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SEGMENTS AND CONCENTRATIONS | 3 Months Ended
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Mar. 31, 2025
Segment Reporting [Abstract] |
SEGMENTS AND CONCENTRATIONS | NOTE 14. SEGMENTS AND CONCENTRATIONS The Company operates in two reportable segments which are generally determined based on the decision-making structure of the Company and the grouping of similar products and services: Branded and ImprimisRx.
| · | The Branded segment includes activities of the Company’s FDA-approved ophthalmology pharmaceutical products, including the out-licensing of rights to certain of our branded products.
| · | The ImprimisRx segment represents activities in the Company’s ophthalmology-focused pharmaceutical compounding business.
Segment contribution for the segments represents net revenues less cost of sales, certain general and administrative expenses, selling and marketing expenses, and research and development expenses. The Company does not evaluate the following items at the segment level:
| · | Selling, general and administrative expenses that result from shared infrastructure, including certain expenses associated with legal matters, public company costs (e.g. investor relations), Board of Directors and principal executive officers and other like shared expenses.
| · | Operating expenses within selling, general and administrative expenses that result from the impact of corporate initiatives. Corporate initiatives primarily include integration, restructuring, acquisition and other shared costs.
| · | Other select revenues and operating expenses including research and development expenses, amortization, and asset sales and impairments, net as not all such information has been accounted for at the segment level, or such information has not been used by all segments.
Segment net revenues, segment operating expenses and segment contribution information consisted of the following: SCHEDULE OF SEGMENT NET REVENUES
|  | Branded |  |  | Compounding |  |  | Consolidated |  |  | Branded |  |  | Compounding |  |  | Consolidated |
|  | Three Months Ended March 31, 2025 |  |  | Three Months Ended March 31, 2024 |
|  | Branded |  |  | Compounding |  |  | Consolidated |  |  | Branded |  |  | Compounding |  |  | Consolidated |
Product sales, net |  | $ | 27,694,000 |  |  | $ | 20,051,000 |  |  | $ | 47,745,000 |  |  | $ | 13,790,000 |  |  | $ | 20,718,000 |  |  | $ | 34,508,000 |
Other revenues |  |  | 86,000 |  |  |  | - |  |  |  | 86,000 |  |  |  | 79,000 |  |  |  | - |  |  |  | 79,000 |
Total revenues |  |  | 27,780,000 |  |  |  | 20,051,000 |  |  |  | 47,831,000 |  |  |  | 13,869,000 |  |  |  | 20,718,000 |  |  |  | 34,587,000 |
Cost of sales |  |  | 8,181,000 |  |  |  | 7,343,000 |  |  |  | 15,524,000 |  |  |  | 3,678,000 |  |  |  | 6,875,000 |  |  |  | 10,553,000 |
Gross profit |  |  | 19,599,000 |  |  |  | 12,708,000 |  |  |  | 32,307,000 |  |  |  | 10,191,000 |  |  |  | 13,843,000 |  |  |  | 24,034,000 |
Operating expenses |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Selling, general and administrative |  |  | 20,682,000 |  |  |  | 7,522,000 |  |  |  | 28,204,000 |  |  |  | 12,430,000 |  |  |  | 6,212,000 |  |  |  | 18,642,000 |
Research and development |  |  | 1,993,000 |  |  |  | 224,000 |  |  |  | 2,217,000 |  |  |  | 34,000 |  |  |  | 64,000 |  |  |  | 98,000 |
Segment contribution |  | $ | (3,076,000 | ) |  | $ | 4,962,000 |  |  | $ | 1,886,000 |  |  | $ | (2,273,000 | ) |  | $ | 7,567,000 |  |  | $ | 5,294,000 |
Corporate |  |  | - |  |  |  | - |  |  |  | 12,309,000 |  |  |  | - |  |  |  | - |  |  |  | 10,171,000 |
Research and development |  |  |  |  |  |  |  |  |  |  | 809,000 |  |  |  |  |  |  |  |  |  |  |  | 2,051,000 |
Loss from operations |  |  |  |  |  |  |  |  |  | $ | (11,232,000 | ) |  |  |  |  |  |  |  |  |  | $ | (6,928,000 | )
Substantially all revenue is attributable to the U.S. All long-lived assets at March 31, 2025 and December 31, 2024 were located in the U.S. Revenues by segment are further described as follows: SCHEDULE OF REVENUES BY SEGMENT
|  | For the Three Months Ended |  |  |  |
|  | March 31, |  |  |  |
|  | 2025 |  |  | 2024 |  |  | Variance |
IHEEZO |  | $ | 5,222,000 |  |  | $ | 2,321,000 |  |  | $ | 2,901,000 |
VEVYE |  |  | 21,516,000 |  |  |  | 2,597,000 |  |  |  | 18,919,000 |
Other branded products |  |  | 956,000 |  |  |  | 8,872,000 |  |  |  | (7,916,000 | )
Other revenues |  |  | 86,000 |  |  |  | 79,000 |  |  |  | 7,000 |
Branded revenue, net |  |  | 27,780,000 |  |  |  | 13,869,000 |  |  |  | 13,911,000 |
ImprimisRx revenue, net |  |  | 20,051,000 |  |  |  | 20,718,000 |  |  |  | (667,000 | )
Total revenues, net |  | $ | 47,831,000 |  |  | $ | 34,587,000 |  |  | $ | 13,244,000 |
Other than IHEEZO and VEVYE, no other products accounted for more than 10% of total revenues for the periods presented. Customer and Supplier Concentrations Substantially all of the Company’s Branded sales are made to third-party distributors who sell the products to pharmacies and to the end-users. There were two customers who comprised more than 10% of the Company’s Branded revenues for the three months ended March 31, 2025 and one customer who comprised more than 10% of the Company’s Branded revenues for the three months ended March 31, 2024. There were no customers who comprised more than 10% of ImprimisRx revenues for the three months ended March 31, 2025 and 2024. As of March 31, 2025 and December 31, 2024, accounts receivable from two customers accounted for 90% and 94%, respectively, of total consolidated accounts receivable. The Company received its active pharmaceutical ingredients from three main suppliers during the three months ended March 31, 2025 and 2024, respectively. These suppliers collectively accounted for 67% and 85% of active pharmaceutical ingredient purchases during the three months ended March 31, 2025 and 2024, respectively.

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- Definition The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments. + References Reference 1: http://www.xbrl.org/2003/role/exampleRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 48 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482785/280-10-55-48 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards 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