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GOODWILL & INTANGIBLE ASSETS

9 Months Ended

Sep. 30, 2021

10. GOODWILL & INTANGIBLE ASSETS

The carrying amount of goodwill at September 30, 2021 and 2020 was $262.3 million and $2.3 million, respectively, and has been recorded in connection with the Company’s acquisitions. The goodwill activity is as follows (in thousands):


		Goodwill
Balance at December 31, 2019	$	2,252
Balance at December 31, 2020	$	2,252
Acquisition of EnvisionTEC		198,369
Acquisition of Adaptive3D		35,265
Acquisition of Aerosint		14,581
Acquisition of Dental Arts Labs		9,089
Acquisition of A.I.D.R.O.		3,481
Foreign currency translation adjustment		(694)
Balance at September 30, 2021	$	262,343

The Company has no accumulated impairment losses on goodwill.

Intangible assets consisted of the following (in thousands):


				Accumulated		Balance
	Gross Value		Estimated Life	Amortization		September 30, 2021
Acquired technology	$	126,285	5 – 12 years	$	8,423	$	117,862
Trade name		10,515	4 – 13 years		474		10,041
Customer relationships		55,392	10 – 10.5 years		3,166		52,226
Total intangible assets	$	192,192		$	12,063	$	180,129

The Company recognized $4.4 million and $11.0 million of amortization expense during the three and nine months ended September 30, 2021, respectively. The Company recognized $0.1 million and $0.5 million of amortization expense during the three and nine months ended September 30, 2020, respectively.

The Company expects to recognize the following amortization expense (in thousands):


	Amortization
2021 (remaining 3 months)	$	4,446
2022		19,099
2023		20,800
2024		21,160
2025		21,545
2026 and after		93,079
Total intangible amortization	$	180,129

The weighted-average remaining amortization period is 9.7 years. Amortization of acquired technology, trade names, and customer relationships is recognized in cost of sales and research and development, research and development, and sales and marketing, respectively, in the condensed consolidated statements of operations.