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Goodwill and Intangible Assets
 3 Months Ended
Mar. 31, 2023
Goodwill and Intangible Assets Disclosure [Abstract]  
Goodwill and Intangible Assets

5. Goodwill and Intangible Assets

Goodwill

The change in the carrying amount of goodwill during the period ended March 31, 2023 includes the following (in thousands):

 

December 31, 2022

 

$

47,367

 

Foreign currency fluctuation

 

 

557

 

March 31, 2023

 

$

47,924

 

 

Intangible assets, net

Intangible assets, net consist of the following (in thousands, except as indicated):

 

 

Remaining Avg.
Useful lives

 

Gross

 

 

Accumulated

 

 

Intangible

 

March 31, 2023:

 

(in years)

 

Amount

 

 

Amortization

 

 

Assets, net

 

Developed product technology

 

7

 

$

76,718

 

 

$

(16,071

)

 

$

60,647

 

Trademarks and trade names

 

8

 

 

5,510

 

 

 

(1,136

)

 

 

4,374

 

Customer relationships

 

4

 

 

14,379

 

 

 

(7,365

)

 

 

7,014

 

Distribution network

 

2

 

 

2,413

 

 

 

(2,091

)

 

 

322

 

Total amortized intangible assets

 

 

 

 

99,020

 

 

 

(26,663

)

 

 

72,357

 

 

 

 

 

 

 

 

 

 

 

 

 

Software in development

 

n/a

 

 

2,985

 

 

 

 

 

 

2,985

 

In-process research and development

 

n/a

 

 

5,737

 

 

 

 

 

 

5,737

 

Total intangible assets

 

 

 

$

107,742

 

 

$

(26,663

)

 

$

81,079

 

 

 

 

 

.

 

 

 

 

 

 

 

 

 

Remaining Avg.
Useful lives

 

Gross

 

 

Accumulated

 

 

Intangible

 

December 31, 2022:

 

(in years)

 

Amount

 

 

Amortization

 

 

Assets, net

 

Developed product technology

 

7

 

$

75,896

 

 

$

(13,420

)

 

$

62,476

 

Trademarks and trade names

 

8

 

 

5,421

 

 

 

(987

)

 

 

4,434

 

Customer relationships

 

4

 

 

14,240

 

 

 

(6,906

)

 

 

7,334

 

Distribution network

 

2

 

 

2,413

 

 

 

(2,041

)

 

 

372

 

Total amortized intangible assets

 

 

 

 

97,970

 

 

 

(23,354

)

 

 

74,616

 

 

 

 

 

 

 

 

 

 

 

 

Software in development

 

n/a

 

 

2,503

 

 

 

 

 

 

2,503

 

In-process research and development

 

n/a

 

 

5,662

 

 

 

 

 

 

5,662

 

Total intangible assets

 

 

 

$

106,135

 

 

$

(23,354

)

 

$

82,781

 

 

Total amortization expense attributed to intangible assets was $3.1 million and $2.2 million for the three months ended March 31, 2023 and 2022, respectively. Software in development is amortized when the projects are completed and the assets are ready for their intended use. In-process research and development assets begin amortizing when the relevant products reach full commercial launch.

Future amortization expense related to intangible assets is as follows (in thousands):

Remainder of 2023

 

$

9,385

 

2024

 

 

12,411

 

2025

 

 

10,922

 

2026

 

 

10,922

 

2027

 

 

9,050

 

Thereafter

 

 

19,667

 

 

 

$

72,357