Goodwill and Other Intangible Assets

9 Months Ended

Sep. 30, 2020

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill and Other Intangible Assets

5. GOODWILL AND OTHER INTANGIBLE ASSETS

Goodwill is attributable to the acquisition of our pharma services 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 September 30, 2020 was $8.4 million. The net carrying value of the identifiable intangible assets from all acquisitions as of September 30, 2020 and December 31, 2019 are as follows:

			As of September 30, 2020			As of December 31, 2019
	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			1,600
Customer relationships		8		5,700			5,700
CLIA Lab		2.3	$	609		$	609
Total			$	39,288		$	39,288
Accumulated Amortization			$	(26,784	)	$	(23,439	)
Net Carrying Value			$	12,504		$	15,849

Amortization expense was approximately $1.1 million for both the three-month periods ended September 30, 2020 and 2019, respectively, and approximately $3.3 million and $2.9 million for the nine-month periods ended September 30, 2020 and 2019, respectively. Estimated amortization expense for the next five years is as follows:

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

The following table displays a roll forward of the carrying amount of goodwill from December 31, 2019 to September 30, 2020:

	Carrying
	Amount
Balance as of December 31, 2019	$	8,433
Adjustments		-
Balance as of September 30, 2020	$	8,433