Goodwill and Intangible Assets

6 Months Ended

Jun. 30, 2023

Goodwill and Intangible Assets Disclosure [Abstract]

6. Goodwill and Intangible Assets

Goodwill

The change in the carrying amount of goodwill during the period ended June 30, 2023 includes the following (in thousands):


December 31, 2022	$	47,367
Additions		24,582
Foreign currency fluctuation		578
June 30, 2023	$	72,527

Intangible assets, net

Intangible assets, net consist of the following (in thousands, except as indicated):


	Remaining Avg. Useful lives	Gross		Accumulated			Intangible
June 30, 2023:	(in years)	Amount		Amortization			Assets, net
Developed product technology	7	$	103,652	$	(19,395	)	$	84,257
Trademarks and trade names	8		5,513		(1,272	)		4,241
Customer relationships	3		14,385		(7,794	)		6,591
Distribution network	1		2,413		(2,142	)		271
Total amortized intangible assets			125,963		(30,603	)		95,360

Software in development	n/a		3,586					3,586
In-process research and development	n/a		6,562					6,562
Total intangible assets		$	136,111	$	(30,603	)	$	105,508
		.
	Remaining Avg. Useful lives	Gross		Accumulated			Intangible
December 31, 2022:	(in years)	Amount		Amortization			Assets, net
Developed product technology	7	$	75,896	$	(13,420	)	$	62,476
Trademarks and trade names	8		5,421		(987	)		4,434
Customer relationships	4		14,240		(6,906	)		7,334
Distribution network	2		2,413		(2,041	)		372
Total amortized intangible assets			97,970		(23,354	)		74,616

Software in development	n/a		2,503					2,503
In-process research and development	n/a		5,662					5,662
Total intangible assets		$	106,135	$	(23,354	)	$	82,781

During the six months ended June 30, 2023, in connection with the Company's acquisition of the Robotic-enabled Navigation Platform, as further described in Note 3, the Company recorded additions to definite-lived intangible assets and goodwill in the amount of $26.9 million and $24.6 million, respectively. The intangible asset acquired will be amortized on a straight-line basis over a useful life of seven years.

Total amortization expense attributed to intangible assets was $3.9 million and $7.0 million for the three and six months ended June 30, 2023, respectively. Total amortization expense attributed to intangible assets was $2.2 million and $4.4 million for the three and six months ended June 30, 2022, respectively. Software in development is amortized when the projects are completed and the assets are ready for their intended use. In-process research and development assets begin amortizing when the relevant products reach full commercial launch.

Future amortization expense related to intangible assets is as follows (in thousands):


Remainder of 2023	$	8,181
2024		16,258
2025		14,769
2026		14,769
2027		12,897
Thereafter		28,486
	$	95,360