The following unaudited pro forma information for the fiscal years ended July 31, 2014 and July 31, 2013, respectively presents consolidated information as if both the PocketSonics and the Ultrasonix acquisitions occurred on August 1, 2012, which is the first day of our fiscal year 2013:


	Years Ended July 31,
(in millions, except per share data)	2014		2013
Net revenue	$	517.5	$	572.4
Net income	$	33.8	$	30.4
Net income per share, basic	$	2.73	$	2.48
Net income per share, diluted	$	2.67	$	2.42

Summary of Fair Values of Separately Identifiable Assets Acquired and Liabilities Assumed

The following table summarizes the fair values of the separately identifiable assets acquired and liabilities assumed as of September 20, 2013:


(in millions)
Cash	$	0.5
Goodwill		6.9
IPR&D		11.5

Total assets acquired		18.9
Accounts payable and accrued expenses		(0.3	)
Deferred taxes		(4.1	)

Total liabilities assumed		(4.4	)

Total purchase price	$	14.5


(in millions)
Cash consideration paid	$	11.1
Fair value of contingent consideration		1.9
Previously held equity interest in PocketSonics		1.5

Total purchase price	$	14.5

Summary of Fair Values of Separately Identifiable Assets Acquired and Liabilities Assumed

The following table summarizes the purchase price allocation that includes the fair values of the separately identifiable assets acquired and liabilities assumed as of March 2, 2013:


(in millions)
Cash		$	0.4
Accounts receivable (A)			6.5
Inventory (B)			9.4
Prepaids and other assets			2.9
Property, plant, and equipment			0.3
Goodwill			48.2
Intangible assets:
Developed technology (weighted-average useful life of 10 years)	5.9
Customer relationships (weighted-average useful life of 10.6 years)	18.5
Tradename (estimate useful life of 2 years)	0.9

Total intangible assets			25.3
Other assets			0.1

Total assets acquired			93.1
Accounts payable and accrued expenses			(5.4	)
Deferred revenue (B)			(0.8	)
Accrued warranty			(1.1	)
Debt			(0.8	)
Deferred taxes			(4.7	)

Total liabilities assumed			(12.8	)

Total purchase price		$	80.3

(A)	The gross amount due is $8.7 million, of which $2.2 million is expected to be uncollectible. We did not acquire any other class of receivables other than trade receivables as a result of the acquisition of Ultrasonix.

(B)

The inventory fair value adjustment of $3.7 million associated with the acquisition was fully amortized as of October 31, 2013. The deferred revenue adjustment of $0.8 million associated with the acquisition will be amortized over 4.5 years. The inventory fair value and deferred revenue adjustments were recognized in Product cost of sales and Net product revenue in our Consolidated Statement of Operations, respectively.