Discontinued Operations (Tables)

9 Months Ended

Sep. 30, 2016

Discontinued Operations and Disposal Groups [Abstract]

Discontinued Operations

The following table presents the consideration received, major classes of assets sold and the gain recognized on the sale of the Non-Core ACC Products:

	(in thousands)
Sale price:
Cash	$	263,807
Contingent purchase price from sale of business	65,700
Total sale price	329,507
Assets:
Inventory	2,184
Intangibles	5,210
Goodwill	33,812
Total assets sold	41,206
Gain on sale of business	$	288,301

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 “Income (loss) from discontinued operations, net of tax” for the three and nine months ended September 30, 2016 and 2015:

	Three Months Ended September 30,						Nine Months Ended September 30,
	2016			2015			2016			2015
	(in thousands)
Net product revenues	$	28		$	15,471		$	78		$	47,826
Operating expenses:
Cost of product revenue	(9		)	37,781			1,695			63,224
Research and development	(15		)	3,018			104			6,871
Selling, general and administrative	(44		)	(4,414		)	634			(1,727		)
Total operating expenses	(68		)	36,385			2,433			68,368
Income (loss) from operations	96			(20,914		)	(2,355		)	(20,542		)
Gain from sale of business	—			—			1,004			—
Other expense, net	—			(49		)	(39		)	(538		)
Income (loss) from discontinued operations before income taxes	96			(20,963		)	(1,390		)	(21,080		)
Benefit for income taxes	—			(6,448		)	—			(28,079		)
Income (loss) from discontinued operations, net of tax	$	96		$	(14,515	)	$	(1,390	)	$	6,999

The significant cash flow items from discontinued operations for the nine months ended September 30, 2016 and 2015 were as follows:

	Nine Months Ended September 30,
	2016			2015
	(in thousands)
Depreciation from discontinued operations	$	—		$	258
Amortization from discontinued operations	—			13,311
Gain on sale of business	(1,004		)	—
Asset impairment charges	—			25,800
Change in contingent consideration obligation	—			(9,200		)
Proceeds from sale of business	174,068			—
Capital expenditures	—			703