Discontinued Operations (Tables)

3 Months Ended

Mar. 31, 2016

Discontinued Operations and Disposal Groups [Abstract]

Discontinued Operations

The following table presents the major classes of assets and liabilities at December 31, 2015 related to the Hemostasis Business which were reclassified as held for sale:

	December 31, 2015
	(in thousands)
Assets:
Inventory	$	53,765
Prepaid expenses and other current assets	1,153
Fixed assets, net	1,913
Intangibles, net	374,779
Allowance for reduction of assets of business held for sale	(108,773		)
Total assets held for sale	$	322,837
Liabilities:
Contingent purchase price - current	$	28,600
Deferred tax liability	38,915
Total liabilities held for sale	$	67,515

The following table presents key financial results of the Hemostasis Business included in “(Loss) income from discontinued operations, net of tax” for the three months ended March 31, 2016 and 2015:

	Three Months Ended March 31,
	2016			2015
	(in thousands)
Net product revenues	$	62		$	16,402
Operating expenses:
Cost of product revenue	2,293			13,199
Research and development	146			666
Selling, general and administrative	693			(250		)
Total operating expenses	3,132			13,615
(Loss) income from operations	(3,070		)	2,787
Gain from sale of business	1,004			—
Other expense, net	(39		)	(350		)
(Loss) income from discontinuing operations before income taxes	(2,105		)	2,437
Provision for income taxes	—			1,776
Net (loss) income from discontinued operations	$	(2,105	)	$	661

The significant cash flow items from discontinued operations for the three months ended March 31, 2016 and 2015 were as follows:

	Three Months Ended March 31,
	2016			2015
	(in thousands)
Depreciation from discontinued operations	$	—		$	25
Amortization from discontinued operations	—			4,730
Gain on sale of business	(1,004		)	—
Change in contingent consideration obligation	—			(1,600		)
Proceeds from sale of business	174,068			—
Capital expenditures	—			82