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Segment Information
 6 Months Ended
Jun. 30, 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 and SIONTM Surgical Instrument 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 (in thousands):

 

 

 

Three Months Ended
June 30,

 

 

Six Months Ended
June 30,

 

 

 

2023

 

 

2022

 

 

2023

 

 

2022

 

Revenue

 

 

 

 

 

 

 

 

 

 

 

 

Surgical Glaucoma

 

$

21,398

 

 

$

15,899

 

 

$

38,733

 

 

$

29,770

 

Dry Eye

 

 

2,073

 

 

 

1,330

 

 

 

3,563

 

 

 

2,341

 

Total

 

 

23,471

 

 

 

17,229

 

 

 

42,296

 

 

 

32,111

 

Cost of goods sold

 

 

 

 

 

 

 

 

 

 

 

 

Surgical Glaucoma

 

 

2,444

 

 

 

1,949

 

 

 

4,806

 

 

 

3,440

 

Dry Eye

 

 

937

 

 

 

787

 

 

 

1,623

 

 

 

2,328

 

Total

 

 

3,381

 

 

 

2,736

 

 

 

6,429

 

 

 

5,768

 

Gross profit

 

 

 

 

 

 

 

 

 

 

 

 

Surgical Glaucoma

 

 

18,954

 

 

 

13,950

 

 

 

33,927

 

 

 

26,330

 

Dry Eye

 

 

1,136

 

 

 

543

 

 

 

1,940

 

 

 

13

 

Total

 

 

20,090

 

 

 

14,493

 

 

 

35,867

 

 

 

26,343

 

Operating expense

 

 

35,277

 

 

 

37,357

 

 

 

68,621

 

 

 

71,399

 

Loss from operations

 

 

(15,187

)

 

 

(22,864

)

 

 

(32,754

)

 

 

(45,056

)

Interest expense

 

 

(1,349

)

 

 

(1,065

)

 

 

(2,625

)

 

 

(2,112

)

Other income, net

 

 

1,790

 

 

 

95

 

 

 

3,580

 

 

 

80

 

Loss before income tax

 

$

(14,746

)

 

$

(23,834

)

 

$

(31,799

)

 

$

(47,088

)

 

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.