INTANGIBLE ASSETS AND GOODWILL (Tables)

9 Months Ended

Sep. 30, 2023

Goodwill and Intangible Assets Disclosure [Abstract]

Schedule of net-book value and estimated remaining life and finite lived 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)	Cost		Accumulated Amortization		Net Balance at September 30, 2023
Finite-lived intangible assets
Trade name	11.8	$	104,000	$	(26,090)	$	77,910
Customer relationships	7.3	4,000		(778)		3,222
Patents and licenses	4.3	11,542		(9,237)		2,305
Acquired developed technology (1)	7.5	887,389		(307,519)		579,870
Total finite-lived intangible assets		1,006,931		(343,624)		663,307
In-process research and development	n/a	1,250,000		—		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)	Cost		Accumulated Amortization		Net balance at December 31, 2022
Finite-lived intangible assets
Trade name	12.5	$	104,000	$	(20,653)	$	83,347
Customer relationships	8.0	4,000		(444)		3,556
Patents and licenses	4.2	11,542		(8,152)		3,390
Acquired developed technology (1)	7.8	861,474		(245,527)		615,947
Total finite-lived intangible assets		981,016		(274,776)		706,240
In-process research and development	n/a	1,250,000		—		1,250,000
Total intangible assets		$	2,231,016	$	(274,776)	$	1,956,240

______________

(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.

Schedule of estimated future amortization expense, intangible assets

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
2024	92,908
2025	91,860
2026	90,800
2027	90,800
Thereafter	273,628
	$	663,307

Schedule of carrying amount of 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 acquisition	10,809
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

______________

(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.