Goodwill and Intangible Assets (Tables)

9 Months Ended

Sep. 27, 2024

Goodwill and Intangible Assets Disclosure [Abstract]

Summary of Changes in Goodwill

The following table summarizes changes in goodwill during the nine months ended September 27, 2024 (in thousands):

	Amount
Balance at beginning of the period	$	484,507
Goodwill acquired from Motion Solutions acquisition		106,569
Effect of foreign exchange rate changes		3,012
Balance at end of the period	$	594,088

Goodwill by Reportable Segment

Goodwill by reportable segment as of September 27, 2024 was as follows (in thousands):

	Reportable Segment
	Precision Medicine and Manufacturing			Medical Solutions			Robotics and Automation			Total
Goodwill	$	213,407		$	276,676		$	255,234		$	745,317
Accumulated impairment of goodwill		(102,461	)		(31,722	)		(17,046	)		(151,229	)
Total	$	110,946		$	244,954		$	238,188		$	594,088

Goodwill by reportable segment as of December 31, 2023 was as follows (in thousands):

	Reportable Segment
	Precision Medicine and Manufacturing			Medical Solutions			Robotics and Automation			Total
Goodwill	$	211,380		$	169,738		$	254,618		$	635,736
Accumulated impairment of goodwill		(102,461	)		(31,722	)		(17,046	)		(151,229	)
Total	$	108,919		$	138,016		$	237,572		$	484,507

Intangible Assets

Intangible assets as of September 27, 2024 and December 31, 2023, respectively, are summarized as follows (in thousands):

	September 27, 2024							December 31, 2023
	Gross Carrying Amount		Accumulated Amortization			Net Carrying Amount		Gross Carrying Amount		Accumulated Amortization			Net Carrying Amount
Amortizable intangible assets:
Patents and developed technologies	$	223,048	$	(158,765	)	$	64,283	$	187,092	$	(146,342	)	$	40,750
Customer relationships		270,286		(158,032	)		112,254		225,183		(142,478	)		82,705
Customer backlog		5,500		(4,125	)		1,375		—		—			—
Trademarks and trade names		23,861		(16,406	)		7,455		23,628		(15,088	)		8,540
Amortizable intangible assets		522,695		(337,328	)		185,367		435,903		(303,908	)		131,995
Non-amortizable intangible assets:
Trade names		13,027		—			13,027		13,027		—			13,027
Total intangible assets	$	535,722	$	(337,328	)	$	198,394	$	448,930	$	(303,908	)	$	145,022

Amortization Expense of Intangible Assets

Amortization expense for the three and nine months ended September 27, 2024 and September 29, 2023, respectively, was as follows (in thousands):

	Three Months Ended				Nine Months Ended
	September 27,		September 29,		September 27,		September 29,
	2024		2023		2024		2023
Amortization expense – cost of revenue	$	3,708	$	3,051	$	11,086	$	9,119
Amortization expense – operating expenses		6,589		5,131		19,246		15,344
Total amortization expense	$	10,297	$	8,182	$	30,332	$	24,463

Estimated Amortization Expense

As of September 27, 2024, estimated amortization expense for each of the five succeeding years and thereafter was as follows (in thousands):

Year Ending December 31,	Cost of Revenue		Operating Expenses		Total
2024 (remainder of year)	$	3,727	$	6,620	$	10,347
2025		14,425		22,544		36,969
2026		13,533		20,209		33,742
2027		10,669		16,032		26,701
2028		8,917		12,917		21,834
Thereafter		13,012		42,762		55,774
Total	$	64,283	$	121,084	$	185,367