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Goodwill and Intangible Assets

3 Months Ended

Sep. 30, 2025

4. Goodwill and Intangible Assets

The changes in the carrying value of goodwill by segment for the three-month period ended September 30, 2025 were as follows (in thousands):


			Optoelectronics
			and
	Security		Manufacturing		Healthcare
	Division		Division		Division		Consolidated
Balance as of June 30, 2025	$	266,365	$	72,323	$	48,705	$	387,393
Goodwill adjustments during the period (see Note 2)		(1,306)		—		—		(1,306)
Foreign currency translation adjustment		34		(621)		(65)		(652)
Balance as of September 30, 2025	$	265,093		71,702		48,640		385,435

Intangible assets consisted of the following (in thousands):


	June 30, 2025						September 30, 2025
	Gross						Gross
	Carrying		Accumulated		Intangibles		Carrying		Accumulated		Intangibles
	Value		Amortization		Net		Value		Amortization		Net
Amortizable assets:
Software development costs	$	91,386	$	(8,941)	$	82,445	$	95,553	$	(9,594)	$	85,959
Patents		9,617		(4,353)		5,264		9,576		(4,321)		5,255
Developed technology		99,937		(55,865)		44,072		100,013		(58,586)		41,427
Customer relationships		20,991		(9,380)		11,611		18,403		(8,044)		10,359
Total amortizable assets		221,931		(78,539)		143,392		223,545		(80,545)		143,000
Non-amortizable assets:
Trademarks		39,898		—		39,898		39,894		—		39,894
Total intangible assets	$	261,829	$	(78,539)	$	183,290	$	263,439	$	(80,545)	$	182,894

Amortization expense related to intangible assets was $4.8 million and $4.9 million for the three months ended September 30, 2024 and 2025, respectively.

At September 30, 2025, the estimated future amortization expense for amortizable intangible assets was as follows (in thousands):

Fiscal Year


2026 (remaining 9 months)	$	13,103
2027		14,817
2028		14,586
2029		14,318
2030		13,092
Thereafter		73,084
Total	$	143,000

Software development costs for software products incurred before establishing technological feasibility are charged to operations. Software development costs incurred after establishing technological feasibility are capitalized on a product-by-product basis until the product is available for general release to customers at which time amortization begins. Annual amortization, charged to cost of goods sold, is the amount computed using the ratio that current revenues for a product bear to the total current and anticipated future revenues for that product. In the event that future revenues are not estimable, such costs are amortized on a straight-line basis over the remaining estimated economic life of the product. Amortizable assets that have not yet begun to be amortized are included in Thereafter in the table above. For each of the three month periods ended September 30, 2024 and 2025, we capitalized software development costs of $4.2 million.