| Summarized results of consolidated discontinued operations |
Summarized results of our unaudited condensed consolidated discontinuing operations are as follows for the three and nine months ended September 30, 2019 and 2018 (in thousands):
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Three Months Ended September 30, |
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Nine Months Ended September 30, |
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2019 |
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2018 |
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2019 |
|
2018 |
Revenue |
$ |
428 |
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|
$ |
5,405 |
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|
$ |
10,066 |
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|
$ |
17,400 |
|
Cost of revenues |
563 |
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|
3,969 |
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|
7,692 |
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|
12,444 |
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Gross profit (loss) |
(135 |
) |
|
1,436 |
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|
2,374 |
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|
4,956 |
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Operating expenses: |
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Research and development |
47 |
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|
692 |
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|
937 |
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|
2,046 |
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General and administrative |
782 |
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|
3,065 |
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|
4,121 |
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|
9,714 |
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Sales and marketing |
15 |
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|
960 |
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|
1,527 |
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|
3,312 |
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Restructuring costs |
100 |
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1,418 |
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|
100 |
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2,151 |
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Transaction costs |
— |
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— |
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651 |
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— |
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Impairment of patents and other intangible assets |
601 |
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— |
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|
601 |
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— |
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Total operating expenses |
1,545 |
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|
6,135 |
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|
7,937 |
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17,223 |
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Loss from discontinuing operations |
(1,680 |
) |
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(4,699 |
) |
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(5,563 |
) |
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(12,267 |
) |
Other income (expense): |
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Interest expense |
(38 |
) |
|
(383 |
) |
|
(2,211 |
) |
|
(1,195 |
) |
Gain on disposal of Clinical Business |
1,222 |
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— |
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|
1,222 |
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— |
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Gain on disposal of BioPharma Business |
7,274 |
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— |
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7,274 |
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— |
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Total other income (expense) |
8,458 |
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(383 |
) |
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6,285 |
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(1,195 |
) |
Net income (loss) from discontinuing operations |
$ |
6,778 |
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$ |
(5,082 |
) |
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$ |
722 |
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$ |
(13,462 |
) |
Unaudited condensed consolidated carrying amounts of major classes of assets and liabilities from discontinuing operations were as follows as of September 30, 2019 and December 31, 2018 (in thousands):
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September 30, 2019 |
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December 31, 2018 |
Current assets of discontinuing operations: |
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Accounts receivable, net of allowance for doubtful accounts of $3,785 in 2019; $3,462 in 2018 |
$ |
1,082 |
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$ |
6,261 |
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Other current assets |
43 |
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1,652 |
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Fixed assets, net of accumulated depreciation |
— |
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3,559 |
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Patents and other intangible assets, net of accumulated amortization |
— |
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|
655 |
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Goodwill |
— |
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11,294 |
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Current assets of discontinuing operations |
$ |
1,125 |
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$ |
23,421 |
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Current liabilities of discontinuing operations |
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Accounts payable and accrued expenses |
$ |
3,229 |
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$ |
9,967 |
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Obligations under finance leases |
— |
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|
666 |
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Deferred revenue |
— |
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|
1,337 |
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Line of credit |
— |
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2,621 |
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Term note |
— |
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|
6,000 |
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Deferred rent payable and other |
— |
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|
151 |
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Current liabilities of discontinuing operations |
$ |
3,229 |
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$ |
20,742 |
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