COMMITMENTS AND CONTINGENCIES

3 Months Ended

Jun. 30, 2012

Commitments and Contingencies Disclosure [Abstract]

COMMITMENTS AND CONTINGENCIES

COMMITMENTS AND CONTINGENCIES

We are presently engaged in various legal actions, and although ultimate liability cannot be determined at the present time, we believe, based on consultation with counsel, that any such liability will not materially affect our consolidated financial position or our results of operations.

During the first quarter of fiscal 2012, we received customer complaints in Europe regarding a quality issue with our High Separation Core Bowl (“HS Core”), a plasma disposable product used primarily to collect plasma for transfusion. Certain of these customers also made subsequent claims regarding financial losses alleged to have been incurred as a result of this matter. Certain of these claims are recoverable under our product liability insurance policy. As of March 31, 2012 we estimated our total liability to be $10.3 million and we had also recorded partial insurance recoveries of $6.8 million. During the quarter we received confirmation from our insurers of additional recoveries, as a result, we recorded a net benefit of $1.1 million. To date, we have been reimbursed under our insurance policies for $4.8 million paid to customers to settle their claims. We have also determined that an additional $3.4 million is recoverable under our insurance policies and recorded a corresponding insurance receivable within current assets as of June 30, 2012. Since the inception of claims in fiscal 2012, we have recorded $2.1 million of expenses, net of insurance recovery, within selling, general and administrative expenses through June 30, 2012.  Receivables for insurance recoveries for product liability claims are recorded as assets, on an undiscounted basis, when it is probable that a recovery will be realized on a claim by claim basis.  We do not expect to record additional material claims or insurance recoveries related to this matter.