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Goodwill and Acquisition-Related Intangibles
3 Months Ended
Mar. 31, 2023
Goodwill and Intangible Assets Disclosure [Abstract]  
Goodwill and Acquisition-Related Intangibles

Note 14. Goodwill and Acquisition-Related Intangibles

Summaries of goodwill and intangibles balances assets as of March 31, 2023 and December 31, 2022 were as follows:

 

 

 

March 31,

 

 

December 31,

 

 

Weighted-Average Amortization Period

2023

 

 

2022

 

 

 

(in thousands)

 

Goodwill

 

$

143,120

 

 

$

143,027

 

 

 

 

 

 

 

 

In-process research & development

n/a

$

64,590

 

 

$

64,590

 

 

 

 

 

 

 

 

Royalty-free technology

10 Years

 

5,388

 

 

 

5,364

 

Less: accumulated amortization

 

 

(1,033

)

 

 

(894

)

Royalty-free technology, net

 

 

4,355

 

 

 

4,470

 

 

 

 

 

 

 

 

Customer relationships

13 Years

 

82,755

 

 

 

82,750

 

Less: accumulated amortization

 

 

(7,814

)

 

 

(6,215

)

Customer relationships, net

 

 

74,941

 

 

 

76,535

 

 

 

 

 

 

 

 

Trade name

8 Years

 

3,790

 

 

 

3,790

 

Less: accumulated amortization

 

 

(535

)

 

 

(412

)

Trade name, net

 

 

3,255

 

 

 

3,378

 

 

 

 

 

 

 

 

In-place lease intangible assets

5 Years

 

360

 

 

 

360

 

Less: accumulated amortization

 

 

(64

)

 

 

(46

)

In-place lease intangible assets, net

 

 

296

 

 

 

314

 

 

 

 

 

 

 

 

Laboratory information system platform

5 Years

 

1,860

 

 

 

1,860

 

Less: accumulated amortization

 

 

(620

)

 

 

(527

)

Laboratory information system platform, net

 

 

1,240

 

 

 

1,333

 

 

 

 

 

 

 

 

Purchased patent

10 Years

 

29

 

 

 

29

 

Less: accumulated amortization

 

 

(7

)

 

 

(6

)

Purchased patent, net

 

 

22

 

 

 

23

 

Total intangible assets, net

 

$

148,699

 

 

$

150,643

 

Acquisition-related intangibles included in the above tables are generally finite-lived and are carried at cost less accumulated amortization, except for In-Process Research and Development, or IPR&D, which is related to a business combination in 2022 and has an indefinite life until research and development efforts are completed or abandoned. All other finite-lived acquisition-related intangibles related to the business combinations in 2022 and 2021 are amortized on a straight-line basis over their estimated lives, which approximates the pattern in which the economic benefits of the intangible assets are expected to be realized.
 

Changes in the carrying amount of goodwill for the first quarter of 2023 are as follows:

 

 

Amounts

 

 

(in thousands)

 

Balance as of January 1, 2023

 

 

Goodwill

$

143,027

 

Accumulated impairment losses

 

 

 

 

143,027

 

 

 

 

Net foreign currency exchange differences

 

93

 

 

 

 

Balance as of March 31, 2023

 

 

Goodwill

 

143,120

 

Accumulated impairment losses

 

 

 

 

143,120

 

 

Based on the carrying value of finite-lived intangible assets recorded as of March 31, 2023, and assuming no subsequent impairment of the underlying assets, the annual amortization expense for intangible assets is expected to be as follows:

 

 

Amounts

 

 

(in thousands)

 

Year Ending December 31,

 

 

2023 (remaining 9 months)

$

5,900

 

2024

 

7,867

 

2025

 

7,867

 

2026

 

7,557

 

2027

 

7,228

 

2028

 

7,193

 

Thereafter

 

40,497

 

Total

$

84,109