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Acquisitions | 9 Months Ended
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Sep. 30, 2024
Business Combination, Asset Acquisition, and Joint Venture Formation [Abstract] |
Acquisitions | (2) Acquisitions Wematter On July 1, 2023, the Company completed the acquisition of 100% of the outstanding voting interest of Wematter AB (“Wematter”), a Swedish 3D printer manufacturer that broadens 3D Systems’ Selective Laser Sintering (SLS) portfolio. Consideration for this acquisition consisted of approximately $10,224 in cash, subject to customary post-closing adjustments. The Company also may be required to pay an additional €2,000 in cash, contingent upon the achievement of certain post-closing performance conditions and the continued employment of certain key Wematter employees for two years after the closing date of the acquisition. This €2,000 is required to be recognized as compensation expense over the key employees' required service period, if deemed probable of being earned. As of September 30, 2024, management does not believe that achievement of the post-closing performance conditions is probable. In a separate transaction, the Company previously extended a loan to Wematter during the three months ended June 30, 2023. We determined that this loan, representing a preexisting contractual relationship, was effectively settled upon the close of the acquisition of Wematter. No gain or loss was recognized in connection with the effective settlement, as the carrying value of the loan was not materially different from the pricing of similar current market transactions. The effective settlement of this loan receivable resulted in an increase of $942 to the consideration transferred in connection with this transaction (i.e., above the cash consideration paid) and a corresponding increase to goodwill. We accounted for the acquisition of Wematter using the acquisition method of accounting, as prescribed by ASC 805, “Business Combinations” (“ASC 805”). In accordance with valuation methodologies described in ASC 820, “Fair Value Measurement” (“ASC 820”), the acquired assets and assumed liabilities were recorded at their estimated fair values as of the date of the Wematter acquisition. Shown below is the final purchase price allocation, which summarizes the fair values of the assets acquired and liabilities assumed at the date of acquisition:
(in thousands) |  |  |  |
Current assets, including cash acquired of $148 |  |  |  | $ | 835 |
Intangible assets: |  |  |  |
Trade names |  | $ | 1,487 |  |  |
Product technology |  | 2,580 |  |  |
Customer relationships |  | 348 |  |  |
Total intangible assets |  |  |  | 4,415 |
Goodwill |  |  |  | 6,528 |
Other assets |  |  |  | 475 |
Liabilities: |  |  |  |
Accounts payable and accrued liabilities |  | $ | 794 |  |  |
Long-term liabilities |  | 293 |  |  |
Total liabilities |  |  |  | 1,087 |
Net assets acquired |  |  |  | $ | 11,166 |
The goodwill recognized in connection with this acquisition is attributable to synergies that are expected to enhance and expand the Company’s overall product portfolio and opportunities in new and existing markets, future products that have yet to be determined and Wematter’s assembled workforce. This goodwill will not be deductible for tax purposes. The following table presents the finite-lived intangible assets acquired and their respective estimated useful lives:
| Useful Life
Trade names | 5
Product technology | 15
Customer relationships | 10
Unaudited Pro Forma Financial Information The following unaudited pro forma financial information summarizes the combined results of the Company and Wematter as if the acquisition of Wematter had occurred on January 1, 2022. The pro forma results have been prepared for comparative purposes only, and do not necessarily represent what our results of operations would have been had the acquisition been completed on January 1, 2022. In addition, these pro forma results are not intended to be a projection of future operating results and do not reflect synergies that might be achieved. The unaudited pro forma financial information includes adjustments for the pro forma impact of the allocation of the purchase price recognized in connection with the acquisition of Wematter (as summarized above). These adjustments primarily relate to the impact of incremental amortization expense attributable to newly acquired and recognized intangible assets. Pro forma revenue information has not been presented, as pre-acquisition revenue reported by Wematter was not material and, accordingly, the impact on our reported consolidated revenue also would not have been material for the period presented. The table below does not include the presentation of a pro forma net loss attributable to 3D Systems Corporation for the three months ended September 30, 2023 because Wematter's results are reflected in 3D Systems consolidated numbers for the full three month period.
(in thousands) | Nine Months Ended September 30, 2023 |  |
Pro forma net loss attributable to 3D Systems Corporation | $ | (71,076) |  |  |

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- Definition The entire disclosure for a business combination (or series of individually immaterial business combinations) completed during the period, including background, timing, and recognized assets and liabilities. The disclosure may include leverage buyout transactions (as applicable). + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 805 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 5 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org/1943274/2147479907/805-20-50-5 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 805 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/805/tableOfContent + Details
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