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Segment Information
 6 Months Ended
Jun. 30, 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 and accessories for use in the treatment of Dry Eye Disease.

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,

 

 

 

2022

 

 

2021

 

 

2022

 

 

2021

 

Revenue

 

 

 

 

 

 

 

 

 

 

 

 

Surgical Glaucoma

 

$

15,899

 

 

$

11,988

 

 

$

29,770

 

 

$

20,127

 

Dry Eye

 

 

1,330

 

 

 

547

 

 

 

2,341

 

 

 

1,043

 

Total

 

 

17,229

 

 

 

12,535

 

 

 

32,111

 

 

 

21,170

 

Cost of goods sold

 

 

 

 

 

 

 

 

 

 

 

 

Surgical Glaucoma

 

 

1,949

 

 

 

1,773

 

 

 

3,440

 

 

 

3,631

 

Dry Eye

 

 

787

 

 

 

532

 

 

 

2,328

 

 

 

975

 

Total

 

 

2,736

 

 

 

2,305

 

 

 

5,768

 

 

 

4,606

 

Gross profit

 

 

 

 

 

 

 

 

 

 

 

 

Surgical Glaucoma

 

 

13,950

 

 

 

10,215

 

 

 

26,330

 

 

 

16,496

 

Dry Eye

 

 

543

 

 

 

15

 

 

 

13

 

 

 

68

 

Total

 

 

14,493

 

 

 

10,230

 

 

 

26,343

 

 

 

16,564

 

Operating expense

 

 

37,357

 

 

 

21,306

 

 

 

71,399

 

 

 

39,296

 

Loss from operations

 

 

(22,864

)

 

 

(11,076

)

 

 

(45,056

)

 

 

(22,732

)

Interest expense

 

 

(1,065

)

 

 

(1,082

)

 

 

(2,112

)

 

 

(2,166

)

Other income (expense), net

 

 

95

 

 

 

(5,435

)

 

 

80

 

 

 

(4,883

)

Loss before income tax

 

$

(23,834

)

 

$

(17,593

)

 

$

(47,088

)

 

$

(29,781

)

 

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.