Post-effective amendment to a registration statement that is not immediately effective upon filing

GOODWILL & INTANGIBLE ASSETS

v3.21.1
GOODWILL & INTANGIBLE ASSETS
3 Months Ended 12 Months Ended
Mar. 31, 2021
Dec. 31, 2020
GOODWILL & INTANGIBLE ASSETS    
INTANGIBLE ASSETS  

9. ACQUIRED TECHNOLOGY

Acquired technology consisted of the following (in thousands):

    

    

    

Accumulated

    

Balance

Gross Value

Estimated Life

Amortization

December 31, 2020

Acquired technology

$

10,193

5 years

$

1,091

$

9,102

The Company recognized $0.8 million and $0.3 million of amortization expense as of December 31, 2020 and 2019, respectively, and expects to recognize $2.0 million of amortization expense annually in the years ended December 31, 2021 through 2023, $1.8 million in 2024 and $1.3 million in 2025. The weighted-average remaining amortization period is 4.6 years.

GOODWILL & INTANGIBLE ASSETS

10. GOODWILL & INTANGIBLE ASSETS

The carrying amount of goodwill at March 31, 2021 and 2020 was $201.3 million and $2.3 million, respectively, and has been recorded in connection with the Company’s acquisitions. The goodwill activity is as follows:

(in thousands)

Balance at December 31, 2019

$

2,252

Balance at December 31, 2020

$

2,252

Acquisition of EnvisionTEC

199,056

Balance at March 31, 2021

$

201,308

The Company has no accumulated impairment losses on goodwill.

Intangible assets consisted of the following (in thousands):

    

    

    

Accumulated

    

Balance

Gross Value

Estimated Life

Amortization

March 31, 2021

Acquired technology

$

87,993

5 – 12 years

$

2,688

$

85,305

Trade name

8,600

13 years

81

8,519

Customer relationships

50,900

10 years

621

50,279

Total intangible assets

$

147,493

$

3,390

$

144,103

The Company recognized $2.3 million and $0.2 million of amortization expense during the three months ended March 31, 2021 and 2020, respectively. The Company expects to recognize $12.5 million of amortization expense for the remainder of 2021, and $16.7 million, $16.7 million, $16.5 million, and $16.0 million of amortization expense annually in the years ended December 31, 2022 through 2025. The weighted-average remaining amortization period is 9.3 years.