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INTANGIBLE ASSETS AND GOODWILL
 9 Months Ended
Sep. 30, 2023
Goodwill and Intangible Assets Disclosure [Abstract]  
INTANGIBLE ASSETS AND GOODWILL INTANGIBLE ASSETS AND GOODWILL
Intangible Assets
The following table summarizes the net-book-value and estimated remaining life of the Company’s intangible assets as of September 30, 2023:
(In thousands)Weighted Average Remaining Life (Years)CostAccumulated Amortization
Net Balance at September 30, 2023
Finite-lived intangible assets
Trade name11.8$104,000 $(26,090)$77,910 
Customer relationships7.34,000 (778)3,222 
Patents and licenses4.311,542 (9,237)2,305 
Acquired developed technology (1)7.5887,389 (307,519)579,870 
Total finite-lived intangible assets1,006,931 (343,624)663,307 
In-process research and developmentn/a1,250,000 — 1,250,000 
Total intangible assets$2,256,931 $(343,624)$1,913,307 
The following table summarizes the net-book-value and estimated remaining life of the Company’s intangible assets as of December 31, 2022:
(In thousands)Weighted Average Remaining Life (Years)CostAccumulated Amortization
Net balance at December 31, 2022
Finite-lived intangible assets
Trade name12.5$104,000 $(20,653)$83,347 
Customer relationships8.04,000 (444)3,556 
Patents and licenses4.211,542 (8,152)3,390 
Acquired developed technology (1)7.8861,474 (245,527)615,947 
Total finite-lived intangible assets981,016 (274,776)706,240 
In-process research and developmentn/a1,250,000 — 1,250,000 
Total intangible assets$2,231,016 $(274,776)$1,956,240 
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(1)The gross carrying amount includes an immaterial foreign currency translation adjustment related to the intangible asset acquired as a result of the acquisition of OmicEra Diagnostics GmbH (“OmicEra”), whose functional currency is also its local currency. Intangible asset balances are translated into U.S. dollars using exchange rates in effect at period end, and adjustments related to foreign currency translation are included in other comprehensive income.
As of September 30, 2023 the estimated future amortization expense associated with the Company’s finite-lived intangible assets for each of the five succeeding fiscal years is as follows:
(In thousands)
2023 (remaining three months)$23,311 
202492,908 
202591,860 
202690,800 
202790,800 
Thereafter273,628 
$663,307 
The Company’s acquired intangible assets are being amortized on a straight-line basis over their estimated useful lives.
On August 2, 2022, the Company completed a sale of the developed technology intangible asset related to the GPS test to MDxHealth SA (“MDxHealth”), which was measured using the income approach to determine the fair value. The gross value of the intangible asset was $59.0 million with accumulated amortization of $16.1 million as of the closing date, resulting in a carrying value of $42.9 million, which was derecognized from intangible assets, net in the condensed consolidated balance sheets upon completion of the divestiture. Refer to the Company’s 2022 Form 10-K for further information on the sale.
During the third quarter of 2022, the remaining carrying value of $2.0 million related to the supply agreement intangible asset acquired as part of the combination with Genomic Health, Inc. (“Genomic Health”) was recorded as a non-cash, pre-tax impairment loss due to the termination of the agreement.
During the second quarter of 2022, the Company recorded a non-cash, pre-tax impairment loss of $6.6 million related to the acquired developed technology intangible asset acquired as a result of the acquisition of Paradigm Diagnostics, Inc. due to lower than anticipated performance of the underlying product.
The impairment charges recorded are included in impairment of long-lived assets in the condensed consolidated statement of operations.
Goodwill
The change in the carrying amount of goodwill for the periods ended September 30, 2023 and December 31, 2022 is as follows:
(In thousands)
Balance, January 1, 2022
$2,335,172 
OmicEra acquisition10,809 
PreventionGenetics acquisition adjustment(58)
Effects of changes in foreign currency exchange rates (1)117 
Balance, December 31, 2022
2,346,040 
Resolution Bioscience acquisition (2)
20,569 
Effects of changes in foreign currency exchange rates (1)(95)
Balance September 30, 2023
$2,366,514 
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(1)Represents the impact of foreign currency translation related to the goodwill acquired as a result of the acquisition of OmicEra. Goodwill balances are translated into U.S. dollars using exchange rates in effect at period end, and adjustments related to foreign currency translation are included in other comprehensive income.
(2)Refer to Note 16 for further discussion on the Company’s acquisition of Resolution Bioscience, Inc.
There were no impairment losses for the three and nine months ended September 30, 2023 and 2022.