Goodwill and Acquisition-Related Intangibles

6 Months Ended

Jun. 30, 2022

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill and Acquisition-Related Intangibles

Note 14. Goodwill and Acquisition-Related Intangibles

Summaries of goodwill and intangibles balances assets as of June 30, 2022 and December 31, 2021 were as follows:

		June 30,			December 31,
	Weighted-Average Amortization Period	2022			2021
		(in thousands)
Goodwill		$	121,354		$	50,897
Royalty-free technology	10 Years	$	5,524		$	5,803
Less: accumulated amortization			(645	)		(387	)
Royalty-free technology, net			4,879			5,416
Customer relationships	13 Years		82,284			28,845
Less: accumulated amortization			(2,999	)		(1,125	)
Customer relationships, net			79,285			27,720
Trade name	8 Years		3,790			1,090
Less: accumulated amortization			(164	)		(45	)
Trade name, net			3,626			1,045
In-place lease intangible assets	5 Years		360			—
Less: accumulated amortization			—			—
In-place lease intangible assets, net			360			—
Laboratory information system platform	5 Years		1,860			1,860
Less: accumulated amortization			(341	)		(155	)
Laboratory information system platform, net			1,519			1,705
Purchased patent	10 Years		30			31
Less: accumulated amortization			(4	)		(3	)
Purchased patent, net			26			28
Total intangible assets, net		$	89,695		$	35,914

During the three months ended June 30, 2022, the Company recorded $71.6 million of goodwill and $56.6 million of intangibles attributable to the acquisition of Inform Diagnostics. See Note 15, Business Combinations, to the Company's condensed consolidated financial statements.

Based on the carrying value of intangible assets recorded as of June 30, 2022, and assuming no subsequent impairment of the underlying assets, the annual amortization expense for intangible assets is expected to be as follows:

	Amounts
	(in thousands)
Year Ending December 31,
2022 (remaining 6 months)		3,959
2023		7,848
2024		7,848
2025		7,848
2026		7,534
2027		7,221
Thereafter		47,437
Total	$	89,695