GOODWILL AND INTANGIBLE ASSETS

6 Months Ended

Jun. 30, 2023

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill

Changes in the carrying amount of goodwill for the six months ended June 30, 2023 were as follows:


	Total



Goodwill at January 1, 2023	$	86,821
Pega Medical measurement period adjustment	(1,828)
Foreign currency translation impact	(2,082)
Goodwill at June 30, 2023	$	82,911

Intangible Assets

As of June 30, 2023, the balances of amortizable intangible assets were as follows:


	Weighted-Average Amortization Period	Gross Intangible Assets		Accumulated Amortization		Net Intangible Assets
Patents	11.7 years	$	45,005	$	(9,259)	$	35,746
Intellectual Property & Capitalized Software	9.7 years	15,383		(1,773)		13,610
Customer Relationships & Other	12.8 years	18,857		(2,557)		16,300
License Agreements	4.1 years	10,697		(4,421)		6,276
Total amortizable assets		$	89,942	$	(18,010)	$	71,932

As of December 31, 2022, the balances of amortizable intangible assets were as follows:


	Weighted-Average Amortization Period	Gross Intangible Assets		Accumulated Amortization		Net Intangible Assets
Patents	12.2 years	$	46,005	$	(7,953)	$	38,052
Intellectual Property & Capitalized Software	9.8 years	5,859		(1,382)		4,477
Customer Relationships & Other	13.4 years	17,262		(1,805)		15,457
License Agreements	4.5 years	10,697		(3,703)		6,994
Total amortizable assets		$	79,823	$	(14,843)	$	64,980

Licenses are tied to product launches and do not begin amortizing until the product is launched to the market.

Trademarks are non-amortizing intangible assets which were $16,087 and $14,921 as of June 30, 2023 and December 31, 2022, respectively. Trademarks are recorded in Other intangible assets on the condensed consolidated balance sheets. The change in balance during the six months ended June 30, 2023 was the result of the measurement period adjustments associated with Pega Medical, the trademark recorded as a result of the MedTech acquisition, and foreign currency translation adjustments.

During 2022, management determined that a triggering event occurred, indicating that it was more likely than not the fair value of the ApiFix trademark asset was less than the carrying value. As such, the Company completed a quantitative analysis whereby we determined the fair value of the ApiFix trademark asset was below the carrying value. The primary reason for the impairment is the lower forecasted

revenue of our ApiFix product than previously expected. We recorded a $3,609 partial impairment charge for the year ended December 31, 2022 to reduce the carrying amount of the intangible asset to its estimated fair value. No impairment charges were recorded in any of the other periods presented or for any other indefinite lived trademark assets.