Goodwill and Other Intangible Assets

12 Months Ended

Dec. 31, 2021

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill and Other Intangible Assets

7. 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, 2021 was $8.4 million. The net carrying value of the identifiable intangible assets as of December 31, 2021 and December 31, 2020 is as follows:

		As of December 31, 2021			As of December 31, 2020
	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		6,682			6,682
BioPharma acquisition:
Trademarks	10		1,600			1,600
Customer relationships	8		5,700			5,700
CLIA Lab	2.3	$	609		$	609
Total		$	39,251		$	39,251
Accumulated Amortization		$	(31,964	)	$	(27,900	)
Net Carrying Value		$	7,287		$	11,351

The following table displays a roll forward of the carrying amount of goodwill from January 1, 2020 to December 31, 2021:

	Carrying
	Amount
Balance as of January 1, 2020	$	8,433
Adjustments		-
Balance as of December 31, 2020	$	8,433
Adjustments		-
Balance as of December 31, 2021	$	8,433

Amortization expense was approximately $4.1 million and $4.5 million for the years ended December 31, 2021 and 2020, respectively. Estimated amortization expense for the next five years is as follows:

2022		2023		2024		2025		2026
$	2,143	$	1,734	$	873	$	873	$	873