Goodwill and Long-Lived Assets

9 Months Ended

Apr. 30, 2023

Goodwill and Long-Lived Assets [Abstract]

Goodwill and Long-Lived Assets

Note 6 – Goodwill and Long-Lived Assets

The Company’s carrying amount of goodwill is in the Clinical Labs Services segment and is $7,452 as of April 30, 2023 and July 31, 2022.

The Company reviews the recoverability of the carrying value of long-lived assets (including its intangible assets, all of which have finite lives) of an asset or asset group for impairment annually as of the end of the fiscal year, or more frequently if indicators of potential impairment exist. Should indicators of impairment exist, the carrying values of the assets are evaluated in relation to the operating performance and future undiscounted cash flows of an asset or asset group. The net book value of the long-lived asset is adjusted to fair value if its expected future undiscounted cash flow is less than its book value. Primarily based on the Asset Purchase Agreement with Labcorp, the Company has determined that there is no impairment of goodwill or long-lived assets at April 30, 2023.