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Goodwill and Intangible Assets
 3 Months Ended
Mar. 31, 2022
Goodwill and Intangible Assets Disclosure [Abstract]  
Goodwill and Intangible Assets Goodwill and Intangible Assets
The Company’s goodwill of $283.5 million and $152.8 million as of March 31, 2022 and December 31, 2021, respectively, represents the excess of purchase consideration over the fair value of assets acquired and liabilities assumed. As of March 31, 2022 and December 31, 2021, the Company had three reporting units, two of which are contained in the Nucleic Acid Production segment. During the three months ended March 31, 2022, the Company recorded goodwill of $130.8 million in connection with the acquisition of MyChem that was completed in January 2022 (see Note 2). The Company has not recognized any goodwill impairment in any of the periods presented.
The following table summarizes the activity in the Company’s goodwill by segment for the period presented (in thousands):
Nucleic Acid ProductionBiologics Safety TestingTotal
Balance as of December 31, 2021$32,838 $119,928 $152,766 
Acquisition130,769 — 130,769 
Balance as of March 31, 2022$163,607 $119,928 $283,535 
Intangible assets are being amortized on a straight-line basis, which reflects the expected pattern in which the economic benefits of the intangible assets are being obtained, over an estimated useful life ranging from 5 to 14 years.
The following are components of finite-lived intangible assets and accumulated amortization as of the periods presented:
March 31, 2022
Gross Carrying AmountAccumulated AmortizationNet Carrying AmountEstimated Useful LifeWeighted Average Remaining Amortization Period
(in thousands)(in years)(in years)
Trade Names$7,580 $5,192 $2,388 
5 - 10
4.1
Patents and Developed Technology288,649 68,335 220,314 
5 - 14
10.2
Customer Relationships21,853 9,150 12,703 
10 - 12
7.2
Total$318,082 $82,677 $235,405 10.0
December 31, 2021
Gross Carrying Amount
Accumulated Amortization
Net Carrying Amount
Estimated Useful Life
Weighted Average Remaining Amortization Period
(in thousands)(in years)(in years)
Trade Names$7,120 $5,012 $2,108 
5 - 10
2.9
Patents and Developed Technology167,648 63,465 104,183 
5 - 14
8.5
Customer Relationships19,953 8,673 11,280 
10 - 12
6.4
Total$194,721 $77,150 $117,571 8.1
During the three months ended March 31, 2022, the Company recorded intangible assets of $123.4 million in connection with the acquisition of MyChem that was completed in January 2022 (see Note 2).
The Company recognized $4.7 million and $3.1 million of amortization expense from intangible assets directly linked with revenue generating activities within cost of revenue in the condensed consolidated statements of income for the three months
ended March 31, 2022 and 2021, respectively. Amortization expense for intangible assets that are not directly related to sales generating activities of $0.8 million and $1.9 million was recorded as selling, general and administrative expenses for the three months ended March 31, 2022 and 2021, respectively.
As of March 31, 2022, the estimated future amortization expense for finite-lived intangible assets were as follows (in thousands):
2022 (remaining nine months)
$18,742 
202324,812 
202424,812 
202524,669 
202624,432 
Thereafter117,938 
Total estimated amortization expense$235,405