Goodwill and Intangible Assets
The Company accounts for goodwill at acquisition-date fair value, net of impairments recognized and other intangible assets at acquisition-date fair value less accumulated amortization. See Note 2 for a summary of the Company’s policies relating to goodwill and intangible assets, as well as a discussion of the goodwill impairment charges recorded for the years ended December 31, 2025 and 2024.
Intangible Assets
As of December 31, 2025, the Company’s intangible assets, net consists of the following:
| | | | | | | | | | | | | | | | | | | | | | | |
| (in thousands) | Weighted average amortization period | | Gross carrying amount | | Accumulated amortization | | Net carrying amount |
| Intangible assets | | | | | | | |
| Amortizing intangible assets: | | | | | | | |
| Payor contracts | 13 years | | $ | 22,191 | | | $ | (14,095) | | | $ | 8,096 | |
| Trade names | 10 years | | 6,650 | | | (3,900) | | | 2,750 | |
| Noncompete agreements | 8 years | | 926 | | | (757) | | | 169 | |
| Total intangible assets | | | $ | 29,767 | | | $ | (18,752) | | | $ | 11,015 | |
As of December 31, 2024, the Company’s intangible assets, net consists of the following:
| | | | | | | | | | | | | | | | | | | | | | | |
| (in thousands) | Weighted average amortization period | | Gross carrying amount | | Accumulated amortization | | Net carrying amount |
| Intangible assets | | | | | | | |
| Amortizing intangible assets: | | | | | | | |
| Payor contracts | 13 years | | $ | 22,191 | | | $ | (12,054) | | | $ | 10,137 | |
| Trade names | 10 years | | 6,650 | | | (3,247) | | | 3,403 | |
| Clinical contracts and noncompetes | 8 years | | 3,191 | | | (1,921) | | | 1,270 | |
| Total intangible assets | | | $ | 32,032 | | | $ | (17,222) | | | $ | 14,810 | |
The estimated aggregate amortization expense for each of the five succeeding fiscal years as of December 31, 2025 is as follows:
| | | | | |
| (in thousands) | Amount |
| Year ending December 31: | |
| 2026 | $ | 2,840 | |
| 2027 | 2,713 | |
| 2028 | 2,615 | |
| 2029 | 453 | |
| 2030 | 453 | |
| Thereafter | 1,941 | |
| Total | $ | 11,015 | |
The aggregate amortization expense during the year ended December 31, 2025 and 2024 were $2,981 and $3,094, respectively.
Goodwill
The Company evaluates goodwill at the reporting unit level, which, for the Company, is at the level of the reportable segments of patient services, specialty pharmacy, and clinical trials & other. The goodwill allocated to each of the reporting units as of December 31, 2025 and December 31, 2024 is as follows:
| | | | | | | | | | | |
| (in thousands) | December 31, 2025 | | December 31, 2024 |
| Patient services | $ | 2,679 | | | $ | 2,679 | |
| Specialty pharmacy | 4,551 | | | 4,551 | |
| Clinical trials & other | — | | | — | |
| Total goodwill | $ | 7,230 | | | $ | 7,230 | |
The accumulated goodwill impairment for patient services was $26,179 as of December 31, 2025 and December 31, 2024 and January 1, 2024. The accumulated goodwill impairment for clinical trials & other was $632 as of December 31, 2025 and 2024. The accumulated goodwill impairment for clinical trials and other as of January 1, 2024, was $632. There was no accumulated goodwill impairment for specialty pharmacy as of December 31, 2025, December 31, 2024, and January 1, 2024.