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Segment Information
 6 Months Ended
Jun. 30, 2021
Segment Reporting [Abstract]  
Segment Information

Note 14. Segment Information

The Company has two reportable operating segments which are determined on the basis of product portfolio: Surgical Glaucoma and Dry Eye. The operating and reportable segments were determined based on how the Company’s Chief Executive Officer, its Chief Operating Decision Maker (“CODM”), views and evaluates the Company’s operations. The CODM allocates resources to and evaluates the financial performance of each operating segment primarily based on gross profit and gross profit margin.

Surgical Glaucoma segment includes sales of the Company’s OMNI® Surgical System for use in minimally invasive glaucoma procedures. Dry Eye segment includes sales of the Company’s TearCare® System and related components.

The following table summarizes select operating results information for each reportable segment (dollars in thousands):

 

 

 

Three Months Ended
June 30,

 

 

Six Months Ended
June 30,

 

 

 

2021

 

 

2020

 

 

2021

 

 

2020

 

Revenue

 

 

 

 

 

 

 

 

 

 

 

 

Surgical Glaucoma

 

$

11,988

 

 

$

3,299

 

 

$

20,127

 

 

$

9,399

 

Dry Eye

 

 

547

 

 

 

203

 

 

 

1,043

 

 

 

599

 

Total

 

 

12,535

 

 

 

3,502

 

 

 

21,170

 

 

 

9,998

 

Cost of goods sold

 

 

 

 

 

 

 

 

 

 

 

 

Surgical Glaucoma

 

 

1,773

 

 

 

1,508

 

 

 

3,631

 

 

 

3,022

 

Dry Eye

 

 

532

 

 

 

577

 

 

 

975

 

 

 

1,191

 

Total

 

 

2,305

 

 

 

2,085

 

 

 

4,606

 

 

 

4,213

 

Gross profit

 

 

 

 

 

 

 

 

 

 

 

 

Surgical Glaucoma

 

 

10,215

 

 

 

1,791

 

 

 

16,496

 

 

 

6,377

 

Dry Eye

 

 

15

 

 

 

(374

)

 

 

68

 

 

 

(592

)

Total

 

 

10,230

 

 

 

1,417

 

 

 

16,564

 

 

 

5,785

 

Operating expense

 

 

21,306

 

 

 

9,107

 

 

 

39,296

 

 

 

22,185

 

Loss from operations

 

 

(11,076

)

 

 

(7,690

)

 

 

(22,732

)

 

 

(16,400

)

Interest income

 

 

—

 

 

 

2

 

 

 

—

 

 

 

29

 

Interest expense

 

 

(1,082

)

 

 

(549

)

 

 

(2,166

)

 

 

(1,101

)

Other income (expense), net

 

 

(5,435

)

 

 

(73

)

 

 

(4,883

)

 

 

18

 

Loss before income tax

 

$

(17,593

)

 

$

(8,310

)

 

$

(29,781

)

 

$

(17,454

)

 

The Company does not allocate any income and expenses beyond revenue and cost of goods sold to the reportable operating segments in its reporting to the CODM. No asset information is provided for reportable operating segments because they are not reviewed by the CODM on segment basis. Substantially all of the Company’s revenue is generated from sales in the United States, and none of its property and equipment is located outside the United States.