ARTIVION, INC.AORT

ARTIVION, INC. Goodwill & Intangibles Disclosure

10-KFiled Feb 18, 20263 min read
Goodwill and Other Intangible Assets
Indefinite Lived Intangible Assets
The carrying values of our indefinite lived intangible assets were as follows (in thousands):
December 31,
20252024
Goodwill$254,091 $240,958 
In-process R&D2,291 2,026 
Procurement contracts and agreements2,013 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 years ended December 31, 2025, 2024, and 2023. In-process research and development, procurement contracts and agreements are included in Other intangibles, net in the Consolidated Balance Sheets as of December 31, 2025 and 2024.
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, was as follows (in thousands):
Year Ended December 31,
20252024
Balance as of January 1, $240,958 $247,337 
Foreign currency translation13,133 (6,379)
Balance as of December 31, $254,091 $240,958 
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):
December 31, 2025Gross 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
Patents4,658 3,523 1,135 17.0
Other18,552 6,956 11,596 5.0
Other intangibles, net$52,063 $23,536 $28,527 9.8
December 31, 2024Gross Carrying
Value		Accumulated
Amortization		Net Carrying
Value		Weighted Average
Useful Life
(Years)
Acquired technology$195,912 $67,861 $128,051 18.3
Other intangibles:
Customer lists and relationships$28,611 $11,617 $16,994 21.6
Distribution and manufacturing rights and know-how9,033 9,033 — 5.0
Patents4,428 3,460 968 17.0
Other11,776 5,445 6,331 5.0
Other intangibles, net$53,848 $29,555 $24,293 9.4
Amortization Expense
Amortization expense recorded in General, administrative, and marketing expenses in our Consolidated Statements of Operations and Comprehensive Income (Loss) was as follows (in thousands):
Year Ended December 31,
202520242023
Amortization expense$13,775 $15,855 $15,198 
The estimated future amortization expense of intangible assets with definite lives as of December 31, 2025 for the next five years is as follows (in thousands):
20262027202820292030Total
Amortization expense$14,416 $14,393 $14,177 $13,942 $13,623 $70,551 
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About Goodwill & Intangibles Disclosures

Goodwill and intangible asset disclosures reveal the premium paid in acquisitions and how management assesses whether that premium retains its value. Since goodwill is no longer amortized under US GAAP, the annual impairment test is the only mechanism that adjusts carrying values downward — making the assumptions behind that test critically important for investors.

Key signals: a history of goodwill impairments suggests management consistently overpays for acquisitions. Watch the gap between reporting unit fair value and carrying amount — when fair value exceeds carrying amount by less than 10-20%, a small decline in business performance could trigger a write-down. For finite-lived intangibles, examine useful life assumptions across customer relationships, technology, and trade names; aggressive estimates inflate near-term earnings. Compare total intangibles-to-total-assets ratios against peers to assess acquisition dependency. Rising goodwill as a percentage of equity can signal balance sheet fragility.

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