Quarterly report [Sections 13 or 15(d)]

Goodwill and Intangible Assets

v3.26.3
Goodwill and Intangible Assets
 9 Months Ended
Sep. 30, 2026
Intangible Asset, Goodwill and Other [Abstract]  
Goodwill and Intangible Assets Goodwill and Intangible Assets
Goodwill
The changes in the carrying value of goodwill are as follows:

Goodwill balance, December 31, 2025 $ 88,210 
Additions (1) 15,476 
Adjustment (2) (1,768)
Goodwill balance, September 30, 2026 $ 101,918 
(1) Additions represent goodwill associated with the 2026 Acquisitions during the nine months ended September 30, 2026, all of which was allocated to the Clinical reportable segment. See Note 3 for additional information.
(2) Represents measurement period adjustments made during the nine months ended September 30, 2026, reflecting a reduction in consideration paid from the return of escrow shares and reduction in the allowance on acquired receivables, partially offset by adjustments to the acquired net assets of Keystone.

The goodwill balance as of December 31, 2025 presented above relates to continuing operations and arose from the acquisitions of Trinity, CJK and Keystone. The goodwill balance as of September 30, 2026 also includes goodwill from the 2026 Acquisitions.
Intangible Assets
The following table presents information about the Company’s intangible assets as of:

September 30, 2026 December 31, 2025
Estimated Useful Life
Gross
Carrying
Amount
Accumulated
Amortization

 
Net
Gross
Carrying
Amount

Accumulated
Amortization

Net
Customer list (1)
3-10 years
 $ 66,382  $ (9,548) $ 56,834  $ 42,500  $ (5,382) $ 37,118 
Trademarks (1)
6-10 years
 9,800  (9,800) —  9,800  (938) 8,862 
Developed technology (1)
3 years
 3,238  (1,242) 1,996  2,167  (645) 1,522 
Total $ 79,420  $ (20,590) $ 58,830  $ 54,467  $ (6,965) $ 47,502 
(1) Includes intangible assets recognized in connection with the Keystone, Trinity, and 2026 Acquisitions. Developed technology also includes capitalized internal-use software development costs.
For the three months ended September 30, 2026 and 2025, amortization of finite-lived intangible assets was $5,511 and $364, respectively. For the nine months ended September 30, 2026 and 2025, amortization of finite-lived intangible assets was $13,624 and $1,128, respectively. $3,107 and $8,081 of the increase in amortization for the three and nine months ended September 30, 2026, respectively, is attributable to accelerated amortization of the Keystone and Trinity trademark intangibles, which were fully amortized by September 2026 as we rebranded to a unified Strata brand across the consolidated business. The remainder of the increase in amortization is largely attributable to intangibles generated from the acquisition of Keystone in mid-September 2025 and the 2026 Acquisitions.
As of September 30, 2026, the estimated amortization expense of finite-lived intangible assets for each of the next five years is as follows:
For the Year Ended December 31,
Remainder of 2026 $ 2,160 
2027 8,569 
2028 8,326 
2029 7,797 
2030 7,648 
Thereafter 24,330 
Total $ 58,830