Annual report pursuant to Section 13 and 15(d)

Annual report pursuant to Section 13 and 15(d)

Acquisitions (Tables)

v3.20.4
Acquisitions (Tables)
12 Months Ended
Dec. 31, 2020
Business Combinations [Abstract]  
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed The following table summarizes the fair values of the assets acquired and liabilities assumed at the Acquisition Date (in thousands):
January 10, 2020
(As Initially Reported)
Measurement Period and Other Adjustments January 10, 2020
(As Adjusted)
Inventory $ 534  $ —  $ 534 
Prepaid assets 185  —  185
Property and equipment 16,839  —  16,839 
Internally developed software 3,110  20  3,130 
Customer relationships(1)
4,100  (270) 3,830 
Long-term assets 346  —  346 
Goodwill(2)
12,232  250  12,482 
   Total assets acquired $ 37,346  $ —  $ 37,346 
Long-term liabilities (346) —  (346)
   Net assets acquired $ 37,000  $ —  $ 37,000 

(1) Acquired intangible assets consist of customer relationships which are amortized over seven years.
(2) The goodwill arising from the acquisition of HLI - Oncology is the amount the Company paid in excess of the fair value of the net assets acquired and was primarily for (i) the expected future cash flows derived from the existing business capabilities and infrastructure, (ii) expanding the Company's scientific expertise as a leading provider of Pharma Services and Next-Generation Sequencing and (iii) an enhanced Pharma Services menu including germline, whole exome and whole genome sequencing. All of the goodwill resulting from the acquisition of HLI - Oncology is expected to be deductible for income tax purposes.