Subsequent Event

6 Months Ended

Dec. 31, 2012

Subsequent Event [Abstract]

Subsequent Event

17.Subsequent Event

Urologix’s primary product liability insurance carrier since July 1, 2006 has been Medmarc Mutual Insurance Company (“Medmarc”). On June 27, 2012 Medmarc announced that it would become part of ProAssurance Corporation (“PRA”).  In order for Medmarc to be acquired by PRA, it was required to convert from a mutual insurance company to a stock insurance company through a demutualization process.  Concurrently, upon demutualization, PRA would purchase the newly-issued shares of Medmarc common stock. Under the terms of the demutualization, Urologix’s calculated portion of the cash consideration to be received was approximately $321,000. The receipt of the consideration has no direct effect on our existing insurance policy.  On December 4, 2012 the majority of eligible members voted to approve the demutualization of Medmarc, and in accordance with the Plan of Conversion agreement, Urologix was eligible to receive the cash consideration upon the completion of the acquisition, or January 1, 2013.  Urologix received the cash consideration of $321,000, less $90,000 of tax withholdings, for the demutualization in January, 2013 and will recognize a gain from the demutualization in our fiscal 2013 third quarter.