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Segment Information
 9 Months Ended
Sep. 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 ("OMNI") and SIONTM Surgical Instrument ("SION") for use in minimally invasive glaucoma procedures. Dry Eye segment includes sales of the Company’s TearCare® System ("TearCare") 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
September 30,

 

 

Nine Months Ended
September 30,

 

 

 

2022

 

 

2021

 

 

2022

 

 

2021

 

Revenue

 

 

 

 

 

 

 

 

 

 

 

 

Surgical Glaucoma

 

$

17,072

 

 

$

12,446

 

 

$

46,842

 

 

$

32,573

 

Dry Eye

 

 

1,605

 

 

 

655

 

 

 

3,946

 

 

 

1,698

 

Total

 

 

18,677

 

 

 

13,101

 

 

 

50,788

 

 

 

34,271

 

Cost of goods sold

 

 

 

 

 

 

 

 

 

 

 

 

Surgical Glaucoma

 

 

1,932

 

 

 

1,621

 

 

 

5,372

 

 

 

5,252

 

Dry Eye

 

 

996

 

 

 

441

 

 

 

3,324

 

 

 

1,416

 

Total

 

 

2,928

 

 

 

2,062

 

 

 

8,696

 

 

 

6,668

 

Gross profit

 

 

 

 

 

 

 

 

 

 

 

 

Surgical Glaucoma

 

 

15,140

 

 

 

10,825

 

 

 

41,470

 

 

 

27,321

 

Dry Eye

 

 

609

 

 

 

214

 

 

 

622

 

 

 

282

 

Total

 

 

15,749

 

 

 

11,039

 

 

 

42,092

 

 

 

27,603

 

Operating expense

 

 

37,594

 

 

 

25,069

 

 

 

108,993

 

 

 

64,365

 

Loss from operations

 

 

(21,845

)

 

 

(14,030

)

 

 

(66,901

)

 

 

(36,762

)

Interest expense

 

 

(1,131

)

 

 

(1,122

)

 

 

(3,243

)

 

 

(3,288

)

Other income (expense), net

 

 

766

 

 

 

(2,001

)

 

 

846

 

 

 

(6,884

)

Loss before income tax

 

$

(22,210

)

 

$

(17,153

)

 

$

(69,298

)

 

$

(46,934

)

 

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 a 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.