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Goodwill and Intangible Assets | 3 Months Ended
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Mar. 31, 2024
Goodwill and Intangible Assets Disclosure [Abstract] |
Goodwill and Intangible Assets | GOODWILL AND INTANGIBLE ASSETS Goodwill Goodwill is recorded when the purchase price of an acquisition exceeds the fair value of the net tangible and identified intangible assets acquired. Goodwill is tested annually for impairment at the reporting unit level during the fourth quarter or upon the occurrence of certain events or substantive changes in circumstances. There were no indicators of impairment in the three months ended March 31, 2024. The balance of the Company’s goodwill was $40.3 million as of March 31, 2024 and December 31, 2023. Intangible Assets The following table presents details of the Company’s intangible assets as of March 31, 2024 ($ in thousands):
| March 31, 2024
| Gross Carrying Amount |  | Accumulated Amortization |  | Foreign Currency Translation |  | Net Carrying Amount |  | Weighted Average Remaining Useful Life (In Years)
Intangible assets with finite lives: |  |  |  |  |  |  |  |  |
Acquired and developed technology | $ | 37,367 |  |  | $ | (19,158) |  |  | $ | (2,459) |  |  | $ | 15,750 |  |  | 7.1
Customer relationships | 25,718 |  |  | (9,518) |  |  | (2,213) |  |  | 13,987 |  |  | 9.0
Commercialization rights | 11,579 |  |  | (4,812) |  |  | — |  |  | 6,767 |  |  | 5.3
Trademarks and tradenames | 5,220 |  |  | (1,809) |  |  | (335) |  |  | 3,076 |  |  | 9.2
Total intangible assets with finite lives | 79,884 |  |  | (35,297) |  |  | (5,007) |  |  | 39,580 |  |  |
Intangible assets with indefinite lives: |  |  |  |  |  |  |  |  |
Acquired in-process technology | 1,250 |  |  | — |  |  | — |  |  | 1,250 |  |  |
Favorable license agreement | 2,500 |  |  | — |  |  | — |  |  | 2,500 |  |  |
Total intangible assets with indefinite lives | 3,750 |  |  | — |  |  | — |  |  | 3,750 |  |  |
Total intangible assets | $ | 83,634 |  |  | $ | (35,297) |  |  | $ | (5,007) |  |  | $ | 43,330 |  |  |
The following table presents details of the Company’s intangible assets as of December 31, 2023 ($ in thousands):
| December 31, 2023
| Gross Carrying Amount |  | Accumulated Amortization |  | Foreign Currency Translation |  | Net Carrying Amount |  | Weighted Average Remaining Useful Life (In Years)
Intangible assets with finite lives: |  |  |  |  |  |  |  |  |
Acquired and developed technology | $ | 37,367 |  |  | $ | (18,340) |  |  | $ | (2,269) |  |  | $ | 16,758 |  |  | 7.2
Customer relationships | 25,718 |  |  | (9,094) |  |  | (1,959) |  |  | 14,665 |  |  | 9.2
Commercialization rights | 11,579 |  |  | (4,496) |  |  | — |  |  | 7,083 |  |  | 5.6
Trademarks and tradenames | 5,220 |  |  | (1,713) |  |  | (288) |  |  | 3,219 |  |  | 9.3
Total intangible assets with finite lives | 79,884 |  |  | (33,643) |  |  | (4,516) |  |  | 41,725 |  |  |
Intangible assets with indefinite lives: |  |  |  |  |  |  |  |  |
Acquired in-process technology | 1,250 |  |  | — |  |  | — |  |  | 1,250 |  |  |
Favorable license agreement | 2,726 |  |  | — |  |  | — |  |  | 2,726 |  |  |
Total intangible assets with indefinite lives | 3,976 |  |  | — |  |  | — |  |  | 3,976 |  |  |
Total intangible assets | $ | 83,860 |  |  | $ | (33,643) |  |  | $ | (4,516) |  |  | $ | 45,701 |  |  |
Acquisition of Intangible Assets In January 2023 and July 2023, the Company acquired the intangible assets of HLA Data Systems and MediGO, respectively. The intangible assets are included in Acquired and developed technology, Customer relationships and Trademarks and tradenames as of March 31, 2024 and December 31, 2023. Amortization of Intangible Assets Intangible assets are carried at cost less accumulated amortization. Amortization expenses are recorded to cost of testing services, cost of product, cost of patient and digital solutions, and sales and marketing expenses in the condensed consolidated statements of operations. The following table summarizes the Company’s amortization expense of intangible assets (in thousands):
| Three Months Ended March 31, |  |
| 2024 |  | 2023 |  |  |  |
Cost of testing services | $ | 329 |  |  | $ | 329 |  |  |  |  |
Cost of product | 420 |  |  | 418 |  |  |  |  |
Cost of patient and digital solutions | 271 |  |  | 248 |  |  |  |  |
Sales and marketing | 633 |  |  | 595 |  |  |  |  |
Total | $ | 1,653 |  |  | $ | 1,590 |  |  |  |  |
The following table summarizes the Company’s estimated future amortization expense of intangible assets with finite lives as of March 31, 2024 (in thousands):
Years Ending December 31, |  | Cost of Testing Services |  | Cost of Product |  | Cost of Patient and Digital Solutions |  | Sales and Marketing |  | Total
Remainder of 2024 |  | $ | 987 |  |  | $ | 1,237 |  |  | $ | 578 |  |  | $ | 1,885 |  |  | $ | 4,687 |
2025 |  | 1,316 |  |  | 1,649 |  |  | 681 |  |  | 2,513 |  |  | 6,159 |
2026 |  | 1,316 |  |  | 737 |  |  | 681 |  |  | 2,511 |  |  | 5,245 |
2027 |  | 1,316 |  |  | 737 |  |  | 681 |  |  | 2,497 |  |  | 5,231 |
2028 |  | 1,316 |  |  | 737 |  |  | 681 |  |  | 2,497 |  |  | 5,231 |
Thereafter |  | 1,509 |  |  | 2,540 |  |  | 1,462 |  |  | 7,516 |  |  | 13,027 |
Total future amortization expense |  | $ | 7,760 |  |  | $ | 7,637 |  |  | $ | 4,764 |  |  | $ | 19,419 |  |  | $ | 39,580 |

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