Goodwill and Intangible Assets

6 Months Ended

Jun. 30, 2024

Goodwill and Intangible Assets Disclosure [Abstract]

6. Goodwill and Intangible Assets

Goodwill

The change in the carrying amount of goodwill during the period ended June 30, 2024, includes the following (in thousands):


December 31, 2023	$	73,003
Foreign currency fluctuation		(995	)
June 30, 2024	$	72,008

Intangible assets, net

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


	Remaining Avg. Useful lives	Gross		Accumulated			Intangible
June 30, 2024:	(in years)	Amount		Amortization			Assets, net
Developed product technology	6	$	105,461	$	(33,228	)	$	72,233
Trademarks and trade names	7		5,431		(1,785	)		3,646
Customer relationships	2		14,254		(9,442	)		4,812
Distribution network	-		2,413		(2,343	)		70
Total amortized intangible assets			127,559		(46,798	)		80,761

Software in development	n/a		12,106		—			12,106
In-process research and development	n/a		6,285		—			6,285
Total intangible assets		$	145,950	$	(46,798	)	$	99,152
		.
	Remaining Avg. Useful lives	Gross		Accumulated			Intangible
December 31, 2023:	(in years)	Amount		Amortization			Assets, net
Developed product technology	6	$	106,782	$	(26,560	)	$	80,222
Trademarks and trade names	7		5,588		(1,561	)		4,027
Customer relationships	3		14,504		(8,692	)		5,812
Distribution network	1		2,413		(2,242	)		171
Total amortized intangible assets			129,287		(39,055	)		90,232

Software in development	n/a		7,934		—			7,934
In-process research and development	n/a		4,285		—			4,285
Total intangible assets		$	141,506	$	(39,055	)	$	102,451

Total amortization expense attributed to intangible assets was $4.1 million and $8.3 million for the three and six months ended June 30, 2024, respectively. Total amortization expense attributed to intangible assets was $3.9 million and $7.0 million for the three and six months ended June 30, 2023, 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 2024	$	8,222
2025		15,061
2026		15,061
2027		12,839
2028		10,847
Thereafter		18,731
	$	80,761