Goodwill and Intangible Assets

3 Months Ended

Mar. 31, 2025

Goodwill and Intangible Assets Disclosure [Abstract]

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.

Intangible Assets

As of March 31, 2025, 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	13 years	$	22,191	$	(12,564)	$	9,627
Trade names	10 years	6,650		(3,410)		3,240
Clinical contracts and noncompete agreements	8 years	3,191		(2,022)		1,169
Total intangible assets		$	32,032	$	(17,996)	$	14,036

As of December 31, 2024, 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	13 years	$	22,191	$	(12,054)	$	10,137
Trade names	10 years	6,650		(3,247)		3,403
Clinical contracts and noncompete agreements	8 years	3,191		(1,921)		1,270
Total intangible assets		$	32,032	$	(17,222)	$	14,810

The estimated aggregate amortization expense for each of the five succeeding fiscal years as of March 31, 2025 is as follows:


(in thousands)	Amount
Year ending December 31:
2025 (remaining nine months)	$	2,317
2026	3,060
2027	2,933
2028	2,828
2029	463
Thereafter	2,435
Total	$	14,036

The aggregate amortization expense during the three months ended March 31, 2025 and 2024 was $773 and $774, 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 March 31, 2025 and December 31, 2024 is as follows:


(in thousands)	March 31, 2025		December 31, 2024
Patient services	$	2,679	$	2,679
Dispensary	4,551		4,551
Clinical trials & other	—		—
Total goodwill	$	7,230	$	7,230

There was $7,230 of goodwill for the three months ended March 31, 2025 and for the year ended December 31, 2024, respectively.

The accumulated goodwill impairment for patient services was $26,179 as of March 31, 2025, December 31, 2024 and January 1, 2024. The accumulated goodwill impairment for clinical trials & others was $632 as of March 31, 2025 and December 31, 2024. There was no accumulated goodwill impairment for dispensary as of March 31, 2025, December 31, 2024 and January 1, 2024.