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Goodwill and Intangible Assets, net
 12 Months Ended
Dec. 31, 2024
Goodwill and Intangible Assets Disclosure [Abstract]  
Goodwill and Intangible Assets, net

5. Goodwill and Acquired Intangible Assets, net

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

 

 

Proteomics

 

 

Genomics

 

 

Total

 

Balance as of December 31, 2021

 

$

85,855

 

 

$

20,524

 

 

$

106,379

 

Foreign currency translation

 

 

(103

)

 

 

(25

)

 

 

(128

)

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

 

Acquisition of Sengenics

 

 

5,110

 

 

 

—

 

 

 

5,110

 

Foreign currency translation

 

 

(105

)

 

 

(25

)

 

 

(130

)

Balance as of December 31, 2024

 

$

90,803

 

 

$

20,494

 

 

$

111,297

 

 

Acquired intangible assets, net, consisted of the following (in thousands):

 

 

 

December 31, 2024

 

 

December 31, 2023

 

 

 

Gross Carrying Amount

 

 

Accumulated Amortization

 

 

Net

 

 

Gross Carrying Amount

 

 

Accumulated Amortization

 

 

Net

 

Developed technology

 

$

142,839

 

 

$

(119,333

)

 

$

23,506

 

 

$

117,354

 

 

$

(115,954

)

 

$

1,400

 

Trade name

 

 

3,250

 

 

 

(401

)

 

 

2,849

 

 

 

—

 

 

 

—

 

 

 

—

 

Customer relationships

 

 

2,850

 

 

 

(251

)

 

 

2,599

 

 

 

—

 

 

 

—

 

 

 

—

 

Acquired intangible assets, net

 

$

148,939

 

 

$

(119,985

)

 

$

28,954

 

 

$

117,354

 

 

$

(115,954

)

 

$

1,400

 

 

Total amortization expense of the Company's acquired intangible assets was $4.3 million, $11.2 million, and $11.5 million for the years ended December 31, 2024, 2023, and 2022, respectively. There were no indicators of impairment of long-lived assets or acquired intangible assets during the year ended December 31, 2024. 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 acquired intangible asset.

As of December 31, 2024, future expected amortization expense of acquired intangible assets, net was as follows (in thousands):

 

Fiscal Period

 

 

2025

$

3,589

 

2026

 

3,589

 

2027

 

3,589

 

2028

 

3,589

 

2029

 

3,589

 

Thereafter

 

11,009

 

Total

$

28,954