Goodwill and Other Intangible Assets

12 Months Ended

Dec. 31, 2019

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill and Other Intangible Assets

8. Goodwill and Other Intangible Assets

Goodwill is attributable to the acquisition of the Biopharma business from CGI in July 2019. The carrying value of the intangible assets acquired was $15.6 million, with goodwill of approximately $8.3 million and identifiable intangible assets of approximately $7.3 million. The goodwill balance at December 31, 2019 was $8.4 million. The net carrying value of the identifiable intangible assets as of December 31, 2019 and December 31, 2018 is as follows:

			As Restated			As Restated
			As of December 31, 2019			As of December 31, 2018
	Life		Carrying			Carrying
	(Years)		Amount			Amount
Asuragen acquisition:
Thyroid		9	$	8,519		$	8,519
RedPath acquisition:
Pancreas test		7		16,141			16,141
Barrett’s test		9		6,719			6,719
BioPharma acquisition:
Trademarks		10		1,600			-
Customer relationships		8		5,700			-
CLIA Lab		2.3	$	609		$	609
Total			$	39,288		$	31,988
Accumulated Amortization			$	(23,439	)	$	(19,450	)
Net Carrying Value			$	15,849		$	12,538

The following table displays a roll forward of the carrying amount of goodwill from January 1, 2018 to December 31, 2019:

	Carrying
	Amount
Balance as of January 1, 2018	$	-
Balance as of December 31, 2018		-
Goodwill acquired		8,273
Adjustments		160
Balance as of December 31, 2019	$	8,433

Amortization expense was approximately $4.0 million and $3.6 million for the years ended December 31, 2019 and 2018, respectively. Estimated amortization expense for the next five years is as follows:

As Restated
2020		2021		2022		2023		2024
$	4,871	$	4,078	$	2,156	$	1,745	$	873