indicate by check mark whether the registrant is an accelerated filer (as defined in Rule 12b-2 of the Exchange Act). Yes o No ý (Not an accelerated filer due to fiscal year end June 30, 2003)
As of May 1, 2003 the registrant had 27,019,508 shares of $0.01 par value common stock outstanding.
MYRIAD GENETICS, INC.
INDEX TO FORM 10-Q
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PART I - Financial Information |
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Item 1. |
Financial Statements: |
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Condensed Consolidated Balance Sheets as of March 31, 2003 (unaudited) and June 30, 2002 |
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Notes to Condensed Unaudited Consolidated Financial Statements |
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Management’s Discussion and Analysis of Financial Condition and Results of Operations |
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2
MYRIAD GENETICS, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
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(in thousands, except per share amounts) |
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(Unaudited) |
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June 30, 2002 |
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Assets |
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Current assets: |
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Cash and cash equivalents |
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$ |
80,421 |
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$ |
61,067 |
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Marketable investment securities |
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12,833 |
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12,008 |
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Prepaid expenses |
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5,904 |
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4,827 |
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Trade accounts receivable, less allowance for doubtful accounts of $795 at Mar. 31, 2003 and $505 at June 30, 2002 |
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11,706 |
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7,233 |
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Other receivables |
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10,246 |
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220 |
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Related party receivables |
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119 |
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¾ |
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Total current assets |
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121,229 |
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85,355 |
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Equipment and leasehold improvements: |
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Equipment |
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30,397 |
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26,409 |
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Leasehold improvements |
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7,469 |
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5,384 |
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37,866 |
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31,793 |
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Less accumulated depreciation and amortization |
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19,580 |
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16,360 |
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Net equipment and leasehold improvements |
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18,286 |
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15,433 |
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Long-term marketable investment securities |
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37,301 |
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51,168 |
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Other assets |
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6,101 |
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5,434 |
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$ |
182,917 |
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$ |
157,390 |
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Liabilities and Stockholders’ Equity |
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Current liabilities: |
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Accounts payable |
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$ |
4,653 |
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$ |
9,462 |
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Related party payable |
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¾ |
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1,038 |
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Accrued liabilities |
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4,342 |
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3,591 |
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Deferred revenue |
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3,924 |
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14,430 |
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Total current liabilities |
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12,919 |
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28,521 |
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Stockholders’ equity: |
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Preferred stock, $0.01 par value. 5,000 shares authorized, no shares issued and outstanding |
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¾ |
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¾ |
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Common stock, $0.01 par value, 60,000 shares authorized; issued and outstanding 27,015 at Mar. 31, 2003 and 23,817 at June 30, 2002 |
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270 |
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238 |
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Additional paid-in capital |
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260,591 |
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202,149 |
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Accumulated other comprehensive income |
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707 |
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308 |
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Accumulated deficit |
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(91,570 |
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(73,826 |
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Total stockholders’ equity |
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169,998 |
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128,869 |
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$ |
182,917 |
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$ |
157,390 |
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See accompanying notes to condensed consolidated financial statements.
3
MYRIAD GENETICS, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
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(Unaudited) |
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(Unaudited) |
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Three Months Ended |
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Nine Months Ended |
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(in thousands, except per share amounts) |
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Mar. 31, 2003 |
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Mar. 31, 2002 |
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Mar. 31, 2003 |
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Mar. 31, 2002 |
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Revenues: |
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Predictive medicine revenue |
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$ |
9,314 |
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$ |
7,255 |
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$ |
25,329 |
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$ |
19,141 |
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Research revenue |
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6,432 |
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5,803 |
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21,852 |
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20,583 |
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Related party research revenue |
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342 |
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¾ |
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1,436 |
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¾ |
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Total research revenue |
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6,774 |
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5,803 |
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23,288 |
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20,583 |
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Total revenues |
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16,088 |
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13,058 |
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48,617 |
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39,724 |
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Costs and expenses: |
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Predictive medicine cost of revenue |
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3,361 |
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2,848 |
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9,277 |
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7,685 |
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Research and development expense |
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11,053 |
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8,740 |
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34,217 |
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25,614 |
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Selling, general and administrative expense |
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7,785 |
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5,912 |
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24,795 |
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17,617 |
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Total costs and expenses |
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22,199 |
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17,500 |
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68,289 |
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50,916 |
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Operating loss |
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(6,111 |
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(4,442 | |||||||||