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Segment Information
 12 Months Ended
Dec. 31, 2023
Segment Reporting [Abstract]  
Segment Information

Note 11. 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.

The Surgical Glaucoma segment includes sales of the Company’s OMNI® Surgical System and SION® Surgical Instrument for use in minimally invasive glaucoma procedures. The Dry Eye segment includes sales of the Company’s TearCare® System and related components.

The following table summarizes select operating results information for each reportable segment (dollars in thousands):

 

 

Years Ended December 31,

 

 

 

2023

 

 

2022

 

Revenue

 

 

 

 

 

 

Surgical Glaucoma

 

$

74,310

 

 

$

65,594

 

Dry Eye

 

 

6,746

 

 

 

5,737

 

Total

 

 

81,056

 

 

 

71,331

 

Cost of goods sold

 

 

 

 

 

 

Surgical Glaucoma

 

 

8,830

 

 

 

8,295

 

Dry Eye

 

 

3,051

 

 

 

4,066

 

Total

 

 

11,881

 

 

 

12,361

 

Gross profit

 

 

 

 

 

 

Surgical Glaucoma

 

 

65,480

 

 

 

57,299

 

Dry Eye

 

 

3,695

 

 

 

1,671

 

Total

 

 

69,175

 

 

 

58,970

 

Operating expense

 

 

126,449

 

 

 

142,924

 

Loss from operations

 

 

(57,274

)

 

 

(83,954

)

Interest expense

 

 

(5,408

)

 

 

(4,466

)

Other expense, net

 

 

7,245

 

 

 

2,225

 

Loss before income tax

 

$

(55,437

)

 

$

(86,195

)

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.