Discontinued Operations

3 Months Ended

Sep. 30, 2011

Discontinued Operations [Abstract]

Discontinued Operations

10. Discontinued Operations

In an effort to enhance stockholder value, improve working capital and enable the Company to focus on its core in-vitro diagnostics and ophthalmology manufacturing businesses, on April 30, 2010 the Company divested certain assets held by its Vascular Access subsidiaries to Vascular Solutions, Inc. The total sales price was $5,750,000, consisting of cash of $5,000,000 at closing and $750,000 payable in cash upon the successful completion of the transfer of the manufacturing to Vascular Solutions, Inc. plus a one-time earn-out payment in an amount equal to 25% of the net sales of the VascuView TAP products sold by Vascular Solutions, Inc. between July 1, 2010 and June 30, 2011. The manufacturing transfer was completed on August 31, 2010. During this four-month transition, the Company continued to manufacture product in its Wisconsin facility under a supply agreement concurrently entered into with Vascular Solutions, Inc. The supply agreement ended on August 30, 2010, and the Company has no significant continuing involvement in the operations of Vascular. Vascular Access generated approximately $565,000 in gross profit related to the supply agreement.

The following table summarizes the results of discontinued operations for the three-month periods ended September 30, 2011 and 2010 (in thousands):

	For the Three Months Ended September 30,
	2011		2010
Total revenue, net	$	—	$	634
Costs and expenses:
Cost of goods sold		—		283
Research & Development		—		18
Marketing, General & Admin		—		29
Total costs and expenses		—		330
Income from discontinued operations	$	—	$	304

There are no assets and liabilities of discontinued operations included in the consolidated balance sheets at September 30, 2011 and June 30, 2011.