Quarterly report pursuant to Section 13 or 15(d)

Goodwill and Other Intangible Assets

v3.20.4
Goodwill and Other Intangible Assets
9 Months Ended
Sep. 30, 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 September 30, 2020 was $8.4 million. The net carrying value of the identifiable intangible assets from all acquisitions as of September 30, 2020 and December 31, 2019 are as follows:

 

         

As of September

30, 2020

   

As of December

31, 2019

 
    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       6,719       6,719  
BioPharma acquisition:                        
Trademarks     10       1,600       1,600  
Customer relationships     8       5,700       5,700  
                         
CLIA Lab     2.3     $ 609     $ 609  
                         
Total           $ 39,288     $ 39,288  
                         
Accumulated Amortization           $ (26,784 )   $ (23,439 )
                         
Net Carrying Value           $ 12,504     $ 15,849  

 

Amortization expense was approximately $1.1 million for both the three-month periods ended September 30, 2020 and 2019, respectively, and approximately $3.3 million and $2.9 million for the nine-month periods ended September 30, 2020 and 2019, respectively. Estimated amortization expense for the next five years is as follows:

 

2020     2021     2022     2023     2024  
                                     
$ 4,871     $ 4,078     $ 2,156     $ 1,745     $ 873  

 

The following table displays a roll forward of the carrying amount of goodwill from December 31, 2019 to September 30, 2020:

 

    Carrying  
    Amount  
Balance as of December 31, 2019   $ 8,433  
Adjustments     -  
Balance as of September 30, 2020   $ 8,433