8. Intangible Assets

Intangible assets consist principally of acquired patents and technology, customer relationships, licenses and trademarks. In the first nine months of fiscal 2016, the Company acquired 100% of the shares of Creagh Medical and 100% of the shares of NorMedix. 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 third quarter ended June 30, 2016 and 2015, respectively. For the nine months ended June 30, 2016 and 2015, the Company recorded amortization expense of $1.9 million and $0.6 million, respectively.

Intangible assets consisted of the following:

	June 30, 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	$	17,547	$	(5,842	)	$	11,705
Core technology		8.0		530		(530	)		—
Developed technology		11.8		8,701		(417	)		8,284
Non-compete		5.0		230		(46	)		184
Patents and other		16.5		2,321		(1,238	)		1,083
Subtotal				29,329		(8,073	)		21,256
Unamortized intangible assets:
In-process research and development				975		—			975
Trademarks and trade names				658		—			658
Total			$	30,962	$	(8,073	)	$	22,889

	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 June 30, 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	$	750
2017		2,570
2018		2,523
2019		2,523
2020		2,348
2021		2,209

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.