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INTANGIBLE ASSETS AND GOODWILL | 12 Months Ended
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Dec. 31, 2023
Goodwill and Intangible Assets Disclosure [Abstract] |
INTANGIBLE ASSETS AND GOODWILL | INTANGIBLE ASSETS AND GOODWILL Intangible Assets The following table summarizes the net-book-value and estimated remaining life of the Company's intangible assets as of December 31, 2023:
(In thousands) |  | Weighted Average Remaining Life (Years) |  | Cost |  | Accumulated Amortization |  | Net Balance at December 31, 2023
Finite-lived intangible assets |  |  |  |  |  |  |  |
Trade name |  | 11.6 |  | $ | 104,000 |  |  | $ | (27,903) |  |  | $ | 76,097 |
Customer relationships |  | 7.0 |  | 4,000 |  |  | (889) |  |  | 3,111 |
Patents and licenses |  | 4.5 |  | 11,542 |  |  | (9,600) |  |  | 1,942 |
Acquired developed technology (1) |  | 7.3 |  | 887,789 |  |  | (328,543) |  |  | 559,246 |
Total finite-lived intangible assets |  |  |  | 1,007,331 |  |  | (366,935) |  |  | 640,396 |
In-process research and development |  | n/a |  | 1,250,000 |  |  | — |  |  | 1,250,000 |
Total intangible assets |  |  |  | $ | 2,257,331 |  |  | $ | (366,935) |  |  | $ | 1,890,396 |
The following table summarizes the net-book-value and estimated remaining life of the Company’s intangible assets as of December 31, 2022:
(In thousands) |  | Weighted Average Remaining Life (Years) |  | Cost |  | Accumulated Amortization |  | Net Balance at December 31, 2022
Finite-lived intangible assets |  |  |  |  |  |  |  |
Trade name |  | 12.5 |  | $ | 104,000 |  |  | $ | (20,653) |  |  | $ | 83,347 |
Customer relationships |  | 8.0 |  | 4,000 |  |  | (444) |  |  | 3,556 |
Patents and licenses |  | 4.2 |  | 11,542 |  |  | (8,152) |  |  | 3,390 |
Acquired developed technology (1) |  | 7.8 |  | 861,474 |  |  | (245,527) |  |  | 615,947 |
Total finite-lived intangible assets |  |  |  | 981,016 |  |  | (274,776) |  |  | 706,240 |
In-process research and development |  | n/a |  | 1,250,000 |  |  | — |  |  | 1,250,000 |
Total intangible assets |  |  |  | $ | 2,231,016 |  |  | $ | (274,776) |  |  | $ | 1,956,240 |
______________ (1)The gross carrying amount includes an insignificant foreign currency translation adjustment related to the intangible asset acquired as a result of the acquisition of OmicEra Diagnostics GmbH (“OmicEra”), whose functional currency is also its local currency. Intangible asset balances are translated into U.S. dollars using exchange rates in effect at period end, and adjustments related to foreign currency translation are included in other comprehensive income. As of December 31, 2023, the estimated future amortization expense associated with the Company’s finite-lived intangible assets for each of the five succeeding fiscal years is as follows:
(In thousands) |  |
2024 |  | $ | 92,908 |
2025 |  | 91,860 |
2026 |  | 90,800 |
2027 |  | 90,800 |
2028 |  | 90,800 |
Thereafter |  | 183,228 |
Total |  | $ | 640,396 |
There were no impairment losses recorded on finite-lived intangible assets during the year ended December 31, 2023. The Company recorded an IPR&D asset of $1.25 billion related to a project associated with the development of a U.S. Food and Drug Administration (“FDA”) approved, blood-based, multi-cancer early detection (“MCED”) test as part of the acquisition of Thrive Earlier Detection Corporation (“Thrive”) in January 2021. The Company performed a quantitative assessment as part of its annual IPR&D impairment analysis in the fourth quarter of 2023 under which it determined that the fair value exceeded the carrying value and no impairment loss was recorded. On August 2, 2022, the Company completed a sale of the developed technology intangible asset related to the Oncotype DX Genomic Prostate Score test to MDxHealth SA (“MDxHealth”), which was measured using the income approach to determine the fair value. The gross value of the intangible asset was $59.0 million with accumulated amortization of $16.1 million as of the closing date, resulting in a carrying value of $42.9 million, which was derecognized from intangible assets, net in the consolidated balance sheets upon completion of the divestiture. Refer to Note 18 for further information on this sale. During the third quarter of 2022, the remaining carrying value of $2.0 million related to the supply agreement intangible asset acquired as part of the combination with Genomic Health, Inc. (“Genomic Health”) was recorded as a non-cash, pre-tax impairment loss due to the termination of the agreement. The Company previously recorded a non-cash, pre-tax impairment loss of $20.2 million during the third quarter of 2021 due to lower than anticipated performance of the underlying product. During the second quarter of 2022, the remaining carrying value of $6.6 million related to the developed technology intangible asset acquired as a result of the acquisition of Paradigm Diagnostics, Inc. was recorded as a non-cash, pre-tax impairment loss due to lower than anticipated performance of the underlying product. The Company utilized the income approach to measure the fair value of the impaired intangible assets, which involved significant unobservable inputs (Level 3 inputs), including revenue projections, cash flow projections, and discount rates. Impairment losses recorded on intangible assets are included in impairment of long-lived assets in the Company’s consolidated statement of operations. Goodwill The change in the carrying amount of goodwill for the years ended December 31, 2023 and 2022 is as follows:
(In thousands) |  |
Balance, January 1, 2022 |  | $ | 2,335,172 |
OmicEra acquisition |  | 10,809 |
PreventionGenetics acquisition adjustment |  | (58) |
Effects of changes in foreign currency exchange rates (1) |  | 117 |
Balance, December 31, 2022 |  | 2,346,040 |
Resolution Bioscience acquisition (2) |  | 20,692 |
Effects of changes in foreign currency exchange rates (1) |  | 388 |
Balance December 31, 2023 |  | $ | 2,367,120 |
_________________________________ (1) Represents the impact of foreign currency translation related to the goodwill acquired as a result of the acquisition of OmicEra. Goodwill balances are translated into U.S. dollars using exchange rates in effect at period end, and adjustments related to foreign currency translation are included in other comprehensive income. (2) Refer to Note 18 for further discussion on the Company’s acquisition of Resolution Bioscience, Inc. (“Resolution Bioscience”). There were no impairment losses recorded on goodwill for the years ended December 31, 2023, 2022, and 2021.

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