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Goodwill and Intangible Assets | 12 Months Ended
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Dec. 31, 2024
Goodwill and Intangible Assets Disclosure [Abstract] |
Goodwill and Intangible Assets | GOODWILL AND INTANGIBLE ASSETS Goodwill On December 1, 2024, the Company performed a qualitative assessment of its reporting unit taking into consideration past, current and projected future earnings, recent trends and market conditions, and its market capitalization. Based on this analysis, the Company concluded that it was more likely than not that the fair value of the reporting unit exceeded its carrying amount. As such, it was not necessary to perform the quantitative goodwill impairment assessment at this time. As of December 31, 2024, 2023 and 2022, there has been no impairment of goodwill. The following table presents details of the Company’s goodwill as of December 31, 2024 and 2023 (in thousands):
| 2024 |  | 2023
Balance as of January 1, | $ | 40,336 |  |  | $ | 37,523 |
Goodwill acquired | — |  |  | 2,646 |
Remeasurement adjustment | — |  |  | 167 |
Balance as of December 31, | $ | 40,336 |  |  | $ | 40,336 |
Intangible Assets The following table presents details of the Company’s intangible assets as of December 31, 2024 ($ in thousands):
| December 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 |  |  | $ | (21,357) |  |  | $ | (2,531) |  |  | $ | 13,479 |  |  | 6.6
Customer relationships | 25,718 |  |  | (10,777) |  |  | (2,332) |  |  | 12,609 |  |  | 8.4
Commercialization rights | 11,579 |  |  | (5,760) |  |  | — |  |  | 5,819 |  |  | 4.6
Trademarks and tradenames | 5,220 |  |  | (2,094) |  |  | (356) |  |  | 2,770 |  |  | 8.5
Total intangible assets with finite lives | 79,884 |  |  | (39,988) |  |  | (5,219) |  |  | 34,677 |  |  |
Acquired in-process technology | 1,250 |  |  | — |  |  | — |  |  | 1,250 |  |  |
Favorable license agreement | 2,257 |  |  | — |  |  | — |  |  | 2,257 |  |  |
Total intangible assets with indefinite lives | 3,507 |  |  | — |  |  | — |  |  | 3,507 |  |  |
Total intangible assets | $ | 83,391 |  |  | $ | (39,988) |  |  | $ | (5,219) |  |  | $ | 38,184 |  |  |
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 |  |  |
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 |  |  |
As of December 31, 2024, 2023 and 2022, there has been no impairment of intangible assets. The following table summarizes the Company's amortization expense of intangible assets (in thousands):
| Year Ended December 31,
| 2024 |  | 2023 |  | 2022
Cost of testing services | $ | 1,316 |  |  | $ | 1,316 |  |  | $ | 1,316 |
Cost of product | 1,660 |  |  | 1,655 |  |  | 1,716 |
Cost of patient and digital solutions | 850 |  |  | 1,039 |  |  | 945 |
Sales and marketing | 2,520 |  |  | 2,457 |  |  | 2,252 |
Total | $ | 6,346 |  |  | $ | 6,467 |  |  | $ | 6,229 |
The following table summarizes the Company’s estimated future amortization expense of intangible assets with finite lives as of December 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
2025 | $ | 1,316 |  |  | $ | 1,614 |  |  | $ | 681 |  |  | $ | 2,488 |  |  | $ | 6,099 |
2026 | 1,316 |  |  | 730 |  |  | 681 |  |  | 2,487 |  |  | 5,214 |
2027 | 1,316 |  |  | 730 |  |  | 681 |  |  | 2,473 |  |  | 5,200 |
2028 | 1,316 |  |  | 730 |  |  | 681 |  |  | 2,473 |  |  | 5,200 |
2029 | 1,085 |  |  | 730 |  |  | 493 |  |  | 2,177 |  |  | 4,485 |
Thereafter | 424 |  |  | 1,795 |  |  | 969 |  |  | 5,291 |  |  | 8,479 |
Total future amortization expense | $ | 6,773 |  |  | $ | 6,329 |  |  | $ | 4,186 |  |  | $ | 17,389 |  |  | $ | 34,677 |

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