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Note 5 - Goodwill and Other Intangible Assets

12 Months Ended

Dec. 31, 2021

Goodwill and Intangible Assets Disclosure [Text Block]

5. Goodwill and Other Intangibles

Goodwill consists of the following:

	As of December 31,
	2021		2020

Balance at beginning of year	$	65,945	$	39,951
Additions for acquisitions		-		27,115
Purchase accounting adjustments		-		(1,345	)
Effects of currency exchange		-		224

Balance at end of year	$	65,945	$	65,945

During 2020, we recorded a $1.3 million adjustment to goodwill with an offsetting adjustment to deferred income taxes to reflect the difference between book basis and tax basis of the technology license acquired under the CardioCel APA.

Other intangibles consist of the following:

	December 31, 2021						December 31, 2020
	Gross				Net		Gross				Net
	Carrying		Accumulated		Carrying		Carrying		Accumulated		Carrying
	Value		Amortization		Value		Value		Amortization		Value
	(in thousands)
Product technology and intellectual property	$	29,549	$	10,473	$	19,076	$	29,951	$	7,947	$	22,004
Trademarks, tradenames and licenses		3,647		1,139		2,508		4,000		1,094		2,906
Customer relationships		36,197		5,674		30,523		38,525		5,424		33,101
Other intangible assets		1,461		858		603		1,767		873		894

Total identifiable intangible assets	$	70,854	$	18,144	$	52,710	$	74,243	$	15,338	$	58,905

These assets are being amortized over useful lives ranging from 2 to 16 years. The weighted-average amortization period for these intangibles as of December 31, 2021, is 11.0 years. Amortization expense is included in general and administrative expense and is as follows:

	Year ended December 31,
	2021		2020		2019
			(in thousands)

Amortization expense	$	6,195	$	5,043	$	2,437

During the years ended December 31, 2021 and 2019, we wrote off fully amortized intangible assets with gross values of $3.4 million and $4.5 million, respectively. Estimated amortization expense for each of the next five fiscal years, based upon the intangible assets at December 31, 2021, is as follows:

	Year ended December 31,
	2022		2023		2024		2025		2026
	(in thousands)

Amortization expense	$	6,016	$	5,884	$	5,702	$	5,464	$	4,997