Goodwill and Intangible Assets

6 Months Ended

Jun. 30, 2025

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill and Intangible Assets

7.Goodwill and Intangible Assets

Goodwill

The following table represents the change in the carrying value of goodwill for the six months ended June 30, 2025 (amounts in thousands):

Balance at December 31, 2024	$	1,030,995
908 Devices PAT Portfolio acquisition		50,134
Cumulative translation adjustment		1,284
Balance as of March 31, 2025	$	1,082,413
Measurement period adjustment - 908 Devices PAT Portfolio		(77	)
Measurement period adjustment - Tantti Laboratory Inc.		(162	)
Cumulative translation adjustment		31,835
Balance at June 30, 2025	$	1,114,009

The Company has not identified any “triggering” events which indicate an impairment of goodwill in the three and six months ended June 30, 2025.

Intangible assets

Indefinite-lived intangible assets are reviewed for impairment at least annually. Definite-lived intangible assets are reviewed for impairment whenever events or changes in circumstances indicate that the carrying value of the asset may not be recoverable. There has been no impairment of the Company’s intangible assets for the periods presented.

Intangible assets, net, consisted of the following at June 30, 2025:

	June 30, 2025
	Gross Carrying Value		Accumulated Amortization			Net Carrying Value		Weighted Average Useful Life (in years)
	(Amounts in thousands)
Finite-lived intangible assets:
Technology – developed	$	302,643	$	(71,686	)	$	230,957		15
Patents		240		(240	)		—		8
Customer relationships		277,150		(111,106	)		166,044		15
Trademarks		10,532		(2,619	)		7,913		18
Other intangibles		4,000		(3,401	)		599		3
Total finite-lived intangible assets		594,565		(189,052	)		405,513		15
Indefinite-lived intangible asset:
Trademarks		700		—			700		—
Total intangible assets	$	595,265	$	(189,052	)	$	406,213

Intangible assets, net, consisted of the following at December 31, 2024:

	December 31, 2024
	Gross Carrying Value		Accumulated Amortization			Net Carrying Value		Weighted Average Useful Life (in years)
	(Amounts in thousands)
Finite-lived intangible assets:
Technology – developed	$	283,380	$	(60,272	)	$	223,108		16
Patents		240		(240	)		—		8
Customer relationships		267,599		(100,646	)		166,953		15
Trademarks		8,641		(2,283	)		6,358		19
Other intangibles		3,812		(3,034	)		778		3
Total finite-lived intangible assets		563,672		(166,475	)		397,197		15
Indefinite-lived intangible asset:
Trademarks		700		—			700		—
Total intangible assets	$	564,372	$	(166,475	)	$	397,897

Amortization expense for finite-lived intangible assets was $10.3 million and $8.7 million for each of the three months ended June 30, 2025 and 2024, respectively, and $19.4 million and $17.4 million for each of the six months ended June 30, 2025 and 2024, respectively. As of June 30, 2025, the Company expects to record the following amortization expense in future periods (amounts in thousands):

	Estimated
	Amortization
For the Years Ended December 31,	Expense
2025 (remaining six months)	$	19,903
2026		39,513
2027		39,476
2028		39,443
2029		39,333
2030 and thereafter		227,845
Total	$	405,513