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Segment Information
 6 Months Ended
Jun. 30, 2024
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.

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 (in thousands):

 

 

 

Three Months Ended
June 30,

 

 

Six Months Ended
June 30,

 

 

 

2024

 

 

2023

 

 

2024

 

 

2023

 

Revenue

 

 

 

 

 

 

 

 

 

 

 

 

Surgical Glaucoma

 

$

20,244

 

 

$

21,398

 

 

$

38,501

 

 

$

38,733

 

Dry Eye

 

 

1,126

 

 

 

2,073

 

 

 

2,134

 

 

 

3,563

 

Total

 

 

21,370

 

 

 

23,471

 

 

 

40,635

 

 

 

42,296

 

Cost of goods sold

 

 

 

 

 

 

 

 

 

 

 

 

Surgical Glaucoma

 

 

2,423

 

 

 

2,444

 

 

 

4,632

 

 

 

4,806

 

Dry Eye

 

 

602

 

 

 

937

 

 

 

1,187

 

 

 

1,623

 

Total

 

 

3,025

 

 

 

3,381

 

 

 

5,819

 

 

 

6,429

 

Gross profit

 

 

 

 

 

 

 

 

 

 

 

 

Surgical Glaucoma

 

 

17,821

 

 

 

18,954

 

 

 

33,869

 

 

 

33,927

 

Dry Eye

 

 

524

 

 

 

1,136

 

 

 

947

 

 

 

1,940

 

Total

 

 

18,345

 

 

 

20,090

 

 

 

34,816

 

 

 

35,867

 

Operating expenses

 

 

30,996

 

 

 

35,277

 

 

 

62,191

 

 

 

68,621

 

Loss from operations

 

 

(12,651

)

 

 

(15,187

)

 

 

(27,375

)

 

 

(32,754

)

Investment income

 

 

1,526

 

 

 

1,793

 

 

 

3,174

 

 

 

3,602

 

Interest expense

 

 

(1,145

)

 

 

(1,349

)

 

 

(2,350

)

 

 

(2,625

)

Loss on debt extinguishment

 

 

—

 

 

 

—

 

 

 

(1,962

)

 

 

—

 

Other expense, net

 

 

(44

)

 

 

(3

)

 

 

(50

)

 

 

(22

)

Loss before income taxes

 

$

(12,314

)

 

$

(14,746

)

 

$

(28,563

)

 

$

(31,799

)

 

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.