Goodwill and Intangible Assets

6 Months Ended

12 Months Ended

Jun. 30, 2022

Dec. 31, 2021

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill and Intangible Assets

Goodwill and Intangible Assets

The Company accounts for goodwill at acquisition-date fair value and other intangible assets at acquisition-date fair value less accumulated amortization. See Note 2 for a summary of the Company’s policies relating to goodwill and intangible assets.

Intangible Assets

As of June 30, 2022, the Company’s intangible assets, net consists of the following:

(in thousands)	Weighted average amortization period	Gross carrying amount		Accumulated amortization		Net carrying amount
Intangible assets
Amortizing intangible assets:
Payor contracts	10 years	$	19,400	$	(7,095)	$	12,305
Trade names	10 years	6,650		(1,614)		5,036
Clinical contracts	9 years	2,979		(937)		2,042
Total intangible assets		$	29,029	$	(9,646)	$	19,383

As of December 31, 2021, the Company’s intangible assets, net consists of the following:

(in thousands)	Weighted average amortization period	Gross carrying amount		Accumulated amortization		Net carrying amount
Intangible assets
Amortizing intangible assets:
Payor contracts	10 years	$	19,400	$	(6,152)	$	13,248
Trade names	10 years	4,170		(1,350)		2,820
Clinical contracts	9 years	2,909		(732)		2,177
Total intangible assets		$	26,479	$	(8,234)	$	18,245

The estimated aggregate amortization expense for each of the five succeeding fiscal years as of June 30, 2022 is as follows:

(in thousands)	Amount
Year ending December 31:
2022	$	1,469
2023	2,901
2024	2,901
2025	2,901
2026	2,879
Thereafter	6,332
Total	$	19,383

The aggregate amortization expense during the three months ended June 30, 2022 and 2021 were $739 and $621, respectively. The aggregate amortization expense during the six months ended June 30, 2022 and 2021 were $1,412 and $1,233, respectively.

Goodwill

The Company evaluates goodwill at the reporting unit level, which, for the Company, is at the level of the reportable segments, dispensary, patient services, and clinical trials & other. The goodwill allocated to each of the reporting units as of June 30, 2022 and December 31, 2021 is as follows:

(in thousands)	June 30, 2022		December 31, 2021
Patient services	$	29,293	$	21,443
Dispensary	4,551		4,551
Clinical trials & other	632		632
Total goodwill	$	34,476	$	26,626

The changes in the carrying amount of goodwill for the six months ended June 30, 2022 and for the year ended December 31, 2021 are as follows:

(in thousands)	2022		2021
Balance as of January 1:
Gross goodwill	$	26,626	$	14,227
Goodwill acquired during the period	7,850		12,399
Accumulated impairment losses	—		—
Goodwill, net as of June 30 and December 31	$	34,476	$	26,626

Goodwill and Intangible AssetsThe Company accounts for goodwill at acquisition-date fair value and other intangible assets at acquisition-date fair value less accumulated depreciation. See Note 2 for a summary of the Company’s policies relating to goodwill and intangible assets.

Intangible Assets

As of December 31, 2021, the Company’s intangible assets, net consists of the following:

(in thousands)	Weighted average amortization period	Gross carrying amount		Accumulated amortization		Net carrying amount
Intangible assets
Amortizing intangible assets:
Payor contracts	10 years	$	19,400	$	(6,152)	$	13,248
Trade names	10 years	4,170		(1,350)		2,820
Clinical contracts	10 years	2,909		(732)		2,177
Total intangible assets		$	26,479	$	(8,234)	$	18,245

As of December 31, 2020, the Company’s intangible assets, net consists of the following:

(in thousands)	Weighted average amortization period	Gross carrying amount		Accumulated amortization		Net carrying amount
Intangible assets
Amortizing intangible assets:
Payor contracts	10 years	$	18,900	$	(4,283)	$	14,617
Trade names	10 years	4,170		(945)		3,225
Clinical contracts	10 years	2,164		(490)		1,674
Total intangible assets		$	25,234	$	(5,718)	$	19,516

The estimated aggregate amortization expense for each of the five succeeding fiscal years as of December 31, 2021 is as follows:

(in thousands)	Amount
Year ending December 31:
2022	$	2,684
2023	2,639
2024	2,639
2025	2,639
2026	2,617
Thereafter	5,027
Total	$	18,245

The aggregate amortization expense during the years ended December 31, 2021 and 2020 were $2,516 and $2,487, respectively.

Goodwill

The Company evaluates goodwill at the reporting unit level, which, for the Company, is at the level of the reportable segments, dispensary, patient services, and clinical trials & other. The goodwill allocated to each of the reporting units as of December 31, 2021 and 2020 is as follows:

(in thousands)	December 31, 2021		December 31, 2020
Patient services	$	21,443	$	9,044
Dispensary	4,551		4,551
Clinical trials & other	632		632
Total goodwill	$	26,626	$	14,227

The changes in the carrying amount of goodwill for the years ended December 31, 2021 and 2020 are as follows:

(in thousands)	December 31, 2021		December 31, 2020
Balance as of January 1:
Gross goodwill	$	14,227	$	14,077
Goodwill acquired during the period	12,399		150
Accumulated impairment losses	—		—
Goodwill, net as of December 31	$	26,626	$	14,227