Quarterly report pursuant to Section 13 or 15(d)

Goodwill and Intangible Assets

v3.3.0.814
Goodwill and Intangible Assets
9 Months Ended
Sep. 30, 2015
Goodwill and Intangible Assets Disclosure [Abstract]  
Goodwill and Intangible Assets

4. Goodwill and Intangible Assets

The following table outlines preliminary goodwill due to the Company’s acquisition of Ciscura as of September 30, 2015 (in thousands):

 

     Goodwill  

Balance at December 31, 2014

   $ —     

Acquisition

     1,000   
  

 

 

 

Balance at September 30, 2015

   $ 1,000   
  

 

 

 

The preliminary goodwill amount noted above will be adjusted in the future based on final results of the Company’s recent acquisition of Ciscura as described in Note 2.

 

The carrying amount and accumulated amortization of intangible assets as of September 30, 2015 and December 31, 2014, are as follows (in thousands):

 

     September 30, 2015  
     Gross
Assets
     Accumulated
Amortization
     Net  

Nonamortizable intangible assets

        

Trade names

   $ 2,000       $ —         $ 2,000   

Amortizable intangible assets

        

Physician and customer relationships

     35,939         16,484         19,456   

Non-competition agreements

     848         848         —     

Software

     10,905         1,634         9,270   
  

 

 

    

 

 

    

 

 

 

Total nonamortizable and amortizable intangible assets

   $ 49,692       $ 18,966       $ 30,726   
  

 

 

    

 

 

    

 

 

 
     December 31, 2014  
     Gross
Assets
     Accumulated
Amortization
     Net  

Nonamortizable intangible assets

        

Trade names

   $ 2,000       $ —         $ 2,000   

Amortizable intangible assets

        

Physician and customer relationships

     32,865         14,755         18,110   

Non-competition agreements

     848         777         71   

Software

     6,299         1,407         4,892   
  

 

 

    

 

 

    

 

 

 

Total nonamortizable and amortizable intangible assets

   $ 42,012       $ 16,939       $ 25,073   
  

 

 

    

 

 

    

 

 

 

Amortization expense for the three and nine months ended September 30, 2015 was $0.7 million and $2.1 million, respectively, compared to $0.6 million and $1.9 million, respectively, for the three and nine months ended September 30, 2014. Expected annual amortization expense for intangible assets recorded as of September 30, 2015, is as follows (in thousands):

 

     10/1-
12/31/2015
     2016      2017      2018      2019      2020 and
thereafter
 

Amortization expense

   $ 1,004       $ 4,504       $ 4,969       $ 6,579       $ 2,396       $ 9,274