Quarterly report pursuant to Section 13 or 15(d)

GOODWILL & INTANGIBLE ASSETS

v3.21.2
GOODWILL & INTANGIBLE ASSETS
9 Months Ended
Sep. 30, 2021
GOODWILL & INTANGIBLE ASSETS  
GOODWILL & INTANGIBLE ASSETS

10. GOODWILL & INTANGIBLE ASSETS

The carrying amount of goodwill at September 30, 2021 and 2020 was $262.3 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):

Goodwill

Balance at December 31, 2019

$

2,252

Balance at December 31, 2020

$

2,252

Acquisition of EnvisionTEC

198,369

Acquisition of Adaptive3D

35,265

Acquisition of Aerosint

14,581

Acquisition of Dental Arts Labs

9,089

Acquisition of A.I.D.R.O.

3,481

Foreign currency translation adjustment

(694)

Balance at September 30, 2021

$

262,343

The Company has no accumulated impairment losses on goodwill.

Intangible assets consisted of the following (in thousands):

    

    

    

Accumulated

    

Balance

Gross Value

Estimated Life

Amortization

September 30, 2021

Acquired technology

$

126,285

5 – 12 years

$

8,423

$

117,862

Trade name

10,515

4 – 13 years

474

10,041

Customer relationships

55,392

10 – 10.5 years

3,166

52,226

Total intangible assets

$

192,192

$

12,063

$

180,129

The Company recognized $4.4 million and $11.0 million of amortization expense during the three and nine months ended September 30, 2021, respectively. The Company recognized $0.1 million and $0.5 million of amortization expense during the three and nine months ended September 30, 2020, respectively.

The Company expects to recognize the following amortization expense (in thousands):

Amortization

2021 (remaining 3 months)

$

4,446

2022

19,099

2023

20,800

2024

21,160

2025

21,545

2026 and after

93,079

Total intangible amortization

$

180,129

The weighted-average remaining amortization period is 9.7 years. Amortization of acquired technology, trade names, and customer relationships is recognized in cost of sales and research and development, research and development, and sales and marketing, respectively, in the condensed consolidated statements of operations.