Quarterly report pursuant to Section 13 or 15(d)

GOODWILL AND OTHER INTANGIBLE ASSETS

v3.21.2
GOODWILL AND OTHER INTANGIBLE ASSETS
6 Months Ended
Jun. 30, 2021
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. In 2019, there was an adjustment to goodwill of $0.1 million. The goodwill balance at June 30, 2021 was $8.4 million. The net carrying value of the identifiable intangible assets from all acquisitions as of June 30, 2021 and December 31, 2020 are as follows:

 

          As of June 30, 2021     As of December 31, 2020  
    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  
BioPharma acquisition:                        
Trademarks     10       1,600       1,600  
Customer relationships     8       5,700       5,700  
                         
CLIA Lab     2.3     $ 609     $ 609  
                         
Total           $ 39,251     $ 39,251  
                         
Accumulated Amortization           $ (30,125 )   $ (27,900 )
                         
Net Carrying Value           $ 9,126     $ 11,351  

 

Amortization expense was approximately $1.1 million for both the three-month periods ended June 30, 2021 and 2020, respectively and approximately $2.2 million for both the six-month periods ended June 30, 2021 and 2020, respectively. Estimated amortization expense for the next five years is as follows:

 

2021     2022     2023     2024     2025  
                           
$ 4,078     $ 2,155     $ 2,099     $ 873     $ 873  

 

 

The following table displays a roll forward of the carrying amount of goodwill from December 31, 2020 to June 30, 2021:

 

    Carrying  
    Amount  
Balance as of December 31, 2020   $ 8,433  
Adjustments     -  
Balance as of June 30, 2021   $ 8,433