Goodwill and Other Intangible Assets

3 Months Ended

Mar. 31, 2025

Goodwill and Intangible Assets Disclosure [Abstract]

Indefinite Lived Intangible Assets

The carrying values of our indefinite lived intangible assets were as follows (in thousands):


	March 31, 2025		December 31, 2024
Goodwill	$	245,069	$	240,958
In-process R&D	2,109		2,026
Procurement contracts and agreements	2,013		2,013

We monitor the phases of development of our acquired in-process research and development projects, including the risks associated with further development and the amount and timing of benefits expected to be derived from the completed projects. Incremental costs associated with development are charged to expense as incurred. Capitalized costs are amortized over the estimated useful life of the developed asset once completed. Our in-process research and development projects are reviewed for impairment annually, or more frequently, if events or changes in circumstances indicate that the asset might be impaired. We evaluate our goodwill and indefinite lived intangible assets for impairment on an annual basis during the fourth quarter of the year, and, if necessary, during interim periods if factors indicate that an impairment review is warranted. We did not record any impairment of indefinite lived intangible assets, including goodwill, during the three months ended March 31, 2025. In-process research and development, procurement contracts and agreements are included in Other intangibles, net in the Condensed Consolidated Balance Sheets as of March 31, 2025 and December 31, 2024.

Based on our experience with similar agreements, we believe that our acquired procurement contracts and agreements have indefinite useful lives, as we expect to continue to renew these contracts for the foreseeable future.

Changes in the carrying value of our goodwill, all of which was related to our Medical Devices segment, were as follows (in thousands):


	March 31, 2025
Balance as of December 31, 2024	$	240,958
Foreign currency translation	4,111
Balance as of March 31, 2025	$	245,069

Definite Lived Intangible Assets

The definite lived intangible assets balance includes balances related to acquired technology, customer relationships, distribution and manufacturing rights and know-how, patents, and other definite lived intangible assets. The major intangible asset classes consist of the following (in thousands, except weighted average useful life):


March 31, 2025	Gross Carrying Value		Accumulated Amortization		Net Carrying Value		Weighted Average Useful Life (Years)
Acquired technology	$	199,769	$	72,239	$	127,530	18.2
Other intangibles:
Customer lists and relationships	$	28,687	$	11,980	$	16,707	21.6

Patents	4,508		3,476		1,032		17.0
Other	12,599		5,943		6,656		5.0
Other intangibles, net	$	45,794	$	21,399	$	24,395	11.1


December 31, 2024	Gross Carrying Value		Accumulated Amortization		Net Carrying Value		Weighted Average Useful Life (Years)
Acquired technology	$	195,912	$	67,861	$	128,051	18.3
Other intangibles:
Customer lists and relationships	$	28,611	$	11,617	$	16,994	21.6
Distribution and manufacturing rights and know-how	9,033		9,033		—		5.0
Patents	4,428		3,460		968		17.0
Other	11,776		5,445		6,331		5.0
Other intangibles, net	$	53,848	$	29,555	$	24,293	9.4

Amortization Expense

Amortization expense recorded in General, administrative, and marketing expenses in our Condensed Consolidated Statements of Operations and Comprehensive Loss was as follows (in thousands):


	Three Months Ended March 31,
	2025		2024
Amortization expense	$	3,388	$	3,867