INTANGIBLE ASSETS AND GOODWILL

3 Months Ended

Mar. 31, 2024

Goodwill and Intangible Assets Disclosure [Abstract]

Intangible Assets

The following table summarizes the net-book-value and estimated remaining life of the Company’s intangible assets as of March 31, 2024:


(In thousands)	Weighted Average Remaining Life (Years)	Cost		Accumulated Amortization		Net Balance at March 31, 2024
Finite-lived intangible assets
Trade name	11.4	$	104,000	$	(29,715)	$	74,285
Customer relationships	6.8	4,000		(1,000)		3,000
Patents and licenses	5.0	11,542		(9,961)		1,581
Acquired developed technology (1)	7.0	887,560		(349,570)		537,990
Total finite-lived intangible assets		1,007,102		(390,246)		616,856
In-process research and development	n/a	1,250,000		—		1,250,000
Total intangible assets		$	2,257,102	$	(390,246)	$	1,866,856

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

______________

(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”).

As of March 31, 2024 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 (remaining nine months)	$	69,598
2025	91,860
2026	90,800
2027	90,800
2028	90,800
Thereafter	182,998
	$	616,856

The Company’s acquired intangible assets are being amortized on a straight-line basis over their estimated useful lives.

There were no impairment losses recorded on finite-lived intangible assets during the three months ended March 31, 2024 and 2023.

Goodwill

The change in the carrying amount of goodwill for the periods ended March 31, 2024 and December 31, 2023 is as follows:


(In thousands)
Balance, January 1, 2023	$	2,346,040
Resolution Bioscience acquisition	20,692
Effects of changes in foreign currency exchange rates (1)	388
Balance, December 31, 2023	2,367,120
Resolution Bioscience acquisition adjustment	205
Effects of changes in foreign currency exchange rates (1)	(273)
Balance March 31, 2024	$	2,367,052

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(1)Represents the impact of foreign currency translation related to the goodwill acquired as a result of the acquisition of OmicEra.

There were no impairment losses for the three months ended March 31, 2024 and 2023.