Document and Entity Information - shares	6 Months Ended
Document and Entity Information - shares	Dec. 31, 2019	Jan. 31, 2020
Cover [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Dec. 31, 2019
Document Fiscal Year Focus	2020
Document Fiscal Period Focus	Q2
Trading Symbol	MYGN
Entity Registrant Name	MYRIAD GENETICS, INC.
Entity Central Index Key	0000899923
Current Fiscal Year End Date	--06-30
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		74,550,111
Title of 12(b) Security	Public Common Stock, $0.01 par value
Security Exchange Name	NASDAQ
Entity File Number	0-26642
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	87-0494517
Entity Address, Address Line One	320 Wakara Way
Entity Address, City or Town	Salt Lake City
Entity Address, State or Province	UT
Entity Address, Postal Zip Code	84108
City Area Code	801
Local Phone Number	584-3600
Document Quarterly Report	true
Document Transition Report	false

Condensed Consolidated Balance Sheets - USD ($) $ in Millions	Dec. 31, 2019	Jun. 30, 2019
Current assets:
Cash and cash equivalents	$ 81.2	$ 93.2
Marketable investment securities	60.4	43.7
Prepaid expenses	16.2	16.6
Inventory	28.1	31.4
Trade accounts receivable	118.3	133.9
Prepaid taxes	24.7	25.1
Other receivables	3.5	4.7
Assets held for sale	32.9
Total current assets	365.3	348.6
Property, plant and equipment, net	36.5	57.3
Operating lease right-of-use assets	67.3
Long-term marketable investment securities	47.6	54.9
Intangibles, net	653.5	684.7
Goodwill	408.1	417.2
Total assets	1,578.3	1,562.7
Current liabilities:
Accounts payable	21.0	33.3
Accrued liabilities	61.1	78.9
Current maturities of operating lease liabilities	12.8
Short-term contingent consideration	3.4	3.4
Deferred revenue	3.6	2.2
Liabilities held for sale	10.5
Total current liabilities	112.4	117.8
Unrecognized tax benefits	22.4	21.7
Noncurrent operating lease liabilities	58.7
Other long-term liabilities		7.8
Contingent consideration	6.9	10.4
Long-term debt	225.1	233.5
Long-term deferred taxes	75.5	82.6
Total liabilities	501.0	473.8
Commitments and contingencies
Stockholders’ equity:
Common stock, 74.5 and 73.5 shares outstanding at December 31, 2019 and June 30, 2019 respectively	0.7	0.7
Additional paid-in capital	1,085.1	1,068.0
Accumulated other comprehensive loss	(5.3)	(5.4)
Retained earnings (deficit)	(3.3)	25.6
Total Myriad Genetics, Inc. stockholders’ equity	1,077.2	1,088.9
Non-Controlling Interest	0.1
Total stockholders' equity	1,077.3	1,088.9
Total liabilities and stockholders’ equity	$ 1,578.3	$ 1,562.7

Condensed Consolidated Statements of Operations - USD ($) shares in Millions, $ in Millions	3 Months Ended		6 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2019	Dec. 31, 2018
Total revenue	$ 195.1	$ 216.8	$ 381.4	$ 419.1
Costs and expenses:
Research and development expense	18.8	22.4	40.1	43.5
Change in the fair value of contingent consideration	(0.1)	1.0	0.6	1.4
Selling, general, and administrative expense	135.6	135.2	271.1	265.1
Total costs and expenses	203.9	210.7	411.1	411.8
Operating income (loss)	(8.8)	6.1	(29.7)	7.3
Other income (expense):
Interest income	0.8	0.9	1.7	1.6
Interest expense	(2.5)	(3.4)	(5.4)	(5.6)
Other	(0.9)		(0.3)	1.1
Total other expense:	(2.6)	(2.5)	(4.0)	(2.9)
Income (loss) before income tax	(11.4)	3.6	(33.7)	4.4
Income tax provision (benefit)	(3.1)	1.0	(4.8)	2.6
Net income (loss)	(8.3)	2.6	(28.9)	1.8
Net loss attributable to non-controlling interest				(0.1)
Net income (loss) attributable to Myriad Genetics, Inc. stockholders	$ (8.3)	$ 2.6	$ (28.9)	$ 1.9
Earnings (loss) per share:
Basic	$ (0.11)	$ 0.04	$ (0.39)	$ 0.03
Diluted	$ (0.11)	$ 0.03	$ (0.39)	$ 0.02
Weighted average shares outstanding:
Basic	74.4	74.2	74.1	73.6
Diluted	74.4	76.5	74.1	76.9
Molecular Diagnostic Testing [Member]
Total revenue	$ 181.1	$ 203.0	$ 353.1	$ 392.0
Costs and expenses:
Total costs and expenses	41.0	44.0	82.2	86.3
Pharmaceutical and Clinical Services [Member]
Total revenue	14.0	13.8	28.3	27.1
Costs and expenses:
Total costs and expenses	$ 8.6	$ 8.1	$ 17.1	$ 15.5

Condensed Consolidated Statements of Comprehensive Income - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2019	Dec. 31, 2018
Statement Of Income And Comprehensive Income [Abstract]
Net income (loss) attributable to Myriad Genetics, Inc. stockholders	$ (8.3)	$ 2.6	$ (28.9)	$ 1.9
Unrealized loss on available-for-sale securities, net of tax	0.0	(0.2)	0.0	(0.4)
Change in foreign currency translation adjustment, net of tax	2.2	0.9	0.1	1.3
Comprehensive income (loss)	(6.1)	3.3	(28.8)	2.8
Comprehensive income attributable to non-controlling interest	0.0	0.0	0.0	0.0
Comprehensive income (loss) attributable to Myriad Genetics, Inc. shareholders	$ (6.1)	$ 3.3	$ (28.8)	$ 2.8

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

+ References + Details

Condensed Consolidated Statements of Stockholders' Equity - USD ($) $ in Millions	Total	Common Stock [Member]	Additional paid-in capital [Member]	Accumulated other comprehensive loss [Member]	Retained earnings (accumulated deficit) [Member]	Non-Controlling Interest [Member]
Beginning Balance at Jun. 30, 2018	$ 966.1	$ 0.7	$ 915.4	$ (4.1)	$ 54.1
Issuance of common stock under share-based compensation plans	1.9		1.9
Issuance of common stock for acquisition	127.4		127.4
Share-based payment expense	7.7		7.7
Net income (loss)	(0.7)				(0.7)
Other comprehensive income (loss), net of tax	(0.2)			(0.2)
Ending Balance at Sep. 30, 2018	1,102.2	0.7	1,052.4	(4.3)	53.4
Beginning Balance at Jun. 30, 2018	966.1	0.7	915.4	(4.1)	54.1
Net income (loss)	1.9
Ending Balance at Dec. 31, 2018	1,064.2	0.7	1,045.6	(5.0)	22.9
Beginning Balance at Sep. 30, 2018	1,102.2	0.7	1,052.4	(4.3)	53.4
Issuance of common stock under share-based compensation plans	2.6		2.6
Share-based payment expense	7.5		7.5
Repurchase and retirement of common stock	(50.0)		(16.9)		(33.1)
Net income (loss)	2.6				2.6
Other comprehensive income (loss), net of tax	(0.7)			(0.7)
Ending Balance at Dec. 31, 2018	1,064.2	0.7	1,045.6	(5.0)	22.9
Beginning Balance at Jun. 30, 2019	1,088.9	0.7	1,068.0	(5.4)	25.6
Issuance of common stock under share-based compensation plans	(0.5)		(0.5)
Share-based payment expense	8.8		8.8
Net income (loss)	(20.6)				(20.6)
Other comprehensive income (loss), net of tax	(2.1)			(2.1)
Ending Balance at Sep. 30, 2019	1,074.5	0.7	1,076.3	(7.5)	5.0
Beginning Balance at Jun. 30, 2019	1,088.9	0.7	1,068.0	(5.4)	25.6
Net income (loss)	(28.9)
Ending Balance at Dec. 31, 2019	1,077.3	0.7	1,085.1	(5.3)	(3.3)	$ 0.1
Beginning Balance at Sep. 30, 2019	1,074.5	0.7	1,076.3	(7.5)	5.0
Issuance of common stock under share-based compensation plans	1.8		1.8
Share-based payment expense	7.0		7.0
Non-controlling interest	0.1					0.1
Net income (loss)	(8.3)				(8.3)
Other comprehensive income (loss), net of tax	2.2			2.2
Ending Balance at Dec. 31, 2019	$ 1,077.3	$ 0.7	$ 1,085.1	$ (5.3)	$ (3.3)	$ 0.1

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

+ References + Details

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Millions	6 Months Ended
	Dec. 31, 2019	Dec. 31, 2018
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income (loss) attributable to Myriad Genetics, Inc. stockholders	$ (28.9)	$ 1.9
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	36.4	36.3
Non-cash interest expense	0.2	(1.2)
Loss on disposition of assets	(0.1)	(0.9)
Share-based compensation expense	15.8	15.2
Deferred income taxes	(6.8)	2.3
Unrecognized tax benefits	0.7	(2.3)
Impairment of goodwill classified as held for sale	1.3
Change in fair value of contingent consideration	0.7	(1.4)
Changes in assets and liabilities:
Prepaid expenses	(0.2)	0.8
Trade accounts receivable	13.6	(0.9)
Other receivables	(0.3)	(1.9)
Inventory	2.6	6.1
Prepaid taxes	0.4	(3.1)
Accounts payable	(11.3)	(0.3)
Accrued liabilities	(11.8)	(4.7)
Deferred revenue	1.6	(0.3)
Net cash provided by operating activities	13.9	45.6
CASH FLOWS FROM INVESTING ACTIVITIES
Capital expenditures	(4.8)	(4.1)
Acquisitions, net of cash acquired		(278.5)
Purchases of marketable investment securities	(45.0)	(36.6)
Proceeds from maturities and sales of marketable investment securities	35.5	32.1
Net cash used in investing activities	(14.3)	(287.1)
CASH FLOWS FROM FINANCING ACTIVITIES:
Net proceeds from common stock issued under share-based compensation plans	1.3	4.5
Payment of contingent consideration recognized at acquisition	(3.9)
Net proceeds from revolving credit facility		340.0
Repayment of revolving credit facility	(8.6)	(75.0)
Repurchase and retirement of common stock		(50.0)
Net cash provided by (used in) financing activities	(11.2)	219.5
Effect of foreign exchange rates on cash and cash equivalents	1.1	1.7
Change in cash and cash equivalents classified as held for sale	(1.5)
Net decrease in cash and cash equivalents	(12.0)	(20.3)
Cash and cash equivalents at beginning of the period	93.2	110.9
Cash and cash equivalents at end of the period	$ 81.2	$ 90.6

Basis of Presentation

6 Months Ended

Dec. 31, 2019

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” or “Myriad”) 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, 2019, included in the Company’s Annual Report on Form 10-K for the fiscal year ended June 30, 2019. Operating results for the three and six months ended December 31, 2019 may not necessarily be indicative of results to be expected for any other interim period or for the full year.

The consolidated financial statements include the accounts of the Company’s majority-owned subsidiary, Assurex Canada, Ltd. which is 85% owned by Assurex Health, Inc. (“Assurex”), a wholly owned subsidiary of the Company, and 15% owned by the Centre for Addiction and Mental Health. Assurex Canada, Ltd. is a consolidated subsidiary of Assurex Health, Inc. The value of the non-controlling interest represents the portion of Assurex Canada, Ltd.’s profit or loss and net assets that is not held by Assurex Health, Inc. The Company attributes comprehensive income or loss of the subsidiary between the Company and the non-controlling interest based on the respective ownership interest.

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.

Net assets held for sale represent land, buildings and other assets and liabilities for locations that have met the criteria of "held for sale" accounting, as specified by Accounting Standards Codifications ("ASC") 360, "Property, Plant, and Equipment," and are recorded at the lower of carrying value or fair value less costs to sell. Fair value is based on the estimated proceeds from the sale of the net assets utilizing recent purchase offers, market comparables and/or reliable third-party data and costs to sell include direct costs that are estimable and probable. The Company's fair value estimates are regularly reviewed, and the net assets classified as held for sale are subject to changes. Net assets held for sale are currently marketed for sale and it is the Company's intention to complete the sale of these net assets within twelve months following their initial classification as held for sale. See Note 18 for additional information regarding assets and liabilities held for sale.

Recent Accounting Pronouncements

Recently Adopted Standards

In February 2016, the FASB issued ASU 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 changing certain lessor accounting requirements. ASU 2016-02 also requires entities to provide enhanced disclosures surrounding the amount, timing and uncertainty of cash flows arising from leasing arrangements. On July 1, 2019, the Company adopted ASU 2016-02 under the modified retrospective approach by initially applying ASU 2016-02 at the adoption date, rather than at the beginning of the earliest comparative period presented. Results for the three and six months ended December 31, 2019 are presented under ASU 2016-02. Prior period amounts were not adjusted and continue to be reported under previous lease accounting guidance.

Under ASU 2016-02, the Company determines if an arrangement is or contains a lease at inception by assessing whether the arrangement contains an identified asset and whether it has the right to control the identified asset. Right-of-use (“ROU”) assets represent the Company's right to use an underlying asset for the lease term and lease liabilities represent the Company's obligation to make lease payments arising from the lease. Lease liabilities are recognized at the lease commencement date based on the present value of future lease payments over the lease term. ROU assets are based on the measurement of the lease liability and also include any lease payments made prior to or on lease commencement and exclude lease incentives and initial direct costs incurred, as applicable.

As the implicit rate in the Company's leases is generally unknown, the Company uses its incremental borrowing rate based on the information available at the lease commencement date in determining the present value of future lease payments. When calculating the Company’s incremental borrowing rates, the Company gives consideration to its credit risk, term of the lease, total lease payments and adjust for the impacts of collateral, as necessary. The lease term used may reflect any option to extend or terminate the lease when it is reasonably certain the Company will exercise such options. Lease expenses for the Company's operating leases are recognized on a straight-line basis over the lease term.

ASU 2016-02 provides a number of optional practical expedients in transitioning to ASU 2016-02. The Company has elected the package of practical expedients to avoid reassessing under ASU 2016-02 prior conclusions about lease identification, lease

classification and initial direct costs. The Company has also elected the practical expedient allowing the use of hindsight in determining the lease term and assessing impairment of right-of-use ROU assets based on all facts and circumstances through the effective date of the new standard. ASU 2016-02 also provides practical expedients for ongoing lease accounting. The Company has elected the recognition exemption for short-term leases for all leases that qualify. Under this exemption, the Company will not recognize ROU assets or lease liabilities for those leases that qualify as a short-term lease (leases with lease terms of 12 months or less), which includes not recognizing ROU assets or lease liabilities for existing short-term leases in transition. The Company also has elected the practical expedient to avoid separating lease and non-lease components for any of its leases within its existing classes of assets.

As of the July 1, 2019 adoption date, the Company recognized operating lease liabilities of $78.8 and right-of-use assets related to operating leases totaling $74.5 as of the adoption date. These are presented as “Current maturities of operating lease liabilities” for a total of $13.1, “Noncurrent operating lease liabilities” for a total of $65.7, and “Operating lease right-of-use assets” for a total of $74.5 on the Company’s consolidated balance sheet. No adjustments to the beginning retained earnings balance were required.

On October 1, 2019, the Company adopted early ASU 2017-04, Intangibles – Goodwill and Other (Topic 350) (“ASU 2017-04”) as permitted under the standard. The standard simplifies the accounting for goodwill impairment by requiring a goodwill impairment to be measured using a single step impairment model, whereby the impairment equals the difference between the carrying amount and the fair value of the specified reporting units as a whole. This eliminates the second step of the current impairment model that requires a company to first estimate the fair value of all assets in a reporting unit and measure impairments based on those fair values and a residual measurement approach. The standard also specifies that any loss recognized should not exceed the total amount of goodwill allocated to that reporting unit. This ASU was adopted on a prospective basis with no material impact to the Company’s consolidated financial statements.

Standards Effective in Future Years and Not Yet Adopted

In June 2016, the FASB issued ASU 2016-13, Financial Instruments – Credit Losses (Topic 326) (“ASU 2016-13”) which introduces new guidance for the accounting for credit losses on certain instruments within its scope. ASU 2016-13 introduces an approach based on expected losses to estimate credit losses on certain types of financial instruments. For trade receivables, the Company will be required to use a forward-looking expected loss model rather than the incurred loss model for recognizing credit losses, which reflects losses that are probable. Credit losses relating to available-for-sale debt securities will also be recorded through an allowance for credit losses rather than as a reduction in the amortized cost basis of the securities. ASU 2016-13 is effective for fiscal years beginning after December 31, 2019, including interim periods within those years. Early application of the guidance is permitted for all entities for fiscal years beginning after December 15, 2018, including the interim periods within those fiscal years. Application of the amendments is through a cumulative-effect adjustment to retained earnings as of the effective date. The Company is currently evaluating the impact of ASU 2016-13 on its consolidated financial statements.

Revenue

6 Months Ended

Dec. 31, 2019

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 December 31,
	2019						2018
(In millions)	U.S.		RoW		Total		U.S.		RoW		Total
Molecular diagnostic revenues:
Hereditary Cancer Testing	$	112.9	$	4.8	$	117.7	$	123.4	$	3.3	$	126.7
GeneSight		22.5		—		22.5		24.0		—		24.0
Prenatal		16.3		0.1		16.4		31.2		—		31.2
Vectra		10.3		—		10.3		11.8		—		11.8
Prolaris		6.7		0.1		6.8		6.1		—		6.1
EndoPredict		0.5		2.1		2.6		0.4		1.8		2.2
Other		4.8		—		4.8		0.7		0.3		1.0
Total molecular diagnostic revenue		174.0		7.1		181.1		197.6		5.4		203.0
Pharmaceutical and clinical service revenue		8.3		5.8		14.0		8.2		5.6		13.8
Total revenue	$	182.3	$	12.9	$	195.1	$	205.8	$	11.0	$	216.8

	Six months ended December 31,
	2019						2018
(In millions)	U.S.		RoW		Total		U.S.		RoW		Total
Molecular diagnostic revenues:
Hereditary Cancer Testing	$	213.5	$	8.7	$	222.2	$	237.0	$	6.1	$	243.1
GeneSight		45.2		—		45.2		53.2		—		53.2
Prenatal		39.8		0.1		39.9		49.3		—		49.3
Vectra		21.4		—		21.4		24.8		—		24.8
Prolaris		13.2		0.1		13.3		12.3		—		12.3
EndoPredict		0.9		3.9		4.8		0.7		3.9		4.6
Other		6.2		0.1		6.3		4.4		0.3		4.7
Total molecular diagnostic revenue		340.2		12.9		353.1		381.7		10.3		392.0
Pharmaceutical and clinical service revenue		16.8		11.6		28.3		15.8		11.3		27.1
Total revenue	$	357.0	$	24.5	$	381.4	$	397.5	$	21.6	$	419.1

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:

	Six months ended
	December 31,
	2019			2018
Deferred revenue - beginning balance	$	2.2		$	2.6
Revenue recognized		(1.1	)		(2.6	)
Prepayments		2.5			2.4
Deferred revenue - Ending Balance	$	3.6		$	2.4

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 December 31, 2019, the aggregate amount of the transaction price of such contracts that is allocated to the remaining performance obligations is $3.1.

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 vast majority of payments terms have a payback period of less than one year.

During the three and six months ended December 31, 2019, the Company recognized a $3.7 and $6.9 decrease in revenue respectively, which resulted in an ($0.04) and ($0.07) 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.

Acquisitions

6 Months Ended

Dec. 31, 2019

Business Combinations [Abstract]

Acquisitions

(3)	ACQUISITIONS

Acquisition of Counsyl, Inc.

On July 31, 2018, the Company completed the acquisition of Counsyl, Inc. (“Counsyl”), a leading provider of genetic testing and DNA analysis services, pursuant to the Agreement and Plan of Merger (the “Merger Agreement”), dated May 25, 2018. Pursuant to the terms of the Merger Agreement, Myriad Merger Sub, Inc., a newly-created wholly-owned subsidiary of the Company, was merged with and into Counsyl, with Counsyl continuing as the surviving corporation and a wholly-owned subsidiary of Myriad. The Company believes the acquisition allows for greater entry into the high-growth reproductive testing market, with the ability to become a leader in women’s health genetic testing.

The Company acquired Counsyl for total consideration of $405.9, consisting of $278.5 in cash, financed in part by the Amendment to the Facility (see Note 8) and 2,994,251 shares of common stock issued, valued at $127.4. The shares were issued and valued as of July 31, 2018 at a per share market closing price of $42.53. To complete the purchase transaction, the Company incurred approximately $6.8 of acquisition costs, which were recorded as selling, general and administrative expenses in the period incurred.

Of the cash consideration, $5.0 was deposited into an escrow account to fund any post-closing adjustments payable to Myriad based upon differences between the estimated working capital and the actual working capital of Counsyl at closing. The working capital was finalized during the quarter ended December 31, 2018 and $1.1 of the escrow was returned to Myriad as a result of a working capital adjustment which reduced total consideration and goodwill.

Consideration transferred was allocated to the tangible and intangible assets acquired and liabilities assumed based on their fair values as of the acquisition date. 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. The allocation of the consideration transferred was finalized within the measurement period (which was up to one year from the acquisition date).

	Estimated Fair Value
Current assets	$	42.5
Intangible assets		290.0
Equipment		18.2
Other assets		0.1
Goodwill		99.3
Current liabilities		(19.6	)
Long term liabilities		(0.1	)
Deferred tax liability		(9.2	)
Total fair value purchase price	$	421.2
Less: Cash acquired		(15.3	)
Total consideration transferred	$	405.9

Identifiable Intangible Assets

Through its acquisition of Counsyl, the Company acquired intangible assets that consisted of developed screening processes with an estimated fair value of $290.0. The fair values of these developed screening processes were estimated using a probability-weighted income approach that discounts expected future cash flows to present value. Under the probability-weighted income approach, the estimated net cash flows from these developed screening processes were discounted using a discount rate of 12.5%, which is based on the estimated internal rate of return for the acquired developed screening processes and represents the rate that market participants may use to value these intangible assets. The Company will amortize these intangible assets on a straight-line basis over their estimated useful lives of 12 years.

Goodwill

The goodwill represents the excess of consideration transferred over the fair value of assets acquired and liabilities assumed from Counsyl and is attributable to the benefits expected from combining the Company’s expertise with Counsyl’s technology and customer insights and the opportunity to integrate genetic screening into clinical practice with OBGYNs. Changes in goodwill since the Counsyl acquisition to the balance as of December 31, 2019 are shown below:

	Carrying
	amount
Balance September 30, 2018	$	94.9
Fair value adjustment to equipment		0.7
Intangible adjustment		2.9
Working capital adjustment		(1.1	)
Change in deferred tax liability		1.9
Balance December 31, 2019	$	99.3

This goodwill is not deductible for income tax purposes.

Pro Forma Information (Unaudited)

The unaudited pro-forma results presented below include the effects of the Counsyl acquisition as if it had been consummated as of July 1, 2017, with adjustments to give effect to pro forma events that are directly attributable to the acquisition, which includes adjustments related to the amortization of acquired intangible assets, interest income and expense, and depreciation.

The unaudited pro forma results do not reflect any operating efficiency or potential cost savings that may result from the consolidation of Counsyl. Accordingly, these unaudited pro forma results are presented for informational purposes only and are not necessarily indicative of what the actual results of operation of the combined company would have been if the acquisition had occurred at the beginning of the period presented, nor are they indicative of future results of operations and are not necessarily indicative of results that might have been achieved had the acquisition been consummated as of July 1, 2017.

	Three months ended					Six months ended
	December 31,					December 31,
	2019			2018		2019			2018
Revenue	$	195.1		$	216.8	$	381.4		$	429.3
Income (loss) from operations		(8.8	)		6.1		(29.7	)		17.6
Net income (loss)		(8.3	)		2.6		(28.9	)		11.2
Earnings (loss) per share, basic	$	(0.11	)	$	0.04	$	(0.39	)	$	0.15
Earnings (loss) per share, diluted	$	(0.11	)	$	0.03	$	(0.39	)	$	0.15

Marketable Investment Securities

6 Months Ended

Dec. 31, 2019

Investments Debt And Equity Securities [Abstract]

Marketable Investment Securities

(4)	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 Company’s cash equivalents consist of short-term, highly liquid investments that are readily convertible to known amounts of cash. 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 December 31, 2019 and June 30, 2019 were as follows:

			Gross		Gross
			unrealized		unrealized
	Amortized		holding		holding		Estimated
	cost		gains		losses		fair value
At December 31, 2019:
Cash and cash equivalents:
Cash	$	63.2	$	—	$	—	$	63.2
Cash equivalents		18.0		—		—	$	18.0
Total cash and cash equivalents		81.2		—		—		81.2
Available-for-sale:
Corporate bonds and notes		67.2		0.4		—		67.6
Municipal bonds		20.8		0.1		—		20.9
Federal agency issues		4.0		—		—		4.0
US government securities		15.4		0.1		—		15.5
Total	$	188.6	$	0.6	$	—	$	189.2

Gross

unrealized

Amortized

holding

Estimated

cost

gains

losses

Condensed Consolidated Balance Sheets (Parenthetical) - shares shares in Millions	Dec. 31, 2019	Jun. 30, 2019	Jun. 30, 2018
Statement Of Financial Position [Abstract]
Common stock, shares outstanding	74.5	73.5	70.6