Goodwill and Other Intangible Assets

Goodwill and certain definite-lived and indefinite-lived intangible assets increased during the nine months ended September 30, 2026 primarily as a result of the Endospan acquisition, which was completed on May 18, 2026, and the related preliminary purchase price allocation. See Note 4 – “Acquisition of Endospan” for additional information regarding the acquisition and the preliminary amounts recognized for goodwill and identifiable intangible assets.

Indefinite Lived Intangible Assets

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


	September 30, 2026		December 31, 2025
Goodwill	$	344,961	$	254,091
In-process R&D	41,114		2,291
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 and nine months ended September 30, 2026. In-process research and development and procurement contracts and agreements are included in Other intangibles, net in the Condensed Consolidated Balance Sheets as of September 30, 2026 and December 31, 2025.

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):


	September 30, 2026
Balance as of December 31, 2025	$	254,091
Endospan acquisition	94,666
Foreign currency translation	(3,796)
Balance as of September 30, 2026	$	344,961

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):


September 30, 2026	Gross Carrying Value		Accumulated Amortization		Net Carrying Value		Weighted Average Useful Life (Years)
Acquired technology	$	238,282	$	92,381	$	145,901	16.4
Other intangibles:
Customer lists and relationships	$	28,783	$	14,025	$	14,758	21.6
Patents	1,406		271		1,135		17.0
Other	22,916		5,928		16,988		5.0
Other intangibles, net	$	53,105	$	20,224	$	32,881	8.8


December 31, 2025	Gross Carrying Value		Accumulated Amortization		Net Carrying Value		Weighted Average Useful Life (Years)
Acquired technology	$	208,235	$	84,571	$	123,664	18.1
Other intangibles:
Customer lists and relationships	$	28,853	$	13,057	$	15,796	21.5
Patents	4,658		3,523		1,135		17.0
Other	18,552		6,956		11,596		5.0
Other intangibles, net	$	52,063	$	23,536	$	28,527	9.8

Amortization Expense

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


	Three Months Ended September 30,				Nine Months Ended September 30,
	2026		2025		2026		2025
Amortization expense	$	4,771	$	3,476	$	12,908	$	10,291