Discontinued Operations
 12 Months Ended
Dec. 31, 2014
Discontinued Operations and Disposal Groups [Abstract]  
Disposal Groups, Including Discontinued Operations, Disclosure
Discontinued Operations
The results of operations from discontinued operations presented below include certain allocations that management believes fairly reflect the utilization of services provided to the Bioscience business segment. The allocations do not include amounts related to general corporate administrative expenses or interest expense. Therefore, the results of operations from the Bioscience business segment do not necessarily reflect what the results of operations would have been had the business operated as a stand-alone entity.
 
 
Period ended May 30,
 
Years ended December 31,
 
 
2014
 
2013
 
2012
Discontinued Operations (in thousands)
 
 
 
 
 
 
Revenue:
 
 
 
 
 
 
Bioscience product sales and services
 
$
12,470

 
$
42,870

 
$
43,240

Cost of revenue:
 
 
 
 
 
 
Cost of bioscience product sales and services
 
4,235

 
15,436

 
15,025

Gross margin
 
8,235

 
27,434

 
28,215

Operating expenses:
 
 
 
 
 
 
Selling and marketing
 
6,237

 
13,772

 
14,792

Research and development
 
2,248

 
7,797

 
10,283

General and administrative
 
643

 
1,621

 
1,308

Restructuring costs
 
19

 
284

 
—

Total operating expenses
 
9,147

 
23,474

 
26,383

Earnings (loss) from discontinued operations
 
(912
)
 
3,960

 
1,832

Other income (expense), net
 
81

 
(145
)
 
(1,155
)
Earnings (loss) from discontinued operations before income taxes
 
(831
)
 
3,815

 
677

Income tax benefit (expense)
 
248

 
(1,654
)
 
(415
)
Gain on sale of discontinued operations, net of tax
 
15,959

 
—

 
—

Earnings from discontinued operations
 
$
15,376

 
$
2,161

 
$
262

 
 
 
 
 
 
 

The gain on the sale of the Bioscience business segment, net of $8.3 million of related tax expense was $16.0 million, with an aggregate cash sale price of $31.8 million, plus a $2.0 million, milestone payment, less net book value of $6.2 million, adjustments for working capital of $0.8 million, and transaction costs of approximately $2.5 million, which consist primarily of investment banking and legal fees.
The following table summarizes the assets and liabilities of discontinued operations as of December 31, 2013 related to the Bioscience business segment (in thousands):
 
December 31,
2013
Assets
 
Current assets:
 
Accounts receivable, net
$
7,696

Inventories
5,370

Other current assets and prepaid expenses
408

Total current assets
13,474

Property, equipment and leasehold improvements, net
2,175

Other assets
133

Total noncurrent assets
2,308

Total assets of discontinued operations
$
15,782

 
 
Liabilities and stockholders' equity
 
Current liabilities:
 
Accounts payable
$
868

Accrued expenses
2,878

Other current liabilities
2,461

Total current liabilities of discontinued operations
6,207

Other long-term liabilities
946

Cumulative translation adjustment
527

Total liabilities and equity of discontinued operations
$
7,680


     
In connection with the sale of the Bioscience segment, the Company also entered into other agreements designed to facilitate the orderly transfer of business operations to BioSciences. One agreement is a three year Supply Agreement with BioSciences where the Company may purchase consumables and systems for the laboratory business and for the first twelve months of the agreement has preferred pricing. Purchases made by the Company of consumables and systems for the years ended December 31, 2014, 2013 and 2012, were $0.7 million, $0.9 million and $0.6 million, respectively, these sales have been eliminated from discontinued operations reported revenue because the transaction was intra-entity.