Goodwill and Intangible Assets, net

12 Months Ended

Dec. 31, 2023

Goodwill and Intangible Assets Disclosure [Abstract]

4. Goodwill and Intangible Assets, net

During the second quarter of 2022, the Company discontinued the sale of products that utilized the developed technology acquired from InstruNor and recorded a $3.5 million impairment charge to write-off the unamortized portion of the related intangible asset.

The Company assessed goodwill for impairment when it performed its annual testing at the end of the fourth quarter of 2023. A qualitative approach was employed which included assessing significant events and circumstances such as the Company's current results,

assumptions regarding future performance, strategic initiatives and overall macroeconomic factors to determine the existence of potential indicators of impairment and assess if it is more likely than not that the fair value of each of the Company's reporting units is less than their carrying value. The Company determined there was no impairment as of December 31, 2023.

The changes in the carrying value of goodwill by segment are as follows (in thousands):


	Proteomics		Genomics		Total
Balance as of December 31, 2022	$	85,752	$	20,499	$	106,251
Foreign currency translation		46		20		66
Balance as of December 31, 2023	$	85,798	$	20,519	$	106,317

Intangible assets with finite lives include developed technology, patents and licenses. In the consolidated balance sheets, developed technology is reported separately while patents and licenses are reported in other non-current assets. Intangible assets, net, were as follows (in thousands):


	December 31, 2023
	Gross Amount		Accumulated Amortization and Impairment			Net		Weighted- Average Amortization Period
Developed technology	$	117,354	$	(115,954	)	$	1,400	10.0 years
Patents and licenses	$	11,250	$	(11,243	)	$	7	7.0 years


	December 31, 2022
	Gross Amount		Accumulated Amortization			Net		Weighted- Average Amortization Period
Developed technology	$	117,194	$	(104,594	)	$	12,600	10.0 years
Patents and licenses	$	11,247	$	(10,669	)	$	578	7.0 years

Total amortization expense of the Company's intangible assets was $11.8 million and $12.2 million for the years ended December 31, 2023 and 2022, respectively. The $3.5 million impairment charge for the InstruNor developed technology intangible asset was recorded in research and development expense in 2022 and it is reflected in accumulated amortization in the above table.

Based on the net carrying value of intangible assets at December 31, 2023, the Company expects annual amortization expense to be as follows (in thousands):


Fiscal Year	Developed Technology Amortization Expense		Patents and Licenses Amortization Expense		Total
2024		1,400		7		1,407
Total	$	1,400	$	7	$	1,407