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Segment Information
 9 Months Ended
Sep. 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 OMNI and SION for use in minimally invasive glaucoma procedures. Dry Eye segment includes sales of 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
September 30,

 

 

Nine Months Ended
September 30,

 

 

 

2023

 

 

2022

 

 

2023

 

 

2022

 

Revenue

 

 

 

 

 

 

 

 

 

 

 

 

Surgical Glaucoma

 

$

18,425

 

 

$

17,072

 

 

$

57,158

 

 

$

46,842

 

Dry Eye

 

 

1,584

 

 

 

1,605

 

 

 

5,147

 

 

 

3,946

 

Total

 

 

20,009

 

 

 

18,677

 

 

 

62,305

 

 

 

50,788

 

Cost of goods sold

 

 

 

 

 

 

 

 

 

 

 

 

Surgical Glaucoma

 

 

2,002

 

 

 

1,932

 

 

 

6,808

 

 

 

5,372

 

Dry Eye

 

 

675

 

 

 

996

 

 

 

2,297

 

 

 

3,324

 

Total

 

 

2,677

 

 

 

2,928

 

 

 

9,105

 

 

 

8,696

 

Gross profit

 

 

 

 

 

 

 

 

 

 

 

 

Surgical Glaucoma

 

 

16,423

 

 

 

15,140

 

 

 

50,350

 

 

 

41,470

 

Dry Eye

 

 

909

 

 

 

609

 

 

 

2,850

 

 

 

622

 

Total

 

 

17,332

 

 

 

15,749

 

 

 

53,200

 

 

 

42,092

 

Operating expense

 

 

30,743

 

 

 

37,594

 

 

 

99,364

 

 

 

108,993

 

Loss from operations

 

 

(13,411

)

 

 

(21,845

)

 

 

(46,164

)

 

 

(66,901

)

Interest expense

 

 

(1,432

)

 

 

(1,131

)

 

 

(4,057

)

 

 

(3,243

)

Other income, net

 

 

1,886

 

 

 

766

 

 

 

5,465

 

 

 

846

 

Loss before income tax

 

$

(12,957

)

 

$

(22,210

)

 

$

(44,756

)

 

$

(69,298

)

 

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.