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Segment Information
 3 Months Ended
Mar. 31, 2022
Segment Reporting [Abstract]  
Segment Information

Note 11. 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
March 31,

 

 

 

 

2022

 

 

2021

 

 

Revenue

 

 

 

 

 

 

 

Surgical Glaucoma

 

$

13,870

 

 

$

8,139

 

 

Dry Eye

 

 

1,011

 

 

 

496

 

 

Total

 

 

14,881

 

 

 

8,635

 

 

Cost of goods sold

 

 

 

 

 

 

 

Surgical Glaucoma

 

 

1,491

 

 

 

1,858

 

 

Dry Eye

 

 

1,542

 

 

 

443

 

 

Total

 

 

3,033

 

 

 

2,301

 

 

Gross profit

 

 

 

 

 

 

 

Surgical Glaucoma

 

 

12,379

 

 

 

6,281

 

 

Dry Eye

 

 

(531

)

 

 

53

 

 

Total

 

 

11,848

 

 

 

6,334

 

 

Operating expense

 

 

34,041

 

 

 

17,990

 

 

Loss from operations

 

 

(22,193

)

 

 

(11,656

)

 

Interest expense

 

 

(1,046

)

 

 

(1,084

)

 

Other (expense) income, net

 

 

(15

)

 

 

552

 

 

Loss before income tax

 

$

(23,254

)

 

$

(12,188

)

 

 

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.