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Discontinued Operations (Tables)
 6 Months Ended
Jun. 30, 2020
Summary of Assets and Liabilities Held for Sale and Operating Results Related to Discontinued Operations

The following table summarizes the results of discontinued operations for the periods presented (in thousands). Discontinued operations did not have an impact on the Company’s results of operations during the three and six months ended June 30, 2020.

 

 

 

 

 

 

 

Three Months Ended June 30, 2019

 

 

Six Months Ended June 30, 2019

 

 

 

 

 

 

 

 

Product revenue

 

$

197

 

 

$

901

 

Cost of revenue

 

 

199

 

 

 

857

 

Gross profit

 

 

(2

)

 

 

44

 

Operating expenses:

 

 

 

 

 

 

 

 

Research and development

 

 

237

 

 

 

656

 

Sales and marketing

 

 

97

 

 

 

411

 

General and administrative

 

 

39

 

 

 

185

 

Total operating expenses

 

 

373

 

 

 

1,252

 

Operating loss

 

 

(375

)

 

 

(1,208

)

Other income (expense)

 

 

(5)

 

 

 

142

 

Loss from discontinued operations

 

$

(380

)

 

$

(1,066

)

 

 

Included in the statements of cash flows are the following non-cash adjustments related to the discontinued operations (in thousands):

 

 

 

Six Months Ended June 30,

 

 

 

2020

 

 

2019

 

Depreciation and amortization

 

$

—

 

 

$

467

 

Provision for excess inventory

 

$

—

 

 

$

—

 

Loss on asset disposal

 

$

—

 

 

$

—

 
Discontinued Operations Disposed of By Sale [Member]  
Summary of Business Consideration to Calculation of the Loss on Sale The following table summarizes the calculation of the loss on the sale of the cell therapy business, which was finalized during the fourth quarter of 2019 (in thousands):

Consideration received

 

$

7,000

 

Transaction costs

 

 

(1,363

)

Net cash proceeds

 

 

5,637

 

Less:

 

 

 

 

Carrying value of business and assets sold

 

 

12,145

 

Net loss on sale of business

 

$

(6,508

)