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Intangible Assets
 12 Months Ended
Dec. 31, 2020
Goodwill And Intangible Assets Disclosure [Abstract]  
Intangible Assets

Note 8. Intangible Assets

In April 2019, LENSAR acquired certain intellectual property from a third-party for $2,000 in cash and contingent obligations to pay a $300 milestone payment and royalties upon the completion of certain events. The $300 milestone payment was paid prior to December 31, 2019. See Note 3, Asset Acquisitions, for more information.

The components of intangible assets were as follows:    

 

 

 

As of December 31, 2020

 

 

As of December 31, 2019

 

 

 

Gross

Carrying

Amount

 

 

Accumulated

Amortization

 

 

Net

Carrying

Amount

 

 

Gross

Carrying

Amount

 

 

Accumulated

Amortization

 

 

Net

Carrying

Amount

 

Finite-lived intangible assets:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Customer relationships 1,2

 

$

4,292

 

 

$

(1,326

)

 

$

2,966

 

 

$

4,292

 

 

$

(951

)

 

$

3,341

 

Acquired technology 1,3

 

 

11,500

 

 

 

(2,508

)

 

 

8,992

 

 

 

11,500

 

 

 

(1,741

)

 

 

9,759

 

Acquired trademarks 1

 

 

570

 

 

 

(418

)

 

 

152

 

 

 

570

 

 

 

(304

)

 

 

266

 

 

 

$

16,362

 

 

$

(4,252

)

 

$

12,110

 

 

$

16,362

 

 

$

(2,996

)

 

$

13,366

 

 

1

Certain intangible assets were established upon PDL’s acquisition of LENSAR in May 2017. They are being amortized on a straight-line basis over a weighted-average period of 15 years. The intangible assets for customer relationships are amortized on a straight-line basis or a double declining basis over their estimated useful lives up to 20 years based on the method that better represents the economic benefits to be obtained.

2

LENSAR acquired certain intangible assets for customer relationships from a domestic distributor in an asset acquisition, which are being amortized on a straight-line basis over a period of 10 years.

3

LENSAR acquired certain intangible assets from a medical technology company in an asset acquisition, which are being amortized on a straight-line basis over a period of 15 years.

Amortization expense for the years ended December 31, 2020 and 2019 was $1,256 and $1,227, respectively.

Based on the intangible assets recorded at December 31, 2020, and assuming no subsequent additions to or impairment of the underlying assets, the remaining amortization expense is expected to be as follows:

 

Fiscal Year

 

Amount

 

2021

 

$

1,240

 

2022

 

 

1,149

 

2023

 

 

1,097

 

2024

 

 

1,085

 

2025

 

 

1,074

 

Thereafter

 

 

6,465

 

Total remaining estimated amortization expense

 

$

12,110