Fair Value of Financial Instruments (Tables)

6 Months Ended

Jun. 30, 2023

Fair Value Disclosures [Abstract]

Summary of Changes in Fair Value of Level 3 Assets and Liabilities Measured at Fair Value on a Recurring Basis

The following table presents the changes in the estimated fair values of the Company’s liabilities for contingent consideration measured using significant unobservable inputs (Level 3) for the three months ended June 30, 2023:

(in thousands)
Balance at December 31, 2022	$	9,800
Change in fair value of contingent consideration	(7,500)
Balance at June 30, 2023	$	2,300

Schedule of Fair Value, Liabilities Measured on Recurring Basis

The following table provides quantitative information associated with the fair value measurement of the Company’s liabilities for contingent consideration:

	June 30, 2023
Contingency Type	Maximum Payout (1) (undiscounted) (in thousands)		Fair Value		Valuation Technique	Unobservable Inputs	Weighted Average or Range
Revenue based payments	$	14,100	$	2,300	Monte Carlo	Revenue volatility	25.0	%
						Discount rate	14.0	%
						Projected year of payments	2024

(1) Maximum payout as determined by Monte Carlo valuation simulation; the disclosed contingency is not subject to a contractual maximum payout.