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Goodwill and Intangible Assets

12 Months Ended

Dec. 31, 2023

Goodwill and Intangible Assets

Goodwill and Intangible Assets

Note 8.  Goodwill and Intangible Assets

Goodwill

In the third quarter of fiscal 2021, we completed the AffloVest Acquisition. The purchase price of the AffloVest business exceeded the net acquisition-date estimated fair value amounts of the identifiable assets acquired and the liabilities assumed by $31.1 million, which was assigned to goodwill. 

Intangible Assets

Our patents and other intangible assets are summarized as follows:

​

​	​	​	​	​	​	​	​	​	​	​	​
​	​	Weighted-	​	At December 31, 2023
​	​	Average	​	Gross		​	​		​	​
​	​	Amortization	​	Carrying		​	Accumulated		​	Net
(In thousands)		Period	​	Amount		​	Amortization		​	Amount
Definite-lived intangible assets:	​	​	​	​	​	​	​	​	​	​	​
Patents	​	12 years	​	$	1,018	​	$	248	​	$	770
Defensive intangible assets	​	1 year	​	​	1,125	​	​	920	​	​	205
Customer accounts	​	—	​	​	125	​	​	125	​	​	—
Customer relationships	​	11 years	​	​	31,000	​	​	5,511	​	​	25,489
Developed technology	​	9 years	​	​	13,000	​	​	2,731	​	​	10,269
Subtotal	​	​	​	​	46,268	​	​	9,535	​	​	36,733
Unamortized intangible assets:	​	​	​	​	​	​	​	​	​	​	​
Tradenames	​	​	​	​	9,500	​	​	—	​	​	9,500
Patents pending	​	​	​	​	491	​	​	—	​	​	491
Total intangible assets	​	​	​	$	56,259	​	$	9,535	​	$	46,724

​

​	​	​	​	​	​	​	​	​	​	​	​
​	​	Weighted-	​	At December 31, 2022
​	​	Average	​	Gross		​	​		​	​
​	​	Amortization	​	Carrying		​	Accumulated		​	Net
(In thousands)		Period	​	Amount		​	Amortization		​	Amount
Definite-lived intangible assets:	​	​	​	​	​	​	​	​	​	​	​
Patents	​	12 years	​	$	897	​	$	173	​	$	724
Defensive intangible assets	​	2 years	​	​	1,126	​	​	764	​	​	362
Customer accounts	​	< 1 year	​		125	​		114	​		11
Customer relationships	​	12 years	​	​	31,000	​	​	3,127	​	​	27,873
Developed technology	​	10 years	​	​	13,000	​	​	1,550	​	​	11,450
Subtotal	​	​	​	​	46,148	​	​	5,728	​	​	40,420
Unamortized intangible assets:	​	​	​	​	​	​	​	​	​	​	​
Tradenames	​	​	​	​	9,500	​	​	—	​	​	9,500
Patents pending	​	​	​	​	455	​	​	—	​	​	455
Total intangible assets	​	​	​	$	56,103	​	$	5,728	​	$	50,375

​

Amortization expense was $3.8 million, $3.8 million, and $1.4 million for the years ended December 31, 2023, 2022 and 2021, respectively. Future amortization expenses are expected as follows:

​

​	​	​	​
(In thousands)	​	​	​
2024		$	3,793
2025	​	​	3,704
2026	​		3,640
2027	​		3,631
2028	​		3,628
Thereafter	​		18,337
Total	​	$	36,733

​

The weighted-average remaining amortization period for these intangible assets was 10.1 years as of December 31, 2023.

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- Definition

The entire disclosure for goodwill and intangible assets.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 350
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org//350/tableOfContent

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