8. Intangible Assets

Intangible assets consist principally of acquired patents and technology, customer relationships, licenses and trademarks. During the three months ended March 31, 2016, the Company acquired 100% of the shares of NorMedix. In addition, during the three months ended December 31, 2015, the Company acquired 100% of the shares of Creagh Medical. The Company acquired and recorded amounts for certain intangible assets in both the Creagh Medical and NorMedix transactions. The Company recorded amortization expense of $0.8 million and $0.2 million for the second quarter ended March 31, 2016 and 2015, respectively. For the six months ended March 31, 2016 and 2015, the Company recorded amortization expense of $1.2 million and $0.4 million, respectively.

Intangible assets consisted of the following:

	March 31, 2016
(Dollars in thousands)	Weighted Average Original Life (Years)		Gross Carrying Amount		Accumulated Amortization			Net
Definite-lived intangible assets:
Customer lists and relationships		7.8	$	17,830	$	(5,271	)	$	12,559
Core technology		8.0		530		(530	)		—
Developed technology		11.8		8,746		(219	)		8,527
Non-compete		5.0		230		(35	)		195
Patents and other		16.5		2,321		(1,202	)		1,119
Subtotal				29,657		(7,257	)		22,400
Unamortized intangible assets:
In-process research and development				999		—			999
Trademarks and trade names				660		—			660
Total			$	31,316	$	(7,257	)	$	24,059

	September 30, 2015
(Dollars in thousands)	Weighted Average Original Life (Years)		Gross Carrying Amount		Accumulated Amortization			Net
Definite-lived intangible assets:
Customer lists		9.0	$	5,132	$	(4,363	)	$	769
Core technology		8.0		530		(530	)		—
Non-compete		5.0		230		(12	)		218
Patents and other		16.8		2,321		(1,128	)		1,193
Subtotal				8,213		(6,033	)		2,180
Unamortized intangible assets:
Trademarks				580		—			580
Total			$	8,793	$	(6,033	)	$	2,760

Based on the intangible assets in service as of March 31, 2016 and the projected completion of in-process research and development assets in fiscal 2017, estimated amortization expense for the remainder of fiscal 2016 and each of the next five fiscal years is as follows:

(Dollars in thousands)
Remainder of 2016	$	1,669
2017		3,018
2018		2,607
2019		2,561
2020		2,397
2021		2,284

Future amortization amounts presented above are estimates. Actual future amortization expense may be different, as a result of completion of the purchase price allocations for Creagh Medical and NorMedix, future acquisitions, impairments, completion of in-process research and development (“IPR&D”) intangible assets, foreign currency fluctuations, changes in amortization periods, or other factors.

The Company defines IPR&D as the value of technology acquired for which the related projects have substance and are incomplete. IPR&D acquired in a business acquisition is recognized at fair value and requires the IPR&D to be capitalized as an indefinite-lived intangible asset until completion of the IPR&D project or abandonment. Upon completion of the development project (generally when regulatory approval to market the product is obtained), an impairment assessment is performed prior to amortizing the asset over its estimated useful life. If the IPR&D projects are abandoned, the related IPR&D assets would be written off.