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GOODWILL AND INTANGIBLE ASSETS
 6 Months Ended
Jun. 30, 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 and six months ended June 30, 2024 and 2023. The balance of the Company’s goodwill was $40.3 million as of June 30, 2024 and December 31, 2023.
Intangible Assets
The following table presents details of the Company’s intangible assets as of June 30, 2024 ($ in thousands):
June 30, 2024
Gross Carrying AmountAccumulated AmortizationForeign Currency TranslationNet Carrying AmountWeighted Average Remaining Useful Life
(In Years)
Intangible assets with finite lives:
Acquired and developed technology$37,367 $(19,935)$(2,444)$14,988 6.9
Customer relationships25,718 (9,936)(2,191)13,591 8.8
Commercialization rights11,579 (5,128)— 6,451 5.1
Trademarks and tradenames5,220 (1,904)(331)2,985 8.9
Total intangible assets with finite lives79,884 (36,903)(4,966)38,015 
Intangible assets with indefinite lives:
Acquired in-process technology1,250 — — 1,250 
Favorable license agreement
2,631 — — 2,631 
Total intangible assets with indefinite lives
3,881 — — 3,881 
Total intangible assets$83,765 $(36,903)$(4,966)$41,896 
The following table presents details of the Company’s intangible assets as of December 31, 2023 ($ in thousands):
December 31, 2023
Gross Carrying AmountAccumulated AmortizationForeign Currency TranslationNet Carrying AmountWeighted 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 relationships25,718 (9,094)(1,959)14,665 9.2
Commercialization rights11,579 (4,496)— 7,083 5.6
Trademarks and tradenames5,220 (1,713)(288)3,219 9.3
Total intangible assets with finite lives79,884 (33,643)(4,516)41,725 
Intangible assets with indefinite lives:
Acquired in-process technology1,250 — — 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 Acquired and developed technology, Customer relationships, and Trademarks and tradenames are recorded under Intangible assets, net, in the condensed consolidated balance sheets as of June 30, 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 June 30,Six Months Ended June 30,
2024202320242023
Cost of testing services$329 $329 $658 $658 
Cost of product411 416 831 834 
Cost of patient and digital solutions238 255 509 503 
Sales and marketing
628 606 1,261 1,201 
Total$1,606 $1,606 $3,259 $3,196 
The following table summarizes the Company’s estimated future amortization expense of intangible assets with finite lives as of June 30, 2024 (in thousands):
Years Ending December 31,Cost of Testing ServicesCost of ProductCost of Patient and Digital SolutionsSales and MarketingTotal
Remainder of 2024$658 $828 $340 $1,259 $3,085 
20251,316 1,656 681 2,517 6,170 
20261,316 739 681 2,515 5,251 
20271,316 739 681 2,501 5,237 
20281,316 739 681 2,501 5,237 
Thereafter1,509 2,543 1,462 7,521 13,035 
Total future amortization expense$7,431 $7,244 $4,526 $18,814 $38,015