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Goodwill and Intangible Assets
 3 Months Ended
Mar. 31, 2025
Goodwill and Intangible Assets Disclosure [Abstract]  
Goodwill and Intangible Assets . Goodwill and Intangible Assets

Goodwill

The change in the carrying amount of goodwill during the period ended March 31, 2025, includes the following (in thousands):

 

December 31, 2024

 

$

70,976

 

Foreign currency fluctuation

 

 

1,358

 

March 31, 2025

 

$

72,334

 

 

Intangible assets, net

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

 

 

Remaining Avg.
Useful lives

 

Gross

 

 

Accumulated

 

 

Intangible

 

March 31, 2025:

 

(in years)

 

Amount

 

 

Amortization

 

 

Assets, net

 

Developed product technology

 

5

 

$

105,050

 

 

$

(42,166

)

 

$

62,884

 

Internally developed software

 

6

 

 

14,373

 

 

 

(3,087

)

 

 

11,286

 

Trademarks and trade names

 

6

 

 

5,482

 

 

 

(2,144

)

 

 

3,338

 

Customer relationships

 

3

 

 

14,336

 

 

 

(10,583

)

 

 

3,753

 

Distribution network

 

–

 

 

2,413

 

 

 

(2,413

)

 

 

—

 

Total amortized intangible assets

 

 

 

 

141,654

 

 

 

(60,393

)

 

 

81,261

 

 

 

 

 

 

 

 

 

 

 

 

 

Software in development

 

n/a

 

 

5,494

 

 

 

—

 

 

 

5,494

 

In-process research and development

 

n/a

 

 

8,285

 

 

 

—

 

 

 

8,285

 

Total intangible assets

 

 

 

$

155,433

 

 

$

(60,393

)

 

$

95,040

 

 

 

 

 

.

 

 

 

 

 

 

 

 

 

Remaining Avg.
Useful lives

 

Gross

 

 

Accumulated

 

 

Intangible

 

December 31, 2024:

 

(in years)

 

Amount

 

 

Amortization

 

 

Assets, net

 

Developed product technology

 

5

 

$

102,412

 

 

$

(38,055

)

 

$

64,357

 

Internally developed software

 

3

 

 

4,283

 

 

 

(1,515

)

 

 

2,768.0

 

Trademarks and trade names

 

7

 

 

5,267

 

 

 

(1,991

)

 

 

3,276

 

Customer relationships

 

2

 

 

13,996

 

 

 

(10,094

)

 

 

3,902

 

Distribution network

 

–

 

 

2,413

 

 

 

(2,410

)

 

 

3

 

Total amortized intangible assets

 

 

 

 

128,371

 

 

 

(54,065

)

 

 

74,306

 

 

 

 

 

 

 

 

 

 

 

 

Software in development

 

n/a

 

 

12,927

 

 

 

—

 

 

 

12,927

 

In-process research and development

 

n/a

 

 

6,285

 

 

 

—

 

 

 

6,285

 

Total intangible assets

 

 

 

$

147,583

 

 

$

(54,065

)

 

$

93,518

 

 

Total amortization expense attributed to intangible assets was $4.2 million for each of the three months ended March 31, 2025 and 2024. 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 2025

 

$

12,574

 

2026

 

 

16,766

 

2027

 

 

16,315

 

2028

 

 

11,501

 

2029

 

 

11,116

 

Thereafter

 

 

12,989

 

 

 

$

81,261