UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
(Mark One)
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QUARTERLY
REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES |
For the quarterly period ended December 31, 2004
OR
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TRANSITION
REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES |
For the transition period from to
Commission file number: 0-26642
MYRIAD GENETICS, INC.
(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 ý No o
As of February 1, 2005 the registrant had 30,748,287 shares of $0.01 par value common stock outstanding.
MYRIAD GENETICS, INC.
INDEX TO FORM 10-Q
2
MYRIAD GENETICS, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED)
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(in thousands, except per share amounts) |
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Dec. 31, 2004 |
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June 30, 2004 |
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Assets |
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Current assets: |
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Cash and cash equivalents |
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$ |
62,516 |
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$ |
83,983 |
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Marketable investment securities |
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23,441 |
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31,383 |
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Prepaid expenses |
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5,236 |
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7,279 |
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Trade accounts receivable, less allowance for doubtful accounts of $1,495 at Dec. 31, 2004 and $1,205 at June 30, 2004 |
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17,281 |
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13,994 |
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Other receivables |
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755 |
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554 |
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Total current assets |
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109,229 |
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137,193 |
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Equipment and leasehold improvements: |
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Equipment |
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35,513 |
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34,212 |
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Leasehold improvements |
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7,760 |
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7,692 |
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43,273 |
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41,904 |
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Less accumulated depreciation and amortization |
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27,022 |
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24,565 |
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Net equipment and leasehold improvements |
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16,251 |
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17,339 |
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Long-term marketable investment securities |
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38,706 |
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26,473 |
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Other assets |
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7,176 |
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7,351 |
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$ |
171,362 |
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$ |
188,356 |
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Liabilities and Stockholders’ Equity |
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Current liabilities: |
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Accounts payable |
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$ |
8,309 |
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$ |
7,938 |
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Accrued liabilities |
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7,432 |
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5,933 |
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Deferred revenue |
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1,618 |
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1,209 |
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Total current liabilities |
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17,359 |
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15,080 |
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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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— |
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— |
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Common stock, $0.01 par value, 60,000 shares authorized; issued and outstanding 30,722 at Dec. 31, 2004 and 30,623 at June 30, 2004 |
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307 |
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306 |
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Additional paid-in capital |
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313,410 |
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312,453 |
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Accumulated other comprehensive loss |
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(403 |
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(212 |
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Accumulated deficit |
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(159,311 |
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(139,271 |
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Total stockholders’ equity |
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154,003 |
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173,276 |
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$ |
171,362 |
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$ |
188,356 |
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See accompanying notes to condensed consolidated financial statements (Unaudited).
3
MYRIAD GENETICS, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED)
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Three Months Ended |
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Six Months Ended |
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(in thousands, except per share amounts) |
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Dec. 31, 2004 |
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Dec. 31, 2003 |
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Dec. 31, 2004 |
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Dec. 31, 2003 |
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Revenues: |
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Predictive medicine revenue |
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$ |
17,535 |
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$ |
10,446 |
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$ |
31,964 |
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$ |
18,510 |
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Research revenue |
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2,104 |
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2,773 |
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4,385 |
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7,852 |
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Related party research revenue |
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— |
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929 |
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— |
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1,458 |
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Total research revenue |
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2,104 |
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3,702 |
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4,385 |
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9,310 |
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Total revenues |
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19,639 |
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14,148 |
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36,349 |
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27,820 |
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Costs and expenses: |
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