GOODWILL AND INTANGIBLE ASSETS

3 Months Ended

Mar. 31, 2025

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill

Changes in the carrying amount of goodwill for the three months ended March 31, 2025 were as follows:


	Total



Goodwill at January 1, 2025	$	93,844
Clinic acquisitions	188
Boston O&P measurement period adjustment	233
Foreign currency translation impact	(592)
Goodwill at March 31, 2025	$	93,673

Intangible Assets

As of March 31, 2025, the balances of amortizable intangible assets were as follows:


	Weighted-Average Amortization Period	Gross Intangible Assets		Accumulated Amortization		Net Intangible Assets
Patents	10.0 years	$	44,728	$	(14,663)	$	30,065
Intellectual Property & Capitalized Software	7.9 years	16,027		(4,449)		11,578
Customer Relationships & Other	11.4 years	21,909		(5,192)		16,717
License Agreements	2.5 years	10,725		(6,737)		3,988
Total amortizable assets		$	93,389	$	(31,041)	$	62,348

As of December 31, 2024, the balances of amortizable intangible assets were as follows:


	Weighted-Average Amortization Period	Gross Intangible Assets		Accumulated Amortization		Net Intangible Assets
Patents	10.2 years	$	45,064	$	(13,984)	$	31,080
Intellectual Property & Capitalized Software	8.2 years	16,027		(4,065)		11,962
Customer Relationships & Other	11.5 years	21,850		(4,783)		17,067
License Agreements	2.7 years	10,710		(6,392)		4,318
Total amortizable assets		$	93,651	$	(29,224)	$	64,427

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 $16,736 and $16,752 as of March 31, 2025 and December 31, 2024, respectively. Trademarks are recorded in Other intangible assets on the condensed consolidated balance sheets. The change in balance during the three months ended March 31, 2025 was driven by foreign currency translation adjustments.

During 2024, 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. We recorded an impairment charge of $1,836 for the year ended December 31, 2024 to reduce the carrying amount of the intangible asset to its estimated fair value.