Quarterly report pursuant to Section 13 or 15(d)

Goodwill and Other Intangible Assets

v3.20.1
Goodwill and Other Intangible Assets
3 Months Ended
Mar. 31, 2020
Goodwill and Intangible Assets Disclosure [Abstract]  
Goodwill and Other Intangible Assets
5. GOODWILL AND OTHER INTANGIBLE ASSETS

 

Goodwill is attributable to the acquisition of our pharma services 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 goodwill balance at March 31, 2020 was $8.4 million. The net carrying value of the identifiable intangible assets from all acquisitions as of March 31, 2020 and December 31, 2019 are as follows:

 

          As of March 31, 2020     As of December 31, 2019  
          (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  
Pharma services acquisition:                        
Trademarks     10       1,600       1,600  
Customer relationships     8       5,700       5,700  
                         
CLIA Lab     2.3     $ 609     $ 609  
                         
Total           $ 50,920     $ 50,920  
                         
Accumulated Amortization           $ (18,450 )   $                               (17,419 )
                         
Net Carrying Value           $ 32,470     $ 33,501  

 

The following table displays a roll forward of the carrying amount of goodwill from December 31, 2019 to March 31, 2020:

 

    Carrying  
    Amount  
Balance as of December 31, 2019   $ 8,433  
Adjustments     -  
Balance as of March 31, 2020   $ 8,433  

 

Amortization expense was approximately $1.0 million and $0.8 million for the three-month periods ended March 31, 2020 and 2019, respectively. Estimated amortization expense for the next five years is as follows:

 

2020     2021     2022     2023     2024  
                                     
$ 5,145     $ 5,781     $ 3,859     $ 3,859     $ 3,149