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Segment Information

9 Months Ended

Sep. 30, 2025

Segment Information

Segment Information

23.Segment Information

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ASU No. 2023-07 Topic 280, “Segment Reporting” establishes standards for reporting information about operating segments on a basis consistent with the Company’s internal organization structure as well as information about services categories, business segments and major customers in financial statement. The Company manages its business in one reportable operating segment, which is primarily engaged in the manufacturing, marketing, and sales of its patented and FDA cleared product, QuantaFlo. In accordance with Topic 280, the Chief Executive Officer and President has been identified as the Company’s chief operating decision maker (“the CODM”), who reviews operating results to make decisions about allocating resources and assessing performance for the entire Company. The CODM uses segment operating profit to allocate resources including employees, property and investments. The CODM also uses month-over-month expense variance analysis for cost control and for making decisions about allocating capital and personnel to the segment.

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The following table breaks out the operations of the Company’s single reportable segment information.

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​

​

​

​

​

​

​

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​

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Three months ended September 30,

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Nine months ended September 30,

​

​

2025

2024

2025

2024

​

Revenue

​

$

7,491

​

$

13,512

​

$

24,543

​

$

43,881

​

Less:

​

​

​

​

​

​

​

​

​

​

​

​

​

Cost of revenue

​

​

580

​

​

1,075

​

​

2,106

​

​

3,342

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Research and development (1)

​

​

1,106

​

​

1,165

​

​

3,642

​

​

3,695

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Sales

​

​

913

​

​

1,439

​

​

2,804

​

​

4,460

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Sales operations

​

​

754

​

​

697

​

​

2,281

​

​

2,260

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General and administration

​

​

7,993

​

​

3,128

​

​

17,989

​

​

8,902

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Litigation settlement expense

​

​

—

​

​

—

​

​

29,750

​

​

—

​

Depreciation and amortization

​

​

87

​

​

133

​

​

317

​

​

479

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Other segment expenses (2)

​

​

1,448

​

​

810

​

​

4,200

​

​

3,352

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Segment operating (loss) profit

​

$

(5,390)

​

$

5,065

​

$

(38,546)

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$

17,391

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Interest income (expense), net

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​

(338)

​

​

168

​

​

(214)

​

​

1,699

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Interest on 2030 Senior Notes

​

​

(1,237)

​

​

—

​

​

(3,312)

​

​

—

​

Impairment of investments

​

​

—

​

​

—

​

​

(1,135)

​

​

—

​

Change in fair value of notes

​

​

—

​

​

—

​

​

—

​

​

128

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Change in fair value of digital assets

​

​

28,490

​

​

1,137

​

​

70,422

​

​

(3,918)

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Change in fair value of Bitcoin collateral

​

​

1,471

​

​

—

​

​

1,471

​

​

—

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Gain on conversion of notes receivable

​

​

803

​

​

—

​

​

803

​

​

—

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Other corporate income (3)

​

​

4

​

​

5

​

​

7

​

​

8

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Income before taxes

​

​

23,803

​

​

6,375

​

​

29,496

​

​

15,308

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Income tax expense

​

​

6,901

​

​

766

​

​

10,364

​

​

3,615

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Net income

​

$

16,902

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$

5,609

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$

19,132

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$

11,693

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​

1. Research and development expenses include clinical affairs and HITRUST.

2. Other segment expenses include marketing, customer education and business development.

3. Other corporate income represents unallocated income.

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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/disclosureRef
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