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Discontinued Operations (Tables)

12 Months Ended

Dec. 31, 2022

Discontinued Operations

Schedule of contract royalty asset

The following schedule is a rollforward of the OMIDRIA contract royalty asset (in thousands):

​

​	​	​	​
OMIDRIA contract royalty asset at December 31, 2021	​	$	184,570
Royalties earned	​	​	(65,439)
Interest on OMIDRIA contract royalty asset	​	​	18,634
Remeasurement adjustments	​	​	14,457
OMIDRIA contract royalty asset at December 31, 2022	​	$	152,222

​

Schedule of net income from discontinued operation

​

​	​	​	​	​	​	​	​	​	​
​	​	Year Ended December 31,
​		2022			2021			2020
​	​	(In thousands)
Product sales, net	​	$	—	​	$	110,735	​	$	73,813
Costs and expenses	​	​	—	​	​	30,631	​	​	27,496
Gross margin	​	​	—	​	​	80,104	​	​	46,317
Gain on sale of OMIDRIA	​	​	—	​	​	305,648	​	​	—
Milestone income	​	​	200,000	​	​	—	​	​	—
Interest on OMIDRIA contract royalty asset	​	​	18,634	​	​	—	​	​	—
Remeasurement adjustments	​	​	14,457	​	​	—	​	​	—
Other income	​		307	​	​	1,035	​	​	—
Income before income tax	​	​	233,398	​	​	386,787	​	​	46,317
Income tax expense (1)	​	​	(3,952)	​	​	(1,006)	​	​	(11,245)
Net income from discontinued operations, net of tax	​	$	229,446	​	$	385,781	​	$	35,072

​

(1) For further discussion of income tax expense refer to “Note 14 – Income Taxes”.

Schedule of gain on sale of Omidria

The year ended December 31, 2021 included a gain on the sale of OMIDRIA comprised as follows (in thousands):

​

​	​	​	​
Cash proceeds	​	$	125,993
OMIDRIA contract royalty asset	​	​	184,570
Gain on sale of OMIDRIA, gross	​	​	310,563
Transaction and closing costs	​	​	(1,972)
RSUs granted to transferred employees	​	​	(1,419)
Prepaid assets and inventory at cost	​	​	(1,524)
Gain on sale of OMIDRIA	​	$	305,648

​

Schedule of cash flow from discontinued operation

​

​	​	​	​	​	​	​	​	​	​
​	​	Year Ended December 31, 2022
​		2022			2021			2020
​	​	(In thousands)
Net cash provided by discontinued operations from operating activities	​	$	44,929	​	$	56,344	​	$	25,888
Net cash provided by discontinued operations from investing activities	​	$	—	​	$	125,993	​	$	—

​

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