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Segment Information
 9 Months Ended
Sep. 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
September 30,

 

 

Nine Months Ended
September 30,

 

 

 

2021

 

 

2020

 

 

2021

 

 

2020

 

Revenue

 

 

 

 

 

 

 

 

 

 

 

 

Surgical Glaucoma

 

$

12,446

 

 

$

7,883

 

 

$

32,573

 

 

$

17,282

 

Dry Eye

 

 

655

 

 

 

768

 

 

 

1,698

 

 

 

1,367

 

Total

 

 

13,101

 

 

 

8,651

 

 

 

34,271

 

 

 

18,649

 

Cost of goods sold

 

 

 

 

 

 

 

 

 

 

 

 

Surgical Glaucoma

 

 

1,621

 

 

 

1,946

 

 

 

5,252

 

 

 

4,968

 

Dry Eye

 

 

441

 

 

 

674

 

 

 

1,416

 

 

 

1,865

 

Total

 

 

2,062

 

 

 

2,620

 

 

 

6,668

 

 

 

6,833

 

Gross profit

 

 

 

 

 

 

 

 

 

 

 

 

Surgical Glaucoma

 

 

10,825

 

 

 

5,937

 

 

 

27,321

 

 

 

12,314

 

Dry Eye

 

 

214

 

 

 

94

 

 

 

282

 

 

 

(498

)

Total

 

 

11,039

 

 

 

6,031

 

 

 

27,603

 

 

 

11,816

 

Operating expense

 

 

25,069

 

 

 

13,386

 

 

 

64,365

 

 

 

35,571

 

Loss from operations

 

 

(14,030

)

 

 

(7,355

)

 

 

(36,762

)

 

 

(23,755

)

Interest income

 

 

—

 

 

 

1

 

 

 

—

 

 

 

30

 

Interest expense

 

 

(1,122

)

 

 

(538

)

 

 

(3,288

)

 

 

(1,639

)

Other income (expense), net

 

 

(2,001

)

 

 

(197

)

 

 

(6,884

)

 

 

(179

)

Loss before income tax

 

$

(17,153

)

 

$

(8,089

)

 

$

(46,934

)

 

$

(25,543

)

 

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.