Quarterly report pursuant to Section 13 or 15(d)

Goodwill and Other Intangible Assets

v3.19.3
Goodwill and Other Intangible Assets
9 Months Ended
Sep. 30, 2019
Goodwill and Intangible Assets Disclosure [Abstract]  
Goodwill and Other Intangible Assets

5. GOODWILL AND OTHER INTANGIBLE ASSETS

 

Goodwill is attributable to the acquisition of the BioPharma business from CGI in July 2019. The carrying value of the intangible assets acquired was $15.6 million, with goodwill of approximately $8.3 million and identifiable intangible assets of approximately $7.3 million. The net carrying value of the identifiable intangible assets from all acquisitions as of September 30, 2019 and December 31, 2018 are as follows:

 

        As of September 30, 2019     As of December 31, 2018  
        (unaudited)        
    Life   Carrying     Carrying  
    (Years)   Amount     Amount  
                 
Asuragen acquisition:                    
   Thyroid   9   $ 8,519     $ 8,519  
RedPath acquisition:                    
Pancreas test   7     16,141       16,141  
Barrett's test   9     18,351       18,351  
BioPharma acquisition:                    
Trademarks   10     1,600       -  
Customer relationships   8     5,700       -  
                     
CLIA Lab   2.3   $ 609     $ 609  
                     
Total       $ 50,920     $ 43,620  
                     
Accumulated Amortization       $ (16,388 )   $ (13,767 )
                     
Net Carrying Value       $ 34,532     $ 29,853  

 

Amortization expense was approximately $1.0 million and $0.8 million for the three-month periods ended September 30, 2019 and 2018, respectively, and approximately $2.6 million and $2.4 million for the nine-month periods ended September 30, 2019 and 2018, respectively. Amortization of our diagnostic assets begins upon launch of the product. Estimated amortization expense for the next five years is as follows, based on current assumptions of future product launches:

 

2019     2020     2021     2022     2023     2024  
  (remaining)                                          
$ 1,031     $ 5,145     $ 5,781     $ 3,859     $ 3,859     $ 3,149