XML 27 R16.htm IDEA: XBRL DOCUMENT v3.23.1
Segment Information
 3 Months Ended
Mar. 31, 2023
Segment Reporting [Abstract]  
Segment Information

Note 10. Segment Information

The Company has two reportable operating segments which are determined on the basis of the 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 (in thousands):

 

 

 

Three Months Ended
March 31,

 

 

 

 

2023

 

 

2022

 

 

Revenue

 

 

 

 

 

 

 

Surgical Glaucoma

 

$

17,334

 

 

$

13,870

 

 

Dry Eye

 

 

1,490

 

 

 

1,011

 

 

Total

 

 

18,824

 

 

 

14,881

 

 

Cost of goods sold

 

 

 

 

 

 

 

Surgical Glaucoma

 

 

2,362

 

 

 

1,491

 

 

Dry Eye

 

 

686

 

 

 

1,542

 

 

Total

 

 

3,048

 

 

 

3,033

 

 

Gross profit

 

 

 

 

 

 

 

Surgical Glaucoma

 

 

14,972

 

 

 

12,379

 

 

Dry Eye

 

 

804

 

 

 

(531

)

 

Total

 

 

15,776

 

 

 

11,848

 

 

Operating expense

 

 

33,344

 

 

 

34,041

 

 

Loss from operations

 

 

(17,568

)

 

 

(22,193

)

 

Interest expense

 

 

(1,276

)

 

 

(1,046

)

 

Other income (expense), net

 

 

1,791

 

 

 

(15

)

 

Loss before income tax

 

$

(17,053

)

 

$

(23,254

)

 

 

The Company does not allocate any components of 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 that information is not reviewed by the CODM on a segment basis. Substantially all of the Company’s revenue is generated from sales in the United States.