Goodwill and Intangible Assets

9 Months Ended

Sep. 30, 2023

Goodwill and Intangible Assets Disclosure [Abstract]

6. Goodwill and Intangible Assets

Goodwill

The change in the carrying amount of goodwill during the period ended September 30, 2023 includes the following (in thousands):


December 31, 2022	$	47,367
Additions		24,582
Foreign currency fluctuation		(394	)
September 30, 2023	$	71,555

Intangible assets, net

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


	Remaining Avg. Useful lives	Gross		Accumulated			Intangible
September 30, 2023:	(in years)	Amount		Amortization			Assets, net
Developed product technology	6	$	102,211	$	(22,512	)	$	79,699
Trademarks and trade names	7		5,359		(1,370	)		3,989
Customer relationships	3		14,141		(8,150	)		5,991
Distribution network	1		2,413		(2,192	)		221
Total amortized intangible assets			124,124		(34,224	)		89,900

Software in development	n/a		5,659					5,659
In-process research and development	n/a		6,637					6,637
Total intangible assets		$	136,420	$	(34,224	)	$	102,196
		.
	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

During the nine months ended September 30, 2023, in connection with the Company's acquisition of the Robotic-enabled Navigation Platform, as further described in Note 3, the Company recorded additions to definite-lived intangible assets and goodwill in the amount of $26.9 million and $24.6 million, respectively. The intangible asset acquired will be amortized on a straight-line basis over a useful life of seven years.

Total amortization expense attributed to intangible assets was $4.1 million and $11.1 million for the three and nine months ended September 30, 2023, respectively. Total amortization expense attributed to intangible assets was $2.8 million and $7.2 million for the three and nine months ended September 30, 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	$	5,691
2024		16,064
2025		14,575
2026		14,575
2027		12,703
Thereafter		26,292
	$	89,900