Quarterly report pursuant to Section 13 or 15(d)

GOODWILL AND OTHER INTANGIBLE ASSETS

v3.22.2.2
GOODWILL AND OTHER INTANGIBLE ASSETS
9 Months Ended
Sep. 30, 2022
Goodwill and Intangible Assets Disclosure [Abstract]  
GOODWILL AND OTHER INTANGIBLE ASSETS

 

6. GOODWILL AND OTHER INTANGIBLE ASSETS

 

Goodwill was attributable to the acquisition of our Pharma Solutions business in July 2019. The original 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 recorded upon acquisition. With the sale of Pharma Solutions, the goodwill balance at September 30, 2022 was written down to zero as well as the intangible assets associated with the original acquisition. The net carrying value of the identifiable intangible assets from all acquisitions within continuing operations as of September 30, 2022 and December 31, 2021 are as follows:

  

          As of September 30, 2022     As of December 31, 2021  
    Life     Carrying     Carrying  
    (Years)     Amount     Amount  
              (unaudited)          
Asuragen acquisition:                        
Thyroid     9     $ 8,519     $ 8,519  
RedPath acquisition:                        
Pancreas test     7       16,141       16,141  
Barrett’s test     9       6,682       6,682  
                         
CLIA Lab     2.3       609       609  
                         
Total           $ 31,951     $ 31,951  
                         
Accumulated Amortization             (30,772 )     (29,819 )
                         
Net Carrying Value           $ 1,179     $ 2,132  

 

 

Amortization expense from continuing operations was approximately $0.3 million and $0.9 million for the three-month periods ended September 30, 2022 and 2021, and $1.0 million and $2.7 million for the nine-month periods ended September 30, 2022 and 2021, respectively. Estimated future amortization expense for the remainder of 2022 and thereafter is as follows:

 

2022     2023     2024     2025     2026     Total  
                                             
$ 318     $ 861     $ -     $ -     $ -     $ 1,179  

 

The following table displays a roll forward of the carrying amount of goodwill from December 31, 2021 to September 30, 2022:

  

    Carrying  
    Amount  
Balance as of December 31, 2021   $ 8,433  
Impairment from sale of Pharma Solutions Business     (8,433 )
Balance as of September 30, 2022   $ -